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Femasys Inc. (FEMY-2.52%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in sales to $554,908 from $244,361 in the same quarter the previous year. The increase is attributed to sales of FemaSeed and FemVue.
Cost of sales for the quarter was $190,839, representing 34% of sales, compared to 35% in the same quarter of the previous year.
The company reported a net loss of $5,408,860 for the quarter, compared to $3,996,905 in the previous year.
Research and development expenses increased to $2,303,241 from $2,072,830, primarily due to increased compensation and consultant costs.
Sales and marketing expenses rose significantly to $1,572,189 from $70,883, largely due to the recruitment of commercial team members for the U.S. launch of FemaSeed.
General and administrative expenses decreased to $1,530,791 from $1,970,408, attributed to reduced compensation and professional fees.
Cash used in operating activities was $14,369,440 for the nine months ended September 30, 2024, compared to $8,244,566 in the previous year.
The company had cash and cash equivalents of $7,611,210 as of September 30, 2024. Femasys plans to fund its operations through existing cash, additional financing, and anticipated revenue.
Femasys acknowledges substantial doubt about its ability to continue as a going concern due to its financial condition.
The filing details the company's ongoing clinical trials, including the FINALE trial for FemBloc, and the commercial progress of FemaSeed.
Femasys received 510(k) clearance from the FDA for FemChec in September 2024, and announced strategic distribution partnerships for its products in Europe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Femasys Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.