Evofem Biosciences (EVFM) Proxy Filing summary

Executive summary

• Focused on commercializing innovative, hormone-free products for women's sexual and reproductive health, including PHEXXⓇ and SOLOSEC®.

• Achieved four consecutive years of net product sales growth, with expectations for continued growth in 2025.

• Expanded product portfolio and global reach through acquisitions and strategic alliances, especially in the Middle East and North Africa.

• Implemented cost reduction initiatives, including new manufacturing partnerships to lower COGS by over 50% for key products.

• Terminated merger with Aditxt, Inc. and now pursuing re-listing on Nasdaq and a new fundraising round to support growth.

Voting matters and shareholder proposals

• Election of four directors for three-year terms.

• Advisory vote on executive compensation (Say-on-Pay).

• Approval of the 2025 Equity Incentive Plan.

• Approval of a reverse stock split at a ratio between 1-for-500 and 1-for-1,500.

• Ratification of BPM LLP as independent auditor for 2025.

• Authorization for the Board to adjourn the meeting if necessary to solicit additional proxies.

Board of directors and corporate governance

• Board consists of eight seats, with five currently filled; nominees include Kim Kamdar, Colin Rutherford, Lisa Rarick, and Tony O'Brien.

• Board is classified into three classes with staggered terms.

• All current directors are independent under Nasdaq rules, and there are no familial relationships among directors and officers.

• Board committees include Audit, Compensation, and Nominating and Corporate Governance, all with defined charters and responsibilities.

• Board and committee meeting attendance in 2024 was 95% or higher.

• Annual self-evaluations and a Code of Business Conduct and Ethics are in place.