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INVESTOR PRESENTATION OTCID: EVFM JULY 2026
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FORWARD-LOOKING STATEMENTSThispresentationcontainsforwardlookingstatementswithinthemeaningofThePrivateSecuritiesLitigationReformActof1995andotherfederalsecuritieslaws.Insomecases,youcanidentifyforwardlookingstatementsbytermssuchas“may,””will,”“should,”“expect,”“plan,”“aim,”“anticipate,”“strategy,”“objective,”“designed,”“suggest,”“currently,”“could,”“intend,”“target,”“project,”“contemplate,”“believe,”“estimate,”“predict,”“potential”or“continue”orthenegativeofthesetermsorothersimilarexpressions.Eachoftheseforward-lookingstatementsinvolvesrisksanduncertainties.Actualresultsmaydiffermateriallyfromthose,expressorimplied,intheseforward-lookingstatements.Factorsthatmaycausedifferencesbetweencurrentexpectationsandactualresultsinclude,butarenotlimitedto,thefollowing: •The rate and degree of market acceptance of PHEXX® (lactic acid, citric acid and potassium bitartrate) vaginal gel and SOLOSEC® (secnidazole) 2 g oral granules•Evofem’s ability to successfully commercialize its products in the United States and to enter intoadditional successful partnerships to commercialize its products outside of the United States•Timing of anticipated filings, approvals, and product launches in the UAE and follow-on markets under the License and Supply Agreements with Pharma 1 Drug Stores LLC, and under the distribution agreement with Clovis Davis Pharmaceuticals for sub-Saharan Africa, and magnitude of sales generated thereunder •Evofem’s estimates regarding expenses, revenues, financial performance and capital requirements, including the length of timeits capital resources will sustain its operations, and its ability to raise additional capital to fund its operations when/if needed•Evofem’s ability to continue as a going concern•Evofem’s ability to comply with the provisions and requirements of its debt arrangements and to pay amounts owed pursuant to itsdebt arrangements•Evofem’s ability to retain members of its management and other key personnel and to expand its organization to accommodate potential growth•Evofem’s ability to maintain and protect its intellectual property position and its ability to obtain additional patent protection for its products for current and potential investigational indications•The potential for changes to current regulatory mandates requiring payers to cover FDA-approved or -cleared contraceptives without cost sharing•Evofem’s ability to obtain or maintain third-party payer coverage and adequate reimbursement, and its reliance on the willingness of patients to pay out-of-pocket for its products absent full or partial third-party payer reimbursement •Evofem’s reliance on third-party providers and licensors, such as third-party manufacturers•The presence or absence of any adverse events or side effects relating to the use of its products, and,•Any other risk factors detailed in Evofem’s filings from time to time with the U.S. Securities and Exchange Commission including, without limitation, the 10-K for the year ended December 31, 2025, filed with the SEC on March 11, 2026, the 10-Q for the period ended March 31, 2026, filed with the SEC on May 15, 2026, and any subsequent filings. TheforwardlookingstatementsinthispresentationrepresentEvofem’sviewsonlyasofthedateofthispresentation,July20,2026,andEvofemexpresslydisclaimsanyobligationorundertakingtoreleasepubliclyanyupdatesorrevisionstoanyforward-lookingstatementscontainedhereintoreflectanychangeinEvofem’sexpectationswithregardtheretooranychangeinevents,conditionsorcircumstancesonwhichanysuchstatementsarebasedforanyreason,exceptasrequiredbylaw,evenasnewinformationbecomesavailableorothereventsoccurinthefuture.Allforward-lookingstatementsinthispresentationarequalifiedintheirentiretybythiscautionarystatement.ThispresentationdiscussesestimatesandotherstatisticaldatamadebyindependentpartiesandbyEvofemrelatingtomarketsizeandgrowthandotherdataaboutitsindustry.Thisdatainvolvesanumberofassumptionsandlimitations,andyouarecautionednottogiveundueweighttosuchestimates. 2
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3 U.S. biopharma company commercializing innovative products to address unmet needs in women’s sexual and reproductive healthDriving revenue growth from two FDA-approved sexual health products: First and only hormone-free, on demand prescription contraceptive vaginal gelNet sales growing y/y since U.S. launch in Sept. 2020 by Evofem’s women’s health sales organization First OUS launch expected 2026 (UAE) vaginal gel self-administered0-60 minutes before sex 12 pre-filled applicators/box First and only single-dose oral drug approved to treat Bacterial Vaginosis (BV) & TrichomoniasisAcquired July 2024 & relaunched November 2024First OUS filing Q3 2025 (UAE) oral granules are self-administered,stirred into pudding or applesauceproven efficacy with just one dose EVOFEM IS LEADING THE REVOLUTION OTCID: EVFM July 20, 2026Formerly known as PHEXXI; the hormone-free contraceptive was rebranded as PHEXX in Q4 2025.
