Agile Therapeutics, Inc.

Full-year 2023 net revenue was $19.6 million, up 80% from $10.9 million in full-year 2022. Full-year 2023 Twirla demand was 243,841 cycles, up 131% year over year, and full-year factory sales were 248,220 cycles, up 117% from 114,546 in 2022. Full-year operating expenses were $30.5 million, down 33% from $45.5 million in 2022, and the company reported a net loss of $14.5 million versus a net loss of $25.4 million in the comparable prior-year period. In Q4 2023, net revenue was $3.6 million, down 46% from $6.7 million in Q3; demand was 68,793 cycles, down 7% from 74,325, and factory sales were 68,580, down 8% from 74,424. Q4 operating expenses were $5.5 million, down 33% from $8.2 million in Q3. Management did not provide formal 2024 financial guidance, but said January 2024 had the highest retail-cycle month since launch, February demand was larger than any month in Q4, and the company is continuing to evaluate financing and strategic opportunities.

Al Altomari emphasized that 2023 validated the sustainability of Twirla growth, with meaningful increases in net revenue, demand, and factory sales alongside lower operating expenses. He framed the fourth quarter as an anomaly rather than a change in the business trend, pointing to early 2024 demand rebound as evidence. His tone was cautiously optimistic, with repeated references to partnerships, operational discipline, and a willingness to explore internal and external strategic opportunities to maximize Twirla growth and shareholder value.

No CFO spoke on the call; the financial commentary came from the CEO. He cited full-year operating expenses of $30.5 million, down 33% from $45.5 million, and Q4 operating expenses of $5.5 million, down 33% from $8.2 million, attributing the Q4 decline partly to foregoing bonuses for all employees in 2023. He also noted the balance sheet moves: $2.5 million of cash at year-end, the payoff of remaining Perceptive debt, and $4.8 million in gross proceeds raised in January 2024 through a warrant exchange. Management said it will continue to evaluate financing options and broader strategic transactions.

There was no live Q&A session, so no analyst questions were taken. The most notable concerns addressed proactively were the Q4 revenue and demand decline, the Nasdaq delisting/OTC move, and financing risk given the low year-end cash balance. Management’s responses were that Q4 was likely an aberration, OTC trading should not affect operations, and the company is actively evaluating financing and strategic alternatives.