Material Agreement (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement

Securities Purchase Agreement

On July 8, 2026, Evofem Biosciences, Inc., a Delaware corporation (the "Company") entered into a promissory note with HUB Cyber Security, Ltd., ("HUB") providing for the sale and issuance of a subordinated note due in the aggregate original principal amount of $706,304 (the "Note") (the "Offering").

The Offering closed on July 8, 2026 (the "Closing Date") and, as a result, the Company issued a Note in an aggregate principal amount of $706,304. The principal amount of the Note accrues interest at a rate of 12% per annum, compounded monthly (the "Interest Rate") and will mature after eleven (11) months from July 8, 2026, unless becoming due and payable on an earlier date pursuant to the terms of the Note (the "Maturity Date"). In addition, the Note accrues a Monitoring Fee of $2,000 per week (the "Monitoring Fee") commencing on the Note issuance date and continuing until the Note and any other amounts due in connection with the Note are paid in full (approximately $94,000 in total if the Note remains outstanding through the Maturity Date), as well as a one-time administration fee of $14,126 ("Administration Fee"). Both the Monitoring Fee and Administration Fee are accrued and payable on the Maturity Date. The Note may be prepaid in whole or part, at any time without premium or penalty. The net proceeds to the Company from the Offering were approximately $706,304.

The Note will be the subordinate obligations of the Company. The Company will be in default if any amount of principal or other amounts are not paid when due. The Company is required to pay, on the Maturity Date, all outstanding principal, accrued and unpaid interest, the accrued Administration Fee, and the accrued Monitoring Fee.

Prohibited Transactions

The Note prohibits the Company from entering specified transactions (including mergers, business combinations and similar transactions) or amending its organizational documents unless the Company obtains prior written consent of HUB.

Covenants

The Note contains a variety of obligations on the Company not to engage in specified activities, which are typical for transactions of this type, as well as the following covenants: