olivLaw · US equity research
Femasys Inc. FEMY
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Femasys is a US biomedical company developing fertility and non-surgical permanent birth control products designed for use in the office. The company closed a $30 million private placement in August 2026, but it remains heavily dependent on external funding, with a net loss of $18.6 million in 2025.
At the close of 04 Nov 2026, Femasys Inc. (FEMY) stock was 1.44 USD (+2.86% on the day), with market capitalisation 12.1 m USD, beta 1.24, 52-week range 1.32–20.80 USD. Latest reported quarter (Q2 2026): revenue of 331.8 k USD (−18.9% YoY), net income of -4.5 m USD, diluted EPS -1.33 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.7
- weak (30–45)
- Bollinger (20, 2)
- 1.17 – 1.98
- in the lower half of the band · %B 0.33 · band width 51.3%
- SMA 50 / 200
- 2.19 / 5.96
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.23 / -0.25
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −28.7% | −1.1% | −27.6 pp | — |
| 3 months | −52.2% | −0.5% | −51.7 pp | — |
| 6 months | −84.1% | +4.4% | −88.5 pp | — |
| Year to date | −87.5% | +12.3% | −99.8 pp | — |
| 1 year | −89.5% | +13.5% | −103.0 pp | −5.2% |
| 3 years | −94.8% | +76.4% | −171.2 pp | +14.6% |
| 5 years | −99.0% | +63.7% | −162.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 554.9 k | 581.6 k | 341.3 k | 409.3 k | 729.4 k | 813.4 k | 424.9 k | 331.8 k |
| Cost of revenue | 190.8 k | 192.4 k | 117.3 k | 158.2 k | 293.8 k | 303.1 k | 158.6 k | 142.4 k |
| Research & development | 2.3 m | 2.2 m | 3.0 m | 1.4 m | 1.4 m | 1.8 m | 1.3 m | 1.9 m |
| Operating income | -5.1 m | -4.7 m | -5.5 m | -3.9 m | -3.7 m | -4.6 m | -4.2 m | -5.1 m |
| Depreciation & amortisation | 76.3 k | 82.2 k | 84.9 k | 86.3 k | 85.7 k | 85.2 k | 82.3 k | 82.8 k |
| Interest expense | 413.3 k | 440.4 k | 459.4 k | 491.5 k | 532.1 k | 408.1 k | 176.6 k | 186.1 k |
| Pre-tax income | -5.4 m | -5.1 m | -5.9 m | -4.6 m | -4.2 m | -3.9 m | 846.1 k | -4.5 m |
| Income tax | 1.2 k | 10.2 k | -4.2 k | 0 | 0 | 5.5 k | 0 | 865 |
| Net income | -5.4 m | -5.1 m | -5.9 m | -4.6 m | -4.2 m | -4.0 m | 846.1 k | -4.5 m |
| Diluted EPS | -0.24 | -0.22 ≈ | -0.23 | -3.18 | -0.10 | -0.06 ≈ | 0.00 | -1.33 |
| Operating cash flow | -5.5 m ≈ | -5.1 m | -4.8 m | -4.4 m ≈ | -5.4 m ≈ | -4.2 m | -4.1 m | -3.9 m ≈ |
| Capex | 407.9 k ≈ | 106.8 k | 96.6 k | 94.2 k ≈ | 194.3 k ≈ | 139.8 k | 79.1 k | 9.4 k ≈ |
| Share repurchases | 0 ≈ | 30.1 k | 161.8 k | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 1.0 m | 1.2 m | 1.2 m | 1.1 m | 1.6 m | 2.3 m |
| Revenue YoY | unavailable | +13.7% | +2.2% | −11.1% | +52.0% | +40.8% |
| Net income | -6.9 m | -7.5 m | -11.4 m | -14.2 m | -18.8 m | -18.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -7.20 | -1.12 | -0.96 | -0.93 | -0.85 | -0.47 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -666.2% | -639.0% | -944.6% | -1,329.1% | -1,155.0% | -812.3% |
| Free cash flow | -4.9 m | -8.2 m | -11.1 m | -11.4 m | -20.2 m | -19.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 9.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 5.9 m USD
- Total assets
- 20.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.53x
- ROE
- -455.8%
- ROA
- -112.3%
- FCF margin
