Femasys Announces Financial Results for Year Ended December 31, 2025 and Provides Corporate Update
Rhea-AI Summary
Femasys (NASDAQ: FEMY) reported 2025 results and corporate progress on March 31, 2026. Sales rose 40.8% to $2,293,313, driven by FemBloc, while net loss was $18,627,887 (−$0.47 per share). Cash and cash equivalents were approximately $9.3 million, expected to fund operations into Q3 2026.
Key operational milestones include initiation of patient enrollment in the FINALE pivotal trial for FemBloc, FDA 510(k) clearance for FemVue, MDSAP certification for FemBloc, AMA Category III CPT code for FemaSeed, a $12 million financing, and a Switzerland distribution partnership.
Positive
- Sales +40.8% to $2.29M in 2025
- Initiated enrollment in FINALE pivotal trial for FemBloc
- Received FDA 510(k) clearance for FemVue device
- Completed $12M financing to strengthen balance sheet
- MDSAP certification for FemBloc supporting global readiness
- AMA Category III CPT code granted for FemaSeed reimbursement pathway
Negative
- Net loss of $18.63M for 2025
- Accumulated deficit of ~$145.8M as of Dec 31, 2025
- Cash runway only into Q3 2026 based on current plan
- Long-term liabilities rose to $11.22M at year end
- Shares outstanding increased from 23.47M to 59.72M (dilution)
News Market Reaction – FEMY
In the Apr 1 session, FEMY declined 0.76%, reflecting a mild negative market reaction. Argus tracked a peak move of +28.5% during that session. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Negative | -11.3% | Q3 2025 results with IDE approval and significant financing transactions. |
| Aug 08 | Q2 2025 earnings | Negative | -13.2% | Q2 2025 results showing strong sales growth but sizeable net loss and low cash. |
| May 08 | Q1 2025 earnings | Negative | -7.8% | Q1 2025 update with higher sales and R&D, widening net loss and limited cash. |
| Mar 27 | 2024 annual results | Negative | -12.2% | 2024 results with European FemBloc approval, higher sales, and larger net loss. |
| Nov 12 | Q3 2024 earnings | Negative | -11.6% | Q3 2024 results showing rapid sales growth but widening losses and cash burn. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have consistently triggered double‑digit negative moves despite recurring sales growth and operational milestones.
Over the past five earnings or financial updates, Femasys has repeatedly reported strong year‑over‑year sales growth alongside persistent net losses and the need for additional capital. Prior results on Nov 14, 2025, Aug 8, 2025, May 8, 2025, Mar 27, 2025, and Nov 12, 2024 all highlighted regulatory and commercial progress but also ongoing cash constraints and dilution‑linked financings. Each of these events saw the stock decline by roughly double‑digit percentages, and today’s annual 2025 results continue that pattern of negative market reaction.
Key Terms
pivotal clinical trial medical
medical device single audit program (mdsap) regulatory
category iii cpt code regulatory
510(k) clearance regulatory
post-market surveillance study medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
-- Enrollment underway in FDA-authorized FINALE pivotal trial demonstrating execution toward FemBloc® U.S. approval --
ATLANTA, March 31, 2026 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ: FEMY), a leading biomedical innovator making fertility and non-surgical permanent birth control more accessible and cost-effective to women worldwide, announced its financial results for the year ended December 31, 2025 and provides a corporate update.
Corporate Highlights from 4Q 2025 to date
- Initiated patient enrollment in the FINALE pivotal clinical trial evaluating FemBloc, advancing toward U.S. approval.
- Appointed Kenneth D. Eichenbaum, M.D., M.S.E., to the Board of Directors, strengthening leadership and strategic oversight.
- FemBloc permanent birth control system achieved certification under the Medical Device Single Audit Program (MDSAP), supporting global regulatory readiness.
- Received AMA CPT Editorial Panel approval of a new Category III CPT code for FemaSeed® intratubal insemination (ITI), supporting future reimbursement pathway.
- Entered a strategic distribution partnership with OR Consulting to support commercial launch of FemBloc, FemaSeed and other products within the portfolio in Switzerland.
