-- Recruitment of the commercial team for our infertility portfolio and the pivotal trial of FemBloc® for permanent non-surgical birth control continues -- ATLANTA, May 09, 2024 (GLOBE NEWSWIRE) -- Femasys Inc. (NASDAQ:FEMY), a leading biomedical company focused on addressing significant unmet needs of women worldwide with a broad portfolio of in-office, accessible and innovative therapeutic and diagnostic products, announces financial results for the quarter ended March 31, 2024 and provides a corporate update. Corporate Highlights from 1Q 2024 to date Company announced positive topline data from pivotal trial for FDA-cleared FemaSeed® for the treatment of infertility. Company announced the first in-office commercial procedure with FDA-cleared FemaSeed infertility solution at a former investigative site. Appointed Richard Spector as Chief Commercial Officer. Initiated enrollment in pivotal trial (NCT05977751) of our permanent birth control candidate FemBloc at two academic sites, for a total of six active sites, the maximum permitted in the first stage. "Femasys is well positioned to commercialize our infertility portfolio, led by FemaSeed in 2024 with promising top line data from the FemaSeed pivotal trial that was more than double the historic intrauterine insemination (IUI) pregnancy rates for male factor infertility (i.e., low sperm count). We are focused on completing recruitment of the commercial team and ramping up commercial operations, while continuing to support enrollment in our pivotal trial for FemBloc, our proprietary solution for permanent non-surgical birth control," said Femasys' CEO Kathy Lee-Sepsick. "We believe we have sufficient cash to fund operations into the second half of 2025, allowing us to continue our track record of achieving our stated milestones and moving our mission forward to deliver innovative purposely engineered solutions for women's health that are safe, effective, accessible, and affordable." Financial Results for Quarter Ended March 31, 2024 Research and development expenses increased by $233,292 to $1,770,731 in Q1 of 2024 from $1,537,439 in Q1 of 2023 Sales decreased by $22,844 to $271,140 in Q1 of 2024 from $293,984 in Q1 of 2023 Net loss was $3,599,510 or $0.17 per basic and diluted share attributable to common stockholders, for the quarter ended March 31, 2024, compared to net loss of $2,946,257, or $0.25 per basic and diluted share attributable to common stockholders, for the quarter ended March 31, 2023 Cash and cash equivalents as of March 31, 2024 was $17,835,968 and the Company had an accumulated deficit of $111,981,139. The Company expects, based on its current operating plan, that its existing cash and cash equivalents will be sufficient to fund its ongoing operations into the second half of 2025 For more information, please refer to the Company's Form 10-Q filed May 9, 2024, which can be accessed on the SEC website. FEMASYS INC. Condensed Balance Sheets (unaudited)                     Assets   March 31, 2024   December 31, 2023 Current assets:           Cash and cash equivalents $ 17,835,968     21,716,077     Accounts receivable, net   120,529     98,906     Inventory, net   971,297     667,118     Prepaid and other current assets   955,539     695,879             Total current assets   19,883,333     23,177,980   Property and equipment, at cost:           Leasehold improvements   1,212,417     1,212,417     Office equipment   47,308     47,308     Furniture and fixtures   417,654     414,303     Machinery and equipment   2,582,220     2,559,356     Construction in progress   569,723     423,077                 4,829,322     4,656,461   Less accumulated depreciation   (3,615,405 )   (3,545,422 )           Net property and equipment   1,213,917     1,111,039   Long-term assets:           Lease right-of-use assets, net   2,227,561     2,380,225     Intangible assets, net of accumulated amortization   33,115     —     Other long-term assets   1,013,034     1,086,581             Total long-term assets   3,273,710     3,466,806