Full Year 2023 Net Revenue Increased 80% from 2022 While OPEX Decreased 33%
Twirla Demand and Factory Sales Up 121% and 114% Respectively in 2023 vs 2022
Company Completes Pay-Off of Debt Facility in First Quarter 2024
Twirla Demand Expected to Rebound in First Quarter 2024 from Decreased Demand in Fourth Quarter 2023
Management to Host Conference Call Today, Thursday, March 28, 2024 at 8:30 a.m. ET
PRINCETON, N.J., March 28, 2024 (GLOBE NEWSWIRE) — Agile Therapeutics, Inc. (Pink: AGRX), a women’s healthcare company, today reported financial results for the three and twelve months ended December 31, 2023 and provided a corporate update.
“2023 was a year for Agile that we believe demonstrated our ability to continue to grow Twirla,” said Agile Therapeutics Chairperson and Chief Executive Officer Al Altomari. “We believe we answered questions about our business model’s sustainability in 2023 by once again demonstrating meaningful year-over-year growth in net revenue, Twirla demand, and Twirla factory sales while simultaneously keeping operating expenses at responsible levels. We continue to believe in our business model with an emphasis on partnerships to maximize Twirla’s growth potential. We will continue to explore any and all strategic opportunities, both internally and externally, that have the ability to maximize Twirla growth and increase shareholder value.”
Fourth Quarter & Full Year 2023 Performance Updates
Additional Corporate Updates
Fourth Quarter & Full Year 2023 Financial Results
Conference Call and Webcast
| Date | Thursday, March 28, 2024 |
| Time | 8:30 a.m. ET |
| Webcast (live and archived) | Events & Presentations |
| Registration Link | Register Here |
A live webcast of the conference call may be accessed via the Investor Relations portion of the Agile Therapeutics website at https://ir.agiletherapeutics.com/events-and-presentations.
To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
About Agile Therapeutics, Inc.
Agile Therapeutics is a women’s healthcare company dedicated to fulfilling the unmet health needs of today’s women. Our product and product candidates are designed to provide women with contraceptive options that offer freedom from taking a daily pill, without committing to a longer-acting method. Our initial product, Twirla®, (levonorgestrel and ethinyl estradiol), a transdermal system, is a non-daily prescription contraceptive. Twirla is based on our proprietary transdermal patch technology, called Skinfusion®, which is designed to allow drug delivery through the skin. For more information, please visit the company website at www.agiletherapeutics.com. The Company may occasionally disseminate material, nonpublic information on the Company’s website and LinkedIn account.
About Twirla®
Twirla (levonorgestrel and ethinyl estradiol) transdermal system is a once-weekly combined hormonal contraceptive (CHC) patch that contains the active ingredients levonorgestrel (LNG), a type of progestin, and ethinyl estradiol (EE), a type of estrogen. Twirla is indicated for use as a method of contraception by women of reproductive potential with a body mass index (BMI) < 30 kg/m2 for whom a combined hormonal contraceptive is appropriate. Healthcare providers (HCPs) are encouraged to consider Twirla’s reduced efficacy in women with a BMI ≥ 25 to <30 kg/m2 before prescribing. Twirla is contraindicated in women with a BMI ≥ 30 kg/m2. Twirla is also contraindicated in women over 35 years old who smoke. Cigarette smoking increases the risk of serious cardiovascular events from CHC use. Twirla is designed to be applied once weekly for three weeks, followed by a week without a patch.
About Prescription Data
The Company receives prescription data for Twirla from Symphony Health Solutions, and the data are not created or owned by the Company. Prescription data are available through other subscription services as well, such as IQVIA. Unless otherwise noted, the prescription data results reported in this press release are reported as of December 31, 2023, by Symphony Health Solutions. The prescription data terms are defined as follows: Twirla cycles dispensed are the number of 3-patch packages dispensed.
Each 3-patch package represents one 28-day cycle of therapy. Total Cycles Dispensed represents every cycle dispensed from both retail and non-retail channels. Retail channels include retail pharmacies, mail order, and long-term care while non-retail channels include clinics and hospitals and other entities where prescriptions are dispensed directly to the patient. Total prescriptions (TRx) are the total number of prescriptions dispensed through the retail channels. This represents both new and refill prescriptions. New prescriptions (NRx) are new prescriptions dispensed through retail channels. Refill prescriptions (RRx) are refill prescriptions filled through retail channels. Total prescribers are the cumulative number of prescribers whose prescriptions were filled through retail channels since launch. Not all prescription demand in the non-retail channel is reported into third parties like Symphony Health Solutions and IQVIA. The factory sales reported from Twirla wholesalers do include sales to the non-retail channel and, therefore, the Company believes factory sales more closely represent the total demand for Twirla across all channels.
Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (GAAP), we use non-GAAP operating expenses and non-GAAP net loss to measure our financial performance. We define the term non-GAAP operating expenses as GAAP operating expenses excluding one-time, non-cash charges incurred in connection with the loss on disposition of assets. We define the term non-GAAP net loss as GAAP net loss excluding recurring unrealized gains or losses pertaining to liability classified warrants and one-time non-cash charges incurred in connection with the loss on disposition of assets. We believe that the presentation of these non-GAAP financial metrics provides useful information about our operating results, enhances the overall understanding of past financial performance and future prospects, allows for greater transparency with respect to metrics used by our management in its financial and operational decision-making and produces a useful measure for period-to-period comparisons of our business.
The presentation of these non-GAAP financial measures are not intended to be a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP and may be different from non-GAAP financial measures used by other companies, and therefore, may not be comparable among companies. We believe the presentation of these non-GAAP financial measures provides meaningful supplemental information regarding our performance; however, we urge investors to review the reconciliation of this financial measures to the comparable GAAP financial measures included in the accompanying tables, and not to rely on any single financial measure to evaluate our business.
Forward-Looking Statements
Certain information contained in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We may in some cases use terms such as “predicts,” “believes,” “potential,” “continue,” “anticipates,” “estimates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “likely,” “will,” “should” or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Our forward-looking statements are based on current beliefs and expectations of our management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, including statements regarding our ongoing and planned manufacturing and commercialization of Twirla®, the potential market acceptance and uptake of Twirla, including the increasing demand for Twirla in 2024, our partnership with Afaxys and its ability to promote growth, our product supply agreement with Nurx and its ability to educate patients about Twirla, our connected TV (CTV) campaign and its ability to promote growth, our prospects for future financing arrangements, and our financial condition, growth and strategies. Any or all of the forward- looking statements may turn out to be wrong or be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to our ability to raise additional capital, ability to pay our obligations as they become due, ability to maintain regulatory approval of Twirla and the labeling under any approval we obtain, the ability of Corium to produce commercial supply in quantities and quality sufficient to satisfy market demand for Twirla, our ability to successfully enhance the commercialization of and increase the uptake for Twirla, the size and growth of the markets for Twirla and our ability to serve those markets, regulatory and legislative developments in the United States and foreign countries, our ability to obtain and maintain intellectual property protection for Twirla and our product candidates, clinical trials, supply chain, operations and the operations of third parties we rely on for services such as manufacturing, marketing support and sales support, as well as on our potential customer base, and the other risks set forth in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. For all these reasons, actual results and developments could be materially different from those expressed in or implied by our forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this press release. We undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact:
info@agiletherapeutics.com
| Agile Therapeutics, Inc. Balance Sheets (in thousands, except par value and share data) |
||||||||
| December 31, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 2,557 | $ | 5,246 | ||||
| Accounts receivable, net | 3,392 | 3,377 | ||||||
| Inventory, net | 2,738 | 1,332 | ||||||
| Prepaid expenses and other current assets | 843 | 1,403 | ||||||
| Total current assets | 9,530 | 11,358 | ||||||
| Property and equipment, net | 75 | 177 | ||||||
| Right of use asset | 412 | 695 | ||||||
| Other non-current assets | 238 | 2,012 | ||||||
| Total assets | $ | 10,255 | $ | 14,242 | ||||
| Liabilities and stockholders’ deficit | ||||||||
| Current liabilities: | ||||||||
| Long-term debt and notes payable | $ | 1,706 | $ | 1,426 | ||||
