Good day, and thank you for standing by, and welcome to the Agile Therapeutics Q2 2021 financial results and business update conference call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Matt Riley, Head of Investor Relations. Please go ahead. Hello, everyone, and welcome to today's conference call to discuss our second quarter 2021 financial results and corporate update. Before we start, let me remind you that today's call will include forward-looking statements based on current expectations, including statements concerning our financial outlook for the future, management's expectations for our future financial and operational performance, our business strategy, our assessment of the combined hormonal contraceptive market, and the potential market share for Twirla, among other statements regarding our plans, prospects, and expectations. Such statements represent our judgments as of today, are not promises or guarantees, and may involve risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements. Please refer to our filings with the SEC, which are available through the investor relations section of our website for more information concerning risk factors that may affect the company. We undertake no obligation to update forward-looking statements except as required by law. The information on today's call is not intended for promotional purposes and not sufficient for prescribing decisions. Joining me on today's call are Al Altomari, Agile Therapeutics Chairman and Chief Executive Officer, and Dennis Reilly, Chief Financial Officer. Following our prepared remarks, we will open the call to your questions. Let me now turn the call over to Al. Thank you, Matt. Good afternoon, everyone, and thank you for joining us for the second quarter 2021 earnings call. I've been looking forward to this call for a long time, and I want to thank you in advance for joining us. I'm going to jump right into the theme of today's call, growth. Growth we're both encouraged and excited by. In the past, you've heard us talk about our future plans for Twirla. Now that conversation begins and ends with the brand growth. We'll start today by outlining the progress we are seeing and providing some context on why we believe growth is encouraging. We will then discuss why and how we believe we can sustain and accelerate that growth. Finally, I'll have Dennis do a quick update on our financial position before opening the lines for Q&A. Let's talk about Twirla's performance. We've now completed our second full quarter as a launched and commercialized brand. Last quarter, we started to see a steady upward trend of increasing scripts, refills, and awareness of our product. As expected, that growth has continued through the second quarter. On slide four, you will see the quarterly performance since our Q4 2020 launch, and we see growth on all key performance metrics. From the end of Q1 2021 to the end of Q2 2021, we saw total prescriptions, or TRx, increase 171%. New prescriptions, or NRx, increased 103%, and the refill rate grew 355%. While we saw significant growth in these performance metrics quarter-over-quarter, there's also a consistent pattern of growth. When we break down the quarter and examine the data month-over-month, as you'll see on slide five, during quarter two, month-over-month growth of TRx was 35.2% in April, 26.5% in May, and 31.4% in June. NRx was 20.4% in April, 10.4% in May, and 31.2% in June. Refills were 70.6% in April, 35.9% in May, and 40.6% in June. One other view of the data we track is on a four-week rolling average that we discussed on our last call, and that's very consistent with our quarterly and monthly growth. We are encouraged by the fact that we're seeing consistent brand growth at the quarterly, monthly, and four-week levels. Please note that these results do not include sales in the non-retail channel, which includes clinics, institutions, and hospitals. In the second quarter, we sold an additional 2,291 units into the non-retail channel. We're so focused on TRx growth, I wanted to highlight what we think is an important contributor to that growth and the health of our brand. New prescriptions and refills, both of which grew in Q2. Every time we acquire a new patient start, we are potentially acquiring a customer for some time to come. Each NRx has the potential to manifest itself as a repeat customer with an extended time value to the brand because NRx can lead to refills, which can drive TRx growth. We are confident in the health of Twirla because we're seeing NRx translate to refills and the potential for more patients to stay on the brand, which can in turn lead to more sustained growth. This leads me to a question I've heard from some of you as analysts and some investors. How does your growth compare to other combined hormonal contraceptives, and how should we think about these refills and these NRx? This is a new metric we're going to be talking about. We'd never shown you before because it was still very early in the launch. I want to show you now on slide six a