- The stock price of Evofem Biosciences Inc (NASDAQ: EVFM) increased by over 5% pre-market. This is why it happened.
The stock price of Evofem Biosciences Inc (NASDAQ: EVFM) increased by over 5% pre-market. Investors are responding positively to the company’s first quarter 2021 financial results.
These are the highlights:
— The first quarter of 2021 was Evofem’s second full quarter of product sales following the U.S. commercial launch of Phexxi on September 8, 2020, and included the impact of the “Get Phexxi” DTC campaign.
— Net product sales were $1.1 million for the three months ended March 31, 2021. And for perspective, in the fourth quarter of 2020 net product sales were approximately $170,000. The increase reflects higher gross revenues and more favorable gross-to net (GTN) adjustments in the current period. The company expects GTN adjustments will significantly improve throughout the remainder of 2021, driven by a series of GTN improvement initiatives that Evofem began implementing in April 2021 as part of its overall strategy to build Phexxi trial usage and loyalty.
— Total operating expenses increased to $46 million for the first quarter of 2021, compared to $19.2 million for the prior year period. In the current period:
— Net loss attributable to common stockholders was $46.2 million, or $(0.56) per share, for the quarter ended March 31, 2021, compared with a net loss of $19.1 million, or $(0.40) per share, for the prior year quarter.
— Cash and cash equivalents was $45.3 million at March 31, 2021, which includes $28.0 million in net proceeds from an underwritten public offering completed in March. In addition, at March 31, 2021, $18.6 million in restricted cash from the Adjuvant notes was available for use.
— Net proceeds of $4.2 million from the underwriters’ exercise of the full over-allotment option in April will be recorded in the second quarter of 2021.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
