The blastocyst is formed at an early stage of embryonic development around 5-6 days after the fertilisation.
The zygote then starts dividing after fertilisation and at this stage around 50-200 cells are present.
In the case if the blastocyst does not implant, the lining of the uterus (endometrium) starts making arrangements for the developing blastocyst to attach to it through certain internal changes.
Without these changes, implantation will not occur, and the embryo will shed off leading to menstruation.
Thus, if the blastocyst does not implant, pregnancy does not occur.