graph comparing the initial stages of the launches of Twirla to Lo Loestrin Fe, a low-dose prescription birth control pill and one of the biggest brands in the combined hormonal contraceptive market. This slide compares the ratios of TRx to something you may not look at very often, NP TRx, which are prescriptions for patients new to our products, Twirla and Lo Loestrin. In other words, the percentages of TRx that consist of prescriptions for patients who have never used our product before. These ratios increase when more new patients continue to fill their prescriptions. Over the first 26 weeks of launch, Lo Loestrin Fe developed a steady NRx volume that translated into refills, which contributed to the growth of the brand for years after the launch. The total prescription to new product prescription ratios helped us understand whether we're building a base for future potential growth. When you look at the curves on slide six, they're similar over a comparable period of time. While we're still in the early stages, Twirla's steady ratio of total prescriptions to new-to-product prescriptions suggests the brand could potentially sustain long-term growth. I want to be clear: we're not suggesting Twirla will achieve the market share success that Lo Loestrin has. It's important to remember the prescription volumes underlying these curves were much larger for Lo Loestrin than they are for Twirla. We believe one of the keys to a healthy, steadily growing brand is to deliver strong total prescriptions to new-to-product prescription ratios, which is evidenced here by both of these brands. Of course, new prescriptions and subsequent refills are not possible without growing our prescriber base. On slide seven, you'll see prescribers' growth over the course of Twirla's launch. As of March 31st, 2021, we had told you we had 855 writers, and as of the end of quarter two, June 30th, 2021, that number has grown to 2,087, and that number's continued to grow throughout the third quarter. Again, you'll see here that the quarter-on-quarter growth is supported at a more granular level on a month-to-month basis, as seen on slide eight. The growth in the number of providers writing prescriptions for Twirla has steadily contributed to a steady momentum in TRx growth. Also important to note is that the number of TRx each prescriber is writing, or their productivity, if you will, also continues to grow. Based on the early performance growth we are seeing with Twirla and how that compares to the growth trajectory of another brand we consider to be a success in the category, we're pleased with the progress and the health of Twirla. The question we consider to challenge ourselves is, how do we accelerate and sustain that growth? The answer is focusing on two major efforts, market access and our marketing efforts to pursue this goal. I'm going to start with market access. We are seeking to increase access to Twirla through a variety of efforts, including a focus on expanding access and reimbursement coverage for Twirla across commercial and government health insurance plans. In the second quarter of 2021, we expanded our Medicaid coverage. Twirla is now available to Medicaid patients in approximately 75% of the states, either through traditional Medicaid and/or managed Medicaid. With these new additions, we have coverage of approximately 50% of the total Medicaid transdermal or TRx market with no restrictions. We have access to approximately 55% of commercial and government CHC claims. We are encouraged by this trend, and we view this as another source of ongoing market growth for Twirla. We remain committed to expanding access for Twirla for all appropriate women interested in using our product. In addition to managed care and Medicaid access, we are now exploring access through additional state and university clinics, Planned Parenthood, and other non-retail sites in an effort to make Twirla available to women everywhere. We saw significant growth in the non-retail volume in state clinics in Q2. On to marketing. We believe the performance metrics we reviewed at the top of the call reflect what we consider to be a very smart approach to DTC marketing spend. As I said last quarter, we've made a large incremental branded consumer marketing spend quarter over quarter starting in quarter two, while maintaining our disciplined approach in making the right investments at the right time to encourage strategic growth. As healthcare provider awareness increased leading up to and throughout the second quarter, we made what we believe to be appropriate and necessary increase in branded DTC digital marketing investments in late May and early June. Your takeaway here is that we're very encouraged by the growth we're seeing based on our very disciplined DTC spend. We expect TRx, NRx, and refills all to continue to grow as more and more women in our target audience gain exposure to Twirla advertising. Last quarter, we mentioned we are expanding Twirla's brand digital efforts to a targeted audience by advertising on the dating apps such as Tinder and OkCupid, and now we can report that relationship in less than one month has exceeded our expectations. Moving forward, we'll expand our presence on the dating apps, advertise on Spotify, and engage in influencer partnerships, all designed to drive awareness and ultimately trial of Twirla. In addition to the digital marketing campaign, we have identified and are pursuing new opportunities to drive consumer awareness and potentially lead to future growth. At our next earnings call, we look forward to sharing with you progress on partnering with additional channels like telemedicine, as well as potentially Planned Parenthood and student health centers. We believe all these efforts contribute to awareness, which we expect to contribute to more new starts and in turn lead to higher refills and ultimately stronger TRx performance. We believe all these components are a sign of a healthy brand and longevity for potential future growth. Before I turn the call over to Dennis, I want to reiterate that we remain steadfast in our belief that at peak, Twirla can capture up to 5%-8% of the $4.1 billion combined hormonal contraceptive marketplace. Thank you. I'll turn it over to Dennis to talk about our financials. Thanks, Al, and thanks to everyone for joining. As Al commented, we're really excited about the growth potential of our business, and I want to give you more clarity around the second quarter from a financial perspective, including a bit more detail on how Twirla's performance has been trending year to date and some general parameters on how to think about our results for the full year. If you are following along in the deck, I'll be taking you through what is included on slide 11. Wholesalers completed their workdown of inventory levels from the initial stocking level last December, and as a result, we realized $1.2 million in net product sales revenue for the second quarter of 2021. The rate of inventory depletion came broadly in line with our expectations. We anticipate that going forward, our product sales revenue will more closely track to increasing script demand. Wholesaler restocking should then more closely reflect retail sales. This aligns with our initial full -year expectations for Twirla, which were based on the assumption that sales growth would increase in 2021 as product samples are worked through, our prescriber base expands, patient awareness of Twirla increases, and refills begin to occur. Overall, we gain traction in the CHC market. Regarding our quarterly cost, our cost of product revenues for Q2 was $1.1 million, which included expenses for supporting our manufacturing and distribution, as well as personnel costs and half a million dollars of non-cash depreciation expense. We expect these fixed costs will become less significant as our sales grow with anticipated volume. Our operating expenses were $16.7 million in Q2 versus $10 million the same period a year ago. We expect our third -quarter expenses to be similar to this; they could be $1 million or $2 million either way. It's a function of how fast sampling and other costs come, but these are relatively stable costs for us. As we closed out the second quarter with a net loss of $17.6 million, or $0.20 per share, compared to a loss of $10.8 million, or $0.12 per share, for the comparable period in 2020. On June 30th, 2021, we had cash equivalents and marketable securities of $31.1 million, compared to $54.5 million at year-end 2020. As a reminder, we have access to $25 million in capital through our loan facility with Perceptive Advisors, including a tranche of $15 million in 2021 and a tranche of $10 million in the future. They'll both be available contingent on a predetermined revenue target. We'll continue to monitor our spending closely. If needed, we have the ability to modify our sales and marketing spend. Additionally, we have the potential to access additional capital through our ATM or At-the-Market facility, through which we can raise up to $15 million in gross proceeds. To date, we've sold $7 million under this through common stock through the ATM. Our team continues to be excited for what lies ahead. We believe we have established and remain encouraged by the momentum for Twirla. We remain focused on maintaining our disciplined and nimble approach and making the right investments to encourage strategic growth and maximize shareholder value. With that, we are happy to take your questions. Operator, you may now open up the line for Q&A. Thank you. At this time, I would like to remind everyone, in order to ask a question, to press the star then the one on your telephone keypad. Again, that is a star, then the one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. I have our first question coming from the line of Oren Livnat with H.C. Wainwright, your line is open. Hi, guys. Thanks for the questions. I'm sure you're aware that there is a pretty big discrepancy out there on some of the third-party data services from Symphony Health and IQVIA. I happen to generally rely on