- -837.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.0 m | 1.2 m | 1.2 m | 1.1 m | 1.6 m | 2.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 306.5 k | 370.4 k | 441.9 k | 380.1 k | 544.9 k | 872.4 k | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 731.4 k | 809.3 k | 764.3 k | 691.9 k ≈ | 1.1 m ≈ | 1.4 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Research & development | 4.1 m | 4.1 m | 5.8 m | 7.2 m | 8.2 m | 7.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -6.9 m | -8.3 m | -11.6 m | -14.5 m | -17.8 m | -17.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 679.7 k | 591.1 k | 561.2 k | 483.5 k | 297.3 k | 342.0 k | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | -6.3 m ≈ | -7.7 m ≈ | -11.0 m ≈ | -14.0 m ≈ | -17.5 m ≈ | -17.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 12.6 k | 19.2 k | 13.5 k | 165.4 k | 1.6 m | 1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -6.9 m | -7.5 m | -11.4 m | -14.2 m | -18.8 m | -18.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 1.8 k | 4.0 k | 6.3 k | 4.3 k | 9.6 k | 1.3 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | -6.9 m | -7.5 m | -11.4 m | -14.2 m | -18.8 m | -18.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -7.20 | -1.12 | -0.96 | -0.93 | -0.85 | -0.47 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 959.9 k | 6.7 m | 11.8 m | 15.4 m | 22.3 m | 39.5 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.3 m | 24.8 m | 13.0 m | 21.7 m | 3.5 m | 9.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 125.8 k | 84.3 k | 77.5 k | 98.9 k | 488.4 k | 616.6 k | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | 131.4 k | 208.3 k | 436.7 k | 667.1 k | 3.0 m | 5.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 3.9 m | 25.6 m | 14.1 m | 23.2 m | 8.0 m | 16.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 1.8 m | 1.6 m | 1.5 m | 1.1 m | 1.6 m | 1.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Intangibles (excl. goodwill) | 65.1 k | 25.1 k | 3.3 k | 0 | 65.9 k | 134.9 k | SEC (XBRL)· 31 Mar 2026verified |
| Total assets | 7.6 m | 28.6 m | 16.9 m | 27.8 m | 12.4 m | 20.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 674.3 k | 445.5 k | 510.8 k | 1.1 m | 1.4 m | 1.8 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 2.9 m | 1.7 m | 1.5 m | 3.1 m | 8.6 m | 3.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 4.1 m | 2.2 m | 1.7 m | 9.4 m | 10.1 m | 14.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | -51.8 m † | 26.3 m † | 15.2 m † | 18.4 m † | 2.3 m † | 5.9 m † | SEC (XBRL)· 31 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.9 m | -7.9 m | -10.7 m | -11.3 m | -19.4 m | -18.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | 8.4 k | 306.9 k | 407.5 k | 143.9 k | 761.7 k | 525.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | -4.9 m ≈ | -8.2 m ≈ | -11.1 m ≈ | -11.4 m ≈ | -20.2 m ≈ | -19.2 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | 968.3 k | -306.9 k | -407.5 k | -143.9 k | -847.8 k | -630.1 k | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 871.6 k | 29.7 m | -681.6 k | 20.2 m | 2.0 m | 25.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Share repurchases | — | — | 0 | 230.0 k | 60.8 k | — | SEC (XBRL)· 27 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 12.1 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -511.8% | 3 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 23.9% | 100 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -13.5x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 2.1x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -149.9% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial3/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Femasys Inc. (FEMY). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.3 m USD in 2025; YoY growth 40.8%; net margin -511.8%; ROE -425.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 23.9%
