TherapeuticsMD, Inc.

What they do

TherapeuticsMD owns or has rights to trademarks and licenses for products including IMVEXXY, BIJUVA, and ANNOVERA, which it licensed to Mayne Pharma for commercialization in the United States. The company no longer engages in research and development or commercial operations; it collects royalties and milestone payments under the Mayne License Agreement. It is exploring strategic alternatives, including potential mergers, acquisitions, or asset sales.

Revenue drivers

• Royalties on licensed products — All revenue comes from royalties on net sales of Products (IMVEXXY, BIJUVA, prenatal vitamins, ANNOVERA) under the Mayne License Agreement, at 8% on first $80M annual net sales and 7.5% above that, subject to adjustments.
• Minimum annual royalties — Mayne Pharma pays minimum annual royalties of $3.0 million per year for 12 years, adjusted for 3% inflation, providing a base revenue stream.
• Milestone payments — One-time milestone payments of $5M, $10M, and $15M are payable if aggregate U.S. net sales reach $100M, $200M, and $300M, respectively, in a calendar year.

Recent performance

In Q2 2026, the company reported license revenue of $869 thousand, down from $952 thousand in Q2 2025, and net income of $164 thousand compared to $545 thousand in the prior-year quarter. Operating expenses rose 2.3% to $1.7 million, driven by higher G&A and patent write-offs. For full-year 2025, revenue was $3.0 million with a net loss of $569 thousand. Cash and cash equivalents were $9.2 million at June 30, 2026.

Strategy

Management is evaluating a range of strategic alternatives, including acquisition, merger, business combination, or sale of assets. The company has not set a timetable for completing this review and will not disclose further developments unless appropriate. It is no longer investing in R&D or commercial operations, focusing instead on royalty collection and cost management.

Risks

• Dependence on Mayne Pharma sales — All revenue depends on Mayne Pharma's ability to commercialize licensed products; if sales decline, royalties and minimum payments could be affected.
• Going concern uncertainty — The company has a history of net losses and there is substantial doubt about its ability to continue as a going concern, per risk factors.
• Disputes with Mayne Pharma — Ongoing disputes with Mayne Pharma could affect revenue, results, and financial position.
• No assurance of strategic alternatives — The exploration of strategic alternatives may not result in any transaction, and the outcome or timing is uncertain.

Outlook

Management expects to continue collecting royalties and evaluating strategic alternatives, but has provided no specific forward guidance. The company notes that actual results may differ materially due to risks such as competition and market conditions. No timetable for strategic actions has been established.