Agile Therapeutics Announces Extension Granted by Nasdaq Hearings Panel to Regain Compliance with the Stockholders’ Equity Continued Listing Requirement & Provides Performance Update
February 15 2024 - 4:30PM
Agile Therapeutics, Inc., (Nasdaq: AGRX), a women's healthcare
company, today announced it has been granted an extension by Nasdaq
to regain compliance with the stockholders’ equity requirement for
continued listing and provided performance update for full year
2023.
Company Granted Extension by Nasdaq Hearings Panel to
Regain Compliance with the Stockholders’ Equity Continued Listing
Requirement
On February 13, 2024, the Company received a letter from the
Hearings Panel (“Panel”) of The Nasdaq Stock Market (“Nasdaq”)
notifying the Company that it has been granted an additional
period, or until March 25, 2024, to regain compliance with the
minimum stockholders’ equity requirement for continued listing on
the Nasdaq Capital Market set forth in Nasdaq Listing Rule
5550(b)(1) requiring companies listed on the Nasdaq Capital Market
to maintain stockholder’s equity of at least $2,500,000. The
Company had previously presented its plan to the Panel and is
continuing to proceed with initiatives to regain compliance within
the extension granted.
Expected Full Year 2023 Performance Update
(Unaudited)
The Company also announced its preliminary expectations for net
revenue and operating expenses for the full year 2023.
- Full year 2023 net revenue is
expected to be in the range of $20 to $21 million compared to $10.9
million for the full year 2022, representing an increase of 84% to
93%.
- Full year 2023 GAAP operating
expenses (“OPEX”) are expected to be in the range of $30 to $31.5
million compared to $56.6 million for the full year 2022,
representing a decrease of 47% to 44%. Management has recommended
to the Board of Directors, that the Company not pay performance
bonuses for the 2023 fiscal year. As a result, the Company plans to
reverse an accrual of approximately $2.1 million.
The preliminary results and estimates in this press release are
based on management’s initial review of our operations for the
fiscal year ended December 31, 2023, and are subject to revision
based upon our quarter-end and year-end closing procedures and the
completion of the external audit of our year-end financial
statements.
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.
Forward-Looking
StatementsCertain 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 financial condition, our ability to repay
our debt to Perceptive, our expected net revenue and expected
operating expenses for fiscal year 2023, and our ability to regain
compliance with Nasdaq continued listing requirements and continue
trading on the Nasdaq Capital Market. 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 enough capital to fund our operations in the near
term and long term, including our ability to obtain funding through
public or private equity offerings, debt financings or other
sources, on terms acceptable to us or at all, our ability to come
into and maintain compliance with the Nasdaq Capital Market listing
requirements, the potential de-listing of our shares on the Nasdaq
Capital Market, our ability to continue to commercialize and grow
Twirla the other risks set forth in our filings with the U.S.
Securities and Exchange Commission, including For a more detailed
description of the risks and uncertainties that could cause actual
results to differ from those expressed in these forward-looking
statements, as well as risks relating to our business in general,
please refer to our Annual Report on Form 10-K and our Quarterly
Reports on Form 10-Q. 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 circumstance.
Contact:Matt RileyHead of Investor Relations
& Corporate
Communicationsmriley@agiletherapeutics.com
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