Revenue Performance - Product revenue increased by $8.8 million, or 14.6%, to $68.97 million for the three months ended September 30, 2025, compared to $60.16 million for the same period in 2024[186]. - Total net revenues rose by $7.9 million, or 12.9%, to $68.97 million for the three months ended September 30, 2025, driven by the launch of Evolysse™ and increased sales of Jeuveau[187]. - Total net revenues for the nine months ended September 30, 2025, increased by $19.6 million, or 10.4%, to $206.88 million from $187.33 million in 2024[200]. Cost and Expenses - Cost of goods sold increased by $4.1 million, or 21.8%, to $23.13 million for the three months ended September 30, 2025, primarily due to higher volumes of Jeuveau and Evolysse[188]. - Selling, general and administrative expenses increased by $0.3 million, or 0.6%, to $52.82 million for the three months ended September 30, 2025, primarily due to higher selling-related costs[190]. - Research and development expenses decreased by $0.3 million, or 11.6%, to $2.05 million for the three months ended September 30, 2025, due to lower clinical operations costs[191]. - Cost of goods sold for the nine months ended September 30, 2025, increased by $11.4 million, or 19.8%, to $69.06 million from $57.66 million in 2024[201]. - Selling, general and administrative expenses increased by $18.3 million, or 12.4%, to $166.1 million for the nine months ended September 30, 2025[203]. - Research and development expenses decreased by $0.6 million, or 9.6%, to $6.1 million for the nine months ended September 30, 2025[204]. - Depreciation and amortization increased by $1.3 million, or 77.5%, to $2.9 million for the nine months ended September 30, 2025[206]. - Restructuring costs were $1.4 million in the nine months ended September 30, 2025, with no costs incurred in the prior year[207]. Profitability and Loss - Gross profit margin decreased to 66.5% for the three months ended September 30, 2025, down from 68.9% in the same period of 2024[189]. - Gross profit margin was 66.6% for the nine months ended September 30, 2025, down from 69.2% in 2024[202]. - Net loss for the three months ended September 30, 2025, was $15.74 million, compared to a net loss of $19.17 million for the same period in 2024[186]. - Net loss was $51.8 million for the nine months ended September 30, 2025, compared to a net loss of $43.6 million in 2024[212]. Cash Flow and Financial Position - Cash and cash equivalents as of September 30, 2025, were $43.5 million, with positive working capital of $68.2 million[211]. - Cash used in operating activities increased to $55.1 million for the nine months ended September 30, 2025, compared to $22.8 million for the same period in 2024, primarily due to a higher net loss and increased inventory purchases[227]. - Cash used in investing activities rose to $6.3 million in the nine months ended September 30, 2025, up from $3.5 million in the same period in 2024, driven by a $2.8 million increase in expenditures on capitalized internal-use software and property and equipment[228]. - Cash provided by financing activities decreased to $17.3 million for the nine months ended September 30, 2025, compared to $48.7 million in the same period in 2024, mainly due to lower cash receipts from stock options and the absence of a follow-on equity offering[229]. - Cash and cash equivalents decreased to $43.5 million at the end of the nine months ended September 30, 2025, down from $85.0 million at the end of the same period in 2024[226]. Obligations and Future Commitments - The company has an accumulated deficit of $661.2 million as of September 30, 2025[212]. - The fair value of contingent royalty obligations to Evolus Founders was recorded at $36.7 million as of September 30, 2025[217]. - The company has approximately $65 million in future interest payments on outstanding New Pharmakon Term Loans, with $14.1 million due within the next twelve months[232]. - The company is obligated to make quarterly royalty payments based on a low single-digit percentage of net sales of Jeuveau, which will terminate after the 10-year anniversary of its first commercial sale in the U.S.[232]. - Milestone payments under the Symatese U.S. Agreement total €12.1 million, contingent on FDA approval of three Evolysse™ products, with specific amounts due at various future dates[232]. Market Risks - The company is exposed to market risks primarily from fluctuations in interest rates and foreign currency exchange rates, with no material changes reported since the last annual report[236][237].

Market Position and Growth - Evolus is gaining market share in the U S neurotoxin market, with Jeuveau's share increasing from 4% in 2019 to 14% in 2025[18] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028, with neurotoxins reaching $3.7 billion and fillers reaching $3.7 billion[20] - Evolus International is expected to achieve $100 million in revenue in 2028[23] Financial Performance and Projections - The company anticipates total net revenues for 2025 to be between $295 million and $305 million, representing an 11% to 15% increase over 2024[119] - Evolysse injectable HA gels are projected to contribute 10% to 12% of total revenue for the full year 2025[119] - Evolus projects $700 million in total net revenue and a non-GAAP operating income margin of 20% by 2028[120] Product Launches and Expansion - Evolysse Form and Evolysse Smooth HA gels launched in the U S in Q2 2025[45] - Estyme products are expected to launch internationally in the first half of 2026[119] - Evolysse Sculpt is scheduled to launch in the U S in the second half of 2026[45] Customer Engagement and Loyalty - The Evolus Rewards program has grown to over 13 million total enrollments by Q3 2025[63] - 70% of toxin consumers also use a dermal filler[74] - 37% of consumers receive both toxin and filler treatments during the same appointment[76]