the latter, and it looks like it was more than 2x the volume, I guess, you guys quoted and what Symphony Health is saying for 2Q. I'm just wondering if you can talk a little bit about if you have any understanding through your due diligence as to what that may or may not be and where that's coming from. It seems to have maybe corrected in the last couple of weeks. Help us understand going forward: if the lower Symphony volume is the right number, what kind of economics should we be thinking of around those prescriptions or those slightly higher dispensed prescriptions out to the pharmacy you're seeing so we can model this going forward? I do have a follow-up. Thanks. Hi, Oren. Thanks for the call. Symphony and IQVIA: we are Symphony subscribers. We get a little of the IQVIA data. They're really not off. You have to look at it, Oren, in two buckets, if you will. There's the retail segment. You just can't look at pure X to X, I guess, is my point. If you look at retail, which is where the bulk of the prescriptions go through, they're not off. They're really not off. The way we look at our business, we say, What's going through retail? Which are the more traditional channels with pharmacies? Then in this segment, it's different. There's a pretty big all other category that we started describing. We got some business that ran through there and some of the mail -order business and things like that. We think, and the operative word is we think, that IQVIA's algorithms that forecast or trend all other categories were off. We alerted them that we think it was off, and I think they did correct themselves. I think the way we look at the business, Oren, and the way we model, we say, Let's model the traditional channels, which is retail. They aren't off, the two services. Then, if you will, we layer in all other channels on top of that. Saying, Okay, what else is happening in the all other category? Because all the other categories, Oren, are a little bit lumpy. There are big purchases sometimes. A lot of our mail -order scripts go through our partner, Sterling. The algorithm is just sort of projecting it, we think. I really emphasize the word we think because we've spent a little bit of time. We are aware of it. For instance, the bulk of the Bloomberg terminals rely on Symphony. I know a couple of you rely on IQVIA, but we did the best we can to stay on top of it. In the sweet spot of the market, meaning the retail segment where the bulk of the patients go through, the databases are very similar. If that makes sense. Yeah. Okay. Just to the basics, I guess, gross to net. You know what your contracts are, and I do want to touch on contracts again in a follow-up. I guess you can see the volume going out the door and what you're shipping to wholesalers to restock, but how do you think we should think about gross to net now in Q2 and going forward to sort of come out with a realistic value per script, so to speak? Sure. We haven't guided it, and it's still on our end, Oren, a bit of a moving target. We mentioned these Medicaid contracts. We're just getting them under our belt. Then, going forward to project growth to net, we have to say how much of our business is going to go through Medicaid. Until we get all the bases of contracts up and running, we haven't been able to guide it. We're still trying to get our arms around it because it really does depend on the mix of patients. We know what we pay for commercial lives and we know what we pay for Medicaid lives; until we see how much of our business runs through each channel, we're not in a really great position to do much with growth to net. All in all, we like the contracts. We like the access. Our primary goal is access at a decent price, and I think we've achieved that. Okay. Just to talk about access, I have no doubt that your demand is ultimately way higher than where it is today, and in a massive market, there's clearly a sliver that's there for you. You do talk about access, and that's crucial, right? It has to be easy to get. When you talk about, quote-unquote, access to 55% of commercial and government lives, I think I've asked you this on pretty much every call I've ever done. What does access really mean? It's one thing to not be blocked. It's another thing for it to be affordable or easy to be prescribed and fulfilled at the pharmacy. What are you seeing? How does the ACA work? How is that playing out in terms of preferential access? When we use the word access, we mean that it's easy for a doctor to write. When we quote 55%, it means it's in a formulary position so that he can write the drug. In theory, under the Affordable Care Act, everybody can write the drug, and we could quote 100%, because in theory, patients are supposed to be able to have access across all the commercial plans, with their doctors just writing a letter of medical necessity. We try to, if you will, quote where there's easy access; I guess, Oren, is the way we think about it: 55% is where doctors can write it and get the drug through. Like you said, under the