Similar thing happened to my Italian Honey, zone 5, lost about 2 dozen tiny Brebas. They were doing fine until the lasr frost near the end of May, they must have fallen off after that.
Terry

Terry makes a good point. If the initials were budding from last years wood then there are many potential causes for them to drop. If the initials dropped from this years wood then that is more intriguing. What cultivar is it? I have been growing figs for nearly ten years and this is the first year most of my trees are pushing initials in the month of May. I think I am going to have a bumper crop of figs this year.

The first crop - called the breba crop - sometimes fails completely. It's a very individual thing depending on many factors. Not much you can do about it - just wait for the main crop later in the season

Ronald...

Mother Nature may have done you a favor by dropping the breba crop figs.

In our short season, you should pinch off all breba figs anyway, so that the better/superior, main-crop figs will develop, and ripen, sooner. You should also limit all new growth on the green twigs to 6-8 leaves. Pinch all terminal buds starting June 21st. After June 21st the "growth" phase is over and the trees enter the "maturing-ripening" phase as days grow shorter. Don't over fertilize, and don't over-water as main-crop figs start to ripen.

Good luck.

Frank

Just wanted to thank you for all your expert advise, Ron