Financial Performance - Total net revenue for Q3 2025 was $69.0 million, a 13% increase from Q3 2024, driven by the introduction of Evolysse and growth in global Jeuveau revenue [5]. - Global Jeuveau net revenue reached $63.2 million for Q3 2025, up from $59.7 million in Q2 2025, reflecting sequential growth that outperformed typical seasonal trends [5]. - Evolysse generated $5.7 million in revenue for Q3 2025, marking the strongest hyaluronic acid filler debut in over a decade [5]. - Product revenue for Q3 2025 reached $68.967 million, a 14.7% increase from $60.164 million in Q3 2024 [23]. - Total net revenues for the nine months ended September 30, 2025, were $206.876 million, compared to $187.327 million for the same period in 2024, reflecting a growth of 10.5% [23]. Profitability and Loss - The company expects to achieve positive non-GAAP operating income of $5 million to $7 million in Q4 2025, remaining on track for sustainable annual profitability beginning in 2026 [5]. - GAAP loss from operations for Q3 2025 was $11.5 million, an improvement from $15.5 million in Q3 2024 [7]. - The net loss for Q3 2025 was $15.737 million, compared to a net loss of $19.170 million in Q3 2024, showing an improvement of 17.5% [23]. - Non-GAAP loss from operations for Q3 2025 was $3.079 million, an improvement from a loss of $6.738 million in Q3 2024 [33]. - The company reported a comprehensive loss of $15.275 million for Q3 2025, compared to a comprehensive loss of $19.258 million in Q3 2024 [23]. Guidance and Future Plans - The company reaffirms its 2025 net revenue guidance of $295 million to $305 million, representing 11% to 15% growth over 2024 results [8]. - Evolus plans to launch Evolysse Sculpt in the U.S. in 2026 and Evolysse Lips in 2027, with a target of $700 million in total net revenue by 2028 [8]. Customer and Market Growth - Total purchasing accounts increased by nearly 500 in Q3 2025, with over 17,000 customers having purchased from Evolus since launch [6]. - Evolus Rewards consumer loyalty program members grew by over 79,000 during the quarter, surpassing 1.3 million, representing a total increase of 34% compared to Q3 2024 [9]. Expenses and Margins - Gross profit margin for Q3 2025 was 66.5%, while adjusted gross profit margin was 67.6% [7]. - Gross profit margin for Q3 2025 was 66.5%, down from 68.9% in Q3 2024 [29]. - Operating expenses for Q3 2025 were $57.341 million, slightly down from $57.572 million in Q3 2024 [31]. - Research and development expenses for the nine months ended September 30, 2025, were $6.095 million, compared to $6.742 million for the same period in 2024 [23]. Cash and Liabilities - Cash and cash equivalents decreased to $43.523 million as of September 30, 2025, from $86.952 million at the end of 2024 [25]. - Total liabilities increased to $247.757 million as of September 30, 2025, compared to $227.047 million at the end of 2024 [25].

Core Viewpoint - Wall Street anticipates flat earnings for Evolus, Inc. (EOLS) in the upcoming quarter, with revenues expected to increase, making the comparison between actual results and estimates crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate predicts a quarterly loss of $0.19 per share, unchanged from the previous year, while revenues are projected to be $67.82 million, reflecting an 11% increase year-over-year [3]. - The consensus EPS estimate has remained stable over the last 30 days, indicating a lack of significant reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model indicates that the Most Accurate Estimate for Evolus is lower than the consensus estimate, resulting in an Earnings ESP of -2.70%, suggesting a bearish outlook from analysts [12]. - Despite the negative Earnings ESP, Evolus holds a Zacks Rank of 2 (Buy), complicating predictions of an earnings beat [12]. Historical Performance - Evolus has not surpassed consensus EPS estimates in the last four quarters, with the most recent quarter showing a significant miss of -166.67% [13][14]. Industry Comparison - CeriBell, Inc. (CBLL), another player in the medical products industry, is expected to report a loss of $0.43 per share, marking a year-over-year change of +76.8%, with revenues anticipated at $21.79 million, up 26.8% from the previous year [18]. - CeriBell's consensus EPS estimate has been revised 2.3% higher in the last 30 days, resulting in a positive Earnings ESP of +6.10%, indicating a likelihood of beating the consensus EPS estimate [19].

Core Insights - A board-certified plastic surgeon is collaborating with Evolus to enhance the rollout of a new hyaluronic acid technology, emphasizing the importance of expertise in facial anatomy and injectable treatments [1] - The partnership highlights Evolus' dedication to patient safety and provider education regarding their newly FDA-approved filler line [1] Company Overview - Evolus is focusing on the nationwide introduction of a breakthrough hyaluronic acid filler, which has received FDA approval [1] - The involvement of a certified plastic surgeon indicates a strategic move to ensure high standards in treatment and education for healthcare providers [1] Industry Implications - The collaboration may set a precedent in the aesthetic industry for prioritizing safety and education in the use of injectable treatments [1] - The FDA approval of the new filler line could enhance market competitiveness and consumer trust in Evolus' products [1]

Core Viewpoint - Evolus, Inc. has granted stock options and restricted stock units to newly hired employees, indicating a focus on incentivizing talent acquisition and retention in the performance beauty sector [1] Summary by Category Stock Options and RSUs - The company granted non-qualified stock options to purchase a total of 8,744 shares of common stock [1] - Additionally, 15,000 restricted stock units (RSUs) were awarded to 6 newly hired non-executive employees [1] - Evolus also allocated 143,403 shares of common stock and 104,603 RSUs to other employees, reflecting a broader strategy to enhance employee engagement and align interests with shareholders [1]

Financial Performance - Evolus, Inc. reported a quarterly loss of $0.24 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.09, representing an earnings surprise of -166.67% [1] - The company posted revenues of $69.39 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 16.33%, compared to year-ago revenues of $66.91 million [2] - Over the last four quarters, Evolus has not surpassed consensus EPS or revenue estimates [2] Stock Performance - Evolus shares have declined approximately 17.5% since the beginning of the year, while the S&P 500 has gained 7.6% [3] - The current Zacks Rank for Evolus is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [6] Future Outlook - The consensus EPS estimate for the upcoming quarter is -$0.02 on revenues of $86.76 million, and -$0.11 on revenues of $350.01 million for the current fiscal year [7] - The outlook for the Medical - Products industry, to which Evolus belongs, is currently in the bottom 38% of over 250 Zacks industries, which may impact the stock's performance [8]

