Companies · Biotechnology

Evofem Biosciences, Inc.

SAN DIEGO · Biotechnology

Diligence memoA one-page analyst read on Evofem Biosciences, Inc. — recommendation, valuation, rhythm, risks.
$133.6M
Total raised · real
14
Rounds
1.2×
Latest step-up
Top 8%
Sector rank · raised
Series B
Latest stage · inferred · Thu Jun 26 2025 00:00:00 GMT+0000 (Coordinated Universal Time)

Evofem Biosciences, Inc. looks under-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the biotech sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Under-valued
  • Modeled value is 0.06× the median modeled value of Series B Biotechnology companies in 2025–2027 (94 peers) — value vs value, same stage and era.
Active
  • Last raise 12 mo ago; this sector typically re-raises about every 14 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Biotechnology

Evofem Biosciences, Inc. is one of 4293 Biotechnology companies tracked from SAN DIEGO. By capital raised it ranks among the largest (ahead of 93% of sector peers), and in the long tail by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
1
Investors (latest)
2025-06-26
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$500M$1.0B$1.5B$2.0BSeries B · 2015-11-25 Raised $20M (real) Modeled valuation $794M (est)Series B2015Series B · 2016-07-18 Raised $21M (real) Modeled valuation $814M (est)Series B2016Series B · 2017-07-28 Raised $7.5M (real) Modeled valuation $298M (est)Series B2017Series B · 2019-02-08 Raised $6.3M (real) Modeled valuation $250M (est)Series B2019Series B · 2019-04-11 Raised $30M (real) Modeled valuation $1.2B (est)Series B2019Series B · 2020-04-24 Raised $15M (real) Modeled valuation $595M (est)Series B2020Series B · 2020-10-14 Raised $25M (real) Modeled valuation $878M (est)Series B2020Series B · 2022-12-20 Raised $2.3M (real) Modeled valuation $32M (est)Series B2022Series B · 2023-02-17 Raised $1.4M (real) Modeled valuation $18M (est)Series B2023Series B · 2023-09-27 Raised $2.9M (real) Modeled valuation $29M (est)Series B2023Series B · 2024-07-12 Raised $500K (real) Modeled valuation $3.5M (est)Series B2024Series B · 2024-08-09 Raised $500K (real) Modeled valuation $3.4M (est)Series B2024Series B · 2025-04-08 Raised $750K (real) Modeled valuation $3.8M (est)Series B2025Series B · 2025-06-26 Raised $925K (real) Modeled valuation $4.3M (est)Series B2025Cumulative $134M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series B$20.0M · 2015
Series B extension$20.5M · 2016
Series B extension$7.5M · 2017
Series B extension$6.3M · 2019
Series B extension$30.0M · 2019
Series B extension$15.0M · 2020
Series B extension$25.0M · 2020
Series B extension$2.3M · 2022
Series B extension$1.4M · 2023
Series B extension$2.9M · 2023
Series B extension$500K · 2024
Series B extension$500K · 2024
Series B extension$750K · 2025
Series B extension$925K · 2025

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 25%.

Modeled valuation trajectory
$4.3M
Base estimate est.
$1.9M
Conservative case
$6.4M
Upside case
$5.1M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ba $15M–$40M round). Valuation is modeled from stage benchmarks scaled by the biotech sector profile. Directional, not a quoted figure.

Series B · modeled $793.8M · 2015-11-252015Series B · modeled $813.6M · 2016-07-18Series B · modeled $297.7M · 2017-07-28Series B · modeled $250.0M · 2019-02-08Series B · modeled $1.2B · 2019-04-11Series B · modeled $595.3M · 2020-04-24Series B · modeled $877.6M · 2020-10-14Series B · modeled $31.8M · 2022-12-20Series B · modeled $17.8M · 2023-02-17Series B · modeled $28.5M · 2023-09-27Series B · modeled $3.5M · 2024-07-12Series B · modeled $3.4M · 2024-08-09Series B · modeled $3.8M · 2025-04-08Series B · modeled $4.3M · 2025-06-262025
Model inputs · modeled:benchmark-stage-stepup-v1
18%
Dilution assumption
Implied ownership sold in the financing.
54%
Survival probability
36% low · 66% high
1.54×/yr
Annual markup
1.86×/yr upside case
1.0 yr
Elapsed time used
1.0 yr actual, capped for stale marks
biotech
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
9 mo
Avg between rounds
$13.9M/yr
Capital velocity
10.6 yr
On record since
2015
First round
14
Rounds on file
How it compares to the market

Benchmarked against 4293 companies in Biotechnology. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 19× above median
This company$133.6M
Sector median$7.2M
Latest round — vs other Series B rounds in sector (real $, this stage) 0.1× of median
This company$925K
Sector median$17.5M
Modeled value — vs sector median (estimate, all stages) 0.1× of median
This company$4.3M
Sector median$64.2M

Raised more than 93% of sector peers (real $). Modeled value above 9% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series B) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #91 of 94.

