Evolus, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
EOLS$6.81+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628280-26-053468
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001628280-26-070250
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 111 previous paragraphs and 120 current paragraphs.
75 unchanged; 33 reworded; 12 added; 3 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
On October 12, 2026, we entered into an option agreement with a privately held company that is developing a procedure-based, sustained-release injectable treatment for hair regrowth. Under the agreement, we agreed to pay aggregate option consideration of $1.5 million, reduced by certain amounts that have been previously paid by us, and an additional $1.0 million contingent upon achievement and confirmation of a specified development milestone. The agreement provides us with the option, but not the obligation, to acquire substantially all assets related to the development program. If the option is exercised and the parties enter into the related asset purchase agreement, we would be required to make a $7.5 million upfront acquisition payment, subject to certain adjustments and holdback, and could be required to make additional milestone and royalty payments.
Current report
In the three months ended September 30, 2026, we recognized in-process research and development expenses of $1.1 million in connection with the Symatese EU Amendments (as defined below). No equivalent expenses were recognized in the three months ended September 30, 2025.
Current report
Restructuring Costs
Current report
No restructuring costs were incurred in the three months ended September 30, 2026. Restructuring costs were $1.4 million in the three months ended September 30, 2025. Restructuring costs in the prior year comparable period were primarily related to one-time separation benefits incurred in connection with our strategic cost structure optimization.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Current report
In the nine months ended September 30, 2026, we recognized in-process research and development expenses of $1.1 million in connection with the Symatese EU Amendments (as defined below). No equivalent expenses were recognized in the nine months ended September 30, 2025.
Current report
Restructuring Costs
Current report
No restructuring costs were incurred in the nine months ended September 30, 2026. Restructuring costs were $1.4 million in the nine months ended September 30, 2025. Restructuring costs in the prior year comparable period are primarily related to one-time separation benefits incurred in connection with our strategic cost structure optimization.
Current report
Income Tax Expense
Current report
The operating lease for our international headquarters in Milan, Italy expires on May 31, 2028 and provides for automatic renewal for an additional 24 months at the then-prevailing market rental rate.
Current report
Net cash used in operating activities was $15.5 million in the nine months ended September 30, 2026, compared to $55.1 million in the nine months ended September 30, 2025. The $39.6 million decrease primarily reflected growth in net revenues, favorable timing of inventory purchases and related payments, and more favorable changes in operating accruals, partially offset by increased cash requirements associated with accounts receivable and other operating assets.
Current report
In October 2026, we entered into an option agreement pursuant to which we agreed to pay aggregate option consideration of $1.5 million, reduced by certain amounts that have been previously paid by us, and an additional $1.0 million contingent upon the achievement and confirmation of a specified development milestone. The agreement provides us with an option, but not an obligation, to acquire substantially all assets of the related development program. We expect to fund the option payments from our existing liquidity. If we exercise the option, we would incur additional acquisition-related payments, including a $7.5 million upfront payment and potential milestone and royalty payments. See Note 13. Subsequent Eventsin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
Removed paragraphs (3)
Previous report
Income Tax Benefit (Expense)
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Previous report
Net cash used in operating activities was $13.5 million in the six months ended June 30, 2026, compared with $40.4 million in the six months ended June 30, 2025. The decrease was primarily attributable to improved operating results, including higher Jeuveau® and Evolysse® sales, lower selling, general and administrative expenses following the completion of our strategic cost structure optimization initiatives at the end of the third quarter of 2025, as well as a more favorable net impact from changes in operating assets and liabilities. The favorable working capital impact primarily reflected the timing and volume of inventory purchases and a lower net use of cash related to vendor payments and settlements of other accrued obligations, partially offset by increased accounts receivable resulting primarily from higher Jeuveau® and Evolysse®sales and the timing of customer collections.
Reworded paragraphs (33)
Previous wording
Macroeconomic conditions in the United States remain mixed and uncertain, with moderating inflation and continued economic expansion offset by muted job growth, weaker consumer confidence, and evolving tariff and trade policy developments. Geopolitical tensions, including ongoing conflicts in the Middle East, add further uncertainty through potential disruptions to global energy markets, supply chains, and transportation networks, which could contribute to energy price volatility and heightened inflationary pressures. Collectively, these conditions may reduce discretionary spending by consumers and purchasing decisions by our customers, and, if they persist or worsen, could adversely affect the demand for our products.
