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Femasys Inc. (FEMY-5.43%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing an increase in sales to $1,629,108 from $1,071,970 in the previous year, primarily due to the commercialization of the FemaSeed product.
Cost of sales increased to $544,903, reflecting the rise in sales volume, while research and development expenses rose to $8,216,543 due to increased compensation and development costs.
Sales and marketing expenses saw a significant increase to $4,030,150, attributed to the expansion of the commercial team and increased marketing efforts.
General and administrative expenses decreased slightly to $6,325,999, primarily due to reduced compensation and professional costs.
The company reported a net loss of $18,816,628, up from $14,247,124 in the previous year, with the increase largely due to higher operating expenses.
Femasys raised approximately $5.4 million subsequent to year-end through an at-the-market facility, and reported cash and cash equivalents of $3,451,761 as of December 31, 2024.
The company continues to focus on the clinical development of its FemBloc system for permanent birth control, with ongoing pivotal trials and recent CE mark certification in the EU.
Femasys highlighted the need for additional funding to support its operations and product development, acknowledging potential challenges in securing capital.
The report also outlines various risks, including competition from larger companies, regulatory challenges, and the need for market acceptance of its products.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Femasys Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.