T H E H O M E O F P H E X X I – O N - D E M A N D N O N - H O R M O N A L C O N T R A C E P T I V E G E L . S C I E N C E W I T H A S O U LN A S D A Q : E V F M Q 2 2 0 2 2 R E S U L T S C A L L A U G U S T 4 , 2 0 2 2 S A U N D R A P E L L E T I E R C H I E F E X E C U T I V E O F F I C E R

FORWARD-LOOKING STATEMENTS T h i s p r e s e n t a t i o n c o n t a i n s f o r w a r d l o o k i n g s t a t e m e n t s w i t h i n t h e m e a n i n g o f T h e P r i v a t e S e c u r i t i e s L i t i g a t i o n R e f o r m A c t o f 1 9 9 5 a n d o t h e r f e d e r a l s e c u r i t i e s l a w s . I n s o m e c a s e s , y o u c a n i d e n t i f y f o r w a r d l o o k i n g s t a t e m e n t s b y t e r m s s u c h a s “ m a y , ” ” w i l l , ” “ s h o u l d , ” “ e x p e c t , ” “ p l a n , ” “ a i m , ” “ a n t i c i p a t e , ” “ s t r a t e g y , ” “ o b j e c t i v e , ” “ d e s i g n e d , ” “ s u g g e s t , ” “ c u r r e n t l y , ” “ c o u l d , ” “ i n t e n d , ” “ t a r g e t , ” “ p r o j e c t , ” “ c o n t e m p l a t e , ” “ b e l i e v e , ” “ e s t i m a t e , ” “ p r e d i c t , ” “ p o t e n t i a l ” o r “ c o n t i n u e ” o r t h e n e g a t i v e o f t h e s e t e r m s o r o t h e r s i m i l a r e x p r e s s i o n s . E a c h o f t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s i n v o l v e s r i s k s a n d u n c e r t a i n t i e s . A c t u a l r e s u l t s m a y d i f f e r m a t e r i a l l y f r o m t h o s e , e x p r e s s o r i m p l i e d , i n t h e s e f o r w a r d - l o o k i n g s t a t e m e n t s . F a c t o r s t h a t m a y c a u s e d i f f e r e n c e s b e t w e e n c u r r e n t e x p e c t a t i o n s a n d a c t u a l r e s u l t s i n c l u d e , b u t a r e n o t l i m i t e d t o , t h e f o l l o w i n g : • T h e r a t e a n d d e g r e e o f m a r k e t a c c e p t a n c e o f P h e x x i ® ( l a c t i c a c i d , c i t r i c a c i d a n d p o t a s s i u m b i t a r t r a t e ) v a g i n a l g e l • E v o f e m ’ s a b i l i t y t o s u c c e s s f u l l y c o m m e r c i a l i z e P h e x x i i n t h e U n i t e d S t a t e s a n d t o e n t e r i n t o s u c c e s s f u l p a r t n e r s h i p s t o c o m m e r c i a l i z e P h e x x i o u t s i d e o f t h e U n i t e d S t a t e s • E v o f e m ’ s e s t i m a t e s r e g a r d i n g e x p e n s e s , r e v e n u e s , f i n a n c i a l p e r f o r m a n c e a n d c a p i t a l r e q u i r e m e n t s , i n c l u d i n g t h e l e n g t h o f t i m e i t s c a p i t a l r e s o u r c e s w i l l s u s t a i n i t s o p e r a t i o n s , a n d i t s a b i l i t y t o r a i s e a d d i t i o n a l c a p i t a l t o f u n d i t s o p e r a t i o n s w h e n / i f n e e d e d • E v o f e m ’ s a b i l i t y t o c o n t i n u e a s a g o i n g c o n c e r n • E v o f e m ’ s a b i l i t y t o m a i n t a i n t h e l i s t i n g o f s h a r e s o f i t s c o m m o n s t o c k o n t h e N a s d a q C a p i t a l M a r k e t • E v o f e m ’ s a b i l i t y t o c o m p l y w i t h t h e p r o v i s i o n s a n d r e q u i r e m e n t s o f i t s d e b t a r r a n g e m e n t s a n d t o p a y a m o u n t s o w e d p u r s u a n t t o i t s d e b t a r r a n g e m e n t s • E v o f e m ’ s a b i l i t y t o m a i n t a i n a n d p r o t e c t i t s i n t e l l e c t u a l p r o p e r t y p o s i t i o n a n d i t s a b i l i t y t o o b t a i n a d d i t i o n a l p a t e n t p r o t e c t i o n f o r i t s p r o d u c t f o r c u r r e n t a n d i n v e s t i g a t i o n a l i n d i c a t i o n s • T h e p o t e n t i a l f o r c h a n g e s t o c u r r e n t r e g u l a t o r y m a n d a t e s r e q u i r i n g p a y e r s t o c o v e r F D A - a p p r o v e d o r – c l e a r e d c o n t r a c e p t i v e s w i t h o u t c o s t s h a r i n g • E v o f e m ’ s a b i l i t y t o o b t a i n o r m a i n t a i n t h i r d - p a r