Financial Performance - Net sales for 2024 increased by 6% to $19.4 million compared to $18.2 million in 2023, primarily driven by PHEXXI sales and the addition of SOLOSEC[1][3] - Total operating expenses decreased by 27% to $26.4 million in 2024, excluding non-cash amortization expenses, reflecting the company's fiscal discipline[1][4] - Loss from operations improved by 57% to $7.7 million in 2024, compared to a loss of $17.8 million in the prior year[1][6] - The company recorded a net loss of $8.9 million in 2024, compared to a net income of $53.0 million in 2023, which was skewed by a large gain on extinguishment of debt[1][6] Sales and Marketing - Sales and marketing expenses as a percentage of net sales were 47% for 2024, a significant improvement from 64% in 2023 and 261% in 2022[1][5] - Fourth quarter net sales reached $7.1 million, up from $4.8 million in the same period last year, driven by increased PHEXXI sales and SOLOSEC revenue[1][7] Research and Development - Research and development costs decreased by 37% to $1.8 million in 2024, down from $2.9 million in 2023[1][8] Strategic Initiatives - Evofem acquired SOLOSEC in July 2024 and relaunched it in November 2024, diversifying its revenue stream[1][1][15] - Evofem aims to reduce PHEXXI manufacturing costs through a partnership with Windtree Therapeutics, enhancing U.S. operating margins and facilitating entry into new global markets[1][1] - The company plans to hold a special meeting of stockholders by September 26, 2025, to seek approval for a merger with Aditxt, which includes a funding commitment of $1.5 million[1][1]
EVOFEM BIOSCIENC(EVFM) - 2024 Q4 - Annual Results