- Current ratio: 2.1x
What contradicts it
- Net margin: -511.8%
- Interest coverage: -13.5x
- FCF yield: -149.9%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 129.3 bn | 36.2 | 16.0% | 13.8% | +11.2% | −8% / +15% |
| MMM3m Company | 100.2 bn | 28.9 | 80.8% | 14.0% | +1.5% | +13% / +134% |
| BSXBoston Scientific Corporation | 66.4 bn | 19.4 | 14.3% | 16.6% | +19.9% | −55% / −18% |
| BDXBecton, Dickinson And Company | 57.0 bn | 63.2 | 3.8% | 4.0% | +8.2% | +37% / +13% |
| RMDResMed Inc. | 33.8 bn | 21.9 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 33.0 bn | 34.8 | 37.7% | 19.4% | +15.6% | +39% / −23% |
| WSTWest Pharmaceutical Services, Inc. | 28.5 bn | 45.9 | 21.2% | 18.8% | +6.3% | +47% / +17% |
| SOLVSolventum Corporation | 15.2 bn | 10.9 | 34.0% | 17.3% | +0.9% | +5% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 81.2 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 11.7 bn | 22.3 | 11.8% | 17.0% | +16.7% | −4% / +94% |
| TFXTeleflex Incorporated | 6.4 bn | — | -28.9% | -45.8% | +17.2% | +31% / −34% |
| HAEHaemonetics Corporation | 5.8 bn | 62.3 | 11.2% | 7.1% | −2.0% | +57% / +58% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 34.0 | 9.8% | 9.9% | +11.8% | +5% / +27% |
| HTFLHeartflow, Inc. | 4.9 bn | — | — | -55.8% | +39.9% | +75% / unavailable |
| ICUIIcu Medical Inc | 4.3 bn | 144.2 | 1.4% | 1.4% | −6.3% | +16% / +97% |
| LMATLemaitre Vascular, Inc. | 2.0 bn | 30.9 | 16.8% | 25.0% | +13.5% | +6% / +67% |
| TNDMTandem Diabetes Care, Inc. | 1.3 bn | — | -48.0% | -6.1% | +7.9% | −9% / −6% |
| IARTIntegra Lifesciences Holdings Corp | 1.2 bn | 88.3 | 1.2% | 0.8% | +1.5% | +13% / −62% |
| BBNXBeta Bionics, Inc. | 921.5 m | — | -23.9% | -65.3% | +53.9% | −46% / unavailable |
| SSIISs Innovations International, Inc. | 454.9 m | — | -26.1% | -23.7% | +105.7% | −66% / unavailable |
| CARLCarlsmed, Inc. | 439.3 m | — | -6,196.9% | -57.4% | +85.9% | −1% / unavailable |
| BWAYBrainsway Ltd. | 439.0 m | 224.2 | 5.6% | 7.1% | +29.0% | +28% / +258% |
| EMBCEmbecta Corp. | 369.4 m | 4.4 | — | 8.6% | −3.8% | −49% / −64% |
| CLPTClearPoint Neuro, Inc. | 325.7 m | — | -167.5% | -79.4% | +17.8% | −30% / +76% |
| TMCITreace Medical Concepts, Inc. | 292.7 m | — | -72.0% | -29.0% | +1.6% | +51% / −49% |
1- and 3-year price returns: for FEMY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Femasys is a US biomedical company developing fertility and non-surgical permanent birth control products designed for use in the office. The company closed a $30 million private placement in August 2026 3, but it remains heavily dependent on external funding, with a net loss of $18.6 million 1 in 2025.
SWOT
Strengths
- Extensive patent portfolio, in-house manufacturing and regulatory approvals across several European countries and other key markets 1.
- Clinical data for FemaSeed and FemBloc published in peer-reviewed journals, with high reported satisfaction among patients and physicians 1.
- Products designed for in-office use, which could reduce costs for patients and health systems 1.
Weaknesses
- Recurring net losses and a large accumulated deficit, with limited cash and uncertain short-term funding 13.