Affordable Care Act, these drugs should be more broadly acceptable, but it involves work by the doctors. We don't want to overstate it, so we want to keep chipping away at those other ones, and we've added some more, and we expect going forward you'll hear that number getting bigger. That's how we're using the word access. A very good question. Okay. I appreciate that, Al. Thank you. Next question coming from the line of Tim Lugo with William Blair. Your line is open. Thanks for the question. Congratulations on the progress and also for providing us all the KPI metrics. That's very helpful. I guess going into one of the non-retail channels, I believe you mentioned in your prepared comments it was around 2,000 in the quarter. How meaningful do you expect that channel to be kind of quarter-over-quarter throughout the remainder of the year? Is that something that could fluctuate in Q3 and Q4? What are your just expectations? Well, Tim, first of all, thanks, and we appreciate it. We'll try to give you as transparent. We like showing the metrics because of the way we look at the business. Thanks. We appreciate that comment. Yeah. That channel's really an interesting one for us. Like Oren's question, if you heard his question, in some respects, they were picking up some business and straight-lining it, if you will, in one scenario. That was kind of on one algorithm. The one we quoted on Tim was, I don't want to say direct. They didn't buy the product from us. They bought it from a wholesaler. It was a state clinic that just bought it directly, 2,000 units, directly from one of our wholesalers, which is a Tim; it was an exciting day to get that big of an order. I got to tell you, that's about what went through the retail channel that month. We'd like to think that channel's going to become more important, Tim, but it's early days. They'll be conservative the way you think about it till we get our legs under us. It's exciting, though. I think what makes us excited, Tim, is that the public sector accounts, and there's a ton of them. This is just scratching the surface. This happened to be a state clinic. The interesting thing, and I have to say, we didn't have a rep in front of them. They just heard about the brand. They thought the brand was great. They put a big order in, and now we're trying to say, Do you want more? In the meantime, there's a lot of Planned Parenthood business, student health center, and telemedicine. We haven't begun, Tim. I think for us, we want to kind of think about the business and our retail as our bread and butter, and then we're just going to have to keep you updated on this business. It's lumpy, Tim. I don't know what else to say, but in a good way. Yeah. They don't order every day sometimes. It's almost like the way you follow hospital businesses, Tim. Sometimes they buy big boluses at once, and so we're going to have to just monitor that. The good news is we have customers, Tim, that we didn't even know about. We're excited, like I said. We'll take this problem every day, Tim. Every day of the week, we'll take this problem. Exactly. We got to learn to get more and pull it through, but we're pretty excited, though, that there's a new channel emerging for us. It's kind of the power of a large market. I understand. I see that in some of the other sectors as well. I guess drilling down a little bit more on the access, and maybe you talked about this with Oren's question, but we're approaching kind of a contracting season for commercial— Yeah payers when we tend to see announcements. Is this something you're actively pursuing? Should we expect kind of a 2022- Yeah Just something to watch out for in the contracting season as they approach it? Tim, great question. The answer is the bid and ask season. Yes. We're in the hot and heavy of it. Also, it has to do with some of the Medicaid business we've been winning because of the fact we're winning early contracts for next year. We're right in the heat of the cycle. I think you're going to start hearing us kind of reaffirm some of the coverage we have or hopefully keep adding to it. Our strategy is to build that book of business we've got and hopefully we'll have more good news for you next quarter. Then supplement it with that whole other channel, if you will, the non-retail channel. We're scrappy, Tim. We're fine. Yes, we're in the bid. Dennis is just signing off on a lot of bids right now. Yes. Sounds great. Thanks for the update. My pleasure, Tim. Thank you. Our next question is coming from the line of Leland Gershell with Oppenheimer. Hey, good afternoon, guys. Thanks for taking my questions, and thank you for the very informative update, and glad to see the OpEx has been kept under control as you continue to grow the product. I wanted to ask a few questions. First, in terms of sampling initiatives, I think, Al, the last call you mentioned that those may be easing as we get through the second quarter. Perhaps those have continued more than we had expected, based perhaps on greater physician demand or interest. I