Current wording
Macroeconomic conditions in the United States remain mixed and uncertain. Although economic activity continues to expand, elevated inflation, muted job growth, weaker consumer confidence and higher borrowing costs may weigh on discretionary spending. Geopolitical tensions, including ongoing conflicts in the Middle East, and evolving tariff and trade policies contribute to uncertainty relating to energy prices, supply chains and transportation costs. Collectively, these conditions could adversely affect consumer demand for aesthetic treatments, customer purchasing decisions and demand for our products.
Previous wording
U.S. tariff policy remains fluid and subject to change. Tariffs applicable to our products will increase our costs and, absent mitigation, adversely affect our gross margin and operating results. However, the ultimate impact remains uncertain given the volatility and evolving scope of U.S. and foreign trade policies. During the second quarter of 2026, Evolysse®, which we import from the European Union, was subject to a temporary 10% tariff. On July 24, 2026 those tariffs expired, and were replaced by a new 10% tariff on Evolysse® under Section 301 of the Trade Act of 1974.
Current wording
U.S. tariff policy remains fluid and subject to change. Tariffs applicable to our products will increase our costs and, absent mitigation, adversely affect our gross margin and operating results. However, the ultimate impact remains uncertain given the volatility and evolving scope of U.S. and foreign trade policies. Evolysse®, which we import from the European Union, was subject to a temporary 10% tariff. On July 24, 2026 those tariffs expired, and were replaced by a new 10% tariff on Evolysse® under Section 301 of the Trade Act of 1974.
Previous wording
Separately, beginning September 29, 2026, Jeuveau®, a biologic that is manufactured in South Korea, could be subject to a 15% tariff under Section 232 of the Trade Expansion Act of 1962, depending on how the applicable rules are interpreted and applied. We have increased inventory purchases in advance of the potential Jeuveau® tariff and are evaluating other mitigation measures while we monitor additional guidance on the scope and implementation of the tariffs, including the availability and conditions of exemptions.
Current wording
Separately, beginning September 2026, Jeuveau®, a biologic manufactured in South Korea, could potentially be subject to tariffs under Section 232 of the Trade Expansion Act of 1962. Following additional Commerce guidance issued in September 2026, we currently do not expect Jeuveau® to be subject to such tariffs. However, U.S. tariff policy and related guidance remain subject to change, and the ultimate tariff treatment of Jeuveau® could depend on how the applicable rules and guidance are interpreted and applied. We continue to monitor developments and evaluate available mitigation measures.
Previous wording
Following the U.S. Supreme Court’s invalidation of tariffs previously imposed under the International Emergency Economic Powers Act, or IEEPA, we submitted claims for refunds of certain tariffs previously paid. The amount and timing of any refunds remain uncertain.
Current wording
Following the U.S. Supreme Court’s invalidation of tariffs previously imposed under the International Emergency Economic Powers Act, or IEEPA, we submitted claims for refunds of certain previously paid tariffs and have received partial refunds. Our remaining claims are subject to governmental review and processing, and the amount and timing of additional refunds remain uncertain.
Previous wording
As of June 30, 2026, the majority of our debt outstanding represents a long-term loan bearing variable rates of interest (see Note 7. Long-Term Debt in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information). Changes in market interest rates will affect the interest expense incurred from this outstanding debt instrument, increasing or decreasing our interest expense in future periods. Additionally, changes in market interest rates may affect the interest rate and corresponding interest expense on any new issuance of short-term and long-term debt securities. See Part I, Item 3 of this Quarterly Report on Form 10-Q for more information.
Current wording
As of September 30, 2026, the majority of our debt outstanding represents a long-term loan bearing variable rates of interest (see Note 7. Long-Term Debt in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information). Changes in market interest rates will affect the interest expense incurred from this outstanding debt instrument, increasing or decreasing our interest expense in future periods. Additionally, changes in market interest rates may affect the interest rate and corresponding interest expense on any new issuance of short-term and long-term debt securities. See Part I, Item 3 of this Quarterly Report on Form 10-Q for additional information.
Previous wording
Net revenues increased by $14.7 million, or 21.2%, to $84.1 million in the three months ended June 30, 2026 from $69.4 million in the three months ended June 30, 2025, primarily due to higher Jeuveau®sales. Net revenues in the three months ended June 30, 2026 and 2025 each contained $0.7 million of service revenue from sales of Jeuveau®through a distribution partner in Canada. We anticipate our continued sales growth will depend on (i) our ability to grow our customer base and to increase purchases by our current customers in the competitive aesthetic market, (ii) the continued success of Evolysse® Form and Evolysse® Smooth products in the United States, (iii) the success of the commercial launch of Evolysse® injectable HA gel collection in Europe and (iv) the regulatory approval for the Evolysse®Sculpt and Evolysse® Lips products in the United States.