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26.2M POTENTIAL PHEXX USERS IN THE U.S.1 4July 20, 20261.Daniels K, Abma J. Current Contraceptive Status Among Females Ages 15–49: United States, 2022–2023. NCHS Data Brief Number 539.August 2025. Accessed Jan. 9, 2026, via https://www.cdc.gov/nchs/data/databriefs/db539.pdf. This report is based on data from the 5,586 females surveyed in the 2022–2023 National Survey of Family Growth.2.Grand View Research. U.S. Contraceptive Market Size, Share & Trends Analysis Report By Product (Pills, Intrauterine Devices (IUD), Condoms, Vaginal Ring, Subdermal Implants, Injectable), And Segment Forecasts, 2024 –2030. Surgical Sterilization: 17.1% = 12.8 M LARCs (implants & IUDs): 10.5% = 7.9 M None: Other: 7.1% = 5.3 M None: not sexually active: 22.4% = 16.8 M None: Pregnant/trying: 8.2% = 6.1 M Hormonal Contraceptives (non-LARC): 13.7% = 10.3 M None: sexually active: 8.2% = 6.1 M Non-Hormonal Contraceptives (non-LARC): 13.1% = 9.8 M 0 5 10 15 20 25 CONTRACEPTIVEUSE AMONG WOMEN OF REPRODUCTIVE AGE(% Women using Method, U.S., 2022-2023; 74.9 M Women Aged 15-49) 1 They become PHEXX targets post-partum, especially If breast-feeding 9.8 M women use non-hormonal contraceptivesRx methods: PHEXX®, female condom, diaphragmNon-Rx methods: male condom; withdrawal; periodic abstinence; tracking; other 6.1 M women are sexually active but use no contraceptive 10.3 M women use short-acting hormonal contraceptivesHormonal oral contraceptives, rings, patches, shots $8.8BContraceptive Market (U.S. 2024)2 Future PHEXX targets if they resume sexual activity
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WHAT MAKES PHEXX SO SPECIAL?•Vaginal pH Modulator•Hormone-free•FDA-approved for prevention of pregnancy•Can be used with other contraceptives1•Woman-controlled•Used only when you need it•Box of 12 pre-filled applicators, individually wrapped for convenience and discretion•A prescription may be for 1, 2 or 3 boxes, based on her unique needsHOW DOES PHEXX WORK?Optimal vaginal pH levels can range from 3.5 –4.5When semen (pH 7.1-8) enters the vagina, it raises the environmental pH level, which allows sperm to be mobile and swim up the reproductive canalPHEXX keeps vaginal pH in the optimal range and immobilizes sperm 5July 20, 2026 PHEXX: HORMONE FREE CONTRACEPTION 1.PHEXX may be used with other methods including LARCs, OCs, condoms or diaphragms, but not a vaginal ring.