- Very low revenue and sales concentrated among a few international distributors 13.
- Capital structure with convertible notes and warrants that carry significant potential dilution for existing shareholders 1.
Opportunities
- If FemBloc obtains US approval, the company could access a non-surgical permanent contraception market far larger than the current surgical one 1.
- Partnerships with fertility clinic networks and the Israel alliance could expand distribution without proportionally raising costs 23.
- The launch of FemaSeed Complete in OB/GYN practices could increase sales volume for fertility products 2.
Threats
- If financing is not available on acceptable terms, the company could be forced to delay or reduce clinical and commercial activities 1.
- Dilution risk increases if convertible instruments and warrants are exercised or converted into new shares 1.
- Competition from large, well-capitalized companies could limit adoption, and clinical results from other players can shape physician perception 1.
Risks
- Going concernhigh
Management concluded that substantial doubt exists about the company's ability to continue as a going concern, and limited liquidity could affect contractual relationships 1. The August 2026 placement reduces the immediate risk but does not remove it 3.
- Shareholder dilutionhigh
The PIK-interest convertible notes and warrants issued in November 2025 could significantly increase the share count, and their exercise could bring capital as well as dilution 13.
- Capital-market financing limitsmedium
The baby shelf rule restricts sales under shelf registrations while the public float stays below the threshold, which can make financing difficult and slow 1.
- Regulatory and clinical-result riskmedium
US approval of FemBloc depends on completing the FINALE trial and on FDA acceptance of the filing; any delay could postpone expected revenue 1.
- Dependence on distributors and foreign marketslow
One French distributor generated a significant part of revenue, and commercial pressure or changes in the distribution network could quickly affect sales 1.
Investment thesis
What would need to be true (bull case)
- If FemBloc obtains US approval, the company could enter a non-surgical permanent contraception market with multi-billion dollar potential, which could change the risk profile of the business 1.
- If FemaSeed Complete expands in OB/GYN practices, the company could capture some patients who today choose more complex treatments, which could accelerate sales growth 2.
- The capital placement and restored Nasdaq compliance could give the company the time needed to execute its commercial and clinical plan, if results materialize 3.
What would break the thesis
- Sales remain very small relative to losses, and in the second quarter of 2026 they fell from the prior year, which could indicate slower commercial adoption than expected 3.
- The capital structure with convertible notes and warrants could heavily dilute current shareholders, and the share price could be affected if conversions occur at the same time 1.
- If the FINALE trial or the US authorization process is delayed, commercialization of FemBloc could be postponed significantly, and the company could remain dependent on external capital 1.
What to watch
- Enrollment progress in the FINALE trial and any interim results2027
- Sales trend of FemaSeed Complete and the number of OB/GYN practices adopting itQ1 2027
- Effect of the $30 million placement on cash position and dilutionnext 10-K
- Exercise of warrants and conversion of the convertible notes2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Femasys Inc. (NASDAQ: FEMY) is a biomedical company aiming to provide therapeutic and diagnostic solutions for women's health, with products that can be used directly in the gynecologist's office. Its portfolio includes FemaSeed, a first-line intratubal insemination treatment, along with diagnostic products such as FemVue, FemChec and FemCerv 1. The company manufactures in-house and holds an extensive patent portfolio, with approximately 228 issued patents globally 1.
The main commercial ambition is FemBloc, a non-surgical permanent contraception method placed minimally invasively and confirmed with an ultrasound test 1. The estimated US market for FemBloc is over $20 billion, and the immediately addressable market of over $3 billion annually would consist of those currently choosing surgery for sterilization 1. US approval of FemBloc, however, depends on completing the FINALE pivotal trial, whose final phase began enrollment in March 2026 1.
The company was woman-founded and is woman-led, operating with a team of device developers and biotechnology specialists 1. Through the August 2026 placement, Femasys could receive up to $90 million if all warrant holders fully exercise for cash 3.
