Femasys Announces Financial Results for Quarter Ended September 30, 2024, and Provides Corporate Update
ATLANTA, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ:FEMY), a leading biomedical company focused on addressing significant unmet needs of women worldwide with a broad portfolio of in-office, accessible and innovative therapeutic and diagnostic products, announces financial results for the quarter ended September 30, 2024 and provides a corporate update.
Corporate Highlights from 3Q 2024 to date
Announced partnership with Boston IVF, prominent network of fertility centers, to offer FemaSeed®
Announced the onboarding of the first infertility medical clinic customers to offer FemaSeed infertility treatment to patients in California and Florida
Announced strategic distribution partnerships for CE-marked products, including FemaSeed and FemVue® in Spain, which are anticipated to generate over $1.3 million over the next year
Received second order from Spain strategic distribution partners after successfully completing commercial FemaSeed infertility treatments
Received 510(k) clearance from FDA for FemChec®, an innovative diagnostic solution for fallopian tube check
Received CE Mark certification and product approval from Health Canada, the Public Health Agency of Canada, for our compact, eco-friendly FemVue MINI for fallopian tube assessment
Announced issuance of U.S. patent covering FemBloc® device for female permanent birth control
"We continue to achieve significant commercial milestones with regard to our FemaSeed first-line infertility treatment and its supporting FemVue product. Notably, in 3Q we began commercialization of FemaSeed in the U.S., including a high-profile conglomerate, as well as in Europe with two partners in Spain. We look forward to collaborating with our expanding group of partners as we bring our next generation advancements to women," said Femasys' CEO Kathy Lee-Sepsick.
Financial Results for Quarter Ended September 30, 2024
Sales increased by $310,547, or 127.1%, to $554,908 in Q3 of 2024 from $244,361 in Q3 of 2023, due to increased sales of FemaSeed and FemVue. The Company recorded its first FemaSeed U.S. and international sales for the three months ended September 30, 2024, and additional sales are expected in the 4th quarter of 2024.
Research and development expenses increased by $230,411, or 11.1%, to $2,303,241 in Q3 of 2024 from $2,072,830 in Q3 of 2023.
Net loss was $5,408,860, or ($0.24) per basic and diluted share attributable to common stockholders, for the quarter ended September 30, 2024, compared to net loss of $3,996,905, or ($0.26) per basic and diluted share attributable to common stockholders, for the quarter ended September 30, 2023.
Cash and cash equivalents as of September 30, 2024, was $7.6 million and the Company had an accumulated deficit of $122.1 million. The Company expects, based on its current operating plan, that its existing cash and cash equivalents will be sufficient to fund its ongoing operations into July 2025.
Financial Results for Nine Months Ended September 30, 2024
Sales increased by $188,673, or 22.0%, to $1,047,532 for the nine months of 2024, from $858,859 for the nine months of 2023 due to increased sales of FemaSeed and FemVue.
R&D expenses increased by $912,406 or 17.8%, to $6,049,847 for the nine months of 2024, from $5,137,441 for the nine months of 2023.
Net loss was $13,692,944, or ($0.62) per basic and diluted share attributable to common stockholders, for the nine-month period ended September 30, 2024, compared to net loss of $9,836,670, or ($0.74) per basic and diluted share attributable to common stockholders, for the same period ended September 30, 2023.
For more information, please refer to the Company's Form 10-Q filed November 12, 2024, which can be accessed on the SEC website.
FEMASYS INC.
Condensed Balance Sheets
(unaudited)
Assets
September 30,2024
December 31,2023
Current assets:
Cash and cash equivalents
$
7,611,210
21,716,077
Accounts receivable, net
378,290
98,906
Inventory, net
1,937,670
667,118
Prepaid and other current assets
1,370,523
695,879
Total current assets
11,297,693
23,177,980
Property and equipment, at cost:
Leasehold improvements
1,238,886
1,212,417
Office equipment
67,231
47,308
Furniture and fixtures
433,584
414,303
Machinery and equipment
2,848,833
2,559,356
Construction in progress
548,149
423,077
5,136,683
4,656,461
Less accumulated depreciation
(3,748,393
)
(3,545,422
)
Net property and equipment
1,388,290
1,111,039
Long-term assets:
Lease right-of-use assets, net
1,941,624
2,380,225
Intangible assets, net of accumulated amortization
70,064
—
Other long-term assets
887,410
1,086,581
Total long-term assets
2,899,098
3,466,806
Total assets
$
15,585,081
27,755,825
(continued)
FEMASYS INC.
Condensed Balance Sheets
