Evofem implements cost reduction measures

Evofem Biosciences has implemented measures to lower its operating expenses, with the goal of reaching cash flow break even by year-end 2023. These measures include a 39% reduction of payroll expenses through a combination of salary cuts for certain employees, including a 40% reduction in CEO compensation and a 20% reduction in pay for other continuing members of the executive team vs. prior year levels; consolidation of three sales territories; elimination of eight office and management positions, including the Chief Commercial Officer role, effective March 17. The company expects this reduction in force to be substantially completed in Q1.