- Established partnership with Refuah Health Center, advancing adoption of FemaSeed as a first-line infertility treatment in community-based care.
- Secured FDA 510(k) clearance for the FemVue® Controlled device, supporting commercialization of an innovative solution for evaluating fallopian tube status.
- Completed
$12 million financing, strengthening balance sheet to support ongoing clinical and commercial execution. - Initiated European post-market surveillance study for FemBloc, advancing real-world evidence generation and commercialization efforts.
“During the fourth quarter of 2025 and into the first quarter of 2026 we achieved significant clinical, regulatory and commercial milestones for our FemBloc non-surgical permanent birth control and our FemaSeed first-line intratubal insemination product solutions,” said Kathy Lee-Sepsick, Founder and Chief Executive Officer of Femasys. “We are actively expanding FemaSeed commercialization in the U.S. with the introduction of the FemSperm® product family, which enables gynecologists to perform in-office sperm preparation and analysis for use with our first-step infertility treatment. Concurrently, we are advancing FemBloc with the initiation of patient enrollment in the FINALE pivotal clinical trial, a key step toward U.S. FDA approval. We believe we have sufficient cash to fund operations into the third quarter of 2026. We continue to strive to redefine women’s reproductive health by addressing critical gaps with innovative, safe, and technologically advanced solutions.”
Financial Results for Year Ended December 31, 2025
- Sales increased by
$664,205 , or40.8% , to$2,293,313 in 2025 from$1,629,108 in 2024, primarily due to sales of FemBloc. - Research and development expenses decreased by
$638,839 , or7.8% , to$7,577,704 in 2025 compared to$8,216,543 in 2024, primarily due to commercialization of development products into inventory, reduced professional fees and compensation costs, partially offset by increased regulatory costs. - Net loss was
$18,627,887 , or ($0.47) per basic and diluted share attributable to common stockholders, for the year ended December 31, 2025, compared to a net loss of$18,816,628 , or ($0.85) per basic and diluted share attributable to common stockholders, for the year ended December 31, 2024. - Cash and cash equivalents as of December 31, 2025, was approximately
$9.3 million and the Company had an accumulated deficit of approximately$145.8 million . The Company expects, based on its current operating plan, its current cash and cash equivalents, will be sufficient to fund its ongoing operations into the third quarter of 2026.
For more information, please refer to the Company’s Form 10-K filed March 31, 2026, which can be accessed on the SEC website.
| FEMASYS INC. | ||||||||||||
| Condensed Balance Sheets | ||||||||||||
| (unaudited) | ||||||||||||
| Assets | December 31, 2025 | December 31, 2024 | ||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 9,266,353 | 3,451,761 | |||||||||
| Accounts receivable, net | 616,600 | 488,373 | ||||||||||
| Inventory | 5,740,249 | 3,046,323 | ||||||||||
| Prepaid and other current assets | 833,133 | 1,035,993 | ||||||||||
| Total current assets | 16,456,335 | 8,022,450 | ||||||||||
| Property and equipment, at cost: | ||||||||||||
| Leasehold improvements | 1,238,886 | 1,238,886 | ||||||||||
| Office equipment | 78,155 | 60,921 | ||||||||||
| Furniture and fixtures | 417,876 | 417,876 | ||||||||||
| Machinery and equipment | 3,065,713 | 2,856,740 | ||||||||||
| Construction in progress | 897,885 | 762,445 | ||||||||||
| 5,698,515 | 5,336,868 | |||||||||||
| Less accumulated depreciation | (3,802,940 | ) | (3,740,769 | ) | ||||||||
| Net property and equipment | 1,895,575 | 1,596,099 | ||||||||||
| Long-term assets: | ||||||||||||
| Lease right-of-use assets, net | 1,297,121 | 1,805,543 | ||||||||||
| Intangible assets, net of accumulated amortization | 134,914 | 65,918 | ||||||||||
| Other long-term assets | 940,232 | 954,992 | ||||||||||
