Evofem Biosciences (EVFM) AI Stock Analysis

• Market Cap: $1.17M
• Dividend Yield: N/A
• Average Volume (3M): 589.38K
• Price to Earnings (P/E): 3.0
• Beta (1Y): 0.11
• Revenue Growth: 3.67%
• EPS Growth: 91.67%
• Country: US
• Employees: 32
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 0.02
• Shares Outstanding: 132,530,080
• 10 Day Avg. Volume: 412,838
• 30 Day Avg. Volume: 589,380
• PEG Ratio: -0.03
• Price to Book (P/B): -0.02
• Price to Sales (P/S): 0.06
• P/FCF Ratio: -0.59
• Enterprise Value/Market Cap: 56.91
• Enterprise Value/Revenue: 3.29
• Enterprise Value/Gross Profit: 4.40
• Enterprise Value/Ebitda: 32.14
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 57.5
• Revenue Forecast (FY): $241.13M

• Rating: 44 Neutral
• Price Target: $0.01 ▲(0.00% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

The score is held down primarily by weak financial performance (zero reported 2025 revenue, ongoing cash burn, and negative equity with meaningful leverage). Valuation appears optically cheap (low P/E) but is less reliable given earnings quality concerns, while a positive corporate update on operating profitability provides some offset. Technical data is insufficient, so it does not materially support the score.

Positive Factors

First-year operating profit

Achieving operating profitability and record annual net sales signals the business can reach a self-sustaining cost/revenue profile. If driven by recurring product sales and expense discipline, this provides a durable improvement in cash flow potential and strategic optionality over the next several quarters.

Meaningful operating expense reduction

A structural reduction in operating costs materially lowers the firm’s breakeven, enabling smaller revenue bases to support profitability. If cost cuts reflect permanent operational efficiencies and lower manufacturing costs, they improve long-term margin sustainability and extend runway versus prior burn rates.

Regulatory & clinical progress

Progress on regulatory approvals and a funded Phase 4 trial strengthen market access and the clinical/economic case for Solosec. Durable gains from favorable pricing certificates and stronger evidence could expand uptake, reimbursement, and long-term revenue streams in international and STI markets.

Negative Factors

Highly stressed balance sheet

A deeply negative equity position and leverage materially constrain financial flexibility, raising refinancing and going-concern risks. This structural capital weakness limits the company's ability to fund R&D, scale commercialization, or absorb setbacks without dilutive financing or costly debt, persisting over months.

Persistent cash burn

Ongoing negative operating and free cash flows indicate the company still consumes cash despite improvement. Continued burn necessitates external financing or further cost cuts; absent reliable recurring revenues, this structural cash shortfall threatens liquidity and strategic execution over a multi-quarter horizon.

Reliance on nonrecurring gains

Profitability improvements partly reflect one-off items rather than core operations, reducing earnings quality. Coupled with management's own note of capital constraints, reliance on nonrecurring gains undermines the durability of results and increases the risk that reported profits are not repeatable without sustained revenue growth.

Evofem Biosciences Business Overview & Revenue Model

Company Description

Evofem Biosciences, Inc., a biopharmaceutical company, develops and commercializes various products to address unmet needs in women's sexual and reproductive health. Its commercial product is Phexxi, a vaginal gel for the prevention of pregnancy. The company is also involved in the development of EVO100, an antimicrobial vaginal gel for the prevention of urogenital transmission of Chlamydia trachomatis infection and Neisseria gonorrhoeae infection in women. Evofem Biosciences, Inc. is headquartered in San Diego, California.

How the Company Makes Money

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Evofem Biosciences Financial Statement Overview

Summary

Financial health appears highly stressed: reported revenue fell to zero in 2025 (after $19.4M in 2024), operating cash flow and free cash flow remain negative, and the balance sheet shows deeply negative shareholder equity with meaningful debt relative to assets—raising liquidity and going-concern/refinancing risk.

Income Statement

Revenue fell to zero in 2025 after $19.4M in 2024 (a -100% decline), signaling a major disruption to the business model. While losses narrowed sharply from very large deficits in 2020–2022, profitability remains inconsistent and largely unsupported by core operations: 2024 posted an ~$8.9M net loss and negative operating earnings, and the 2023 net profit appears non-recurring given deeply negative operating earnings that year. Gross margin was strong in 2022–2024, but the lack of 2025 revenue and persistent operating losses materially weaken the earnings quality and outlook.

