---
schema_version: "secwatch.filing_event.v1"
accession: "0001618835-23-000015"
form_type: "8-K"
ticker: "EVFM"
cik: "0001618835"
company_name: "Evofem Biosciences, Inc."
filed_at: "2023-03-10T23:59:59+00:00"
generated_at: "2026-06-18T05:30:49.359483+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Evofem receives default notice; Baker Bros. accelerates $92.8M repayment demand

## Summary
- Baker Bros. Advisors claims Evofem failed to maintain Required Reserve Amount under SPA; demands $92.8M within three business days.
- Evofem disagrees with default claim, invited Designated Agent to rescind notice; exploring all options.
- Default based on Section 9.1(e) of Securities Purchase Agreement dated April 2020; acceleration equal to 2x outstanding plus interest.
- Inadvertent internal disclosure triggered Item 7.01 FD filing; company does not admit materiality.

## SEC filing metadata
- accession: 0001618835-23-000015
- form_type: 8-K
- ticker: EVFM
- cik: 0001618835
- company_name: Evofem Biosciences, Inc.
- filed_at: 2023-03-10T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.04, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618835/000161883523000015/0001618835-23-000015-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618835/000161883523000015/evfm-20230307.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001618835-23-000015
- JSON: https://secwatch.observer/filing/0001618835-23-000015.json
- Plain text: https://secwatch.observer/filing/0001618835-23-000015.txt

## Key facts
- Debt Financings
  Evofem Biosciences, Inc. faced acceleration on debt of approximately $92.8 million representing two times the sum of the outstanding balance and all accrued and unpaid interes with Baker Bros. Advisors, LP maturing within three business days of receipt of the Notice of Default.
  - Principal: approximately $92.8 million representing two times the sum of the outstanding balance and all accrued and unpaid interes
  - Counterparty: Baker Bros. Advisors, LP
  - Maturity: within three business days of receipt of the Notice of Default
  - Event: acceleration
  source text: The Designated Agent, at the director of the Purchasers, has accelerated repayment of the outstanding balance payable and elected its remedies pursuant to Section 5.07(b) of the Securities Purchase Agreement. As a result, approximately $92.8 million representing two times the sum of the outstanding balance and all accrued and unpaid interest thereon and all other amounts due under the SPA and other documents is due and payable within three business days of receipt of the Notice of Default.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618835/000161883523000015/0001618835-23-000015-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.