Evofem Biosciences, Inc. (EVFM), a biopharmaceutical company, has declined 5.05% in aftermarket trading session. As a result, EVFM stock was changing hands at $0.70 when last checked. On Friday, EVFM stock closed the day at $0.74 after decreasing a mere 0.81% in regular trading hours. The reason for the decline seems to be the upcoming conference by Evofem which has stirred this fluctuation in EVFM stock.
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EVFM commented on the letter to Biden administration
On 8th October, EVFM commented on a letter, written by notable figures of the House of Representatives to the Biden Administration, calling for coverage of the full range of contraceptives under the Affordable Care Act (ACA). The House of Representative leaders wrote to some senior Biden administration health officials that their departments could operationalize together to ensure that the ACA’s requirements to provide the people with coverage of the full range of contraceptives (that are approved by FDA) would continue to be enforced and protected. Saundra Pelletier, Chief Executive Officer of Evofem, commented that the company praises the leaders who ensuring those women have broad access to contraceptives. He further heaped the praise upon the authors of the letter.
Q2 2021 financial results
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On 11th August, EVFM reported the financial results for the second quarter of the fiscal year 2021, which ended on 30th June. The company had cash and cash equivalents of $46.98 million on 30th June. The total liabilities at the point of time were $99.78 million. The net product sales for the period were $1.85 million. The cost of goods sold during the period was $0.83 million. The total operating expenses for three month period were $42.99 million against $22.37 million for the same period of 2020. The loss from operations during the quarter was $41.14 million against $22.37 million for the same period of 2020. The net loss for three month period was $33.42 million against the net loss of $52.66 million for the same quarter of 2020. The net loss per basic and diluted share for the period was $0.27 against $0.91 for three months same period of 2020. Commenting on the performance, Saundra Pelletier said that the momentum built through the strong performance would allow the company to further accelerate its growth rate.
What’s next for EVFM?
The recent past has not been great for EVFM stock. The stock has declined 24% during the last three months, primarily due to raising $50 million via equity at a 22% discount. But the strong quarterly performance, as well as other developments, has put it back on track. So, potential investors could reap the benefits from EVFM stock in future based on careful trading.