Femasys Inc. reported significant financial developments in its 10-Q filing for the third quarter and nine months ended September 30, 2024. The company achieved sales of $554,908 for the three months ended September 30, 2024, marking a substantial increase of 127.1% from $244,361 in the same period in 2023. For the nine months, total sales reached $1,047,532, up 22.0% from $858,859 in the prior year. This growth was primarily driven by the introduction of FemaSeed and increased sales of FemVue, with notable international sales growth.
Despite the revenue increase, Femasys reported a net loss of $(5,408,860) for Q3 2024, compared to $(3,996,905) in Q3 2023, reflecting a 35.3% increase in losses. For the nine-month period, the net loss was $(13,692,944), a 39.2% increase from $(9,836,670) in the same period in 2023. The company's total operating expenses for Q3 2024 were $5,482,509, a 29.3% increase from $4,239,439 in Q3 2023, driven by a significant rise in sales and marketing expenses, which surged to $1,572,189 from $70,883 year-over-year.
Research and development expenses also increased, totaling $2,303,241 for Q3 2024, up 11.1% from $2,072,830 in Q3 2023. The company’s accumulated deficit as of September 30, 2024, stood at $(122,074,573), indicating ongoing financial challenges. Femasys has incurred net operating losses since its inception and anticipates continued negative cash flows for at least the next twelve months, raising substantial doubt about its ability to continue as a going concern.
In terms of strategic developments, Femasys has made significant progress in regulatory approvals and product launches. The company received FDA 510(k) clearance for FemChec in September 2024 and CE Mark certification for several products, including FemaSeed and FemVue, in June 2024. The company also initiated pivotal clinical trials for FemBloc, with enrollment starting in August 2023.
Femasys's cash and cash equivalents decreased to $7,611,210 as of September 30, 2024, down from $21,716,077 at the beginning of the period. The company reported net cash used in operating activities of $(14,369,440) for the nine months ended September 30, 2024, compared to $(8,244,566) in the same period in 2023. The financing activities provided $1,001,724, a significant drop from $4,074,083 in the previous year, indicating challenges in raising capital.
About FEMASYS INC
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