Why Evofem Biosciences Inc (EVFM) stock had a bad Friday?

Evofem Biosciences Inc. (EVFM) shares declined 5.05% in after-hours on Friday, October 08, 2021, and closed the weekly trading at $0.70. Even in the regular trading session of Friday, EVFM’s stock lost 0.81%. EVFM shares have fallen 74.70% over the last 12 months, and they have moved up by 1.83% in the past week. Over the past three months, the stock has lost 24.39%, while over the past six months, it has declined 56.44%.

Let’s have a look at its recent news and development.

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EVFM comment on the recent letter

On October 8, 2021, Evofem Biosciences, Inc., (EVFM) replied to a letter from leaders in the House of Representatives to senior Biden Administration officials calling for action to ensure coverage for the full range of contraceptives under the Affordable Care Act (ACA).

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The Chief Executive Officer of Evofem, Saundra Pelletier, said that he wants to take a moment to praise our leaders in Washington who are working to make sure women have broad access to contraceptives, including new products like Phexxi that have been approved by the FDA since the ACA’s passage. Evofem’s Phexxi® is a hormone-free, on-demand prescription contraceptive vaginal gel, was approved by the FDA in May 2020.

EVFM participation in the recent investor conference

Evofem Biosciences, Inc. (EVFM) recently participated in the 14th annual LD Micro Main Event which was held on October 12-14, 2021, in Los Angeles. The company was presented by Chief Executive Officer Saundra Pelletier during the event.

EVFM publication in a peer-reviewed journal 

On September 27, 2021, Evofem Biosciences, Inc (EVFM) announced that a manuscript on the variability of contraceptive clinical trial design and its impact on efficacy outcomes has been published in the peer-reviewed journal Advances in Therapy.

EVFM partnership with Annie Murphy

On September 9, 2021, Evofem Biosciences, Inc. (EVFM) partnered with Emmy® Award-winning actress Annie Murphy to launch “House Rules,” a national campaign to generate awareness of Evofem’s hormone-free contraceptive, Phexxi.

Phexxi is the first and only FDA-approved hormone-free, the use-it-only-when-you-need-it prescription vaginal gel that puts women in control of their bodies, their sex life, and their birth control needs.

EVFM recent financial results announcement

On August 11, 2021, Evofem Biosciences, Inc, (EVFM) announced its financial results for the three- and six-month periods ended June 30, 2021.

Q2 2021 financial highlights

  • EVFM reported net sales of $1.9 million in Q2 2021 compared to zero sales in the second quarter of 2020.
  • Total operating expenses were $43.0 million in Q2 2021 compared to $22.4 million in Q2 2020.
  • It suffered a net loss of $33.4 million, or $0.27 per share in Q2 2021 compared to a net loss of $52.7 million, or $0.91 per share in Q2 2020.
  • As of June 30, 2021, the company had cash and cash equivalents of $47.0 million.

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The recent letter about coverage for the full range of contraceptives under the Affordable Care Act was a positive outcome but its loss on Friday is a bit strange. We can expect it to commence the new week trading session in a positive mode.

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