This companyCohort peer
$1.0M$10.0M$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)MarvelBiome, Inc. · Series B Raised $54.9M · modeled $163.2M (est)Iantrek, Inc. · Series B Raised $58.2M · modeled $152.4M (est)Dualitas Therapeutics, Inc. · Series B Raised $32.6M · modeled $150.4M (est)Antares Therapeutics, Inc. · Series B Raised $70.0M · modeled $149.7M (est)OrthoBio Therapeutics, Inc. · Series B Raised $31.4M · modeled $147.5M (est)Medcura, Inc. · Series B Raised $40.9M · modeled $145.0M (est)Neurolutions Inc · Series B Raised $26.5M · modeled $144.9M (est)Renasant Bio, Inc. · Series B Raised $55.5M · modeled $144.0M (est)Caldera Therapeutics, Inc. · Series B Raised $37.5M · modeled $139.2M (est)VitriVax, Inc. · Series B Raised $29.4M · modeled $136.9M (est)DiaMedica Therapeutics Inc. · Series B Raised $110.4M · modeled $136.3M (est)OmniAb, Inc. · Series B Raised $30.0M · modeled $130.5M (est)Evofem Biosciences, Inc. (this company) Raised $133.6M · modeled $4.3M (est)Evofem Biosciences, Inc.
CompanyStageRaised · realValue · estvs peer med.
MarvelBiome, Inc.Series B$54.9M$163.2M2.11×
Iantrek, Inc.Series B$58.2M$152.4M1.97×
Dualitas Therapeutics, Inc.Series B$32.6M$150.4M1.94×
Antares Therapeutics, Inc.Series B$70.0M$149.7M1.93×
OrthoBio Therapeutics, Inc.Series B$31.4M$147.5M1.90×
Medcura, Inc.Series B$40.9M$145.0M1.87×
Neurolutions IncSeries B$26.5M$144.9M1.87×
Renasant Bio, Inc.Series B$55.5M$144.0M1.86×
Caldera Therapeutics, Inc.Series B$37.5M$139.2M1.80×
VitriVax, Inc.Series B$29.4M$136.9M1.77×
DiaMedica Therapeutics Inc.Series B$110.4M$136.3M1.76×
OmniAb, Inc.Series B$30.0M$130.5M1.68×
Evofem Biosciences, Inc. this companySeries B$133.6M$4.3M0.06×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series B$20.0M2015-11-25$111.1M$793.8M85%
Series B$20.5M2016-07-18$113.9M$813.6M85%
Series B$7.5M2017-07-28$41.7M$297.7M90%
Series B$6.3M2019-02-08$35.0M$250.0M90%
Series B$30.0M2019-04-11$166.7M$1.2B90%
Series B$15.0M2020-04-24$83.3M$595.3M90%
Series B$25.0M2020-10-14$138.9M$877.6M90%
Series B$2.3M2022-12-20$12.8M$31.8M90%
Series B$1.4M2023-02-17$7.7M$17.8M90%
Series B$2.9M2023-09-27$16.0M$28.5M90%
Series B$500K2024-07-12$2.8M$3.5M90%
Series B$500K2024-08-09$2.8M$3.4M90%
Series B$750K2025-04-08$4.2M$3.8M90%
Series B$925K2025-06-26$5.1M$4.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series B$20.0M2015-11-25
    • First recorded raise — entered as Series B.
    • 7 investors on this round.
  2. Series B$20.5M2016-07-18
    • Came back fast: 8 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 2 investors on this round.
  3. Series B$7.5M2017-07-28
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 2.7× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  4. Series B$6.3M2019-02-08
    • Raised 18 mo later, in step with the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 5 investors on this round.
  5. Series B$30.0M2019-04-11
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 4.8× larger than the prior — scaling up.
    • 1 investor on this round.
  6. Series B$15.0M2020-04-24
    • Raised 12 mo later, in step with the ~14 mo sector norm.
    • Round 2.0× smaller than the prior — bridge or down round.
    • 2 investors on this round.
  7. Series B$25.0M2020-10-14
    • Came back fast: 6 mo vs the ~14 mo sector norm.
    • Round 1.7× larger than the prior — scaling up.
    • 2 investors on this round.
  8. Series B$2.3M2022-12-20
    • Raised again after 26 mo — slower than the ~14 mo sector norm.
    • Round 10.8× smaller than the prior — bridge or down round.
    • 8 investors on this round.
  9. Series B$1.4M2023-02-17
    • Came back fast: 2 mo vs the ~14 mo sector norm.
    • Round 1.7× smaller than the prior — bridge or down round.
    • 4 investors on this round.
  10. Series B$2.9M2023-09-27
    • Came back fast: 7 mo vs the ~14 mo sector norm.
    • Round 2.1× larger than the prior — scaling up.
    • 14 investors on this round.
  11. Series B$500K2024-07-12
    • Raised 9 mo later, in step with the ~14 mo sector norm.
    • Round 5.8× smaller than the prior — bridge or down round.
    • 1 investor on this round.
  12. Series B$500K2024-08-09
    • Came back fast: 1 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
  13. Series B$750K2025-04-08
    • Came back fast: 8 mo vs the ~14 mo sector norm.
    • Round 1.5× larger than the prior — scaling up.
    • 1 investor on this round.
  14. Series B$925K2025-06-26
    • Came back fast: 3 mo vs the ~14 mo sector norm.
    • Round roughly the size of the prior one.
    • 1 investor on this round.
Intelligence
2026 ~Q1
Modeled next raise · ~9mo cadence
$1.1M
Modeled next size est.range $925K$1.8M
1.2×
Last step-up
$13.9M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Thomas Lynch6 other2017-07
Kim Kamdar5 other2019-02
William Hall4 other2019-02
Jenny Yip2 other2022-12
Thomas F. Darden II2 other2015-11
Alexander A. Fitzpatrick1 other2019-02
Kim P. Kamdar1 other2020-04
Natalie Douglas1 other2017-07
Simon Best1 other2017-07
Colin F. Rutherford2015-11
Colin Rutherford2017-07
Ellen F. Thomas2016-07
Ellen Thomas2017-07
Gillian Greer2019-02
Ivy Zhang2023-09
Jay F. File2015-11
Jay File2017-07
John F. Fair2015-11
Justin File2022-12
Justin J File2019-02
Kelly Culwell2017-07
Kelly F. Culwell2015-11
Kelly J. Cullwell2019-02
Kelly J Culwell2019-04
Registry & provenance