Current wording
Net revenues increased by $9.0 million, or 13.0%, to $78.0 million in the three months ended September 30, 2026 from $69.0 million in the three months ended September 30, 2025, primarily due to higher Jeuveau® and Evolysse®sales. Net revenues in the three months ended September 30, 2026 contained $0.7 million of service revenue from sales of Jeuveau®through a distribution partner in Canada; there was no service revenue recognized in the three months ended September 30, 2025. We anticipate our continued sales growth will depend on (i) our ability to grow our customer base and to increase purchases by our current customers in the competitive aesthetic market, (ii) the continued success of Evolysse® Form and Evolysse® Smooth products in the United States, (iii) the success of the commercial launch of Evolysse® injectable HA gel collection in Europe and (iv) the regulatory approval for the Evolysse®Sculpt and Evolysse® Lips products in the United States.
Previous wording
Cost of goods sold primarily consists of inventory cost, amortization of intangible asset relating to distribution right and certain royalties. Cost of goods sold increased by $5.2 million, or 11.3%, to $51.1 million in the six months ended June 30, 2026 from $45.9 million in the six months ended June 30, 2025, primarily attributable to higher volumes of products shipped to customers, partially offset by a reduction in cost of goods sold of $1.1 million resulting from the recognition of IEEPA tariff refunds. We anticipate that our cost of goods sold will fluctuate due to changes in product and geographic mix and the impact of current and threatened tariffs.
Current wording
Cost of goods sold primarily consists of inventory cost, amortization of intangible asset relating to distribution right and certain royalties on the sale of our products. Cost of goods sold increased by $4.1 million, or 17.9%, to $27.3 million in the three months ended September 30, 2026 from $23.1 million in the three months ended September 30, 2025, primarily attributable to higher volumes of products shipped to customers. We anticipate that our cost of goods sold will fluctuate due to changes in product and geographic mix and the impact of current and threatened tariffs.
Previous wording
Our gross profit margin was 68.0% and 65.3% in the three months ended June 30, 2026 and 2025, respectively. The recognition of IEEPA tariff refunds provided a 1.2 percentage point increase in gross profit margin in the three months ended June 30, 2026. We anticipate that our gross profit margin will fluctuate due to changes in product and geographic mix, the effect of current and threatened tariffs, and the impact of promotional and incentive programs on our average selling prices.
Current wording
Our gross profit margin was 65.0% and 66.5% in the three months ended September 30, 2026 and 2025, respectively. We anticipate that our gross profit margin will fluctuate due to changes in product and geographic mix, the effect of current and threatened tariffs, and the impact of promotional and incentive programs on our average selling prices.
Previous wording
Selling, general and administrative expenses increased by $0.4 million, or 0.7%, to $57.1 million in the three months ended June 30, 2026 from $56.7 million in the three months ended June 30, 2025, primarily resulting from increased personnel-related costs. Selling, general and administrative expenses may fluctuate in the future primarily driven by potential changes in marketing strategies, launches of new products and international expansion.
Current wording
Selling, general and administrative expenses remained relatively consistent at $52.9 million in the three months ended September 30, 2026 compared to $52.8 million in the three months ended September 30, 2025. Selling, general and administrative expenses may fluctuate in the future primarily driven by potential changes in marketing strategies, launches of new products and international expansion.
Previous wording
Research and development expenses were $1.9 million in the three months ended June 30, 2026 and remained relatively consistent with that in the three months ended June 30, 2025. We expect our research and development expenses to increase, if and when, we develop additional product candidates and pursue regulatory approvals.
Current wording
Research and development expenses were $2.0 million in the three months ended September 30, 2026 and remained relatively consistent with that in the three months ended September 30, 2025. We expect our research and development expenses to increase, if and when, we develop additional product candidates and pursue regulatory approvals.
Previous wording
The change in the fair value of the contingent royalty obligation payable to the Evolus Founders is recorded in operating expenses in each reporting period. In the three months ended June 30, 2026 and 2025, we recognized a net revaluation charge of $1.3 million and an unrealized gain of $3.9 million, respectively. Changes to the fair value of the contingent royalty obligation payable to Evolus Founders are driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.
Current wording
The change in the fair value of the contingent royalty obligation payable to the Evolus Founders is recorded in operating expenses in each reporting period. In the three months ended September 30, 2026 and 2025, we recognized a net revaluation charge of $1.6 million and a net revaluation gain of $0.1 million, respectively. Changes to the fair value of the contingent royalty obligation payable to Evolus Founders are driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.
