Evofem Biosciences Inc. (NASDAQ: EVFM) stock plunged by at last close while the EVFM stock price declines by in the after-hours trading session. Evofem Biosciences is a company that creates and sells new products for women’s sexual and reproductive health.
EVFM stock’ Financial Highlights
Evofem Biosciences announced its financial results for the third quarter of 2021. Given below are the highlights:
- Phexxi’s net product sales during the third quarter of 2021 were $1.7 million. In the third quarter of 2021, ex-factory sales increased by 29% relative to the second quarter, resulting in a 29% increase in net revenue.
- Total operating expenses for the third quarter of 2021 climbed by 5% to $45.1 million, up from $43.0 million in the second quarter.
- Higher enrolment in the Phase 3 EVOGUARD trial drove up research and development costs to $8.7 million, a 2% increase over the second quarter of 2021. The proceeds from the Adjuvant convertible notes issued in 2020 will help support this trial.
- General and administrative expenditures for the third quarter of 2021 were $5.0 million, down 23% from the second quarter of 2021, owing mostly to lower payroll-related expenses, such as stock-based compensation and headcount.
- As a consequence, the loss from operations for the three months ended September 30, 2021, was $43.4 million.
- At September 30, 2021, cash and cash equivalents totaled $14.9 million. In addition, $9.0 million in restricted cash from the Adjuvant notes was available for use as of September 30, 2021.
Saundra Pelletier, Evofem’s Chief Executive Officer, stated,
The early findings of their celebrity DTC campaign are quite encouraging, with increased awareness of Phexxi within their target population and a significant rise in prescriptions completed. As they reach out to more women who have had identical unpleasant experiences with hormonal contraception, it stays their top aim to guarantee that everyone has accessibility to Phexxi as a non-hormonal birth control choice. The first part of their marketing approach, which was to develop a strong base of Phexxi prescribers and users, was successful. They plan to save around $50 million in operational expenses in 2022 as their marketing approach matures.