Evofem Biosciences Terminates Aditxt Acquisition Deal, Refocuses on Stock Exchange Return and Capital Expansion

Strategic Pivot: Women’s sexual health company abandons merger plan following shareholder rejection, sets sights on regaining national exchange listing

Evofem Biosciences, Inc. (OTCID: EVFM) disclosed that shareholders rejected the proposed acquisition by Aditxt, Inc. (NASDAQ: ADTX) during a special stockholder meeting held on October 20, 2025. Following the vote outcome, Evofem has formally terminated the Amended and Restated Merger Agreement that was originally dated July 12, 2024.

New Direction and Growth Strategy

Rather than accepting the merger outcome, Evofem is redirecting its strategic focus toward two primary objectives. First, the company aims to restore its common stock to a national listing platform, addressing its current over-the-counter status. Second, leadership is prioritizing capital acquisition to accelerate growth initiatives and achieve sustainable positive EBITDA by 2027.

CEO Saundra Pelletier commented on the strategic reorientation: “This decision redirects our efforts toward restoring national exchange listing status and securing the necessary capital to fuel our expansion. We remain committed to delivering long-term shareholder value while advancing our mission in women’s sexual health.”

Despite the deal’s termination, Evofem and Aditxt maintain their collaborative relationship. The two companies will continue working together on commercializing Mitomic diagnostic tests for women’s health conditions, a partnership established under their September 2024 agreement.

Product Portfolio and Revenue Growth

Evofem generates revenue through two FDA-approved products targeting sexual health needs:

PHEXXI (lactic acid, citric acid, and potassium bitartrate) functions as a hormone-free, on-demand contraceptive vaginal gel. The product comes in boxes of 12 pre-filled applicators, applied 0-60 minutes before sexual activity. This represents the first and only non-hormonal prescription-based contraceptive gel available in the market.

SOLOSEC (secnidazole) 2g oral granules addresses two common conditions: bacterial vaginosis in females 12 and older, and trichomoniasis in people 12 and older. The single-dose formulation delivers complete therapy in one treatment, differentiating it from multi-dose alternatives.

Evofem recorded its fourth consecutive year of net sales growth in 2024, demonstrating consistent market traction for its product lineup.

Forward Outlook and Risk Factors

The company faces several considerations as it executes its revised strategic plan. Key risks include the business impacts of the terminated merger agreement, potential litigation, possible adverse market reactions to the failed deal, and challenges in securing adequate capital. Additionally, Evofem must successfully navigate its path to national listing status and maintain customer and supplier relationships during this transition period.

The company has filed comprehensive SEC disclosures, including its Form 10-K for fiscal year 2024 (filed March 24, 2025 and amended March 28, 2025), which provide detailed analysis of business operations, risk factors, and market positioning.