Femasys Clears Delisting Overhang With $30M Private Placement, $90M Warrant Upside

Femasys (NASDAQ: FEMY) has regained compliance with Nasdaq Listing Requirements after closing a $30 million private placement on August 10, 2026 — the second compliance rescue in roughly two months for the fertility-device biotech.

Per the company's August 7, 2026 news release on GlobeNewswire, Femasys sold 9,374,999 common shares and pre-funded warrants at $3.20 per share and $3.1999 per pre-funded warrant. Each share and pre-funded warrant came with an accompanying warrant: 18,749,998 warrants in total, carrying a $2.95 exercise price and a three-year term. If those warrants are fully exercised for cash, they could provide up to an additional $60 million — bringing combined potential proceeds to $90 million against the $30 million raised at close.

A second tranche adds a conditional layer. Milestone warrants covering 9,374,999 shares become exercisable 12 months after closing, but only if Femasys hits specified U.S. revenue of at least $1.5 million in any fiscal quarter, stock-price milestones at 130% of the exercise price, and an effective resale registration statement. That bar sits against current financials: per the company's August 14, 2026 financial results release on GlobeNewswire, Q2 2026 revenue came in at $331,827, down from $409,268 in Q2 2025. Net loss for Q2 2026 was $4,469,095, compared with $4,585,922 in Q2 2025.

The lead investor is Nantahala Capital, described in the August 7 release as a new institutional investor. Rosalind Advisors, Inc. and additional new healthcare-focused funds also participated, alongside members of Femasys' management team.

This isn't the first time Femasys has had to fight its way back onto Nasdaq in 2026. The company previously regained compliance in June 2026 following a 1-for-20 reverse stock split implemented June 5, 2026. The August 10 closing of the private placement is what restored compliance the second time.

As of August 14, 2026 — the most recent trading session before August 17 — FEMY closed at $2.29, below both the $3.20 offering price and the $2.95 warrant exercise price. The company's market cap as of August 17, 2026 stands at $6.91 million per Robinhood and Wall Street Zen data. Volume on August 14 was 117.05K shares against a daily average of 282.5K, per the same sources.

On the product side, Femasys' fertility portfolio includes FemaSeed® Intratubal Insemination, used alongside the CLIA-waived FemSperm® sperm preparation and analysis line; FemVue®, an ultrasound-based fallopian tube assessment device; and the FemHSG™ Catheter, used with FemVue for comprehensive fertility workup. The company is also running the FINALE pivotal trial toward U.S. FDA approval of FemBloc, per the August 14 corporate update on GlobeNewswire.

The milestone warrant structure means the additional $60 million in potential proceeds is contingent on revenue performance that, at $331,827 in Q2 2026 per the August 14 release, remains far from the $1.5 million quarterly threshold. Per the company's public disclosures, what comes next includes continued enrollment in the FINALE pivotal trial and execution against the revenue milestones that would unlock the second tranche of warrants.