Financial Data and Key Metrics Changes - Global net revenue for Q2 2025 was $69.4 million, a 4% increase compared to 2024, driven by the successful launch of Evolisse and international revenue growth [28] - Reported gross margin for Q2 was 65.3%, with adjusted gross margin at 66.5%, impacted by a higher mix of international sales and introductory pricing for Evolisse [28][29] - GAAP operating expenses for Q2 were $55.5 million, down from $61.8 million in Q1, while non-GAAP operating expenses were $54 million compared to $52.9 million in Q1 [30][31] - Non-GAAP operating loss in Q2 was $7.9 million, compared to non-GAAP operating income of $1.1 million in 2024 [31] Business Line Data and Key Metrics Changes - Jeuveau experienced its first year-over-year decrease since launch, reflecting a decline in consumer sentiment and procedural volumes in the U.S. aesthetic toxin market [6][8] - Evolisse generated $9.7 million in revenue in its first quarter, marking the strongest first-quarter filler launch in over a decade [18] - The company maintained a 14% market share in the toxin market through the first half of the year, an increase from 13% in 2024 [15] Market Data and Key Metrics Changes - Procedural volumes in the U.S. toxin category have decreased over the past three consecutive quarters, with a notable impact on Jeuveau demand in Q2 [8][10] - Surveys indicated a potential rebound in patient volume in the second half of the year, with a majority of practices expecting growth of over 10% [9] Company Strategy and Development Direction - The company revised its 2025 revenue guidance to a range of $295 million to $305 million, reflecting 11% to 15% growth over 2024 [11][34] - Evolisse is expected to contribute 10% to 12% of total revenue for 2025, with a focus on maintaining long-term growth and profitability [20][34] - The company aims to achieve $700 million in revenue by 2028, with a non-GAAP operating income margin of 20% [33][34] Management's Comments on Operating Environment and Future Outlook - Management noted that the market environment has been challenging, with a significant slowdown in demand observed in the last two weeks of Q2 [6][10] - Despite the challenges, management expressed confidence in the company's ability to deliver sustainable growth, supported by strong early adoption of Evolisse and ongoing international expansion [21][90] Other Important Information - The company has implemented strategic reductions in operating expenses, resulting in over $25 million in annualized savings, while maintaining investment in customer-facing activities [13][34] - Evolus Rewards program saw record redemptions of over $224,000, with 65% coming from repeat patients, indicating strong brand loyalty [16] Q&A Session Summary Question: What dynamics are being seen regarding reduced demand? - Management indicated that procedural demand declined in the high single digits, with the slowdown not driven by competitive dynamics but rather overall market conditions [36][38] Question: What was the impact of inventory buying on recorded revenue? - Management suggested that the initial revenue from Evolisse included both stocking and pull-through elements, making it difficult to quantify precisely [40] Question: How do you explain the improvement seen in July? - Management noted a significant shift in business in July, correlating with internal and third-party research indicating a potential rebound [41] Question: What are the expectations for toxin demand trends? - Management highlighted that overall procedural volume did slow in the first half of the year, with some competitors experiencing significant declines [51] Question: What promotional activities are planned for Q4? - Management mentioned adjustments to promotional strategies to help practices with pull-through, including collaborations with beauty magazines [54] Question: What is driving the current consumer sentiment? - Management noted that consumers earning $150,000 or less are feeling the pinch from increased prices and tariffs, impacting their spending on aesthetic treatments [67] Question: How does the company plan to achieve its 2028 targets? - Management reiterated confidence in reaching the $700 million target, emphasizing that the revised guidance does not change the long-term outlook [87]

[Cover Page Information](index=1&type=section&id=Cover%20Page%20Information) EVOLUS, INC. filed a Quarterly Report on Form 10-Q for the period ended June 30, 2025, indicating its filer status and outstanding common stock - EVOLUS, INC. filed a Quarterly Report on Form 10-Q for the period ended June 30, 2025[2](index=2&type=chunk) Filer Status | Filer Status | Status | | :------------- | :----- | | Accelerated filer | ☒ | - As of August 1, 2025, there were **64,685,419 shares of common stock outstanding**[4](index=4&type=chunk) [Special Note Regarding Forward-Looking Statements](index=4&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This section cautions readers about forward-looking statements, which are subject to various risks and uncertainties regarding future events and financial conditions - The report contains forward-looking statements subject to risks and uncertainties, including future events, business, financial condition, and regulatory approvals, cautioning readers not to place undue reliance on these statements[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Summary of Risk Factors](index=4&type=section&id=Summary%20of%20Risk%20Factors) Key risks include significant historical losses, intense product competition, reliance on consumer spending, trade policy impacts, dependence on Symatese, potential financing needs, and Medytox settlement compliance - Key risks include significant losses since inception, intense competition for products like Jeuveau and Evolysse™, reliance on consumer discretionary spending, trade policy risks (tariffs), dependence on Symatese for regulatory approval, potential need for additional financing, and compliance with Medytox settlement agreements[11](index=11&type=chunk)[14](index=14&type=chunk) [PART I - FINANCIAL INFORMATION](index=7&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This part presents the company's unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Condensed Consolidated Financial Statements (unaudited)](index=7&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations and comprehensive loss, statements of stockholders' equity (deficit), and statements of cash flows, along with their accompanying notes, providing a detailed financial overview for the periods ended June 30, 2025, and December 31, 2024 [Condensed Consolidated Balance Sheets](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and stockholders' equity at specific points in time, highlighting changes in financial position Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Cash and cash equivalents | $61,738 | $86,952 | | Total current assets | $144,970 | $151,342 | | Total assets | $228,803 | $232,569 | | Total current liabilities | $63,750 | $62,960 | | Total liabilities | $247,455 | $227,047 | | Total stockholders' equity (deficit) | $(18,652) | $5,522 | - The company's total stockholders' equity shifted from a positive balance of **$5,522 thousand** at December 31, 2024, to a **deficit of $(18,652) thousand** at June 30, 2025[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) This statement details the company's revenues, expenses, and net loss over specific reporting periods, reflecting operational performance and overall