| Total long-term assets | 2,372,267 | 2,826,453 | ||||||||||
| Total assets | $ | 20,724,177 | 12,445,002 | |||||||||
| (continued) | ||||||||||||
| FEMASYS INC. | |||||||||||||
| Condensed Balance Sheets | |||||||||||||
| (unaudited) | |||||||||||||
| Liabilities and Stockholders’ Equity | December 31, 2025 | December 31, 2024 | |||||||||||
| Current liabilities: | |||||||||||||
| Accounts payable | $ | 1,830,124 | 1,419,044 | ||||||||||
| Accrued expenses | 1,265,773 | 1,151,049 | |||||||||||
| Convertible notes payable, net (including related parties) | — | 5,406,228 | |||||||||||
| Clinical holdback – current portion | 52,644 | 88,581 | |||||||||||
| Lease liabilities – current portion | 487,624 | 517,967 | |||||||||||
| Total current liabilities | 3,636,165 | 8,582,869 | |||||||||||
| Long-term liabilities: | |||||||||||||
| Clinical holdback – long-term portion | 52,370 | 39,611 | |||||||||||
| Convertible notes payable, net | 3,178,864 | — | |||||||||||
| Conversion option liability | 2,014,000 | — | |||||||||||
| Warrants liabilities | 4,943,000 | — | |||||||||||
| Lease liabilities – long-term portion | 1,030,476 | 1,518,100 | |||||||||||
| Total long-term liabilities | 11,218,710 | 1,557,711 | |||||||||||
| Total liabilities | 14,854,875 | 10,140,580 | |||||||||||
| Commitments and contingencies | |||||||||||||
| Stockholders’ equity: | |||||||||||||
| Common stock, | |||||||||||||
| 59,720,010 shares issued and 59,602,787 outstanding as of | |||||||||||||
| December 31, 2025; and 23,473,149 shares issued | |||||||||||||
| and 23,355,926 outstanding as of December 31, 2024 | 59,720 | 23,473 | |||||||||||
| Treasury stock, 117,223 common shares | (60,000 | ) | (60,000 | ) | |||||||||
| Warrants | 5,246,150 | 1,860,008 | |||||||||||
| Additional paid-in capital | 146,449,576 | 127,679,198 | |||||||||||
| Accumulated deficit | (145,826,144 | ) | (127,198,257 | ) | |||||||||
| Total stockholders’ equity | 5,869,302 | 2,304,422 | |||||||||||
| Total liabilities and stockholders' equity | $ | 20,724,177 | 12,445,002 | ||||||||||
| FEMASYS INC. | ||||||||||||
| Condensed Statements of Comprehensive Loss | ||||||||||||
| (unaudited) | ||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||
| Sales | $ | 2,293,313 | 1,629,108 | |||||||||
| Cost of sales (excluding depreciation expense) | 872,400 | 544,903 | ||||||||||
| Operating expenses: | ||||||||||||
| Research and development | 7,577,704 | 8,216,543 | ||||||||||
| Sales and marketing | 4,443,807 | 4,030,150 | ||||||||||
| General and administrative | 6,646,037 | 6,325,999 | ||||||||||
| Depreciation and amortization | 342,034 | 297,318 | ||||||||||
| Total operating expenses | 19,009,582 | 18,870,010 | ||||||||||
| Loss from operations | (17,588,669 | ) | (17,785,805 | ) | ||||||||
| Other (expense) income: | ||||||||||||
| Interest income | 101,760 | 582,354 | ||||||||||
| Change in fair value of conversion option liability | 503,000 | — | ||||||||||
| Change in fair value of warrants liabilities | 731,000 | — | ||||||||||
| Interest expense | (1,891,119 | ) | (1,603,575 | ) | ||||||||
| Other expense | (482,562 | ) | — | |||||||||
| Total other expense, net | (1,037,921 | ) | (1,021,221 | ) | ||||||||
| Loss before income taxes | (18,626,590 | ) | (18,807,026 | ) | ||||||||
| Income tax expense | 1,297 | 9,602 | ||||||||||
| Net loss | $ | (18,627,887 | ) | (18,816,628 | ) | |||||||
| Net loss attributable to common stockholders, basic and diluted | $ | (18,627,887 | ) | (18,816,628 | ) | |||||||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.47 | ) | (0.85 | ) | |||||||
| Weighted-average common shares and pre-funded warrants outstanding- basic and diluted | 39,549,218 | 22,267,695 | ||||||||||
About Femasys
