Evofem Biosciences, Inc.

Evofem Biosciences, Inc. secured a subordinated promissory note for $706,304 from HUB Cyber Security, Ltd. The note, issued on July 8, 2026, accrues interest at 12% per annum and matures in 11 months. It also includes a $2,000 weekly monitoring fee and a $14,126 administration fee. The agreement contains restrictive covenants, prohibiting the company from significant corporate actions like mergers or asset sales without the lender's prior written consent, and is explicitly subordinated to other existing debt.

Evofem Biosciences reported first-quarter 2026 financial results, with net sales increasing to $0.9 million from $0.8 million in the prior year period. The company recorded a net loss of $5.5 million, or $(0.04) per share, compared to a net income of $1.0 million in Q1 2025. Total operating expenses decreased to $5.5 million, partly due to a one-time reduction in R&D expense in the prior year. Evofem is advancing its strategy to diversify revenue through ex-U.S. commercialization, including a new distribution agreement for SOLOSEC in Sub-Saharan Africa and ongoing regulatory review in the UAE for PHEXX and SOLOSEC.

Evofem Biosciences reported a net loss of $(5.47) million for Q1 2026, a significant decline from a net income of $0.96 million in Q1 2025, despite a slight increase in product sales to $0.899 million. The company faces substantial doubt about its ability to continue as a going concern due to ongoing operating losses, a $72.7 million working capital deficit, and a $902.9 million accumulated deficit. Management plans to address liquidity through increased revenue, licensing agreements, and additional funding, while also announcing a new distributorship agreement for SOLOSEC in sub-Saharan Africa.

Evofem Biosciences, Inc. announced an exclusive distributorship agreement with Clovis Davis Pharmaceuticals, LLC, effective April 24, 2026. This five-year agreement grants Clovis Davis the rights to commercialize SOLOSEC (secnidazole) 2g oral granules in Sub-Saharan Africa. Clovis Davis will manage the distribution, promotion, marketing, and sales, utilizing Evofem's U.S. FDA-approved registration dossier for local regulatory approvals. SOLOSEC is an FDA-approved single-dose oral treatment for bacterial vaginosis and trichomoniasis, conditions with significant prevalence in the region.

Evofem Biosciences, Inc. executed a Fourth Amendment to its Securities Purchase Agreement with Adjuvant, modifying the terms of certain convertible promissory notes. The amendment updates the maturity date for these notes to the earlier of six months from April 10, 2026, or a Change of Control at Adjuvant's election. Additionally, the notes cannot be prepaid before six months from the effective date without Adjuvant's written consent.