profitability Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands) | (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total net revenues | $69,387 | $66,909 | $137,909 | $126,242 | | Gross profit | $45,320 | $47,068 | $91,975 | $87,571 | | Loss from operations | $(10,210) | $(7,702) | $(25,382) | $(16,624) | | Net loss | $(17,142) | $(11,350) | $(36,034) | $(24,459) | | Net loss per share, basic and diluted | $(0.27) | $(0.18) | $(0.56) | $(0.40) | - Total net revenues increased by **3.7%** for the three months ended June 30, 2025, and by **9.2%** for the six months ended June 30, 2025, compared to the respective prior periods[21](index=21&type=chunk) - Net loss increased significantly, from **$(11,350) thousand to $(17,142) thousand** for the three months ended June 30, 2025, and from **$(24,459) thousand to $(36,034) thousand** for the six months ended June 30, 2025[21](index=21&type=chunk) [Condensed Consolidated Statements of Stockholders' Equity (Deficit)](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity%20(Deficit)) This statement tracks changes in the company's equity accounts, including common stock, additional paid-in capital, and accumulated deficit, over specified periods Condensed Consolidated Statements of Stockholders' Equity (Deficit) (in thousands, except share data) | (in thousands, except share data) | Balance at December 31, 2024 | Balance at June 30, 2025 | | :-------------------------------- | :--------------------------- | :----------------------- | | Common Stock Shares | 63,497,548 | 64,638,978 | | Common Stock Amount | $1 | $1 | | Additional Paid In Capital | $615,825 | $627,379 | | Accumulated Deficit | $(609,399) | $(645,433) | | Total Stockholders' Equity (Deficit) | $5,522 | $(18,652) | - The company's accumulated deficit increased from **$(609,399) thousand** at December 31, 2024, to **$(645,433) thousand** at June 30, 2025, reflecting ongoing net losses[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement reports the cash generated and used by the company across operating, investing, and financing activities, illustrating liquidity and solvency Condensed Consolidated Statements of Cash Flows (in thousands) | (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(40,423) | $(17,085) | | Net cash used in investing activities | $(4,128) | $(2,051) | | Net cash provided by financing activities | $19,032 | $50,143 | | Net increase (decrease) in cash and cash equivalents | $(25,214) | $30,833 | | Cash and cash equivalents, end of period | $61,738 | $93,671 | - Net cash used in operating activities more than doubled, from **$(17,085) thousand** in H1 2024 to **$(40,423) thousand** in H1 2025[27](index=27&type=chunk) - Cash provided by financing activities decreased significantly from **$50,143 thousand** in H1 2024 (due to a follow-on offering) to **$19,032 thousand** in H1 2025 (primarily from debt modification proceeds)[27](index=27&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed disclosures on the company's business, significant accounting policies, fair value measurements, goodwill and intangible assets, accrued expenses, property and equipment, term loans, operating leases, commitments and contingencies, stockholders' equity, Medytox settlement agreements, and segment reporting, offering crucial context to the condensed consolidated financial statements [Note 1. Description of Business](index=12&type=section&id=Note%201.%20Description%20of%20Business) This note describes Evolus, Inc.'s core business as a global performance beauty company, its key products, recent launches, financial performance, and significant financing activities - Evolus, Inc. is a global performance beauty company focused on the cash-pay aesthetic market, with products including Jeuveau (botulinum toxin type A) and Evolysse™ (injectable HA gels)[32](index=32&type=chunk) - Evolysse™ Form and Evolysse™ Smooth launched in the U.S. in April 2025, with plans for European launch in Q1 2026 and two additional U.S. Evolysse™ products in 2026-2027[32](index=32&type=chunk) - The company incurred net losses of **$17,142 thousand** (Q2 2025) and **$36,034 thousand** (H1 2025), with an accumulated deficit of **$645,433 thousand** as of June 30, 2025[34](index=34&type=chunk) - In May 2025, Evolus entered an Amended and Restated Loan Agreement with Pharmakon for up to **$250 million**, with an initial **$150 million tranche funded**[37](index=37&type=chunk) [Note 2. Basis of Presentation and Summary of Significant Accounting Policies](index=12&type=section&id=Note%202.%20Basis%20of%20Presentation%20and%20Summary%20of%20Significant%20Accounting%20Policies) This note outlines the basis for financial statement preparation, adherence to GAAP, interim reporting considerations, key manufacturing dependencies, and revenue recognition policies - Financial statements are prepared in accordance with GAAP and SEC interim reporting requirements, with interim results not necessarily indicative of full-year performance[38](index=38&type=chunk)[40](index=40&type=chunk) - The company relies on Daewoong for Jeuveau manufacturing and Symatese for Evolysse™ manufacturing, with termination of these agreements posing a material adverse risk[44](index=44&type=chunk) - Revenue is recognized when control of goods/services is transferred to customers, net of sales-related adjustments like volume-based rebates and loyalty programs[81](index=81&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) [Note 3. Fair Value Measurements](index=24&type=section&id=Note%203.%20Fair%20Value%20Measurements) This note details the fair value measurement of financial instruments, particularly the contingent royalty obligation, and the valuation inputs used Contingent Royalty Obligation (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Contingent royalty obligation payable to Evolus Founders | $38,586 | $44,765 | - The fair value of the contingent royalty obligation decreased by **$6,179 thousand** from December 31, 2024, to June 30, 2025, primarily due to an unrealized gain of **$3,914 thousand** in Q2 2025[114](index=114&type=chunk)[118](index=118&type=chunk) - The fair value is determined using **Level 3 inputs** (discounted cash flows) with a discount rate of **13%** as of June 30, 2025, reflecting changes in market risk premium[115](index=115&type=chunk)[117](index=117&type=chunk) [Note 4. Goodwill and Intangible Assets](index=25&type=section&id=Note%204.%20Goodwill%20and%20Intangible%20Assets) This note provides a breakdown of the company's goodwill and intangible assets, including distribution rights and capitalized software, along with future amortization estimates Goodwill and Intangible Assets (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Distribution rights, net | $43,597 | $45,207 | | Capitalized software, net | $5,750 | $3,547 | | Intangible assets, net | $49,347 | $48,754 | | Goodwill | $21,208 | $21,208 | | Total as of period end | $70,555 | $69,962 | - Estimated future amortization expense for intangible assets totals **$49,347 thousand**, with **$3,320 thousand** remaining in 2025 and **$6,540 thousand** in 2026[123](index=123&type=chunk) [Note 5. Accrued Expenses](index=26&type=section&id=Note%205.