wanted to kind of ask what your kind of current sampling looks like and how that may wind down as we get through the rest of the year. I also wanted to ask about the types of patients who are coming on Twirla. If you could kind of give us a rough breakdown of patients who've been on the legacy patch versus those who are new to contraception or perhaps those who've been on oral and are switching and any directional trends you may be seeing there as Twirla has been on the market. Finally, as more and more women out there are becoming aware of the product and are coming to see their doctors, and with COVID easing a bit, more and more patients are coming in to see their doctors and are asking about it. You have that; you also have doctors who may be familiar with the old patch and may have some reservations and may not be used to the new patch. I wanted to ask, what opportunity does that create for Agile to kind of provide a way for docs to be more informed about Twirla and its differentiation and perhaps have less reservation about prescribing it? Thanks. Right. If there's a run-on sentence, that's a run-on question. You got four parts. Let me see if I can do this. Sorry. No, if you're polite, but I didn't get it all. I'm going to go to number three, which I think is the users. You said who we're seeing in the marketplace. It's really interesting. Number one, about 50% of all our prescriptions are new to contraception, meaning they're a new user, which is about what we thought but trending on the higher side of what we thought. The doctors are using our product, Leland. That's what we asked by our reps. We say, Hey, why don't you give it a try on the new patient in your waiting room? We think it's a little bit less confrontational, if you will. I've also got the question: do we target Xulane or the other patch or Xulane users? The answer is absolutely yes, we do. Related to that, we go to doctors that already feel comfortable with patches, so we target their offices, but we don't say, Take them off the other patch, if you will. It's related to the way we target doctors. I'll get to your fourth question, then I'll work backwards again. 50% are new users; 25% have come off a pill, not a patch. About 75% to almost 80%, Leland, have been either new to the method or are new to the patch. The remaining percentages are scattered around ring users and patch users. That's really great. To your other question about if I was saying what surprised me so far, it's slow to get a doctor to write a patch of any kind if they've never written one before. I think we've talked before, Leland. A lot of the young doctors are a little bit reticent in using patches. Our low-hanging fruit are on-patch users, and there are a lot of them. The other ones we're not giving up on, but we're really, in effect, going to take more time. Samples were just one of your other questions. I'll let Dennis comment on your comments about OpEx, but samples continue to be critically important. What we're finding in general is there's still a significant demand as COVID opens up offices, Leland. For the first time, our reps are regularly getting into sample closets for the first time, and we're just saying we want them to own those closets. We're saying, Don't be shy. I don't think sampling demand is in a steady state yet. We did our first loading of the channel, if you will. In a good way, loading, not bad loading. Getting them out of the void. Still, our reps are a lot of times on Zoom calls, and it's hard to judge seeing a doctor. What we're finding from the field, and I'm meeting with our regional managers this week, is that there's new demand for samples just in general. I think we're still using a decent amount of them. You want to mention that OpEx control theme. It's very nice of you. Yeah. No. We do. We've been pretty guarded. We really have tightened down on our OpEx. Going forward, as I said, we expect it to be within $1 million or so of what we had this quarter. That's really the way we're managing it. Yeah. We appreciate it, Leland, because we try to make good bets, if you will. We bet on what we think works, and everything else has just got to be secondary at this point. We have a responsibility to our shareholders to keep our heads above them. I think based on the performance we're seeing and the brand's growth, I feel like we're making good bets. Dennis keeps me honest, as you know. We're putting the bets in the right places. Excellent. Terrific. Thank you very much, Al and Dennis. Did I get them all? Did I get it all, Leland? You got them all. Thank you so much. All right. Thanks. Have our next question coming from the line of Daniel Busby with RBC Capital Markets. Hey, good afternoon, guys. I've got a couple questions. First, I think I heard you reaffirm your 5% - 8% peak market share target earlier on the call. Can you talk a little bit more about the factors that give you that confidence in light of some of the competitive developments we've seen this year with Mylan launching a generic Xulane product and now