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EVERY 1% MARKET SHARE IN THE U.S. ADDRESSABLE MARKET REPRESENTS SIGNIFICANT PHEXX NET PRODUCT SALES 1.Effective January 1, 2026. WAC: Wholesale Acquisition Cost.2.Annual net sales calculation: Net $ to EVFM per box * boxes/year/women * 262,000 women (1% of 26.2 M women in PHEXX total addressable market) $380.28GROSS WAC per box of 12 PHEXX applicators1 $ 266.20Net to Evofem per box of PHEXXGross-to-Net adjustments x5BOXES OF PHEXX dispensed (on avg.) per woman each year (60 PHEXX applicators) $349 M PHEXX ANNUAL NET SALES per each 1% market penetration2x262,000WOMEN(1% of the 26.2 M women in U.S. TAM) July 20, 20266
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FIVE CONSECUTIVE YEARS OF NET SALES GROWTH $ - $ 5.0 $ 10. 0 $ 15. 0 $ 20. 0 $ 25. 0 FY 2020FY 2021FY 2022FY 2023FY 2024FY 2025 7 IN MILLIONS$8.2 $16.8$18.2 Launched PHEXX Sept. 2020 No marketing spend since Q4 2022 $19.4 July 20, 2026 $20.2
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July 20, 2026 Field Coverage (n=16)Virtual CoverageStrategic InitiativesStudent Health & Residency Programs PHEXX SALES COVERAGE 8
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July 20, 2026 9 ACTIVATING PHEXX UTILIZATION WITH SELECT PATIENT TYPES Not using a prescription contraceptiveLiving with depression and anxietyPostpartum motherStruggles with her weightIn need of non-systemic contraceptionCancer survivorWants non-hormonal WE ARE SUCCESSFULLY REACHING OUR TARGET PATIENT TYPES
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July 20, 2026 CREATING THE VAGINAL PH MODULATOR CATEGORY Changing the contraceptive counseling conversation to make it personal 10
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HARNESSING THE POWER OF SOCIAL MEDIA 11 Data from KFF Women’s Health Survey, a nationally representative survey of women in the United States was fielded in May and June 2024 and includes a sample of 3,901 women of reproductive age (18-49). Frederiksen B,Diep K, Salganicoff A. Contraceptive Experiences, Coverage, and Preferences: Findings from the 2024 KFF Women’s Health Survey. Nov 22, 2024. Accessed Jan 7, 2026, via https://www.kff.org/womens-health-policy/contraceptive-experiences-coverage-and-preferences-findings-from-the-2024-kff-womens-health-survey/#:~:text=Eight%20in%20ten%20(82%25)%20women,Almost%20half%20(48%25)%20of%20contraceptive.1.Q: In the past 12 months, have you seen or heard anything on social media about birth control? Social media is an effective channel to reachwomen ages 18 to 49•39% of women ages 18 to 49 have seen / heard something on social media about birth control 1•19% talked to someone in their life about what they heard / sawReach and impact even higher in the subset of women ages 18 to 25•49% have seen / heard something on social media about birth control 1•One in seven women ages 18 to 25 (14%) say they made a change or thought about making a change to their birth control method because of something they saw or heard on social media
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“SAY VAGINA” CAMPAIGNCOMBAT MEDIA CENSORSHIP AND NORMALIZE USE OF PROPER MEDICAL TERMS IN WOMEN’S HEALTH 2.5M+Views GeneratedAcross our social media platforms and accounts 130%Website TrafficSay Vagina Month tripled baseline traffic #1Most Followed by HCPsPHEXX leads all contraceptive brands 12PodcastsConductedby CEO Saundra Pelletier to amplify the Say Vagina mission Through this bold public campaign Evofemshared content across our social media accounts in August 2025 educating people on the vagina and how to properly care for it.We launched the Say Vagina Store in January 2026. üHCPs and KOLs engage with the brand and support the cause üMerchandise attracts people to our booths and conventionsüOnline store is a no-cost way to meet requests for merchandise
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MAY 28, 2025 MULTICHANNEL MARKETINGEnhancing promotional reach with minimal spend by tapping into social media, key conference opportunities, and tactical collateral 13 #1 FOLLOWED CONTRACEPTIVE BRAND ON INSTAGRAM13 ® Phexx® In Vitro Demonstration of Sperm Motility Visit phexx.com Visit phexx.com