Previous wording
Depreciation and amortization increased by $0.6 million, or 64.1%, to $1.5 million in the three months ended June 30, 2026 from $0.9 million in the three months ended June 30, 2025, primarily due to an increase in amortization of internal-use software and depreciation of leasehold improvements.
Current wording
Depreciation and amortization increased by $0.4 million, or 38.0%, to $1.6 million in the three months ended September 30, 2026 from $1.1 million in the three months ended September 30, 2025, primarily due to an increase in amortization of internal-use software and depreciation of leasehold improvements.
Previous wording
Interest expense, net, decreased by $2.9 million, or 42.4%, to $3.9 million in the three months ended June 30, 2026 from $6.7 million in the three months ended June 30, 2025, primarily due to $3.0 million of debt modification fees recognized in connection with the New Pharmakon Loans in the three months ended June 30, 2025. Interest on the Revolving Credit Facility and the New Pharmakon Term Loans (as defined below) is based on variable interest rates, which we expect will continue to fluctuate with the market. See “Liquidity and Capital Resources—The Pharmakon Term Loans” and “Liquidity and Capital Resources—The Revolving Credit Facility” for further information.
Current wording
Interest expense, net, increased by $0.3 million, or 9.3%, to $4.0 million in the three months ended September 30, 2026 from $3.6 million in the three months ended September 30, 2025, primarily due to lower interest income earned on cash balances and higher interest expense due to higher outstanding indebtedness. Interest on the Revolving Credit Facility and the New Pharmakon Term Loans (as defined below) is based on variable interest rates, which we expect will continue to fluctuate with the market. See “Liquidity and Capital Resources—The Pharmakon Term Loans” and “Liquidity and Capital Resources—The Revolving Credit Facility” for further information.
Previous wording
There was minimal income tax expense in each of the six months ended June 30, 2026 and 2025.
Current wording
There was minimal income tax expense in each of the three months ended September 30, 2026 and 2025.
Previous wording
Net revenues increased by $19.3 million, or 14.0%, to $157.2 million in the six months ended June 30, 2026 from $137.9 million in the six months ended June 30, 2025, due to higher Jeuveau® and Evolysse®sales. Net revenues in the six months ended June 30, 2026 and 2025 each contained $1.1 million of service revenue from sales of Jeuveau®through a distribution partner in Canada. We anticipate our continued sales growth will depend on (i) our ability to grow our customer base and to increase purchases by our current customers in the competitive aesthetic market, (ii) the continued success of Evolysse® Form and Evolysse® Smooth products in the United States, (iii) the success of the commercial launch of Evolysse® injectable HA gel collection in Europe and (iv) the regulatory approval for the Evolysse®Sculpt and Evolysse® Lips products in the United States.
Current wording
Net revenues increased by $28.3 million, or 13.7%, to $235.2 million in the nine months ended September 30, 2026 from $206.9 million in the nine months ended September 30, 2025, due to higher Jeuveau® and Evolysse®sales. Net revenues in the nine months ended September 30, 2026 and 2025 each contained $1.9 million and $1.1 million of service revenue, respectively, from sales of Jeuveau®through a distribution partner in Canada. We anticipate our continued sales growth will depend on (i) our ability to grow our customer base and to increase purchases by our current customers in the competitive aesthetic market, (ii) the continued success of Evolysse® Form and Evolysse® Smooth products in the United States, (iii) the success of the commercial launch of Evolysse® injectable HA gel collection in Europe and (iv) the regulatory approval for the Evolysse®Sculpt and Evolysse® Lips products in the United States.
Previous wording
Cost of goods sold primarily consists of inventory cost, amortization of intangible asset relating to distribution right and certain royalties. Cost of goods sold increased by $2.8 million, or 11.8%, to $26.9 million in the three months ended June 30, 2026 from $24.1 million in the three months ended June 30, 2025, primarily attributable to higher volumes of products shipped to customers, partially offset by a reduction in cost of goods sold of $1.1 million resulting from the recognition of IEEPA tariff refunds. We anticipate that our cost of goods sold will fluctuate due to changes in product and geographic mix and the impact of current and threatened tariffs.
Current wording
Cost of goods sold primarily consists of inventory cost, amortization of intangible asset relating to distribution right and certain royalties on the sale of our products. Cost of goods sold increased by $9.4 million, or 13.5%, to $78.4 million in the nine months ended September 30, 2026 from $69.1 million in the nine months ended September 30, 2025, primarily attributable to higher volumes of products shipped to customers, partially offset by a reduction in cost of goods sold of $1.1 million resulting from the recognition of IEEPA tariff refunds. We anticipate that our cost of goods sold will fluctuate due to changes in product and geographic mix and the impact of current and threatened tariffs.