%20Accrued%20Expenses) This note presents the composition of accrued expenses, including revenue contract liabilities, payroll, and royalties, and their changes over the reporting period Accrued Expenses (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Accrued revenue contract liabilities | $8,726 | $14,454 | | Accrued payroll and related benefits | $6,522 | $14,127 | | Accrued royalties | $4,279 | $4,743 | | Other accrued expenses | $8,422 | $7,467 | | Total Accrued expenses | $27,949 | $40,791 | - Accrued expenses decreased from **$40,791 thousand** at December 31, 2024, to **$27,949 thousand** at June 30, 2025, primarily due to a reduction in accrued revenue contract liabilities and payroll-related benefits[125](index=125&type=chunk) [Note 6. Property, Plant and Equipment](index=27&type=section&id=Note%206.%20Property,%20Plant%20and%20Equipment) This note details the company's property, plant, and equipment, net of accumulated depreciation, and changes in these assets Property, Plant and Equipment (in thousands) | (in thousands) | June 30, 2025 | December 31, 2024 | | :--------------- | :------------ | :---------------- | | Total property, plant, and equipment | $7,710 | $6,745 | | Less: accumulated depreciation | $(4,057) | $(3,523) | | Property, plant and equipment, net | $3,653 | $3,222 | - Net property, plant and equipment increased to **$3,653 thousand** at June 30, 2025, from **$3,222 thousand** at December 31, 2024[127](index=127&type=chunk) [Note 7. Term Loans](index=27&type=section&id=Note%207.%20Term%20Loans) This note describes the company's new senior secured term loan agreement with Pharmakon, including its terms, funding, interest rates, and compliance with debt covenants - On May 5, 2025, Evolus entered into an Amended and Restated Loan Agreement with Pharmakon for up to **$250 million** in senior secured term loans, replacing the Prior Pharmakon Loan Agreement[130](index=130&type=chunk) - The initial tranche of **$150 million** was funded, including **$125 million** to refinance prior loans and **$25 million** in incremental borrowings, with net proceeds of **$23.39 million** received[130](index=130&type=chunk) - The New Pharmakon Term Loans accrue interest at 3-month SOFR (floor **3.5%**) plus **5.0%** per annum, with a maturity date of May 5, 2030[130](index=130&type=chunk) - As of June 30, 2025, the company was in compliance with its debt covenants, and the effective interest rate was approximately **10.42%**[134](index=134&type=chunk)[135](index=135&type=chunk) [Note 8. Operating Leases](index=28&type=section&id=Note%208.%20Operating%20Leases) This note outlines the company's operating lease commitments, including the corporate headquarters lease, remaining lease term, discount rate, and future payment obligations - The company's corporate headquarters lease was amended in October 2024 to include additional office space, expiring January 31, 2030[136](index=136&type=chunk) Operating Lease Metrics | Metric | June 30, 2025 | December 31, 2024 | | :----- | :------------ | :---------------- | | Weighted-average remaining lease term (years) | 4.6 | 5.1 | | Weighted-average discount rate | 9.9% | 9.7% | - Future minimum operating lease payments total **$12,025 thousand**, with a present value of **$9,431 thousand** as of June 30, 2025[140](index=140&type=chunk) [Note 9. Commitments and Contingencies](index=29&type=section&id=Note%209.%20Commitments%20and%20Contingencies) This note details the company's contractual commitments, including minimum purchase requirements, milestone payments under licensor agreements, and the status of legal proceedings - The Daewoong Agreement includes minimum annual purchase requirements to maintain exclusivity, contingent on governmental approvals and market share[141](index=141&type=chunk) - Under the Symatese U.S. Agreement, Evolus is required to make up to **€16,200 thousand** in milestone payments, contingent on FDA approval of three Evolysse™ products; as of June 30, 2025, these approvals have not been achieved, and no annual milestone payments have been made[146](index=146&type=chunk) - The Symatese Europe Agreement includes two milestone payments totaling **€3,100 thousand**, triggered by European Union MDR approval in October 2024 for three injectable HA gel products[147](index=147&type=chunk)[148](index=148&type=chunk) - A shareholder derivative lawsuit filed in 2020 remains stayed pending a related federal securities class action, which was dismissed in September 2024[149](index=149&type=chunk) [Note 10. Stockholders' Equity](index=31&type=section&id=Note%2010.%20Stockholders'%20Equity) This note provides information on the company's common stock, equity incentive plans, and stock-based compensation expense, reflecting changes in equity - As of June 30, 2025, **64,638,978 shares of common stock** were issued and outstanding[155](index=155&type=chunk) - The 2024 Employee Stock Purchase Plan (ESPP) was adopted in June 2024, reserving **579,648 shares**, with no shares issued under it during the three and six months ended June 30, 2025[156](index=156&type=chunk) - The company has **2,125,024 shares** available for future issuance under the 2017 Omnibus Incentive Plan and **886,669 shares** under the 2023 Inducement Incentive Plan[159](index=159&type=chunk)[160](index=160&type=chunk) Stock-Based Compensation (in thousands) | Stock-Based Compensation (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total stock-based compensation expense | $4,523 | $5,794 | $10,489 | $10,885 | - Unrecognized compensation cost related to unvested service-based stock options and RSUs totaled **$48,630 thousand** as of June 30, 2025, expected to be expensed over **2.4 and 2.6 years**, respectively[175](index=175&type=chunk) [Note 11. Medytox Settlement Agreements](index=36&type=section&id=Note%2011.%20Medytox%20Settlement%20Agreements) This note details the company's ongoing royalty obligations to Medytox related to net sales of Jeuveau® under settlement agreements - Evolus is obligated to pay Medytox a quarterly, mid-single digit royalty on net sales of Jeuveau from September 17, 2022, to September 16, 2032[176](index=176&type=chunk) Accrued Royalties (in thousands) | Accrued Royalties (in thousands) | June 30, 2025 | December 31, 2024 | | :------------------------------- | :------------ | :---------------- | | Accrued for royalties under Medytox Settlement Agreements | $3,577 | $4,743 | [Note 12. Segment Reporting](index=36&type=section&id=Note%2012.