▶ VALENTINE’S DAY in San Diego this year dawned cold and grim for Saundra Pelletier. It should have been a day of celebration—or at least marketing synergy—for the CEO of Evofem Biosciences, a women’s health company with an unapologetically sex-positive mission. Its first and only product is a contraceptive gel called Phexxi, which Evofem markets to the millions of women eager for a birth control option without hormones. More than 100,000 people have gotten a prescription for Phexxi since it launched in late 2020; millions more have watched its $30 million viral commercial, starring Schitt’s Creek comedian Annie Murphy.
But the past few years have stretched