| Accounts payable | 9,574 | 7,734 | ||||||
| Accrued expenses | 9,131 | 3,908 | ||||||
| Lease liability, current portion | 366 | 319 | ||||||
| Total current liabilities | 20,777 | 13,387 | ||||||
| Lease liabilities, long-term | 100 | 466 | ||||||
| Warrant liability | 5,696 | 5,934 | ||||||
| Total liabilities | 26,573 | 19,787 | ||||||
| Stockholders’ deficit | ||||||||
| Preferred stock, $.0001 par value, 10,000,000 shares authorized, 4,850 issued and no shares outstanding at December 31, 2023 and no shares issued and outstanding at December 31, 2022 | – | – | ||||||
| Common stock, $.0001 par value, 300,000,000 shares authorized, 2,963,657 and 859,402 issued and outstanding at December 31, 2023 and December 31, 2022, respectively | 4 | 4 | ||||||
| Additional paid-in capital | 406,846 | 403,153 | ||||||
| Accumulated deficit | (423,168 | ) | (408,702 | ) | ||||
| Total stockholders’ deficit | (16,318 | ) | (5,545 | ) | ||||
| Total liabilities and stockholders’ deficit | $ | 10,255 | $ | 14,242 | ||||
| Agile Therapeutics, Inc. Statement of Operations and Comprehensive Loss (in thousands, except share and per share data) |
||||||||||||||||
| Three Months Ended | ||||||||||||||||
| December 31, | Year Ended | |||||||||||||||
| (Unaudited) | December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues, net | $ | 3,615 | $ | 3,996 | $ | 19,593 | $ | 10,884 | ||||||||
| Cost of product revenues | 2,191 | 1,653 | 8,978 | 6,836 | ||||||||||||
| Gross profit | 1,424 | 2,343 | 10,615 | 4,048 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | $ | 54 | $ | 352 | $ | 2,225 | $ | 3,253 | ||||||||
| Selling and marketing | 3,729 | 6,844 | 17,769 | 30,369 | ||||||||||||
| General and administrative | 1,691 | 2,023 | 10,505 | 11,860 | ||||||||||||
| Loss on disposition of assets | – | – | – | 11,122 | ||||||||||||
| Total operating expenses | 5,474 | 9,219 | 30,499 | 56,604 | ||||||||||||
| Loss from operations | (4,050 | ) | (6,876 | ) | (19,884 | ) | (52,556 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Interest income | 17 | 30 | 78 | 80 | ||||||||||||
| Interest expense | (304 | ) | (432 | ) | (1,419 | ) | (3,131 | ) | ||||||||
| Unrealized (loss) gain on warrant liability | (130 | ) | 3,349 | 6,760 | 25,520 | |||||||||||
| Total other income (expense), net | (417 | ) | 2,947 | 5,419 | 22,469 | |||||||||||
| Loss before benefit from income taxes | (4,467 | ) | (3,929 | ) | (14,465 | ) | (30,087 | ) | ||||||||
| Benefit from income taxes | – | – | – | 4,675 | ||||||||||||
| Net loss | $ | (4,467 | ) | $ | (3,929 | ) | $ | (14,465 | ) | $ | (25,412 | ) | ||||
| Net loss per share (basic and diluted) | $ | (1.51 | ) | $ | (0.10 | ) | $ | (6.71 | ) | $ | (1.18 | ) | ||||
| Weighted-average common shares (basic and diluted) | 2,963,657 | 41,232,562 | 2,156,726 | 21,610,947 | ||||||||||||
| Comprehensive loss: | ||||||||||||||||
| Net loss | $ | (4,467 | ) | $ | (3,929 | ) | $ | (14,465 | ) | $ | (25,412 | ) | ||||
| Other comprehensive income: | ||||||||||||||||
| Unrealized (loss) gain on marketable securities | – | – | – | – | ||||||||||||
| Comprehensive loss | $ | (4,467 | ) | $ | (3,929 | ) | $ | (14,465 | ) | $ | (25,412 | ) | ||||
| Agile Therapeutics, Inc. Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited) (in thousands) |
|||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||
| 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||
| GAAP Operating expenses | $ | 5,474 | 8,185 | 8,322 | 8,518 | 9,219 | $ | 30,499 | $ | 56,604 | |||||||
| Non-GAAP adjustment: Loss on disposition of assets | $ | – | – | – | – | – | $ | – | 11,122 | ||||||||
| Non-GAAP operating expenses | $ | 5,474 | 8,185 | 8,322 | 8,518 | 9,219 | $ | 30,499 | $ | 45,482 | |||||||
| Agile Therapeutics, Inc. Unaudited Reconciliation of Net Loss (GAAP) to adjusted Net Loss (non-GAAP) (in thousands) |
|||||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
| 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | 12/31/2022 | 12/31/2023 | 12/31/2022 | |||||||||||||||||
| GAAP Net Loss | $ | (4,467 | ) | (799 | ) | (3,809 | ) | (5,390 | ) | (3,929 | ) | $ | (14,465 | ) | $ | (25,412 | ) | ||||||
| Unrealized (loss) gain on warrant liability | (130 | ) | 3,529 | 1,674 | 1,687 | 3,349 | 6,760 | 25,520 | |||||||||||||||
| Loss on disposition of assets | – | – | – | – | – | – | (11,122 | ) | |||||||||||||||
| Non-GAAP Net Loss | $ | (4,337 | ) | (4,328 | ) | (5,483 | ) | (7,077 | ) | (7,278 | ) | $ | (21,225 | ) | $ | (39,810 | ) | ||||||
| Non-GAAP Net Loss Per Share | $ | (1.46 | ) | (1.47 | ) | (3.10 | ) | (7.76 | ) | (8.82 | ) | $ | (9.84 | ) | $ | (92.15 | ) | ||||||
| Weighted avg shares | 2,963,657 | 2,950,136 | 1,769,803 | 912,044 | 824,651 | 2,156,726 | 432,219 | ||||||||||||||||
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