Viatris talking about introducing a low-dose version of Xulane? Yeah. I have to tell you, you were one of the first ones that kind of predicted it, and here's the bold insight. Number one, since the second generic patch came out, our share has grown. They've taken all the share from Xulane. That's good for us, and that's what you had originally said in your notes. The second insight you had was really interesting, and I don't know if you've looked at it. Right now, in the middle of COVID, the CHC market's rather flat. The only growth area is patches. It's really interesting. We're outpacing the market. The patch pie continues to grow, and so my confidence has to do with patches becoming more mainstream again, which we thought. You end up being right, then. You had this one when you said they weren't going to clip us and they were more likely going to clip each other, and that's what we're seeing in the marketplace. The good news is the second patch didn't ding us at all, and it didn't ding the category. The category's growing. We're hoping the category continues to grow as we kind of unlock from COVID, even though this category's been generally flat. It's good. The other part of my bullishness has to do with our accessing these; you heard these long conversations about these other channels. I think that we can continue to follow the patient and say, Where else is she going besides CVS? Telemarketing, Planned Parenthood, student health centers, and these state and county organizations. There's a ton of business out there. That's why we're bullish. I love the growth we posted. We're not, by any means, done. We're just still in a lot of the market we haven't been in front of. That gives me the confidence to reaffirm that. Patches look like people are getting back in vogue again with them. It's our job to make them pick our patch. I can't comment on the other patch. I mean, I saw what you saw. It appears it's only gone to the clinic. It looks like it's years out. At this point, you take a look at the market share of Xulane. Xulane is dropping fast. I mean, the question is how much share will they have left when they launch that? I mean, some competitors took a lot of gap, a lot of share away from them. Like I said, we kept growing. Good questions, though. Thank you. Got it. Thanks for the color. Just one follow-up, perhaps for Dennis. I could probably do the math on cash runway, but you mentioned the $25 million tranche you have potentially available. Can you share anything about the achievability of those targets? Do you expect to be able to access that cash, or is it still a little bit up in the air? We're thrilled we got the $31 million right now, and we were able to tap the ATM. On Perceptive, there are targets there. We haven't disclosed them. They're challenging targets for us, but they've been a great partner to us for years now. We'll continue the dialogue, and we'll let you know. It's not a slam dunk that we'll get that money from them. Yet, we kind of trust the partnership, and we'll continue a dialogue. Okay. Got it. Thanks. Thanks, Dennis. Our next question is coming from the line of Naz Rahman with Maxim Group; your line is open. Hey, guys. Thanks for taking my question. Now that you're seeing more demand sales, are you guys seeing the demand script? The patients see a $0 copay. Or do you find them mostly using the copay cards or paying for the product? I have a follow-up question. Yeah. It's a tough question. I don't have them all at the top of my head, but a significant amount of our patients get it for zero copay. Just because it's under the Affordable Care Act. To sort of answer your question, it's going to be all around the board. The Medicaid patient, when we're in a strong contracting position with them, some states could be $2 or $5, and it's really virtually zero. In those books of business, the patient is really paying virtually nothing. That's really good for the patients, and it's really good for us. With our copay business, I mean, our copay cards, I don't believe are a runaway in any means. We use them on a really situational basis. That's something Dennis keeps an eye on. That's a lot of cash in this case for the patient. We haven't over-relied on our copay cards. I mean, this is a real healthy brand without them, knock on wood. It's there in case we need it. I hope this sounds right; we want the copay cards to be a bridge to a better outcome for the patient, either navigating towards zero copay or us eventually getting on the formulary. We just can't see us running a long-term business on the back of copays. I think they're very needed as a situational basis, if you will. That's the way we use them, very strategically. We're pleased that our overall approach in that is pretty good right now. We haven't over-relied on them, knock on wood. So far so good. It's a situational bridge for patients or plans; the bigger idea is to get on the formulary. We as a company believe in getting on the formulary. We just can't run a business, not in a kind of good