Previous wording
Our gross profit margin was 67.5% and 66.7% in the six months ended June 30, 2026 and 2025, respectively. The recognition of IEEPA tariff refunds provided a 0.7 percentage point increase in gross profit margin in the six months ended June 30, 2026. We anticipate that our gross profit margin will fluctuate due to changes in product and geographic mix, the effect of current and threatened tariffs, and the impact of promotional and incentive programs on our average selling prices.
Current wording
Our gross profit margin was 66.7% and 66.6% in the nine months ended September 30, 2026 and 2025, respectively. The recognition of IEEPA tariff refunds provided a 0.5 percentage point increase in gross profit margin in the nine months ended September 30, 2026. We anticipate that our gross profit margin will fluctuate due to changes in product and geographic mix, the effect of current and threatened tariffs, and the impact of promotional and incentive programs on our average selling prices.
Previous wording
Selling, general and administrative expenses decreased by $4.3 million, or 3.8%, to $109.0 million in the six months ended June 30, 2026 from $113.3 million in the six months ended June 30, 2025, primarily attributable to lower marketing and sales expenses, as the prior year period included costs associated with the launch of Evolysse®, partially offset by higher personnel-related costs. Selling, general and administrative expenses may fluctuate in the future primarily driven by potential changes in marketing strategies, launches of new products and international expansion.
Current wording
Selling, general and administrative expenses decreased by $4.2 million, or 2.5%, to $162.0 million in the nine months ended September 30, 2026 from $166.1 million in the nine months ended September 30, 2025, primarily attributable to lower marketing and sales expenses, as the prior year comparable period included costs associated with the launch of Evolysse®, partially offset by higher personnel-related costs. Selling, general and administrative expenses may fluctuate in the future primarily driven by potential changes in marketing strategies, launches of new products and international expansion.
Previous wording
Research and development expenses were $4.1 million in the six months ended June 30, 2026 and remained relatively consistent with that in the six months ended June 30, 2025. We expect our research and development expenses to increase, if and when, we develop additional product candidates and pursue regulatory approvals.
Current wording
Research and development expenses were $6.1 million in the nine months ended September 30, 2026 and remained relatively consistent with that in the nine months ended September 30, 2025. We expect our research and development expenses to increase, if and when, we develop additional product candidates and pursue regulatory approvals.
Previous wording
The change in the fair value of the contingent royalty obligation payable to the Evolus Founders is recorded in operating expenses in each reporting period. In the six months ended June 30, 2026 and 2025, we recognized a net revaluation charge of $1.2 million and an unrealized gain of $1.8 million, respectively. Changes to the fair value of the contingent royalty obligation payable to Evolus Founders are driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.
Current wording
The change in the fair value of the contingent royalty obligation payable to the Evolus Founders is recorded in operating expenses in each reporting period. In the nine months ended September 30, 2026 and 2025, we recognized a net revaluation charge of $2.8 million and a net revaluation gain of $1.9 million, respectively. Changes to the fair value of the contingent royalty obligation payable to Evolus Founders are driven by changes in management assumptions relating to revenue forecasts, the discount rate used and the timing of cash flows.
Previous wording
Depreciation and amortization increased by $1.3 million, or 74.7%, to $3.1 million in the six months ended June 30, 2026 from $1.8 million in the six months ended June 30, 2025, primarily due to an increase in amortization of internal-use software and depreciation of leasehold improvements.
Current wording
Depreciation and amortization increased by $1.7 million, or 60.2%, to $4.6 million in the nine months ended September 30, 2026 from $2.9 million in the nine months ended September 30, 2025, primarily due to an increase in amortization of internal-use software and depreciation of leasehold improvements.
Previous wording
Interest expense, net, decreased by $2.9 million, or 27.5%, to $7.6 million in the six months ended June 30, 2026 from $10.4 million in the six months ended June 30, 2025, primarily due to $3.0 million of debt modification fees recognized in connection with the New Pharmakon Term Loans in the six months ended June 30, 2025. Interest on the Revolving Credit Facility and the New Pharmakon Term Loans (as defined below) is based on variable interest rates, which we expect will continue to fluctuate with the market. See “Liquidity and Capital Resources—The Pharmakon Term Loans” and “Liquidity and Capital Resources—The Revolving Credit Facility” for further information.