%20Segment%20Reporting) This note clarifies that the company operates as a single segment and provides a breakdown of total net revenues by product, including Jeuveau® and Evolysse™ - The company operates as a single operating and reportable segment focused on performance beauty in the cash-pay aesthetic market[177](index=177&type=chunk) Revenue (in thousands) | Revenue (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Jeuveau® | $58,968 | $66,222 | $127,042 | $125,186 | | Evolysse™ | $9,731 | — | $9,731 | — | | Total product revenue, net | $68,699 | $66,222 | $136,773 | $125,186 | | Service revenue | $688 | $687 | $1,136 | $1,056 | | Total net revenues | $69,387 | $66,909 | $137,909 | $126,242 | - Evolysse™ generated **$9,731 thousand** in product revenue for the three and six months ended June 30, 2025, following its April 2025 U.S. launch[180](index=180&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=38&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial performance, including an overview of its business, key developments, detailed analysis of results of operations for the three and six months ended June 30, 2025, and a discussion of liquidity and capital resources [Overview](index=38&type=section&id=Overview) This overview introduces Evolus as a global performance beauty company, highlights recent product launches and financing, and discusses relevant market trends - Evolus is a global performance beauty company focused on the cash-pay aesthetic market, with Jeuveau® and the newly launched Evolysse™ HA gels[183](index=183&type=chunk) - Evolysse™ Form and Evolysse™ Smooth launched in the U.S. in April 2025, contributing **$9.7 million** in revenue for Q2 2025[185](index=185&type=chunk) - The company secured a new **$250 million** senior secured term loan with Pharmakon in May 2025, with an initial **$150 million tranche funded**[186](index=186&type=chunk) - Market trends show volatility, increased inflation, and rising interest rates, potentially impacting consumer discretionary spending for aesthetic procedures[184](index=184&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) This section provides a detailed analysis of the company's financial performance, comparing revenues, expenses, and net loss for the three and six months ended June 30, 2025, and 2024 [Comparison of the Three Months Ended June 30, 2025 and 2024](index=39&type=section&id=Comparison%20of%20the%20Three%20Months%20Ended%20June%2030,%202025%20and%202024) This analysis compares the company's financial performance for the second quarter of 2025 against the same period in 2024, detailing changes in revenues, expenses, and profitability Financial Performance (in thousands) | (in thousands) | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :--------------- | :------------ | :------------ | :--------- | :--------- | | Total net revenues | $69,387 | $66,909 | $2,478 | 3.7% | | Cost of goods sold | $24,067 | $19,841 | $4,226 | 21.3% | | Gross profit | $45,320 | $47,068 | $(1,748) | -3.7% | | Gross profit margin | 65.3% | 70.3% | -5.0 pp | | | Selling, general and administrative | $56,675 | $50,152 | $6,523 | 13.0% | | Research and development | $1,837 | $2,350 | $(513) | -21.8% | | Revaluation of contingent royalty obligation | $(3,914) | $1,605 | $(5,519) | -343.9% | | Loss from operations | $(10,210) | $(7,702) | $(2,508) | 32.6% | | Net loss | $(17,142) | $(11,350) | $(5,792) | 51.0% | - Net revenues increased by **$2.5 million (3.7%)** due to the launch of Evolysse™ in the U.S., partially offset by a decline in Jeuveau® sales[188](index=188&type=chunk) - Gross profit margin decreased to **65.3%** from **70.3%** due to product mix between Jeuveau® and Evolysse™[189](index=189&type=chunk)[190](index=190&type=chunk) - Selling, general and administrative expenses rose by **$6.5 million (13.0%)** due to higher personnel costs for Evolysse™ launch activities[191](index=191&type=chunk) [Comparison of the Six Months Ended June 30, 2025 and 2024](index=41&type=section&id=Comparison%20of%20the%20Six%20Months%20Ended%20June%2030,%202025%20and%202024) This analysis compares the company's year-to-date financial performance for the first half of 2025 against the same period in 2024, detailing changes in revenues, expenses, and net loss Financial Performance (in thousands) | (in thousands) | June 30, 2025 | June 30, 2024 | Change ($) | Change (%) | | :--------------- | :------------ | :------------ | :--------- | :--------- | | Total net revenues | $137,909 | $126,242 | $11,667 | 9.2% | | Cost of goods sold | $45,934 | $38,671 | $7,263 | 18.8% | | Gross profit | $91,975 | $87,571 | $4,404 | 5.0% | | Gross profit margin | 66.7% | 69.4% | -2.7 pp | | | Selling, general and administrative | $113,315 | $95,275 | $18,040 | 18.9% | | Research and development | $4,049 | $4,428 | $(379) | -8.6% | | Revaluation of contingent royalty obligation | $(1,763) | $3,183 | $(4,946) | -155.4% | | Loss from operations | $(25,382) | $(16,624) | $(8,758) | 52.7% | | Net loss | $(36,034) | $(24,459) | $(11,575) | 47.3% | - Year-to-date net revenues increased by **$11.7 million (9.2%)** driven by Evolysse™ launch, despite a decline in Jeuveau® sales[199](index=199&type=chunk) - Selling, general and administrative expenses increased by **$18.0 million (18.9%)** due to higher personnel costs and training for Evolysse™ launch[202](index=202&type=chunk) - Net loss for the six months ended June 30, 2025, was **$(36.0) million**, compared to **$(24.5) million** in the prior year, reflecting increased operating and non-operating expenses[197](index=197&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, working capital, accumulated deficit, recent financing activities, and future material cash requirements - As of June 30, 2025, Evolus had **$61.7 million** in cash and cash equivalents, positive working capital of **$81.2 million**, and a stockholders' deficit of **$18.7 million**[208](index=208&type=chunk) - The company incurred an accumulated deficit of **$645.4 million** as of June 30, 2025, and used **$40.4 million** in cash from operating activities during the first six months of 2025[209](index=209&type=chunk) - In March 2024, a follow-on offering generated **$46.8 million** in net proceeds, with an additional **$4.2 million** from underwriters' option exercise in April 2024[210](index=210&type=chunk) - The New Pharmakon Term Loans provide up to **$250 million**, with an initial **$150 million tranche funded** in May 2025, providing **$23.4 million** in net proceeds[213](index=213&type=chunk) - Material cash requirements include principal and interest payments on the New Pharmakon Term Loans (**$68.3 million** in future interest, **$14.1 million** due within 12 months), quarterly royalties to Evolus Founders and Medytox, and milestone payments under Symatese agreements[230](index=230&type=chunk) [Critical