Evofem Biosciences, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1618835
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Antiva Biosciences, Inc.BiotechnologySeries B$96.8M$457.8Mnetwork1 shared operator · same sector · same stage
Aria Diagnostics, Inc.BiotechnologySeries C$65.2M$2.2Bnetwork1 shared operator · same sector
AutoGenomics, Inc.BiotechnologySeries B$88.5M$6.6Msame sector · same stage
Alume Biosciences IncBiotechnologySeries A$33.4M$18.9Mnetwork1 shared operator · same sector
Nuon Therapeutics IncBiotechnologySeries A$29.7M$361.5Mnetwork1 shared operator · same sector
Cyclacel Pharmaceuticals, Inc.BiotechnologySeries B$61.3M$5.2Msame sector · same stage
Phio Pharmaceuticals Corp.BiotechnologySeries B$55.8M$5.7Msame sector · same stage
NanoString Technologies IncBiotechnologySeries B$53.3M$6.0Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Evida Biosciences Inc.BiotechnologySeries C$365.4M92%
Genocea Biosciences, Inc.BiotechnologySeries C$3.0B87%
bioAffinity Technologies, Inc.BiotechnologySeries A$18.1M87%
Evozyne, Inc.BiotechnologySeries C$979.0M86%
JoJo Biotechnologies Co LtdBiotechnologySeries A$17.6M86%
Biomimetics Innovations LtdBiotechnologyPre-Seed$799K86%
Proteoform Scientific Inc.BiotechnologyPre-Seed$15.2M85%
SeqOnce BioSciences, Inc.BiotechnologySeed$3.6M85%
Frequently asked
How much funding has Evofem Biosciences, Inc. raised?
Evofem Biosciences, Inc. has raised approximately $133.6M in disclosed capital across 14 recorded financing rounds, aggregated from public filings.
What is Evofem Biosciences, Inc.'s estimated valuation?
Provath's modeled valuation for Evofem Biosciences, Inc. is approximately $4.3M (modeled range $1.9M–$6.4M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Evofem Biosciences, Inc. at?
Evofem Biosciences, Inc.'s latest modeled financing stage is Series B. Its most recent recorded round closed around Thu Jun 26.
What does Evofem Biosciences, Inc. do and where is it based?
Evofem Biosciences, Inc. operates in the Biotechnology sector, based in SAN DIEGO.
Explore related

See where Evofem Biosciences, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

Is this your company?

If you work at Evofem Biosciences, Inc., claim this profile or suggest a correction. We aggregate from public filings, so help us keep your description, website and links accurate.

Is this your company? Update your profile or add contact details — and choose exactly who can reach you. Reviewed before anything is published.