Current wording
Interest expense, net, decreased by $2.5 million, or 18.0%, to $11.5 million in the nine months ended September 30, 2026 from $14.0 million in the nine months ended September 30, 2025, primarily due to $3.0 million of debt modification fees recognized in the prior year comparable period in connection with the New Pharmakon Term Loans and lower average interest rates on outstanding indebtedness between the comparable periods. The decrease was partially offset by higher average outstanding indebtedness in the nine months ended September 30, 2026. Interest on the Revolving Credit Facility and the New Pharmakon Term Loans (as defined below) is based on variable interest rates, which we expect will continue to fluctuate with the market. See “Liquidity and Capital Resources—The Pharmakon Term Loans” and “Liquidity and Capital Resources—The Revolving Credit Facility” for further information.
Previous wording
There was minimal income tax benefit in the three months ended June 30, 2026 and minimal income tax expense in the three months ended June 30, 2025.
Current wording
There was minimal income tax expense in each of the nine months ended September 30, 2026 and 2025.
Previous wording
As of June 30, 2026, we had cash and cash equivalents of $45.2 million, positive working capital of $68.8 million and stockholders’ deficit of $30.9 million.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $41.7 million, positive working capital of $59.4 million and stockholders’ deficit of $37.8 million.
Previous wording
Since inception, we have incurred recurring net operating losses and have an accumulated deficit of $679.8 million as of June 30, 2026 as a result of ongoing efforts to develop and commercialize our products, including providing selling, general and administrative support for our operations. We had net loss of $18.7 million and $36.0 million in the six months ended June 30, 2026 and 2025, respectively. We had a loss from operations of $11.4 million and $25.4 million in the six months ended June 30, 2026 and 2025, respectively. We used net cash of $13.5 million and $40.4 million for operating activities in the six months ended June 30, 2026 and 2025, respectively. We expect to continue to incur significant expenses for the foreseeable future as we continue the commercialization efforts for our products, including supporting the growth of Evolysse® Form, Evolysse® Smooth, Evolysse® Sculpt and Evolysse® Lips injectable HA gel products in Europe following their launch in May 2026, and pursue regulatory approvals of Evolysse® Sculpt and Evolysse® Lips in the United States.
Current wording
Since inception, we have incurred recurring net operating losses and have an accumulated deficit of $692.3 million as of September 30, 2026 as a result of ongoing efforts to develop and commercialize our products, including providing selling, general and administrative support for our operations. We had net loss of $31.2 million and $51.8 million in the nine months ended September 30, 2026 and 2025, respectively. We had a loss from operations of $19.8 million and $36.9 million in the nine months ended September 30, 2026 and 2025, respectively. We used net cash of $15.5 million and $55.1 million for operating activities in the nine months ended September 30, 2026 and 2025, respectively. We expect to continue to incur significant expenses for the foreseeable future as we continue the commercialization efforts for our products, including supporting the growth of Evolysse® Form, Evolysse® Smooth, Evolysse® Sculpt and Evolysse® Lips injectable HA gel products in Europe following their launch in May 2026, and pursue regulatory approvals of Evolysse® Sculpt and Evolysse® Lips in the United States.
Previous wording
In response to a potential future tariff on certain patented pharmaceutical products imported from South Korea, we accelerated the importation of certain Jeuveau®inventory during the three months ended June 30, 2026. These purchases increased inventory and accounts payable by $17.6 million as of June 30, 2026. Under agreed payment terms with Daewoong, payments for the accelerated purchases are generally deferred until the periods in which the inventory otherwise would have been purchased under our existing demand forecast. Therefore, these purchases did not result in a commensurate use of cash during the three months ended June 30, 2026. We expect additional accelerated purchases will further increase inventory and accounts payable during the remainder of 2026, but we do not expect the related cash outflows during this period to increase proportionately. We estimate such outflows to remain generally aligned with our original demand forecast. These arrangements defer our payment obligations and are expected to preserve our near-term liquidity. Although these actions may reduce our near-term tariff exposure, they do not eliminate potential exposure on future imports after this inventory is consumed. The ultimate effects on our results of operations and liquidity will depend on the applicability and duration of the tariff with respect to Jeuveau®, the timing and volume of future imports, and the availability of any exceptions, exclusions or reduced rates.
