Agile Therapeutics, Inc. (NASDAQ:AGRX) Q4 2023 Earnings Call Transcript

Following ongoing focus by the Biden administration and lawmakers on contraception and the widespread barriers to reproductive healthcare, the Department of Labor, Health and Human Services, and Treasury jointly released Frequently Asked Questions, or FAQs, in January 2024. The FAQs’ outlines a new pathway which plans and assures to meet existing obligations under the federal law by covering at no-cost a broader range of FDA-approved contraceptive drugs and certain reproductive devices. This pathway comes after reports of many plans and insurers imposing ongoing barriers to no-cost contraceptive coverage. Implementation of new guidance could eliminate financial barriers for contraceptive products like Twirla for approximately 49 million women.

While there are no new updates since January 2024 guidance, we believe this development is promising for our continued growth. Before concluding today’s call, I will provide an updated snapshot of our current financial situation and outlook for 2024. You can see a full description of our financial results for the fourth quarter and full year 2023 in our press statement and our annual report on Form 10-K, and I’d like to take a minute to comment on a few of the other financial results, which we believe also demonstrates progress in 2023. We continue to narrow our losses in 2023, we closed out full year 2023 with a net loss of $14.5 million to a net loss of $25.4 million for a comparable period in 2022. We ended 2023 with $2.5 million of cash on hand.

In January 2024, we raised $4.8 million in gross proceeds through a warrant exchange agreement with a holder of our warrants. We will continue to evaluate all options to finance the company. Additionally, we’re exploring a broader range of opportunities that could benefit our business, including business development opportunities and/or other strategic transactions. We believe the performance of our business and its ability to consistently grow Twirla is solidifying Agile’s credibility as a potential partner in business development and other strategic transaction discussions. We will continue to explore any and all opportunities as we seek to grow Twirla and shareholder value. This will conclude today’s call, and we can encourage everyone to stay tuned for additional updates related to Agile Therapeutics and Twirla.

Thank you again for joining us for this call and following us along.

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Operator: This concludes today’s conference call. Thank for your participation. You may now disconnect.