t y p a y e r c o v e r a g e a n d a d e q u a t e r e i m b u r s e m e n t , a n d i t s r e l i a n c e o n t h e w i l l i n g n e s s o f p a t i e n t s t o p a y o u t - o f - p o c k e t f o r P h e x x i a b s e n t f u l l o r p a r t i a l t h i r d - p a r t y p a y e r r e i m b u r s e m e n t • E v o f e m ’ s r e l i a n c e o n t h i r d - p a r t y p r o v i d e r s a n d l i c e n s o r s , s u c h a s t h i r d - p a r t y m a n u f a c t u r e r s a n d c l i n i c a l r e s e a r c h o r g a n i z a t i o n s • T h e p r e s e n c e o r a b s e n c e o f a n y a d v e r s e e v e n t s o r s i d e e f f e c t s r e l a t i n g t o t h e u s e o f P h e x x i • T h e o u t c o m e , c o s t , t i m i n g a n d s u c c e s s o f E v o f e m ’ s c l i n i c a l t r i a l s i n c l u d i n g E V O G U A R D • E v o f e m ’ s a b i l i t y t o r e t a i n m e m b e r s o f i t s m a n a g e m e n t a n d o t h e r k e y p e r s o n n e l a n d t o e x p a n d i t s o r g a n i z a t i o n t o a c c o m m o d a t e p o t e n t i a l g r o w t h • G e n e r a l r i s k s t o t h e e c o n o m y r e p r e s e n t e d b y s p r e a d a n d m u t a t i o n o f t h e C O V I D - 1 9 v i r u s i n c l u d i n g , w i t h o u t l i m i t a t i o n , i t s i m p a c t o n E v o f e m ’ s b u s i n e s s a n d t h e c o m m e r c i a l i z a t i o n o f P h e x x i • E v o f e m ’ s a b i l i t y t o o b t a i n t h e n e c e s s a r y r e g u l a t o r y a p p r o v a l s P h e x x i f o r p r e v e n t i o n o f c h l a m y d i a a n d g o n o r r h e a i n w o m e n a n d t h e t i m i n g o f s u c h a p p r o v a l s , a n d , • A n y o t h e r r i s k f a c t o r s d e t a i l e d i n E v o f e m ’ s f i l i n g s f r o m t i m e t o t i m e w i t h t h e U . S . S e c u r i t i e s a n d E x c h a n g e C o m m i s s i o n i n c l u d i n g , w i t h o u t l i m i t a t i o n , t h e 1 0 - K f o r t h e y e a r e n d e d D e c e m b e r 3 1 , 2 0 2 1 f i l e d w i t h t h e S E C o n M a r c h 1 0 , 2 0 2 2 , 1 0 - Q f o r t h e q u a r t e r e n d e d M a r c h 3 1 , 2 0 2 2 f i l e d w i t h t h e S E C o n M a y 1 0 , 2 0 2 2 , a n d s u b s e q u e n t f i l i n g s . T h e f o r w a r d l o o k i n g s t a t e m e n t s i n t h i s p r e s e n t a t i o n r e p r e s e n t E v o f e m ’ s v i e w s o n l y a s o f t h e d a t e o f t h i s p r e s e n t a t i o n , A u g u s t 4 , 2 0 2 2 , a n d E v o f e m e x p r e s s l y d i s c l a i m s a n y o b l i g a t i o n o r u n d e r t a k i n g t o r e l e a s e p u b l i c l y a n y u p d a t e s o r r e v i s i o n s t o a n y f o r w a r d - l o o k i n g s t a t e m e n t s c o n t a i n e d h e r e i n t o r e f l e c t a n y c h a n g e i n E v o f e m ’ s e x p e c t a t i o n s w i t h r e g a r d t h e r e t o o r a n y c h a n g e i n e v e n t s , c o n d i t i o n s o r c i r c u m s t a n c e s o n w h i c h a n y s u c h s t a t e m e n t s a r e b a s e d f o r a n y r e a s o n , e x c e p t a s r e q u i r e d b y l a w , e v e n a s n e w i n f o r m a t i o n b e c o m e s a v a i l a b l e o r o t h e r e v e n t s o c c u r i n t h e f u t u r e . A l l f o r w a r d - l o o k i n g s t a t e m e n t s i n t h i s p r e s e n t a t i o n a r e q u a l i f i e d i n t h e i r e n t i r e t y b y t h i s c a u t i o n a r y s t a t e m e n t . T h i s p r e s e n t a t i o n a l s o d i s c u s s e s e s t i m a t e s a n d o t h e r s t a t i s t i c a l d a t a m a d e b y i n d e p e n d e n t p a r t i e s a n d b y E v o f e m r e l a t i n g t o m a r k e t s i z e a n d g r o w t h a n d o t h e r d a t a a b o u t i t s i n d u s t r y . T h i s d a t a i n v o l v e s a n u m b e r o f a s s u m p t i o n s a n d l i m i t a t i o n s , a n d y o u a r e c a u t i o n e d n o t t o g i v e u n d u e w e i g h t t o s u c h e s t i m a t e s .

Q 2 2 0 2 2 : A N O T H E R S T R O N G Q U A R T E R O F I M P R O V E D O P E R A T I N G R E S U L T S • Gross-to-net 40% • Increased Phexxi net product sales 42% • Reduced total operating expenses 8% • Improved net operating loss 16%

$1.9 $1.7 $3.6 $4.3 $6.0 $- $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 42% INCREASE IN PHEXXI NET PRODUCT SALES 42% INCREASE Q2 vs. Q1 IN M IL LI O NS

$- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 $50.0 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 REDUCING OUR OPERATING EXPENSES IN M IL LI O NS $ 30.5 $ 33.2 $ 41.0 $ 45.1 $ 43.0 C o s t o f g o o d s s o l d R e s e a r c h & d e v e l o p m e n t S a l e s & m a r k e t i n g G e n e r a l & a d m i n i s t r a t i v e W e e x p e c t R & D w i l l f u r t h e r d e c r e a s e n o w t h a t E V O G U A R D i s c o m p l e t e

$(41.1) $(43.4) $(37.4) $(28.9) $(24.4) $(50.0) $(45.0) $(40.0) $(35.0) $(30.0) $(25.0) $(20.0) $(15.0) $(10.0) $(5.0) $- Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 NARROWING OUR LOSS FROM OPERATIONS IN M IL LI O NS 16% DECREASE Q2 vs. Q1

REITERATING OUR GUIDANCE 2022 NET PRODUCT SALES OF $30 - $35 MILLION • 264% - 325% growth year-over-year GROSS-TO-NET OF 40% OR BETTER REDUCE OPEX BY $50 MILLION IN 2022 vs. 2021 • $25.3 million lower in 1H 2022 vs. 1H 2021 CASHFLOW BREAKEVEN ON A QUARTERLY BASIS NO LATER THAN YEAR-END 2023

BALANCE SHEET HIGHLIGHTS AS OF JUNE 30, 2022 • $19.9 M unrestricted cash • $ 1.6 M restricted cash DURING Q2 2022 • $2.0 M from our equity line of credit, which we terminated in May • $18.1 M, net, from underwritten offering in May 2022 • $22.4 M, net, from exercise of common warrants from May 2022 round ( through August 3, 2022) SHARES OUTSTANDING: 82,449,214 (as of August 3, 2022)

• Phexxi prevented 99% of pregnancies on a per act of sex basis ( 1 ) • Vaginal pH modulator mechanism of action study published in peer-reviewed journal ( 2 ) • Sexual satisfaction data published: 88.7% of women using Phexxi improved/maintained sex life ( 1 , 3 ) • Developed new educational birth control chart to assist providers in patient contraceptive counseling PUBLICATIONS & PRESENTATIONS 1. post hoc analysis of AMPOWER trial data 2. Chappell BT et al. Mechanisms of action of currently available woman-controlled, vaginally administered, non-hormonal contraceptive products. Journal of Therapeutic Advances in Reproductive Health. https://doi.org/10.1177/26334941221107120 3. Journal of Sexual Medicine

• Garnered significant “earned media” coverage • A360 Media roll-out: Phexxi branded content in some of the most widely read entertainment and lifestyle magazines and websites in the U.S. I N C R E A S I N G B R A N D A W A R E N E S S

