Femsys Inc. reported a net loss of $18.8 million for the year ended December 31, 2024, compared to a net loss of $14.2 million in 2023. Sales increased significantly by 52% to $1.6 million in 2024, primarily driven by the commercialization of the FemaSeed product, which contributed $509,650 in sales. This increase was partially offset by a 43.4% rise in cost of sales to $544,903, attributed to increased sales and partially offset by manufacturing efficiencies. Research and development expenses increased by 14% to $8.2 million, reflecting increased compensation, material, and consultant costs.
Sales and marketing expenses surged by 519.9% to $4 million in 2024 due to the recruitment of a commercial team. General and administrative expenses decreased by 7.8% to $6.3 million, primarily due to lower compensation and professional fees. Depreciation and amortization expenses decreased by 38.5% to $297,318, reflecting the end of the useful life of certain assets. Other (expense) income saw a significant decrease to a net expense of $1.0 million, primarily due to increased interest expense related to convertible notes.
The company's pivotal clinical trial for FemBloc permanent birth control is currently enrolling participants for U.S. approval. In March 2025, Femasys announced CE mark certification for the FemBloc delivery system in the European Union, along with strategic distribution partnerships in Spain. The company also reported strategic distribution partnerships for FemaSeed and FemVue in Spain during 2024, and partnerships with Boston IVF, HRC Fertility, and CNY Fertility. As of December 31, 2024, Femasys employed 69 full-time and two part-time employees.
The company's cash and cash equivalents totaled $3.5 million as of December 31, 2024. Based on its current operating plan and anticipated revenue, the company expects its existing cash and cash equivalents, along with $5.4 million raised after year-end, to fund operations into the third quarter of 2025. However, the company acknowledges that additional funding will be required to sustain operations and complete the development and commercialization of FemBloc. The company's financial statements include a going-concern qualification due to its recurring losses and negative cash flows. The company's outlook is contingent upon securing additional funding and obtaining FDA approval for FemBloc.
About FEMASYS INC
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