Accounting Policies and Estimates](index=48&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) This section confirms that there have been no material changes to the company's critical accounting policies and estimates since its last annual report - There have been no material changes to the company's critical accounting policies and estimates as discussed in its Annual Report on Form 10-K for the year ended December 31, 2024[232](index=232&type=chunk) [Recently Issued and Adopted Accounting Pronouncements](index=48&type=section&id=Recently%20Issued%20and%20Adopted%20Accounting%20Pronouncements) This section outlines the company's evaluation of the potential impact of recently issued accounting standards on its financial statements - The company is evaluating the impact of ASU No. 2023-09 (Income Tax Disclosures) and ASU No. 2024-03 (Expense Disaggregation Disclosures) on its financial statements[111](index=111&type=chunk)[112](index=112&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section addresses the company's exposure to market risks, primarily from fluctuations in interest rates and foreign currency exchange rates, noting no material changes from previous disclosures - Evolus is exposed to market risk from fluctuations in interest rates and foreign currency exchange rates[234](index=234&type=chunk) - As of the report date, there were no material changes in financial market risks compared to those disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[235](index=235&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the company's disclosure controls and procedures as of June 30, 2025, and reports no material changes in internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective at a reasonable assurance level as of June 30, 2025[236](index=236&type=chunk) - No changes in internal control over financial reporting materially affected, or are reasonably likely to materially affect, internal control during the three months ended June 30, 2025[238](index=238&type=chunk) [PART II - OTHER INFORMATION](index=50&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This part covers other significant information not included in the financial statements, such as legal proceedings, risk factors, equity sales, defaults, and exhibits [Item 1. Legal Proceedings](index=50&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 9, 'Commitments and Contingencies,' for information regarding the company's legal proceedings - Information regarding legal proceedings is detailed in Note 9. Commitments and Contingencies[241](index=241&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section outlines various risks that could materially and adversely affect the company's business, financial condition, and results of operations, categorized into risks related to business and strategy, relationships with licensors, intellectual property, government regulation, and common stock [Risks Related to Our Business and Strategy](index=51&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Strategy) This section details risks inherent to the company's business model and strategic execution, including profitability challenges, competition, market demand, regulatory reliance, financing needs, and compliance - Evolus has incurred significant losses since inception, with an accumulated deficit of **$645.4 million** as of June 30, 2025, and profitability is not guaranteed[244](index=244&type=chunk) - The company faces significant competition from larger, more experienced companies in the medical aesthetics market, including those with greater financial resources, brand recognition, and product portfolios[245](index=245&type=chunk)[247](index=247&type=chunk) - Commercial success depends on broad aesthetic practitioner adoption and consumer demand for Jeuveau® and Evolysse™, which are sensitive to global economic conditions and discretionary spending[251](index=251&type=chunk)[252](index=252&type=chunk)[253](index=253&type=chunk) - Reliance on Symatese for regulatory approval of Evolysse™ products in the U.S. poses risks of delays or denials, impacting commercialization[257](index=257&type=chunk)[258](index=258&type=chunk) - The company may require additional financing to fund future operations and corporate development, and failure to obtain capital on acceptable terms could force delays or termination of operations[260](index=260&type=chunk)[263](index=263&type=chunk) - Non-compliance with Medytox settlement terms could lead to litigation or loss of ability to market Jeuveau®, materially affecting business and going concern status[264](index=264&type=chunk)[266](index=266&type=chunk) - The company's digital technology and applications are critical, and system failures or cybersecurity incidents could disrupt operations and harm business[271](index=271&type=chunk)[273](index=273&type=chunk) - Focusing exclusively on the cash-pay healthcare market may limit sales growth and profitability, as it restricts product offerings to cosmetic indications[294](index=294&type=chunk) [Risks Related to Our Relationship with Our Licensors](index=63&type=section&id=Risks%20Related%20to%20Our%20Relationship%20with%20Our%20Licensors) This section highlights risks stemming from the company's critical dependence on licensor agreements for product commercialization and manufacturing, and the potential impact of their termination or operational issues - Evolus's ability to exclusively commercialize Jeuveau® and Evolysse™ is entirely dependent on the Daewoong Agreement and Symatese agreements, respectively; any breach or termination could severely impact revenues and business opportunities[301](index=301&type=chunk) - The company relies solely on Daewoong for Jeuveau® manufacturing and Symatese for Evolysse™ manufacturing, making it vulnerable to production problems or regulatory non-compliance by either licensor[302](index=302&type=chunk)[304](index=304&type=chunk) - Inaccurate demand forecasts for products purchased from licensors could lead to shipment delays, increased inventory costs, or inadequate inventory, negatively affecting financial performance[306](index=306&type=chunk) [Risks Related to Intellectual Property](index=64&type=section&id=Risks%20Related%20to%20Intellectual%20Property) This section addresses risks concerning intellectual property, including potential infringement claims, the need to protect trademarks and trade secrets, and the costs and challenges of enforcing IP rights globally - Third-party claims of intellectual property infringement, particularly in the competitive medical aesthetics market, could prevent or delay commercialization efforts and interrupt product supply[307](index=307&type=chunk)[308](index=308&type=chunk)[309](index=309&type=chunk) - The company and its licensors (Daewoong and Symatese) rely on trademarks, trade secret protection, and confidentiality agreements; failure to maintain or protect these rights could impair competitive advantage[311](index=311&type=chunk)[312](index=312&type=chunk)[314](index=314&type=chunk) - Lawsuits to protect or enforce intellectual property rights are expensive and time-consuming, potentially diverting management attention and risking patent invalidation or narrow interpretation[315](index=315&type=chunk)[316](index=316&type=chunk) - Inability to protect intellectual property rights globally, due to varying laws and enforcement, could allow competitors to use inventions and export infringing products[319](index=319&type=chunk)[320](index=320&type=chunk) [Risks Related to Government Regulation](index=70&type=section&id=Risks%20Related%20to%20Government%20Regulation) This section outlines risks associated with extensive government regulation, including the need for regulatory approvals, ongoing compliance obligations, potential penalties for non-compliance, and the impact of healthcare reforms - The company's business and products are subject to extensive and evolving government regulation by agencies like the FDA and EMA; non-compliance can lead to severe penalties and operating restrictions[330](index=330&type=chunk)[331](index=331&type=chunk) - Delays or failure to obtain regulatory approval for future product candidates would harm commercial prospects and revenue generation[332](index=332&type=chunk)[334](index=334&type=chunk) - Ongoing regulatory obligations and review, including post-marketing requirements and compliance with cGMP, can result in significant additional expense and penalties for non-compliance[338](index=338&type=chunk) - Failure to report adverse medical events to regulatory agencies could lead to sanctions, including criminal prosecution or civil monetary penalties[342](index=342&type=chunk) - Future exposure to healthcare fraud and abuse laws (e.g., Anti-Kickback Statute, False Claims Act) could result in fines, penalties, and exclusion from federal programs if violations occur[343](index=343&type=chunk)[345](index=345&type=chunk) - Legislative or regulatory healthcare reforms, such as the overturning of the Chevron doctrine, may increase costs, lengthen review times, and create regulatory uncertainty[348](index=348&type=chunk)[350](index=350&type=chunk) [Risks Related to Our Common Stock](index=74&type=section&id=Risks%20Related%20to%20Our%20Common%20Stock) This section discusses risks related to the company's common stock, including price volatility, potential dilution from future sales, anti-takeover provisions, dividend policy, and the burdens of public company compliance - The trading price of Evolus's common stock has been volatile, influenced by various factors including financial estimates, product announcements, regulatory actions, and market speculation[352](index=352&type=chunk)[353](index=353&type=chunk) - Future sales of common stock by the company or significant stockholders, or the perception of such sales, could depress the market price[355](index=355&type=chunk)[356](index=356&type=chunk) - Anti-takeover provisions in the company's charter, bylaws, and Delaware law could discourage takeovers and make it difficult for stockholders to change management or the Board of Directors[357](index=357&type=chunk)[358](index=358&type=chunk) - The company has not paid dividends in the past and does not expect to in the future; any return on investment will be limited to stock value appreciation[366](index=366&type=chunk)[367](index=367&type=chunk) - Being a public company strains resources, diverts management attention, and increases compliance costs due to reporting requirements and corporate governance standards[368](index=368&type=chunk)[369](index=369&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=81&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section states that there were no unregistered sales of equity securities or use of proceeds to report for the period - No unregistered sales of equity securities or use of proceeds to report[371](index=371&type=chunk) [Item 3. Defaults Upon Senior Securities](index=81&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section indicates that there are no defaults upon senior securities to report - Not applicable; no defaults upon senior securities[372](index=372&type=chunk) [Item 4. Mine Safety Disclosures](index=81&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that mine safety disclosures are not applicable to the company - Not applicable; no mine safety disclosures[373](index=373&type=chunk) [Item 5. Other Information](index=81&type=section&id=Item%205.%20Other%20Information) This section indicates that there is no other information to report - No other information to report[374](index=374&type=chunk) [Item 6. Exhibits](index=82&type=section&id=Item%206.%20Exhibits) This section provides a comprehensive list of exhibits filed with the Quarterly Report on Form 10-Q, including corporate documents, loan agreements, certifications, and XBRL data files - Includes Amended and Restated Certificate of Incorporation, Bylaws, Amended and Restated Loan Agreement (May 5, 2025), and various certifications (Rule 13a-14(a), 18 U.S.C. Section 1350)[376](index=376&type=chunk) - Contains Inline XBRL Instance Document and Taxonomy Extension Documents for financial data[376](index=376&type=chunk) [Signatures](index=83&type=section&id=Signatures) This section contains the signature of the authorized officer, David Moatazedi, President and Chief Executive Officer, confirming the filing of the report - The report was signed by David Moatazedi, President and Chief Executive Officer (Principal Executive and Principal Financial Officer), on August 5, 2025[382](index=382&type=chunk)

Market Position and Growth - Evolus is gaining market share in the fast-growing neurotoxin market[16] - Jeuveau's share of the toxin market has increased from 4% in 2019 to 14% in 2025[19] - The global addressable market for neurotoxins and fillers is expected to grow to $7 billion in 2028[20] - Evolus International is expected to achieve $100 million in 2028[23] Financial Performance - The company has exhibited double-digit revenue growth for the fifth consecutive year[28] - Net revenue is projected to be between $295 million and $305 million in 2025, representing 11% to 15% growth over 2024[29, 118] - Evolysse contributed 10%-12% of total revenue for the full year 2025[108, 118] - The company is projecting $700 million total net revenue by 2028[119] Product and Strategy - The company's total addressable market expands by 78% with the addition of the injectable HA gel portfolio[16] - Evolysse was the strongest first quarter filler launch in over a decade[106] - Evolus Rewards program has over 1.2 million total enrollments in Q2 2025[62, 113] - 70% of toxin consumers also use a filler[74]