Evofem Biosciences, Inc. (EVFM), a biopharmaceutical company, has dropped 6.26% during the premarket trading session. Consequently, the stock is trading at $0.457 at the time of the writing. The decline could be due to the profit-taking factor after the stock rallied by 22.86% during Wednesday’s regular trading session and closed the day at $0.4875. The surge came as the company announced record net sales in the fourth quarter of 2021.
Q4 2021 Preliminary Results
On Wednesday, EVFM announced the strong preliminary results for the fourth quarter of the fiscal year 2022. The company said that it had achieved net product sales of $3.5 million in Q4, which is more than double when compared with that of Q3 net product sales. The company reduced the net cash burn rate to about $17 million in the fourth quarter of 2021 against the net cash burn rate of $32.0 million in Q3 of fiscal 2021. The company raised $5 million of non-dilutive capital in January 2022 to continue funding its Phase 3 trial in STI prevention and other ongoing activities.
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Presentation by EVFM
On the 4th of January, EVFM announced that it would present at the H.C. Wainwright BioConnect Virtual Conference. The conference was to be held from the 10th of January to the 13th of January 2022. Alongside the presentation, the company was to host one-on-one meetings at the conference as well. Chief Executive Officer Saundra Pelletier was to provide an update on the commercialization of the company’s hormone-free contraceptive Phexxi® as well as about the pipeline projects.
Collaboration Agreement with Orion Biotechnology
In mid of December, EVFM announced that it has entered into a collaboration agreement with Orion Biotechnology. The collaboration was meant to evaluate the compatibility of Orion’s novel CCR5 antagonist, OB-002, in Evofem’s Phexxi® vaginal gel. The goal of this is to develop a Multipurpose Prevention Technology (MPT) product candidate for indications, which would also include the prevention of HIV in women. The collaboration is expected to yield results in the third quarter of the fiscal year 2022.
Future Outlook for EVFM
Statistics for the last three months present a grim picture for the EVFM as it has declined by 31% during the period. However, more recent stats display a better picture for the stock i.e. during the last one month, the stock has surged approximately 28%. Analysts believe that the stock is in a good shape to continue following a similar trajectory in the upcoming months.