Evofem Biosciences, Inc. (EVFM) stock plummeted 16.24% in the after-hours trading session at the price of $0.56 after reporting its financial results for the third quarter of 2021.  

EVFM develops and commercializes innovative products to fulfill the unmet needs of females’ sexual and reproductive health. Its product portfolio includes woman-controlled, hormone-free protection from sexually transmitted diseases like gonorrhea and chlamydia.  

EVFM Third Quarter 2021 Financial Results 

On 15th November 2021, EVFM announced its earnings report for the three and nine months, ended on 30th September 2021, and presented business updates. 

EVFM Financial Highlights 

For the three months ended on 30th September 2021, Phexxi’s net product sales totaled $1.7 million. During the third quarter of 2021, Ex-factory sales hit a 29% gain in gross revenues growth compared to the second quarter of 2021. For the three months ended on 30th September 2021, the company reported an operating loss of $43.4 million.  

For the quarter ended 30th September 2021, net loss attributable to stockholders totaled $74.1 million, or net loss per share of $(0.48). EVFM reported cash and cash equivalents of roughly $14.9 million on 30th September 2021. The restricted cash of about $9.0 million was available for use on 30th September 2021.  

EVFM reported selling and marketing expenses of $30.5 million for the three months ended on 30th September 2021. It represents a gain of 12% from the second quarter of 2021. General and administrative expenses were $5.0 million for the third quarter of 2021. It is a drop of 23% from the second quarter of 2021. For the third quarter of 2021, total operating expenses were $45.1 million. It represents a gain of 5% from $43.0 million in the second quarter of 2021.

EVFM reported $8.7 million in research and development expenses. A rise of 2% from the second quarter of 2021. The gain resulted from higher enrollment in the EVOGUARD trial. In the third quarter of 2021, other net expenses totaled $30.7 million. They included roughly $1.2 million in interest charges and $29.5 million in fair value from mark-to-market adjustments under the April 2020 agreement.