Evofem Biosciences, Inc.

EVFM: 10-Q · periodic report

Evofem Biosciences reported Q2 2026 net product sales of $2.6 million, down roughly 45% from $4.8 million a year earlier, as the quarterly net loss widened to $11.0 million from $1.8 million. Management disclosed that liquidity resources are not sufficient to fund operations for the next twelve months, and the filing carries explicit substantial-doubt going-concern language. The balance sheet is severely distressed: an $82.5 million working capital deficit, a $914.0 million accumulated deficit, and just $285 thousand in restricted cash. Future Pak, holder of the Baker Notes with a $126.3 million outstanding balance, has issued default notices and cancelled the forbearance agreement, while approximately 85% of trade payables sit more than 90 days past due. The stock was removed from OTCQB in April 2025 for trading below $0.01 and now trades on OTCID. Shareholders approved a 1-for-500 to 1-for-1,500 reverse split that the board has not yet executed, and roughly 6.85 billion potentially dilutive securities overhang only 132.5 million shares outstanding. Potential lifelines include milestone payments and product sales from the Pharma 1 MENA license, a new sub-Saharan Africa distribution deal with Clovis Davis Pharmaceuticals, and a $0.7 million note advancement from HUB Cyber Security, which also bought $5.4 million of the company's exchangeable notes in June 2026.

SEC 10-Q•2mo ago

EVFM: 8-K · debt financing

Evofem Biosciences entered into a securities purchase agreement with HUB Cyber Security, issuing a subordinated promissory note for $706,304 in principal. The note bears interest at 12% per annum, compounded monthly, and matures eleven months from the July 8, 2026 issuance date, with proceeds restricted to payments for suppliers of its Phexx and Solosec products. In addition to the high interest rate, the company agreed to a weekly monitoring fee of $2,000 and a one-time administration fee of $14,126, both payable at maturity. The agreement imposes significant restrictions on Evofem, prohibiting mergers, asset sales, bankruptcy filings, or material changes to business operations without HUB's written consent. The note is expressly subordinate to prior indebtedness held by Baker Bros. Advisors LP and Future Pak, LLC. The small size of the financing combined with the high cost and restrictive covenants suggests the company is addressing immediate liquidity needs rather than funding growth.

SEC 8-K•3mo ago

HUB Cyber Security Expands Into Women’s Health With Zero-Cash Acquisition of Evofem Notes, Advances Balance Sheet Turnaround

HUB Cyber Security acquired Evofem Biosciences' senior subordinated convertible notes in an all-equity transaction, effectively positioning itself as a major creditor while expanding into women's health. Evofem's 2025 sales were cited as exceeding $20 million, though the transaction concentrates the company's debt obligations with HUB amidst its own drastic restructuring efforts. HUB is simultaneously reducing its headcount by 50% and engaging Deloitte for turnaround support while facing significant liquidity uncertainties and a vacant CEO position.

•3mo ago

EVFM: 10-Q · periodic report

Evofem Biosciences reported a net loss of $5.5 million for the three months ended March 31, 2026, driven by operating expenses of $5.5 million against product sales of $899,000. The company faces severe liquidity constraints, disclosing a working capital deficit of $72.7 million and total liabilities of $80.1 million against total assets of $7.4 million. Management explicitly stated that liquidity resources are insufficient to maintain cash flow needs for the next 12 months, raising substantial doubt about the company’s ability to continue as a going concern. The company has a $902.9 million accumulated deficit and is trading on the OTC Pink Current tier after failing to meet OTCQB minimum bid price requirements. The balance sheet is heavily leveraged with $170 million in total debt, including $123 million in Baker Notes (carried at a fair value of $15.2 million) and $33.4 million in Adjuvant Notes. A reverse stock split of 1-for-500 to 1-for-1,500 was approved by stockholders in November 2025 but has not yet been effectuated, signaling potential further dilution or listing compliance efforts.

SEC 10-Q•5mo ago