Shares of the Evofem Biosciences, Inc. (EVFM) stock were trading high in the pre-market session despite no news. EVFM stock price saw a push of 5.40% to reach $0.869 a share at the time of this writing. The stock was gloomy in the previous trading session and went down by 4.13% at closing. Let’s deep dive to explore more of it.

What’s Happening?

There is no EVFM stock-specific news in today’s date to support the rising stock price. No analysts’ upgrades or increased targeted per share price of the EVFM stock has been in the news. Evofem will announce the second quarter of 2021 financial results on Wednesday, August 11, 2021, at 4:30 p.m. ET.

Evofem Biosciences, Inc is the biopharmaceutical stock striving to meet the needs related to women’s sexual and reproductive health. Phexxi is its first FDA-approved product which it launched in September 2020 in the United States. EVFM stock is also developing EVO100 to prevent urogenital Chlamydia trachomatis and Neisseria gonorrhoeae infection in women

EVFM stock’s $50 million public offerings:

In May EVFM stock closed its previously announced underwritten public offering of shares of its common stock. The offering included 50 million shares of common stock with a two-year warrant for an additional purchase of 50 million shares. Evofem stock granted a 30-day option to an underwriter for an additional 7.5 million purchase of its share of common stock. The underwriter did the half job done and partially exercised the option of purchasing 7.5 million shares.

The offering resulted in $46.6 million net proceeds after deducting underwriter discounts, commissions, and other offering-related expenses. One part of the proceeds was used for the marketing of Phexxi and the development of EVO100, an anti-infection gel. EVFM stock intended to use another part of the proceeds capital expenditures and general corporate purposes.

Financial view of the EVFM stock:

• In the first quarter of 2021, Evofem generated $1.1 million in revenue as compared to $0.2 million in Q4 2020. This increase was due to direct to consumer marketing campaign initiated on February 14, 2021.
• Operating expenses increased more than double to reach $46 million in the first quarter of 2021.
• EVFM stock reported a $46.2 million net loss attributable to common stockholders in the first three months of
• As of March 31, 2021, Evofem stock had $45.3 million in cash and cash equivalents.

Wrap Up:

Evofem stock is moving high despite the absence of any specific reason. The efficient marketing efforts increased the first-quarter revenues. The upcoming second-quarter financial results would further clarify the position of this stock.