Segments
Fertility (FemaSeed, FemVue, FemSperm)
This segment targets intratubal insemination as a first-line treatment before IVF. In the pivotal trial, the pregnancy rate per subject was 26.3% 1, and the company launched FemaSeed Complete in April 2026 so that gynecologists can perform insemination entirely in their own practices 2. Sales in this line rose slightly in the first half of 2026 3.
Permanent birth control (FemBloc, FemChec)
FemBloc is the main product in development, with CE mark certification, approvals in the UK and New Zealand, and distribution partnerships in Spain and France/Benelux 1. For US approval, the company must complete the FINALE trial and file a marketing application, which requires substantial additional capital 1.
Cervical diagnostics (FemCerv)
FemCerv is an endocervical sampling device for cervical cancer diagnosis, cleared by the FDA and approved in Europe, the UK, Canada and Israel 1. The company intends to promote it through its direct US sales force, though commercial focus remains on the fertility line 1.
Market context
Femasys targets the fertility and contraception segments, which the company considers multi-billion dollar global markets with little innovation for many years 1. The immediately addressable US market for FemaSeed, FemVue and FemSperm is estimated at over $1 billion 1. Actual sales, however, remain small at $756,716 in the first half of 2026 3, showing the distance between estimated potential and current commercial traction.
Internationally, distribution is concentrated: a single French distributor accounted for about 21% of revenue in 2025 1. European approvals and partnerships with US fertility clinics, along with the alliance with AMI Technologies in Israel, could widen market access if they translate into commercial volumes 2.
Trends
- Shift of first-line fertility treatment into the officetailwind
Interest in more accessible treatments delivered in the gynecologist's office could favor intratubal insemination if physicians adopt the procedure and patients accept it as an alternative to IUI 1.
- Acceptance of non-surgical permanent contraceptiontailwind
If patients and physicians adopt a permanent method with no anesthesia and no incisions, demand for FemBloc could grow, particularly relative to surgical sterilization 1.
- Cash pressure and shareholder dilutionheadwind
High cost of capital and convertible instruments with PIK interest may dilute existing shareholders; full conversion of the notes and warrants could result in a much larger number of shares 1.
- Regulatory requirements and clinical evidencemixed
US authorization of FemBloc depends on final pivotal trial results, and publication of clinical results by competitors or third parties can influence product adoption 1. These requirements could slow commercialization, but could also strengthen credibility if the data are favorable.
Competitive position
The industry includes several large, well-capitalized players, and Femasys products compete mainly with surgical sterilization and with temporary or reversible contraceptive methods 1. In fertility, intrauterine insemination and IVF remain the standard alternatives that physicians and patients compare with FemaSeed 1.
The company's stated advantage is that FemBloc requires no general anesthesia, no incisions or capital equipment, and leaves no implant behind, unlike hormonal or implantable alternatives 1. This argument depends, however, on physicians adopting a new type of procedure, for which existing competition already has established experience 1.
- Surgical sterilization (tubal ligation)
The only existing permanent option, carrying surgical risks and higher cost, which Femasys uses as its benchmark 1.
- Intrauterine insemination (IUI)
The standard first-line fertility treatment, which FemaSeed presents as a more effective alternative for male-factor infertility 1.
- In vitro fertilization (IVF)
A more complex and costly treatment that sits after insemination in the treatment pathway, and which FemaSeed could potentially precede 1.
- Temporary or reversible contraceptive methods
Hormonal or implant alternatives that FemBloc challenges by leaving no implant in the body 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report02 Nov 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report14 Aug 2026
- Current report14 Aug 2026Results of operations · Financial statements and exhibits
- Current report11 Aug 2026Material agreement · Item 3.02 · Financial statements and exhibits
- Current report24 Jun 2026Shareholder vote
- Current report24 Jun 2026Other events · Financial statements and exhibits
- Current report05 Jun 2026Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Current report04 Jun 2026Regulation FD disclosure
- Current report13 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Femasys Inc. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Femasys Inc. · 14 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Femasys Inc. · 14 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.