COST CONTAINMENT • New Phexxi manufacturing agreement to decrease COGS up to 45% • Sub-leased half our office space to save over $1M per year PHEXXI FUNDAMENTALS • Increased shelf l i fe to 4 years • Protection through newly al lowed Composition of Matter patent expected to at least 2033 LEADERSHIP • Strengthened Board of Directors • New Chief Commercial Officer • New Head of BD to focus on Phexxi partnerships A D V A N C I N G O U R B U S I N E S S

• Large PBM added Phexxi to national template formularies with no restrictions • One of the largest commercial payers in California - $0 copay • Largest payers in Hawaii & Utah • A regional payer in the Pacific Northwest • Numerous state Medicaid systems providing coverage for more than 12 million lives with no Prior Authorizations M A R K E T A C C E S S A C H I E V E M E N T S PHEXXI APPROVED CLAIM RATE INCREASED TO MORE THAN 70%

The U.S. Department of Health and Human Services, alongside the Departments of Labor and of the Treasury, clarif ied: 1. It wil l enforce federal law requiring most group health plans and health insurance issuers to cover contraceptives approved, granted, or cleared by the FDA at no cost to participants 2. Contraceptive coverage is guaranteed at no additional cost under the Affordable Care Act no matter where someone l ives or works R E C E N T C L A R I T Y F R O M U . S . G O V E R N M E N T O N C O N T R A C E P T I V E A C C E S S 1. https://www.einnews.com/pr_news/583484688/hhs-dol-and-treasury-issue-guidance-regarding-birth-control-coverage 30 ++6'2/DQG7UHDVXU\,VVXH*XLGDQFH5HJDUGLQJ%LUWK&RQWURO&RYHUDJH_++6JRY KWWSVZZZKKVJRYDERXWQHZVKKVGROWUHDVXU\LVVXHJXLGDQFHUHJDUGLQJELUWKFRQWUROFRYHUDJHKWPO  ++6JRY ++6'2/DQG7UHDVXU\,VVXH*XLGDQFH5HJDUGLQJ%LUWK &RQWURO&RYHUDJH 'HSDUWPHQWVPDNHFOHDUWKDWFRQWUDFHSWLYHFRYHUDJHLVJXDUDQWHHGDWQRDGGLWLRQDOFRVWXQGHUWKH $IIRUGDEOH&DUH$FWQRPDWWHUZKHUHVRPHRQHOLYHVRUZRUNV 7RGD\IROORZLQJ3UHVLGHQW%LGHQ·V([HFXWLYH2UGHURQHQVXULQJDFFHVVWRUHSURGXFWLYHKHDOWKFDUHWKH 86'HSDUWPHQWRI+HDOWKDQG+XPDQ6HUYLFHV++6DORQJVLGHWKH'HSDUWPHQWVRI/DERUDQGRIWKH 7UHDVXU\'HSDUWPHQWVWRRNDFWLRQWRFODULI\SURWHFWLRQVIRUELUWKFRQWUROFRYHUDJHXQGHUWKH$IIRUGDEOH &DUH$FW$&$8QGHUWKH$&$PRVWSULYDWHKHDOWKSODQVDUHUHTXLUHGWRSURYLGHELUWKFRQWURODQGIDPLO\ SODQQLQJFRXQVHOLQJDWQRDGGLWLRQDOFRVW 7KHJXLGDQFHFRPHVRQWKHKHHOVRI++6·ZRUNWREROVWHUIDPLO\SODQQLQJVHUYLFHVLQFOXGLQJDFFHVVWR HPHUJHQF\FRQWUDFHSWLYHV$FFRUGLQJWRDUHSRUWUHOHDVHGE\++6LQPLOOLRQZRPHQEHQHÀWHG IURPWKH$&$·VSUHYHQWLYHVHUYLFHVDQGELUWKFRQWUROFRYHUDJHZKLFKKDVVDYHGELOOLRQVRIGROODUVLQRXW RISRFNHWVSHQGLQJRQFRQWUDFHSWLYHVVLQFHWKH$&$ZDVSDVVHG,QUHVSRQVHWRLQFUHDVLQJFRPSODLQWV IURPZRPHQDQGFRYHUHGGHSHQGHQWVDERXWQRWUHFHLYLQJWKLVFRYHUDJHWKH'HSDUWPHQWVLVVXHGWKLV JXLGDQFHWRUHPLQGSODQVDQGLVVXHUVRIWKH$&$·VFRQWUDFHSWLYHFRYHUDJHUHTXLUHPHQWVDQGHPSKDVL]H WKH'HSDUWPHQWV·FRPPLWPHQWWRHQIRUFHPHQW7RGD\·VDQQRXQFHPHQWLVSDUWRIDFRPSUHKHQVLYHHIIRUWE\ WKH%LGHQ+DUULV$GPLQLVWUDWLRQWRSURWHFWZRPHQ·VDFFHVVWRUHSURGXFWLYHKHDOWKFDUHZKLOHUHSURGXFWLYH ULJKWVDUHXQGHUDVVDXOWLQPDQ\VWDWHVDFURVVWKHFRXQWU\ ´8QGHUWKH$&$\RXKDYHWKHULJKWWRIUHHELUWKFRQWURO³QRPDWWHUZKDWVWDWH\RXOLYHLQµVDLG++6 6HFUHWDU\;DYLHU%HFHUUD´:LWKDERUWLRQFDUHXQGHUDWWDFNLWLVFULWLFDOWKDWZHHQVXUHELUWKFRQWUROLV DFFHVVLEOHQDWLRQZLGHDQGWKDWHPSOR\HUVDQGLQVXUHUVIROORZWKHODZDQGSURYLGHFRYHUDJHIRULWZLWKQR DGGLWLRQDOFRVW)DPLO\SODQQLQJRQHRIWKHJUHDWHVWSXEOLFKHDOWKDFKLHYHPHQWVRIWKHWKFHQWXU\LVNH\ WREHWWHUKHDOWKRXWFRPHV:HZLOOGRDOOZHFDQDW++6WRSURWHFWIDPLO\SODQQLQJDQGDOORWKHUIRUPVRI UHSURGXFWLYHKHDOWKFDUHLQFOXGLQJDERUWLRQFDUHEHFDXVHLWLVHVVHQWLDOKHDOWKFDUHµ +RPH!