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Jun 30, 2020
Evofem Biosciences Q2 2020 Earnings Report
Evofem Biosciences reported financial results for Q2 2020 and provided a corporate update.
Key Takeaways
Evofem Biosciences reported a net loss of $52.7 million for the second quarter of 2020. The company is preparing for the commercial launch of Phexxi in September 2020 and is on track to initiate a Phase 3 trial of EVO100 in Q4 2020. They ended the quarter with $123.6 million in unrestricted cash and short-term investments.
Received FDA approval for Phexxi for prevention of pregnancy.
Strengthened balance sheet with $136 million in gross proceeds from financing transactions.
Phexxi was granted new classification as the first and only 'Vaginal pH Modulator' by Medi-Span and First Databank.
Met with major commercial payers and garnered early formulary inclusion of Phexxi at $0 copay from several regional insurers.
Evofem Biosciences
Evofem Biosciences
Forward Guidance
Evofem Biosciences provided financial guidance for fiscal year 2020 and expects cash burn of approximately $36 to $38 million in the third quarter and approximately $42 to $44 million in the fourth quarter of 2020.