Current wording
In response to uncertainty regarding the potential application of tariffs to certain patented pharmaceutical products imported from South Korea, we accelerated the importation of certain Jeuveau® inventory and samples under a deferred payment arrangement during the nine months ended September 30, 2026. From December 31, 2025 to September 30, 2026, inventories, other current assets, and accounts payable in the accompanying condensed consolidated balance sheets increased by $55.8 million, $8.4 million, and $62.8 million, respectively, primarily reflecting these accelerated purchases. Under agreed payment terms with Daewoong, payments for the accelerated purchases are generally deferred until the periods in which the inventory and product samples otherwise would have been purchased under our existing demand forecast. Therefore, these purchases did not result in a commensurate use of cash during the nine months ended September 30, 2026. We estimate the related cash outflows to remain generally aligned with our original demand forecast. These arrangements defer our payment obligations and are expected to preserve our near-term liquidity.
Previous wording
On March 3, 2026, we, as borrower, entered into a Loan and Security Agreement (the “Loan Agreement”) with Eclipse Business Capital LLC, as administrative agent and the lenders party thereto. Pursuant to the Loan Agreement, the lenders party provided a senior secured asset-based revolving credit facility (the “Revolving Credit Facility”) with a $30.0 million commitment and an uncommitted accordion feature of up to $10.0 million, which is exercisable, subject to lenders party consent and other conditions, in $5.0 million increments or in its entirety. The Revolving Credit Facility has a minimum utilization requirement of $10.0 million and matures on March 3, 2029 with outstanding principal and interest fully due and payable at such time. Borrowings under the Revolving Credit Facility bear interest at a rate equal to adjusted term secured overnight financing rate (“SOFR”) (subject to a floor of 2.0%) plus an applicable margin of 4.25%, which is subject to downward adjustments based on certain coverage ratio and excess availability. See Note 7. Long-Term Debtin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
Current wording
On March 3, 2026, we, as borrower, entered into a Loan and Security Agreement (the “Loan Agreement”) with Eclipse Business Capital LLC, as administrative agent and the lenders party thereto. Pursuant to the Loan Agreement, the lenders party provided a senior secured asset-based revolving credit facility (the “Revolving Credit Facility”) with a $30.0 million commitment and an uncommitted accordion feature of up to $10.0 million, which is exercisable, subject to lenders party consent and other conditions, in $5.0 million increments or in its entirety. The Revolving Credit Facility has a minimum utilization requirement of $10.0 million and matures on March 3, 2029 with outstanding principal and interest fully due and payable at such time. Borrowings under the Revolving Credit Facility bear interest at a rate equal to adjusted term secured overnight financing rate (“SOFR”) (subject to a floor of 2.0%) plus an applicable margin of 4.25%, which is subject to downward adjustments based on certain coverage ratio and excess availability. As of September 30, 2026, $10.0 million has been drawn under the Revolving Credit Facility with $20.0 million in remaining availability. See Note 7. Long-Term Debtin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
Previous wording
As of June 30, 2026, we recorded an aggregate balance of $29.0 million in our condensed consolidated balance sheet for the future royalty payment obligation to the Evolus Founders.
Current wording
As of September 30, 2026, we recorded an aggregate balance of $28.6 million in our condensed consolidated balance sheet for the future royalty payment obligation to the Evolus Founders.
Previous wording
Our agreement (the “Symatese Europe Agreement”) with Symatese provides us with an exclusive right to commercialize and distribute Symatese’s injectable HA gel products in 50 countries in Europe for use in the aesthetics and dermatological fields. The Symatese Europe Agreement includes certain milestone payments and minimum annual purchases which we are required to make in order to maintain the exclusivity of the license. We may, however, meet these minimum purchase obligations by achieving certain market share in our licensed territory. On August 3, 2026, we and Symatese entered into a series of agreements (collectively, the “Symatese EU Amendments”) that amended and expanded our commercialization rights under the Symatese Europe Agreement. Pursuant to the terms of the Symatese EU Amendments, we have exclusive rights to commercialize and distribute the full line of Evolysse® injectable HA gel products in each of (i) Europe, (ii) Canada, and (iii) Australia and New Zealand. Under the Symatese EU Amendments, we are required to make aggregate upfront payments of €1.4 million and may be required to make additional payments of up to €2.9 million upon receipt of certain regulatory approvals and completion of certain registration processes.