$ERXW!1HZV!++6'2/DQG7UHDVXU\,VVXH*XLGDQFH5HJDUGLQJ%LUWK&RQWURO&RYHUDJH 86'HSDUWPHQWRI+HDOWK +XPDQ6HUYLFHV )25,00(',$7(5(/($6( -XO\ &RQWDFW++63UHVV2IÀFH  PHGLD#KKVJRYPDLOWRPHGLD#KKVJRY THE SECRETARY OF HEALTH AND HUMAN SERVICES WASHINGTON, D.C. 20201 July 11, 2022 VIA ELECTRONIC MAIL Dear Health Care Providers: In light of the Supreme Court’s decision in Dobbs v. Jackson Women’s Health Organization, I am writing regarding the Department of Health and Human Services (HHS) enforcement of the Emergency Medical Treatment and Active Labor Act (EMTALA). As frontline health care providers, the federal EMTALA statute protects your clinical judgment and the action that you take to provide stabilizing medical treatment to your pregnant patients, regardless of the restrictions in the state where you practice. The EMTALA statute requires that all patients receive an appropriate medical screening examination, stabilizing treatment, and transfer, if necessary, irrespective of any state laws or mandates that apply to specific procedures. It is critical that providers know that a physician or other qualified medical personnel’s professional and legal duty to provide stabilizing medical treatment to a patient who presents to the emergency department and is found to have an emergency medical condition preempts any directly conflicting state law or mandate that might otherwise prohibit such treatment. As indicated above and in our guidance1, the determination of an emergency medical condition is the responsibility of the examining physician or other qualified medical personnel. Emergency medical conditions involving pregnant patients may include, but are not limited to, ectopic pregnancy, complications of pregnancy loss, or emergent hypertensive disorders, such as preeclampsia with severe features. Any state laws or mandates that employ a more restrictive definition of an emergency medical condition are preempted by the EMTALA statute. The course of treatment necessary to stabilize such emergency medical conditions is also under the purview of the physician or other qualified medical personnel. Stabilizing treatment could include medical and/or surgical interventions (e.g., abortion, removal of one or both fallopian tubes, anti-hypertensive therapy, methotrexate therapy etc.), irrespective of any state laws or mandates that apply to specific procedures. Thus, if a physician believes that a pregnant patient presenting at an emergency department, including certain labor and delivery departments, is experiencing an emergency medical condition as defined by EMTALA, and that abortion is the stabilizing treatment necessary to resolve that condition, the physician must provide that treatment. And when a state law prohibits 1 Reinforcement of EMTALA Obligations specific to Patients who are Pregnant or are Experiencing Pregnancy Loss (QSO-21-22-Hospitals- UPDATED JULY 2022), available at https://www.cms.gov/medicareprovider-enrollment- and-certificationsurveycertificationgeninfopolicy-and-memos-states-and/reinforcement-emtala-obligations-specific- patients-who-are-pregnant-or-are-experiencing-pregnancy-0