Balance Sheet

The balance sheet is highly stressed, with negative shareholder equity across 2021–2025 (about -$69.4M in 2025) and debt of ~$65.9M in 2025 against only ~$20.3M of assets. This capital structure leaves limited financial flexibility and elevates refinancing/going-concern risk. Debt has come down from earlier peaks, but the company remains heavily leveraged relative to its asset base and has not rebuilt equity.

Cash Flow

Cash generation remains weak: operating cash flow and free cash flow are negative every year shown, including about -$2.0M in 2025 and -$3.9M in 2024, indicating ongoing cash burn. The burn rate has improved substantially versus 2020–2022, but free cash flow deteriorated in 2025 versus 2024 (around -55% growth). With continued negative cash flow and a weakened revenue profile, funding needs and liquidity pressure remain key risks.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	20.18M	19.36M	18.22M	16.84M	8.24M
Gross Profit	15.07M	15.53M	11.71M	12.42M	4.19M
EBITDA	2.06M	-6.92M	-16.07M	-82.08M	-165.78M
Net Income	391.00K	-8.86M	52.98M	-76.70M	-205.19M
Balance Sheet
Total Assets	20.27M	23.79M	10.55M	25.16M	42.51M
Cash, Cash Equivalents and Short-Term Investments	578.00K	741.00K	580.00K	2.77M	7.73M
Total Debt	65.87M	45.97M	43.37M	71.13M	115.68M
Total Liabilities	89.71M	95.05M	77.06M	96.96M	142.09M
Stockholders Equity	-69.44M	-71.26M	-66.51M	-71.80M	-99.58M
Cash Flow
Free Cash Flow	-2.00M	-3.90M	-8.97M	-70.75M	-149.61M
Operating Cash Flow	-1.99M	-3.88M	-8.97M	-70.41M	-146.67M
Investing Cash Flow	-62.00K	-569.00K	-4.00K	-341.00K	-2.69M
Financing Cash Flow	1.89M	4.62M	4.78M	61.94M	90.69M

Evofem Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
DARE	47 Neutral	$20.72M	-1.88	274.47%	―	―	―
EVFM	44 Neutral	$1.17M	3.00	―	―	3.67%	91.67%
XTLB	39 Underperform	$6.41M	-5.43	―	―	―	65.45%

Evofem Biosciences Corporate Events

Evofem Biosciences Reports First Year of Operating Profit

On March 11, 2026, Evofem Biosciences reported financial results for the fourth quarter and full year 2025, marking its fifth consecutive year of net sales growth and its first year of positive operating income. Full-year net sales rose 4% to a record $20.2 million, driven mainly by Phexxi and a full year of Solosec sales, while fourth-quarter net sales jumped 35% to $9.6 million.

The company cut total operating expenses 38% to $16.8 million in 2025, aided by a settlement of trade payables and a one-time gain tied to the expiration of a royalty-bearing patent, which helped swing operating results from a $7.7 million loss in 2024 to $3.4 million of income in 2025. Net income attributable to common stockholders improved to $0.3 million for the year and $2.8 million for the fourth quarter, signaling a sharp turnaround, even as management continues to highlight capital constraints and nonrecurring gains that temper the durability of these improvements.

Since October 1, 2025, Evofem has pursued initiatives to significantly reduce manufacturing costs for both Phexxi and Solosec and has advanced regulatory steps in the UAE, including favorable pricing certificates for Phexxi and an ongoing review of Solosec. An NIH-funded Phase 4 study is also recruiting patients to compare the effectiveness and cost-effectiveness of single-dose Solosec versus multi-dose metronidazole for treating Trichomonas vaginalis, potentially strengthening the clinical and economic case for Solosec in the STI market.

The most recent analyst rating on (EVFM) stock is a Sell with a $0.01 price target. To see the full list of analyst forecasts on Evofem Biosciences stock, see the EVFM Stock Forecast page.

Evofem Biosciences posts updated corporate investor presentation

Evofem Biosciences, Inc. reported that it periodically shares slide presentations with the investment community at industry and other conferences to provide updates and summaries of its business. The company has made its current corporate slide deck available to investors by posting it on the investor section of its website and noted that the materials, furnished via a recent regulatory filing, are not deemed filed for liability purposes and may be updated at the company’s discretion.

The most recent analyst rating on (EVFM) stock is a Sell with a $0.01 price target. To see the full list of analyst forecasts on Evofem Biosciences stock, see the EVFM Stock Forecast page.