Evofem Biosciences, Inc. · OTC:EVFM
Evofem Biosciences — Q2 2022 Earnings Presentation
19 slides from Evofem Biosciences's earnings presentation, Aug 4, 2022
Slide 1: Q2 2022 Results Call
T H E H O M E O F P H E X X I – O N - D E M A N D N O N - H O R M O N A L C O N T R A C E P T I V E G E L . S C I E N C E W I T H A S O U LN A S D A Q : E V F M Q 2 2 0 2 2 R E S U L T S C A L L A U G U S T 4 , 2 0 2 2 S A U N D R A P E L L E T I E R C H I E F E X E C U T I V E O F F I C E R
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS T h i s p r e s e n t a t i o n c o n t a i n s f o r w a r d l o o k i n g s t a t e m e n t s w i t h i n t h e m e a n i n g o f T h e P r i v a t e S e c u r i t i e s L i t i g a t i o n R e f o r m A c t o f 1 9 9 5 a n d o t h e r f e d e r a l s e c u r i t i e s l
Slide 3: Q2 2022: Another Strong Quarter of Improved Operating Results
Q 2 2 0 2 2 : A N O T H E R S T R O N G Q U A R T E R O F I M P R O V E D O P E R A T I N G R E S U L T S • Gross-to-net 40% • Increased Phexxi net product sales 42% • Reduced total operating expenses 8% • Improved net operating loss 16%
Slide 4: 42% Increase in Phexxi Net Product Sales
$1.9 $1.7 $3.6 $4.3 $6.0 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 42% INCREASE IN PHEXXI NET PRODUCT SALES 42% INCREASE Q2 vs. Q1 IN M IL LI O NS
Slide 5: Reducing Our Operating Expenses
$- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 REDUCING OUR OPERATING EXPENSES IN M IL LI O NS $ 30.5 $ 33.2 $ 41.0 $ 45.1 $ 43.0 C o s t o f g o o d s s o l d R e s e a r c h & d e v e l o p m e n t S a l e s & m a r k e t i n g G e n e r a l &
Slide 6: Narrowing Our Loss from Operations
$(41.1) $(43.4) $(37.4) $(28.9) $(24.4) $(50.0) $(45.0) $(40.0) $(35.0) $(30.0) $(25.0) $(20.0) $(15.0) $(10.0) $(5.0) $- Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 NARROWING OUR LOSS FROM OPERATIONS IN M IL LI O NS 16% DECREASE Q2 vs. Q1
Slide 7: Reiterating Our Guidance
REITERATING OUR GUIDANCE 2022 NET PRODUCT SALES OF $30 - $35 MILLION • 264% - 325% growth year-over-year GROSS-TO-NET OF 40% OR BETTER REDUCE OPEX BY $50 MILLION IN 2022 vs. 2021 • $25.3 million lower in 1H 2022 vs. 1H 2021 CASHFLOW BREAKEVEN ON A QUARTERLY BASIS NO LATER THAN YEAR-END 2023
Slide 8: Balance Sheet Highlights as of June 30, 2022
BALANCE SHEET HIGHLIGHTS AS OF JUNE 30, 2022 • $19.9 M unrestricted cash • $ 1.6 M restricted cash DURING Q2 2022 • $2.0 M from our equity line of credit, which we terminated in May • $18.1 M, net, from underwritten offering in May 2022 • $22.4 M, net, from exercise of common warrants from May 2022
Slide 9: Publications & Presentations
• Phexxi prevented 99% of pregnancies on a per act of sex basis ( 1 ) • Vaginal pH modulator mechanism of action study published in peer-reviewed journal ( 2 ) • Sexual satisfaction data published: 88.7% of women using Phexxi improved/maintained sex life ( 1 , 3 ) • Developed new educational birth c
Slide 10: Increasing Brand Awareness
• Garnered significant “earned media” coverage • A360 Media roll-out: Phexxi branded content in some of the most widely read entertainment and lifestyle magazines and websites in the U.S. I N C R E A S I N G B R A N D A W A R E N E S S
Slide 11: Advancing Our Business
COST CONTAINMENT • New Phexxi manufacturing agreement to decrease COGS up to 45% • Sub-leased half our office space to save over $1M per year PHEXXI FUNDAMENTALS • Increased shelf l i fe to 4 years • Protection through newly al lowed Composition of Matter patent expected to at least 2033 LEADERSHIP
Slide 12: Market Access Achievements
• Large PBM added Phexxi to national template formularies with no restrictions • One of the largest commercial payers in California - $0 copay • Largest payers in Hawaii & Utah • A regional payer in the Pacific Northwest • Numerous state Medicaid systems providing coverage for more than 12 million l
Slide 13: Recent Clarity from U.S. Government on Contraceptive Access
The U.S. Department of Health and Human Services, alongside the Departments of Labor and of the Treasury, clarif ied: 1. It wil l enforce federal law requiring most group health plans and health insurance issuers to cover contraceptives approved, granted, or cleared by the FDA at no cost to particip
Slide 14: Contraceptive Use Among U.S. Women
1 0 .3 M W O M EN U SE N O N -P R ESCR IP T IO N CO N TR A CEP TIV ES N o n - R x m e t h o d s : 6 . 3 M b a r r i e r m e t h o d s ; 2 . 8 M w i t h d r a w a l ; 1 . 0 M p e r i o d i c a b s t i n e n c e ; 0 . 1 M o t h e r Other Non-Targets 12.3 Surgical Sterilization 17.7 Prescription Contra
Slide 15: Phexxi Pricing and Net Sales per 1% Market Share
GROSS WAC: $294.00 (1) PER BOX OF 12 PHEXXI APPLICATORS 40% GTN ADJUSTMENTS $176.40 NET TO EVOFEM PER BOX OF PHEXXI 1. WAC: Wholesale Acquisition Cost P A ID B Y TH E P LA N , N O T TH E W O M A N . U N D E R F E D E R A L L A W , P A Y E R S M U S T C O V E R F D A - A P P R O V E D C O N T R A C E
Slide 16: Late-Stage Clinical Program Offers Significant Upside Potential
1. Assumes favorable outcomes of EVOGUARD 2. Assumes timely acceptance of sNDA submission(s) L A T E - S T A G E C L I N I C A L P R O G R A M O F F E R S S I G N I F I C A N T U P S I D E P O T E N T I A L PHASE 3 TRIAL EVALUATING PHEXXI FOR PREVENTION OF CHLAMYDIA & GONORRHEA IN WOMEN • >1900 wome
Slide 17: Shattering the Hormone Glass Ceiling
SHATTERING THE HORMONE GLASS CEILING
Slide 18: 2H 2022 Expectations
2H 2022 EXPECTATIONS • Report EVOGUARD trial top-line results in October • Ongoing growth of Phexxi net product sales; $30-35M for FY 2022 • Gross-to-net of 40% or better • Continued expansion of Phexxi access • Further reduce operating expenses • Strategic initiatives
Slide 19: Thank You
T H E H O M E O F P H E X X I – O N - D E M A N D N O N - H O R M O N A L C O N T R A C E P T I V E G E L . S C I E N C E W I T H A S O U LN A S D A Q : E V F M T H A N K Y O U