1 0 .3 M W O M EN U SE N O N -P R ESCR IP T IO N CO N TR A CEP TIV ES N o n - R x m e t h o d s : 6 . 3 M b a r r i e r m e t h o d s ; 2 . 8 M w i t h d r a w a l ; 1 . 0 M p e r i o d i c a b s t i n e n c e ; 0 . 1 M o t h e r Other Non-Targets 12.3 Surgical Sterilization 17.7 Prescription Contraceptive, 18.8 No Contraceptive 13.1 Non-Prescription Contraceptive 10.3 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 1 3 .1 M W O M EN U SE N O CO N TR A CEP TIV E A T A LL 1 8 .8 M W O M EN U SE P R ESCR IP T IO N CO N TR A CEP TIV ES R x h o r m o n a l o r a l c o n t r a c e p t i v e s , r i n g s , p a t c h e s , s h o t s a n d I U D s p l u s n o n - h o r m o n a l c o p p e r I U D S t u d y p r e d a t e s c o m m e r c i a l a v a i l a b i l i t y o f P h e x x i 1. Daniels K, Abma JC. Current contraceptive status among women aged 15-49: United States, 2015-2017. NCHS Data Brief. 2018; 327: 1-14. 2. Grandview Research. U.S. Contraceptive Market Size, Share & Trends Analysis Report By Product (Pills, Intrauterine Devices (IUD), Condoms, Vaginal Ring, Subdermal Implants, Injectable), And Segment Forecasts, 2022 – 2030. 14 O F T H E 7 2 M IL LI O N W O M E N A G E D 1 5 -4 9 I N T H E U .S . U.S. M ARKET BY CONTRACEPTIVE M ETH OD (1) 42.2 MILLION POTENTIAL PHEXXI USERS IN THE U.S. (1) $7.9 BILLION CONTRACEPTIVE MARKET (U.S. 2021) ( 2 )

GROSS WAC: $294.00 (1) PER BOX OF 12 PHEXXI APPLICATORS 40% GTN ADJUSTMENTS $176.40 NET TO EVOFEM PER BOX OF PHEXXI 1. WAC: Wholesale Acquisition Cost P A ID B Y TH E P LA N , N O T TH E W O M A N . U N D E R F E D E R A L L A W , P A Y E R S M U S T C O V E R F D A - A P P R O V E D C O N T R A C E P T I V E S , I N C L U D I N G P H E X X I , A T N O C O S T T O W O M E N . 35% GTN ADJUSTMENTS $191.10 NET TO EVOFEM PER BOX OF PHEXXI EVERY 1% MARKET SHARE OF THE 42.2 MILLION WOMEN IN OUR ADDRESSABLE MARKET REPRESENTS SIGNIFICANT NET PRODUCT SALES P h exx i B o xes p er W o m an p er year 4 $297.8 M 6 $446.6 M 4 $322.6 M 6 $483.9 M A nnua l N e t Sa le s pe r 1 % m a rk e t p e n e tra t ion

1. Assumes favorable outcomes of EVOGUARD 2. Assumes timely acceptance of sNDA submission(s) L A T E - S T A G E C L I N I C A L P R O G R A M O F F E R S S I G N I F I C A N T U P S I D E P O T E N T I A L PHASE 3 TRIAL EVALUATING PHEXXI FOR PREVENTION OF CHLAMYDIA & GONORRHEA IN WOMEN • >1900 women, over 100 U.S. sites CLINICAL AND REGULATORY MILESTONES ü Last Subject Last Visit completed July 2022 • Top-line data readout October 2022 • sNDA submissions 1H 2023 ( 1 ) • Potential FDA action by YE 2023 ( 1 , 2 ) • Fast track status shortens review time to 6 months from acceptance of filing

SHATTERING THE HORMONE GLASS CEILING

2H 2022 EXPECTATIONS • Report EVOGUARD trial top-line results in October • Ongoing growth of Phexxi net product sales; $30-35M for FY 2022 • Gross-to-net of 40% or better • Continued expansion of Phexxi access • Further reduce operating expenses • Strategic initiatives

T H E H O M E O F P H E X X I – O N - D E M A N D N O N - H O R M O N A L C O N T R A C E P T I V E G E L . S C I E N C E W I T H A S O U LN A S D A Q : E V F M T H A N K Y O U