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Evofem Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details Evofem's financial performance, highlighting net product sales of $4.5 million for the quarter, a decrease from $5.1 million in the same quarter of the previous year. This decrease is attributed to lower unit sales.
Cost of goods sold for the quarter was $869,000, representing a 54% decrease from $1.9 million in the same quarter of the previous year. The decrease is due to lower sales and the absence of re-packaging costs.
Research and development expenses were $332,000 for the quarter, down from $614,000 in the previous year, primarily due to a decrease in personnel costs.
Selling and marketing expenses decreased to $2.4 million from $3.0 million, mainly due to reduced business development costs.
General and administrative expenses were $3.1 million, a slight decrease from $3.2 million, with reductions in legal fees partially offset by a potential settlement liability.
The company reported a net loss of $2.4 million for the quarter, compared to a net income of $66.0 million in the previous year, which included a significant gain from a debt extinguishment.
Cash used in operating activities was $1.5 million for the nine months ended September 30, 2024, compared to $8.8 million in the previous year, reflecting efforts to align costs with revenues.
Evofem's liquidity remains a concern, with a working capital deficit of $67.7 million and an accumulated deficit of $894.6 million as of September 30, 2024.
The company continues to explore funding options, including potential equity or debt financings, to support its operations and strategic plans.
Evofem's management has expressed substantial doubt about the company's ability to continue as a going concern, emphasizing the need for additional funding to sustain operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Evofem Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.