Femasys IncFEMY

Femasys Inc. is a women’s health company whose latest filing shows a balance sheet that reads more like a garage sale than a growth story: revenue of $424,889 for the quarter to 31 March 2026, an operating loss of $4.2 million, and a net gain of $846,100 that still left earnings per share at exactly zero. The company’s inventory now stands at $6.1 million while cash sits at $5.4 million, a ratio that suggests either aggressive stockpiling or a creative approach to liquidity management. (source: FEMY 10-Q, https://www.sec.gov/Archives/edgar/data/1339005/000114036126020115/ef20070477_10-q.htm)

Femasys describes itself as working to provide next-generation advancements to disrupt severely under-served areas in women’s health, which is a crisp elevator pitch if your elevator is currently stationary. The company’s website lists an order form and customer terms, but the operative detail is that the firm’s primary revenue driver remains the sale of surgical devices-high-margin when the orders arrive, immaterial when they don’t. The product rail shows the company trying to move from niche to mainstream, yet the filing rail shows a business that has yet to prove it can scale beyond the size of its cash pile. (source: Order | Femasys, https://www.femasys.com/order/; Femasys Inc., https://femasys.com)

The numbers are the numbers: for the quarter ended 31 March 2026, Femasys posted revenue of $424,889, net income of $846,100, operating loss of $-4.2M, assets of $16.5M, liabilities of $9.2M, stockholders’ equity of $7.3M, cash and equivalents of $5.4M, net cash used in operating activities of $-4.1M, R&D spend of $1.3M, inventory of $6.1M, and diluted EPS of $0.00 on 78.1M shares. The company also incurred $79,138 in capex and increased inventories by $365,018. (source: FEMY 10-Q, https://www.sec.gov/Archives/edgar/data/1339005/000114036126020115/ef20070477_10-q.htm)

The company’s 1-for-20 reverse stock split, announced on 4 June 2026, arrived the same day the 10-Q was filed and two weeks after the company disclosed a $7.5 million private placement priced at $0.12 per share on 24 June 2026. The optics are neat: shrink the share count, raise fresh capital at a discount, and hope the market mistakes the manoeuvre for momentum. The filing rail confirms the mechanics, but the investing rail shows a business whose equity cushion is thinner than a surgical glove. (source: FEMY 8-K, https://www.sec.gov/Archives/edgar/data/1339005/000114036126023955/ef20075450_8k.htm; FEMY 8-K, https://www.sec.gov/Archives/edgar/data/1339005/000114036126026169/ef20076706_8k.htm)

What remains unproven is whether the product pipeline can convert the inventory build into revenue at a margin wide enough to offset the $4.1 million quarterly cash burn, let alone fund the $1.3 million R&D tab. The company’s own order page and terms suggest a direct-to-clinic model, yet the filing rail shows the firm still burning cash in operating activities and relying on fresh issuance to keep the lights on. The tension is whether the polished platform story can survive the balance sheet’s arithmetic. (source: Order | Femasys, https://www.femasys.com/order/; FEMY 10-Q, https://www.sec.gov/Archives/edgar/data/1339005/000114036126020115/ef20070477_10-q.htm)

Next evidence the source directs readers to: a quarter in which operating cash flow turns positive, a follow-on issuance at a higher price, or a clear path to scaling revenue beyond the current run-rate of $1.7 million annualised. Until then, the file is a story of surgical ambition with a cash haemorrhage. (source: FEMY 10-Q, https://www.sec.gov/Archives/edgar/data/1339005/000114036126020115/ef20070477_10-q.htm; FEMY 8-K, https://www.sec.gov/Archives/edgar/data/1339005/000114036126026169/ef20076706_8k.htm)