Current wording
Our agreement (the “Symatese Europe Agreement”) with Symatese provides us with an exclusive right to commercialize and distribute Symatese’s injectable HA gel products in 50 countries in Europe for use in the aesthetics and dermatological fields. The Symatese Europe Agreement includes certain milestone payments and minimum annual purchases which we are required to make in order to maintain the exclusivity of the license. We may, however, meet these minimum purchase obligations by achieving certain market share in our licensed territory. On August 3, 2026, we and Symatese entered into a series of agreements (collectively, the “Symatese EU Amendments”) that amended and expanded our commercialization rights under the Symatese Europe Agreement. Pursuant to the terms of the Symatese EU Amendments, we have exclusive rights to commercialize and distribute the full line of Evolysse® injectable HA gel products in each of (i) Europe, (ii) Canada, and (iii) Australia and New Zealand. The Symatese EU Amendments require upfront payments of €0.5 million for exclusive commercialization rights in Europe to an already approved HA gel product and €0.9 million for distribution rights to the full Evolysse®injectable HA gel product line in Canada, Australia and New Zealand. We may also be required to make additional payments of up to €1.5 million upon completion of specified registration process for the approved HA gel product in Europe and up to €1.4 million upon receipt of specified regulatory approvals in Canada, Australia and New Zealand.
Previous wording
Net cash used in investing activities was $2.2 million in the six months ended June 30, 2026, compared with $4.1 million in the six months ended June 30, 2025. The decrease was primarily attributable to lower additions to capitalized internal-use software and lower purchases of property and equipment.
Current wording
Net cash used in investing activities was $4.0 million in the nine months ended September 30, 2026, compared to $6.3 million in the nine months ended September 30, 2025. The decrease was primarily attributable to lower expenditures on capitalized internal-use software and lower purchases of property and equipment, partially offset by $0.6 million of payments for distribution rights in connection with the Symatese EU Amendments. See Note 2. Basis of Presentation and Summary of Significant Accounting Policiesin the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional information.
Previous wording
Net cash provided by financing activities was $7.3 million in the six months ended June 30, 2026, compared with $19.0 million in the six months ended June 30, 2025. The decrease was primarily attributable to lower net proceeds from debt financing activities, which were $9.4 million in the six months ended June 30, 2026, compared with $22.4 million in the six months ended June 30, 2025.
Current wording
Net cash provided by financing activities was $7.4 million in the nine months ended September 30, 2026, compared to $17.3 million in the nine months ended September 30, 2025. The decrease was primarily attributable to lower net proceeds from debt financing activities, which were $9.4 million in the nine months ended September 30, 2026, compared to $22.4 million in the nine months ended September 30, 2025.
Previous wording
Our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, primarily consist of debt service; royalties, minimum purchase obligations and other payments under our product license and supply agreements; milestone payments; and operating lease obligations. As of June 30, 2026, our outstanding debt included $160.0 million of principal, due in 2029 and 2030, and approximately $53.0 million of estimated future interest payments, including $14.0 million due within the next twelve months. Other than the Revolving Credit Facility entered into in March 2026, there were no material changes during the six months ended June 30, 2026 to the material cash requirements as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For additional information regarding the amount and timing of these obligations, see Notes 7 through 9 in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Current wording
Our material cash requirements from known contractual and other obligations, including commitments for capital expenditures, primarily consist of debt service; royalties, minimum purchase obligations and other payments under our product license and supply agreements; milestone payments; and operating lease obligations. As of September 30, 2026, our outstanding debt included $160.0 million of principal, due in 2029 and 2030, and approximately $49.7 million of estimated future interest payments, including $14.1 million due within the next twelve months. Other than the Revolving Credit Facility entered into in March 2026 and those discussed below, there were no material changes during the nine months ended September 30, 2026 to the material cash requirements as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025. For additional information regarding the amount and timing of these obligations, see Notes 7 through 9 and 13 in the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.
Previous wording
Subsequent to June 30, 2026, we entered into the Symatese EU Amendments, which require aggregate upfront payments of €1.4 million and additional payments of up to €2.9 million contingent upon receipt of certain regulatory approvals and completion of certain registration processes. We expect to fund our material cash requirements through cash on hand, cash provided by our operating activities, and available borrowing capacity.
Current wording
In August 2026, we entered into the Symatese EU Amendments, which require upfront payments of €0.5 million for exclusive commercialization rights in Europe to an already approved HA gel product and €0.9 million for distribution rights to the full Evolysse®injectable HA gel product line in Canada, Australia and New Zealand. We may also be required to make additional payments of up to €1.5 million upon completion of specified registration processes for the approved HA gel product in Europe and up to €1.4 million upon receipt of specified regulatory approvals in Canada, Australia and New Zealand. In the three months ended September 30, 2026, we paid the aggregate upfront payments of €1.4 million. We expect to fund our material cash requirements through cash on hand, cash provided by our operating activities, and available borrowing capacity.