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SINGLE-DOSE ORAL TREATMENT FOR TWO COMMON SEXUAL HEALTH CONDITIONS•Acquired in July 2024, re-launched in November 2024•Synergistic sexual health product aligns with our strategic focus and leverages sales forceSOLOSEC provides a complete course of treatment with just one oral dose for both: 14 1.SOLOSEC was FDA approved for the treatment of bacterial vaginosis in July 20212.SOLOSEC was FDA approved for the treatment of trichomoniasis in July 20213.Workowski KA, Bachmann LH, Chan PA, et al. CDC Sexually Transmitted Diseases Treatment Guidelines, 2021. MMWR Recomm Rep 2021;70(RR-04):1-192. July 20, 2026 BACTERIAL VAGINOSIS (BV) IN FEMALES 12 AND OLDERTRICHOMONIASIS (TRICH) IN PEOPLE 12 AND OLDER•The most common vaginal condition in women ages 15-44•Affects 29% of US population•Raises pH of the vagina, which upsets the balance of the natural vaginal microbiome •Symptoms include odor and discharge •The most common non-viral STI in the world3 •Affects 8.7% of U.S. population•Of the ~5.4M infections in the U.S. in 2018, 2.1M women and 3.3M men were infected•Both sexual partners must be treated to prevent recurrence
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THE GLP-1 OPPORTUNITY: $945 MILLION TAM 15 Women of Reproductive Age defined as women ages 18-49.1.Bozick et al.New Weight Loss Drugs: GLP-1 Agonist Use and Side Effects in the United States. Analysis of RAND American Life Panel survey data, April–May 2025. (n= 8,793). Pub. Aug 6, 2025. Accessed Jan. 7, 2026, via https://www.rand.org/pubs/research_reports/RRA4153-1.html2.Calculated based on U.S. Census Bureau publication National Population by Characteristics: 2020-2024: Vintage 2024: Median Age and Age by Sex. Pub June 2025. Accessed Jan. 7, 2025, via https://www.census.gov/data/tables/time-series/demo/popest/2020s-national-detail.html.3.Frederiksen B,Diep K, Salganicoff A. Contraceptive Experiences, Coverage, and Preferences: Findings from the 2024 KFF Women’s Health Survey. Nov 22, 2024. Accessed Jan 7, 2026, via https://www.kff.org/womens-health-policy/contraceptive-experiences-coverage-and-preferences-findings-from-the-2024-kff-womens-health-survey/#:~:text=Eight%20in%20ten%20(82%25)%20women,Almost%20half%20(48%25)%20of%20contraceptive.4.Zepbound Prescribing Information. https://uspl.lilly.com/zepbound/zepbound.html#pi 2,206,745 13,563,916 Age s 1 8-29, 4.1% reporting GLP-1 useAge s 3 0-49, 15.1 % reporting GLP-1 useAge s 1 8-29, no GLP-1 useAge s 3 0-49, no GLP-1 use $945 MPHEXX Net SalesOpportunity 3.55 M Womenon GLP-1s using OCsThese women are instructed to use a supplemental, hormone-free method for 4weeksafterinitiating GLP-1 useandfor4weeksaftereachdoseescalation to prevent unintended pregnancy4 These women are PHEXX targets. x $266.20net to Evofem per box of 12 PHEXX ~15.77 MWomen of Reproductive Age in the U.S. report GLP-1 Usage1, 2 Use of Oral Contraceptives (OCs) a.k.a. “The Pill” varies by age 3•44% of women ages 18-25•31% of women ages 26-35•19% of women ages 36-49
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16 STRONG IP WITH MULTIPLE ORANGE BOOK-LISTED PATENTS•Four Orange Book-listed patents afford protection into 2033•White paper by US regulatory expert* delineates hurdles to potential generic entry stemming from PHEXX’s localized MOA and absence of PK profile, preventing demonstration of bioequivalence (equivalent rate and extent of drug delivery to its intended site of action, within pre-established limits)•Evofem successfully defended PHEXX against an ANDA filed April 2023•Paragraph IV Certification withdrawn in September 2023 •Filer admitted it is incapable of making a generic equivalent to PHEXX •Eleven U.S. Orange Book-listed patents afford protection into 2040•NCE-GAIN Exclusivity until September 15, 2027 *Dr. Dena Hixon, former Medical Officer in the FDA Center for Drug Evaluation and Research (CDER)July 20, 2026
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IMPROVING OUR FINANCIALS THROUGH THREE ONGOING INITIATIVES 17 1.EXPANDING REVENUE STREAM WITH EX-U.S. SALES 2. LOWERING SOLOSEC COGS•Goal –reduce SOLOSEC COGS by 55% to 60% starting 2027 3. LOWERING PHEXX COGS•Goal –reduce PHEXX COGS by 55% to 60% with new manufacturer, once FDA-cleared July 20, 2026
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EXPANDING GLOBALLY 18 FIRST OUS TERRITORY: MIDDLE EAST/NORTH AFRICA(MENA)License and Supply agreements with Emirati health care company Pharma 1 Drug Store, LLC, for PHEXX and SOLOSEC signed July 2024 and May 2025, respectively. July 20, 2026 •Pharma 1 has exclusive commercialization rights in the Territory, and will handle all marketing, sales, regulatory, pharmacovigilance, etc.•Evofem will supply manufactured goods at cost-plus, paid in advance at time of order•For SOLOSEC, Evofem received an upfront payment and is eligible to receive regulatory milestones and sales-based milestones 1 1.Milestones contingent on achievement of triggering regulatory events.
