Evofem Biosciences is a small commercial-stage specialty pharma company focused on women's sexual and reproductive health, selling two FDA-approved prescription products in the U.S. The first, PHEXX, is a vaginal gel contraceptive that works by maintaining an acidic vaginal pH to reduce sperm motility. PHEXX is the only FDA-approved hormone-free, on-demand prescription contraceptive in the U.S., and Evofem targets women who want to avoid hormonal methods or long-acting reversible contraceptives. The second product, SOLOSEC, is a single-dose oral treatment for bacterial vaginosis and trichomoniasis, which Evofem acquired global rights to in mid-2024 and relaunched in late 2024. SOLOSEC's key selling point is its one-dose regimen versus multi-day generic alternatives, which improves patient compliance. Evofem sells both products through a small U.S. sales force targeting OB/GYN physicians, and PHEXX is also available through a telehealth-to-patient channel. Outside the U.S., Evofem licenses both products to regional partners, currently Pharma 1 in the MENA region, collecting licensing and royalty revenue rather than selling directly. Manufacturing is fully outsourced. With only 29 full-time employees, Evofem operates as a lean business, and a key margin driver is a targeted reduction in cost of goods for both products by 2027 through new manufacturing contracts. Evofem also intends to in-license or acquire additional women's health products to leverage its existing sales infrastructure.