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-0.04x Total Debt / Equity (Negative equity)

Minimal floating-rate debt exposure; fixed-cost burn dominates. 20bps rate rise negligibly impacts interest expense but tightens equity financing access critically.

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Single-source API (lactic acid gel formulation) from Laclede; secondary chokepoint is Remmele Engineering for Phexxi applicator manufacturing in Minnesota.

Evofem is almost entirely US-revenue; no material international revenue markets exist, so sovereign currency devaluation exposure is effectively zero.

Virtually 100% US-domestic revenue; no meaningful international footprint. Sovereign currency devaluation risk is negligible or null.

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

Yes — single-source manufacturer for Phexxi applicator device and gel formulation creates non-substitutable >30% operational input dependency with high switching cost.

Cloud infrastructure termination risk is low-moderate; company is a specialty pharma commercial-stage firm, not SaaS. CRM/salesforce tools could be disrupted but core product is physical.

Secondary digital health or telehealth partnerships (e.g., Nurx) would face operational disruption but could migrate platforms within 60–90 days without existential risk.

Low API coupling risk; Evofem uses standard CRM and ERP tools (Salesforce, SAP-lite). No proprietary API dependencies that create meaningful lock-in or switching barriers.

Low Howey risk. Revenue model is pharmaceutical product sales — a tangible good — not an investment contract. Equity securities follow standard securities law.

Very High

Moderate CCPA exposure via digital marketing and patient support program data collection. No significant GDPR exposure given negligible EU operations.

Low antitrust risk. Phexxi holds small market share in contraception. No monopolistic pricing power or exclusionary conduct concerns at current scale.

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

Nearly 100% transactional prescription-fill revenue; no subscription or multi-year contract revenue. Highly vulnerable to Rx volume volatility.

Per-prescription transaction revenue from pharmacy channel (retail and specialty). Rebate and co-pay dynamics compress net realized price significantly.

WAC ~$267/month; net realized price ~$100–130 after rebates and co-pays. Payer negotiation leverage is low; formulary exclusion is a critical pricing stress point.

Weak. Payer reimbursement control, formulary placement dependency, and generic spermicide alternatives cap pricing power. Rating: 2/5.

Target gross margin 60–70% at scale; current gross margin has been negative to low-positive due to volume underpenetration and high COGS per unit.

No free-rider problem; prescription product requires purchase. High churn risk from contraception method-switching; patient adherence beyond 3 months is a key vulnerability.

Headcount-linear at current stage. Sales force expansion directly drives prescriber reach. Doubling revenue likely requires ~60–70% headcount increase in field sales.

Marginal cost of growth is high and linear — each new prescriber territory requires a dedicated sales rep. No platform leverage; COGS and SG&A scale with volume.

Not applicable. Evofem operates no franchise network.

At 10x scale, CAC per prescriber would improve via rep productivity gains, but patient CAC via DTC remains high (~$200–400). Unit economics improve marginally at scale.

No network effects present. Pharmaceutical product adoption is driven by clinical evidence and sales rep detailing, not user-to-user network dynamics.

1.9% Return on Assets (Excellent)

Moderate resilience. Contraception is non-discretionary health need, but Phexxi's premium price and reimbursement gaps make it vulnerable to consumer trade-down during recessions.

Women of reproductive age (18–45) seeking non-hormonal contraception, primarily accessed via OB-GYN and women's health prescribers in the US.

Telehealth platforms (Nurx, Wisp) and specialty pharmacy channels serving digitally-engaged patients seeking hormone-free contraceptive alternatives.

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

0.0% CapEx / Revenue (Low-CapEx Asset-Light)

0001618835

EVFM