relationship with our payers. We just are really always at the table with them trying to either get formulary access or get better access. Got it. The patients that are getting Twirla, at this point, how many cycles of Twirla scripts are they getting for it? Is it still like 1.3x-1.4x months? Yeah. Are you seeing patients get longer prescriptions? No, it's pretty steady. You'll see in those graphs we provided when you get a chance to look at some of the screenshots; you'll see TRx. If you look at the ratios, it's the 1.3x. Some weeks it's 1.32x, but it's hovering. We expect some plans are in the mail -order business; they're allowed to get more, if you will, cycles at a time. If anything, it should tick up a little bit. We're not seeing it. It's pretty steady right now. I'd leave it at that until we talk otherwise. Some of the negotiations we're in, they're going to be letting doctors write longer prescriptions. That'd be great for us; by the way, we'll take it. For right now, it's really steady. It's around 1.3x. Got it. What that means is, for those that are kind of new to us, that means every TRx is worth 30% more to us. The value of the patient on that first script is obviously a lot more. It really ends up being a big number. You could see on the curves, it doesn't take much to get these curves trending upwards pretty quickly because of that and new refills. It's a good business. We're just getting to the point, we're getting a base of refills. We got some new business coming in, and we get that 1.3 multiplier, and it's starting to become a real healthy little business to run. We're excited. Our job is to get new prescriptions. The more we get, we get a multiplier on them. Got it. The final question is, some of the larger non-retail orders you saw in 2Q, is there a potential to sign a recurring contract with those purchasers, or would they just have to go through wholesalers? No, that is a fabulous question. The answer is we'd love to find an agreement because it's not at the whims of a purchasing manager. We'd like to be in a long-term, better relationship so that it's not just a here -and-there purchase. The answer to your question is we would love to do that. That goes with Planned Parenthood, that goes with student health centers, and that goes with all these clinics. We just have a bias to get under contract. We just like that. For now, it's a little bit more lumpy. Just from our own planning, it keeps us better organized if we can get them. For right now, they can buy the product through the wholesalers, which is great. We could see the movement. There are a fair number of hospitals around the country to buy our product. That was the most significant one. They're starting to get doctors, and they're just for treating patients in university settings. These kinds of non-retail businesses are starting to get interesting enough. We don't want to chase it. We want to develop a strategy for opening this channel in a big way. For right now, we'll take the business. We'll take the sale. That was a nice book of business. As I told Tim when he asked that question, that was about as much as we sold in the retail channel that month. One order was great. It was a good day. Yes, we would like to get under contract with them and develop a strategic relationship with them. Got it. Thanks for taking my questions. My pleasure. Thank you. Thanks for listening in. Thank you. There are no further questions at this time. I will now turn the call back over to Al Altomari. Well, thank you, operator, and thank you, everybody listening in. I'd like to close today by saying that we believe we have the building blocks in place for continued growth and remain on track to achieve our near-term goal, which is establishing Twirla in this multi-billion dollar hormonal contraceptive market. I hope you can hear some of the excitement in our voices and that we believe we're just on the way on that journey. Number one, we have an approved product that's growing in all the major performance metrics in a valuable market, and we believe it's only scratched the surface. We're unleashing, in a very responsible way, DTC advertising. That we're further developing some of these channels you all asked me about. In the meantime, our bread and butter is in the retail market, and we need to continue to get doctors aware and comfortable writing our product, and particularly those that are already comfortable writing patches. While we're happy with the growth to date, we believe there's a lot more on the table. Hopefully, as we talk in the future, you'll hear more about how these programs are working and more about our growth. I'd like to thank everybody for joining us on the call. Be well, as always, and we look forward to providing you updates in the future on the advancement of our business in our next earnings call. Hopefully we'll see each other face-to-face in the not -too-near future. Thank you, everybody. Be well and be safe. This concludes today's conference call. Thank you for participating. You may now disconnect.