Evofem Biosciences, Inc. (EVFM), a biopharmaceutical company, has declined 0.37% in premarket trading session. Consequently, EVFM is trading at $0.36 at the time of the writing. On Thursday, EVFM closed the day at $0.37 after a slight decline of 1.84% during regular trading hours. The consistent decline has come despite the positive news for the company in form of its collaboration with Orion Biotechnology.
EVFM Collaboration With Orion Biotechnology
On Thursday, EVFM announced that it was entering into a collaboration agreement with Orion Biotechnology Canada Ltd. The agreement was meant to evaluate the stability and compatibility of Orion’s CCR5 antagonist, OB-002, in Evofem’s Phexxi vaginal gel. The goal of the evaluation is to develop a Multipurpose Prevention Technology (MPT) product candidate which could provide the indications including the prevention of HIV in women.
Q3 2021 Operational Results
In mid of November, EVFM released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company generated net sales of $1.7 million during the quarter against $0.2 million for the same period of 2020. The total operating expenses for the three months were $45 million against $26.4 million for the same period of 2020. The net loss suffered by the company during the quarter was $74 million (or $0.48 per basic and diluted share) against $29.8 million (or $0.37 per basic and diluted share) for the same quarter of 2020.
While commenting on the results, Saundra Pelletier, Chief Executive Officer of EVFM said that the company is excited by some positive developments it has shown in the quarterly results. With the maturity of its marketing approach, the company expects to reduce its operating expenses by approximately $50 million in 2022.
Future Outlook for EVFM
During the last three months, EVFM stock has declined more than 50%. Analysts believe that with no clear set of strategies being adopted by the company, the stock is expected to decline further in near future.