Summary by Futu AI
Femasys Inc. reported Q2 2024 financial results with revenue declining 30.9% to $221,484 from $320,514 in Q2 2023, primarily due to timing of international sales. Cost of sales decreased 33.8% to $73,125, reflecting reduced sales and manufacturing efficiencies. The company's net loss widened to $4.7 million from $2.9 million year-over-year.Research and development expenses increased 29.4% to $2.0 million, driven by higher material, development and clinical costs. Sales and marketing expenses rose significantly to $975,190 from $128,899 as the company built its commercial team for FemaSeed launch. General and administrative expenses grew 18.8% to $1.6 million due to increased facility and compensation costs.As of June 30, 2024, Femasys had cash and cash equivalents of $13.5 million, which management expects will fund operations into July 2025. However, the company noted substantial doubt about its ability to continue as a going concern beyond 12 months without additional financing. The company is advancing commercialization of its FDA-cleared FemaSeed infertility solution and conducting pivotal trials for its FemBloc permanent birth control candidate.
