Femasys, a biomedical company specializing in women's reproductive health solutions, reported a decrease in sales for the first quarter of 2024, with a 7.8% drop to $271,140 compared to the same period in 2023. The company's net loss widened by 22.2% year-on-year to $3,599,510. Despite reduced sales, cost of sales saw a 15.8% decrease due to manufacturing efficiencies. Operating expenses increased across the board, with research and development costs up by 15.2%, sales and marketing by 22.7%, and general and administrative expenses by 14.3%. The company's cash and cash equivalents stood at $17,835,968 as of March 31, 2024, with an accumulated deficit of $111,981,139. Femasys has completed several key business developments, including the final audit for the European Union Medical Device Regulation, securing $6.85 million in financing, and completing enrollment...Show More

Femasys, a biomedical company specializing in women's reproductive health solutions, reported a decrease in sales for the first quarter of 2024, with a 7.8% drop to $271,140 compared to the same period in 2023. The company's net loss widened by 22.2% year-on-year to $3,599,510. Despite reduced sales, cost of sales saw a 15.8% decrease due to manufacturing efficiencies. Operating expenses increased across the board, with research and development costs up by 15.2%, sales and marketing by 22.7%, and general and administrative expenses by 14.3%. The company's cash and cash equivalents stood at $17,835,968 as of March 31, 2024, with an accumulated deficit of $111,981,139. Femasys has completed several key business developments, including the final audit for the European Union Medical Device Regulation, securing $6.85 million in financing, and completing enrollment for the FemaSeed pivotal trial. The company also initiated enrollment for the FemBloc pivotal trial and announced the first in-office commercial procedure with FDA-cleared FemaSeed. Looking ahead, Femasys expects its current cash to fund operations into the second half of 2025 and continues to focus on the development and commercialization of its product candidates, FemaSeed and FemBloc.