Evofem Biosciences : Presentation

FORWARD-LOOKING STATEMENTS

This presentation contains forward looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws. In some cases, you can identify forward looking statements by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "strategy," "objective," "designed," "suggest," "currently," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. Each of these forward-lookingstatements involves risks and uncertainties. Actual results may differ materially from those, express or implied, in these forward-lookingstatements. Factors that may cause differences between current expectations and actual results include, but are not limited to, the following:

• The rate and degree of market acceptance of Phexxi® (lactic acid, citric acid and potassium bitartrate) vaginal gel
• Evofem's ability to successfully commercialize Phexxi in the United States and to enter into successful partnerships to commercialize Phexxi outside of the United States
• Evofem's estimates regarding expenses, revenues, financial performance and capital requirements, including the length of time its 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 its debt 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 product for current and 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 Phexxi 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 Phexxi, 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, 2022, filed with the SEC on April 27, 2023, 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 14, 2023, and any subsequent filings.

The forward looking statements in this presentation represent Evofem's views only as of the date of this presentation, November 1, 2023, and Evofem expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Evofem's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based for any reason, except as required by law, even as new information becomes available or other events occur in the future. All forward-looking statements in this presentation are qualified in their entirety by this cautionary statement. This presentation also discusses estimates and other statistical data made by independent parties and by Evofem relating to market size and growth and other data about its industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates.

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43.3M POTENTIAL PHEXXI USERS IN THE U.S.1

EVOFEM IS LEADING THE REVOLUTION

Innovative women's reproductive and sexual health solutions

®

THE FIRST AND ONLY ON-DEMAND, NON-

HORMONAL PRESCRIPTION CONTRACEPTIVE

VAGINAL GEL

• Vaginal pH Modulator
• Hormone-free
• FDA-approvedfor prevention of pregnancy
• Woman-controlled
• Used only when you need it
• Box of 12 Phexxi applicators

NOVEMBER 1, 2023

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MOA - PHEXXI IS A PH MODULATOR

Optimal vaginal pH levels can range from 3.5 - 4.5

When semen (pH 7.1-8) enters the vagina, it raises the environmental pH level

Allows sperm to be mobile and swim up the reproductive canal

Phexxi keeps vaginal pH in the optimal range

Among subjects who used Phexxi in the registrational clinical trials, only 1.6% discontinued due to an adverse reaction.

This is lower than published rates of hormonal methods, which range from 9.6% to 20.1% discontinuation due to adverse reactions

NOVEMBER 1, 2023

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EVERY 1% MARKET SHARE OF THE 43.3M WOMEN IN OUR ADDRESSABLE MARKET REPRESENTS SIGNIFICANT NET PRODUCT SALES

NET PRODUCT SALES GROWTH SINCE LAUNCH

ACTIVATING SELECT PATIENT TYPES TO USE PHEXXI

ACTIVATING PHEXXI UTILIZATION WITH SELECT PATIENT TYPES

Prior Contraception Among Women Switching to Phexxi1

WE ARE SUCCESSFULLY REACHING OUR TARGET PATIENT TYPES

NOVEMBER 1, 2023

D I S C O N T I N U AT I O N D U E T O A D V E R S E E V E N T S A M O N G C O N T R A C E P T I V E B R A N D S 1