Exclusive: Male birth control maker raising $20M to develop "Plan A"

Next Life Sciences is raising $20 million to develop male contraceptive product Plan A, CEO Darlene Walley tells Axios exclusively.

Why it matters: Male birth control options such as condoms and vasectomies haven't changed since the age of disco.

The latest: San Louis Obispo, Calif.-based Next is courting investors for the Series A.

• The launch follows a $2.5 million raise last January and includes a $200,000 renewed grant from the Male Contraceptive Initiative (MCI), bringing MCI's total contribution to $400,000.
• Next has so far closed a total of six seeds, per Walley, bringing it to $10 million in total capital raised to-date (none of which will go towards the Series A).
• Walley expects the Series A to close by the end of June.

What's next: Series A money will go toward early feasibility trials in Australia and Canada, as well as preparing for a 2027 U.S. FDA submission.

• Next plans to collect a Series B in 2026, per Walley.

How it works: Plan A comprises a hydrogel injected in an outpatient procedure to block sperm from being ejaculated.

• The substance is placed in the vas deferens, the muscular tube in the male reproductive system that transports mature sperm to the urethra.
• The honey-like liquid rapidly transforms into a solid, opaque material that acts as a plug.
• Designed to last up to 10 years, the substance can be removed by a clinician using a bicarbonate solution to dissolve it, per Walley.

Between the lines: Because Plan A categorized as a medical device, its regulatory path could be smoother and faster than it would be for a drug, Walley says.

• Unlike vasectomies (only about 50% reversible and more invasive), Plan A is designed to be a "set it and forget it" solution that men can undo.
• The company will sell directly to potential customers, alongside clinicians and family practitioners.

The big picture: Next's Series A would mark a rare sizable raise in the male reproductive health space as interest in the topic surges following the reversal of Roe v. Wade and the election of Donald Trump, who's called himself the "father of IVF."

What they're saying: "I think men in general have evolved to more of a partnership with women and a lot of responsibilities," says Walley.

• "When you look at the overturning of Roe v. Wade, the new administration, the fear of pregnancy is different than it was a decade or two ago," Walley adds. "We're seeing a spike in demand."
• "With Plan A, you don't need Plan B," says Walley.

Reality check: Regulatory approval is still years away, and success in early trials doesn't guarantee market entry.

Yes, but: If Plan A clears clinical and FDA hurdles, it could reshape a long-stagnant field.

State of play: Other venture-backed initiatives in the male contraceptive space include:

• Contraline, which raised a $10.7 million Series A in 2021, is already in clinical trials with a gel-based male contraceptive.
• Posterity Health, a fertility startup focused on male reproduction via sperm and hormone health, this February collected a $13 million Series A.
• Legacy, a celebrity-backed sperm testing and storage startup, in 2023 raised a $25 million Series B at a $150 million valuation.

What we're watching: Walley foresees a potential IPO after Plan A has been on the market for about five years. The company has also considered a strategic exit via acquisition by a pharmaceutical company.

• Next is developing a second product for erectile dysfunction in men who can't use available medications due to heart disease or other exclusionary factors.
• That topical product will use a substance that causes vasodilation or the widening of blood vessels.

The bottom line: Next is betting that the future of birth control won't remain solely a "women's issue" — and investors seem to agree.