Femasys is a leading biomedical innovator focused on making fertility and non-surgical permanent birth control more accessible and cost-effective for women worldwide through its broad, patent-protected portfolio of novel, in-office therapeutic and diagnostic products. As a U.S. manufacturer with global regulatory approvals, Femasys is actively commercializing its lead product innovations in the U.S. and key international markets. Femasys’ fertility portfolio includes FemaSeed® Intratubal Insemination (ITI), a groundbreaking first-step infertility treatment; FemSperm®, a CLIA waived sperm preparation and analysis product line; and FemVue®, a companion diagnostic for fallopian tube assessment. Published clinical trial data demonstrate that FemaSeed achieved more than double the pregnancy rate of traditional IUI, with a comparable safety profile, and high patient and practitioner satisfaction.1
FemBloc® permanent birth control is the first and only non-surgical, in-office alternative to centuries-old surgical sterilization that received full regulatory approval in Europe in June of 2025, the UK in August 2025, and New Zealand in September 2025. Commercialization of this highly cost-effective, convenient and significantly safer approach will be completed through strategic partnerships in select European countries. Alongside FemBloc, the FemChec® diagnostic product provides an ultrasound-based test to confirm procedural success. Published data from initial clinical trials demonstrated compelling effectiveness, five-year safety, and high patient and practitioner satisfaction.2 For U.S. FDA approval, enrollment in the FINALE pivotal trial (NCT05977751) is ongoing.
Learn more at www.femasys.com, or follow us on X, Facebook and LinkedIn.
References
1Liu, J. H., Glassner, M., Gracia, C. R., Johnstone, E. B., Schnell, V. L., Thomas, M. A., L. Morrison, Lee-Sepsick, K. (2024). FemaSeed Directional Intratubal Artificial Insemination for Couples with Male-Factor or Unexplained Infertility Associated with Low Male Sperm Count. J Gynecol Reprod Med, 8(2), 01-12. doi: 10.33140/JGRM.08.02.08.
2Liu, J. H., Blumenthal, P. D., Castaño, P. M., Chudnoff, S. C., Gawron, L. M., Johnstone, E. B., Lee-Sepsick, K. (2025). FemBloc Non-Surgical Permanent Contraception for Occlusion of the Fallopian Tubes. J Gynecol Reprod Med, 9(1), 01-12. doi: 10.33140/JGRM.09.01.05.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. Forward-looking statements can be identified by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “pending,” “intend,” “believe,” “suggests,” “potential,” “hope,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on our current expectations and are subject to inherent uncertainties, risks and assumptions, many of which are beyond our control, difficult to predict and could cause actual results to differ materially from what we expect. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, among others: our ability to obtain regulatory approvals for our FemBloc product candidate; develop and advance our current FemBloc product candidate and successfully enroll and complete the clinical trial; the ability of our clinical trial to demonstrate safety and effectiveness of our product candidate and other positive results; estimates regarding the total addressable market for our products and product candidate; our ability to commercialize our products and product candidate, our ability to establish, maintain, grow or increase sales and revenues, or the effect of delays in commercializing our products, including FemaSeed; our business model and strategic plans for our products, technologies and business, including our implementation thereof; and those other risks and uncertainties described in the section titled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, when filed, and other reports as filed with the SEC. Forward-looking statements contained in this press release are made as of this date, and Femasys undertakes no duty to update such information except as required under applicable law.
Contacts:
David Gutierrez, Dresner Corporate Services, (312) 780-7204, dgutierrez@dresnerco.com
Nathan Abler, Dresner Corporate Services, (714) 742-4180, nabler@dresnerco.com