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FIRST MARKET IN TERRITORY: UNITED ARAB EMIRATES (UAE) 19 •3.8 million women in UAE 1 •A 2019 contraceptive use study found 56% of women in UAE were using non-prescription methods (condom, withdrawal, sponge, calendar, and N-9 spermicide) 2 •Application for marketing approval in UAE was submitted to Emirates Drug Establishment (EDE) in June 2025üEDE issued favorable pricing certificates Q4 2025üName change process with EDE complete•Next steps: potential EDE approval3 •BV prevalence is 25% to 41% in MENA; 1.0 -1.7 million women in UAE•Trich affects ~ 4.7% of women in the general population in MENA•Application for marketing approval in UAE was submitted to EDE in September 2025 •Next steps: pricing committee outcome 1.World Bank estimate for 2023, Female Population, United Arab Emirates. Accessed 23 June 2025 via https://data.worldbank.org/indicator/SP.POP.TOTL.FE.IN?end=2023&locations=AE&start=1960&view=chart2.Abdulrahman, Mahera et al. Pattern and determinants of contraceptive usage among women of reproductive age in the United Arab Emirates. Journal of FamilyMedicine and Primary Care 8(6):p 1931-1940, June 2019. | DOI: 10.4103/jfmpc.jfmpc_390_19 3.Assumes favorable outcome of EDE review July 20, 2026 For each product, Pharma 1 is to file for approval in the next licensed market within 18 months of approval by UAE EDE and place the initial order for that market ≤6 months after filing.
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EXPANDING GLOBALLY 20 SUB-SAHARAN AFRICADistribution agreement with Clovis Davis Pharmaceuticals signed April 2026 July 20, 2026 •Clovis Daviswill lead the distribution, promotion, marketing, and sales of SOLOSEC within the Territory. •Evofem will supply manufactured goods at cost-plus, paid in advance at time of order•Local regulatory filings for approval of SOLOSEC will be based on Evofem’s registration dossier submitted and approved by the U.S. FDA.•First submissions planned for Uganda and Ethiopia•Once approved, Clovis Davis intends to commercialize SOLOSEC alongside the OSOM®BVBlue®test, an FDA-cleared and CLIA-waived innovative point-of-care diagnostic test that enables rapid, accurate detection of bacterial vaginosis in clinical settings.
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LOWERING PHEXX COGS 21 Identified and engaged an OUS manufacturer for PHEXX in 2025.PHEXX COGS are expected to decrease by 55% to 60% from current levels once we are selling goods produced by new manufacturer. Process Timing•Tech transfer to new manufacturerunderway•Manufacture validation batches•File sNDAwith FDA•FDA inspection of site•FDA approval of sNDA•Begin selling new-made finished goodstargeting 2H 2027 July 20, 2026
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LOWERING SOLOSEC COGS 22 Evofem is currently reactivating the SOLOSEC supply chainSOLOSEC COGS are expected to be 55% to 60% lower once we transition from selling legacy product to new-made goods Process TimingüSource API supplycomplete •Receive raw secnidazole Q4 2026•Manufacture SOLOSEC granulesQ4 2026•Package granules into sachets•Pack sachets into boxes•Begin selling new-made finished goods1H 2027 July 20, 2026
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We are executing our strategy to improve women’s lives through innovative sexual and reproductive health products that address unmet and underserved medical needsThe first and only FDA-approved hormone-free, on demand prescription contraceptive vaginal gel-Approved and launched by Evofem in U.S. in 2020-2025 was our fifth consecutive year of annual net sales growth-Diversifying revenue with PHEXX ex-U.S. sales1-Advancing strategy to significantly reduce PHEXX manufacturing costsThe first and only single-dose, oral product FDA-approved to treat both BV and Trich-Relaunched in U.S. by Evofem in Q4 2024-Expanding revenue with SOLOSEC ex-U.S. sales1 IN SUMMARY 23July 20, 20261.Assumes regulatory approvals by EDE and other regulatory bodie2.Assumes favorable pricing decisions, timely review, and regulatory approvals by EDE and other regulatory bodie