Good afternoon, and welcome to the Evofem Biosciences Investor Update Call. I'll turn the call over to Amy Raskopf, Evofem Biosciences Vice President of Investor Relations.
Thank you all for joining us this afternoon. Before we begin, I would like to remind you that remarks on this call will contain forward-looking statements, which are made only as of today, August 11, 2022. For a more detailed description of important risk factors that could cause our actual results to differ materially, please refer to our annual report on Form 10-K and our most recently filed 10-Q. With that, I'll turn the call over to Evofem's CEO, Saundra Pelletier.
Thank you for joining the call today. The purpose of the call is to provide clarity on the listing of Evofem's common stock and our future plans. On Tuesday afternoon, we were notified by the Nasdaq Hearings Panel's decision to delist our shares from Nasdaq because the panel determined that we did not cure the minimum bid price deficiency. To cure the deficiency, our stock would have needed to close above $1 for 10 or more consecutive trading days prior to August 8, 2022 or close above $1 on August 8 and each subsequent trading day through August 22. Evofem closed below $1 on August 8. We did close above $1 for 10 consecutive days in May. However, the panel disregarded this achievement in making its decision.
We intend to request that the Nasdaq Listing and Hearing Review Council review the panel's decision in light of this and other considerations. However, an appeal will not stay the decision of the Nasdaq Hearings Panel. Evofem remains a public company, and we will retain the ticker symbol EVFM. Shares of our common stock started trading on the OTC Markets Group platform at the open of trading today, August 11. For clarity, there are approximately 85 million outstanding shares. We are applying for trading of our shares of common stock on the OTCQB market. They expect to trade on the OTC platform while we continue to explore all of our strategic alternatives as well as potential relisting on Nasdaq or potential listing on the NYSE American Exchange. Contraception is a profitable business, especially for a company with an FDA-approved proprietary product with no generic equivalent.
The total US market is $7.9 billion, and last week we reported strong financial results for another consecutive quarter. Evofem product sales grew 42% quarter-over-quarter to $6 million. The growth opportunity is significant. On the call, I tried to clearly depict that every 1% market share of the 42.2 million women in our addressable market represents significant net product sales for Evofem. Our current WAC and gross-to-net of 40% makes us net $176.40 for a box of 12 of Phexxi. If we're being conservative and women only get four boxes of Phexxi a year, each 1% market share equals $298 million in Phexxi net sales.
The reality is, though, that most providers write a six-month prescription, and when women get six boxes of Phexxi a year at 1% market share equals $447 million in Phexxi net sales. Assuming our gross-to-net continues to improve, the economics become more and more favorable. The big catalyst and value inflection will come in October. We expect to report top-line data from our registrational phase III trial evaluating Phexxi for the prevention of chlamydia and gonorrhea. Positive outcomes will enable us to submit regulatory applications to the FDA in the first half of 2023. These will be sNDA filings that will seek to add the prevention of chlamydia and gonorrhea for women to our current Phexxi label. We have a Fast Track designation for both of these indications, which is a six-month review.
We also expect, if you are looking at value, that the STI prevention indications will double our market opportunity. There are no FDA-approved women-controlled prophylactics to prevent these STIs, and every single sexually active person is at risk. Research indicates that two-thirds of current lubricant users would replace their lubricant with Phexxi due to its lubricating properties. If approved for the prevention of chlamydia and gonorrhea, that number continues to rise. We also found in an additional study that 49 million Americans actually use personal lubricants. Where are we gonna go from here? We're in active conversations with our key investors and our debt holders, and we will work with them as we transition into our OTC listing to find the best solution to improve our balance sheet. Ultimately, we will continue to advance our key initiatives.
We'll report top-line results of the phase III study in October. We will keep delivering ongoing growth for Phexxi net product sales, and we will continue to expand access to Phexxi. We will also continue to reduce our expenses year-over-year. We'll pursue potential opportunities that will build shareholder value, such as co-marketing and co-promotion partnerships, ex U.S. license deals to commercialize Phexxi. What we know is one-third of women globally discontinue hormonal birth control because of side effects. This isn't just a domestic U.S. opportunity, it is a global opportunity. We also will maintain our focus on shifting the mindset of the women's contraceptive category. Also significantly advancing the underserved sexual infection categories and delivering on both of these opportunities. In closing, I wanna thank you for taking the time to listen today. We are grateful for your time and support.
I know that there are many questions. I know that there is a lot of frustration, and I know that that's combined with a lot of support. I can assure you that I have written this script about 250 times. I have edited it and rewrote it and thrown it away and started again. There are millions of things that I could say and that I wanna say because my life's work has been figuring out a way to deliver access for women while delivering for shareholders. Innovation has not existed in contraception, and it has been decades since someone brought something new to the table. The reason Phexxi exists is because this company knew that the unmet need was there. We knew that we had differentiating characteristics that made it a better option for women.
We knew that there was such an unmet need far beyond the obvious 800,000 women who have cancer, the women who are breastfeeding, the women who take concomitant medication. We knew that young women say, "I don't have sex every day, and I don't wanna put a synthetic hormone in my body if I'm suffering from side effects." Instead of coming out with a me-too product in a crowded category, we've brought something new to market. It's different and it's better. Not only is it better in contraception, the idea that we are going to be able to address a market with 4 million chlamydia infections and 1.8 million gonorrhea annually and growing, it is a significant opportunity.
We are disappointed that we are in this place having this call to talk about what are our steps after being delisted, because we did everything possible to maintain compliance. Now we are going to redirect. We are gonna stay focused. We are gonna continue to deliver as we have. We are going to figure out what is the very best and expeditious way to continue delivering shareholder return and what is the best way to do that. We look forward to giving you more continuous updates, and we will continue to do so on an ongoing basis when we can provide additional clarity. With that, I'd like to turn it back to the operator.
Thank you. This concludes today's call. You may now disconnect your lines.