Hi,
I tried to simulate bq25703A Webench to see the light load efficiency, but it looks like the simulation does not include PFM mode. The Webench result show too low efficiency compared with the data in datasheet as attached. Please check it and discuss with MLC team.
webench_design_bq25703A Vin=5V Vout=8.4V Iout=0.1.pdf
Best Regards,
Satoshi / Japan Disty