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TXMD

TherapeuticsMD, Inc.

TXMD

TherapeuticsMD, Inc. • NASDAQ
$1.70 ▲ 3.03% (+0.05)
Market Cap $19.68 M
52w High $2.44
52w Low $0.70
Dividend Yield 0%
P/E 170
Volume 12.43K
Outstanding Shares 11.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $784K ▼ $1.518M ▼ $152K ▼ 19.388% ▼ $0.01 ▼ $149K ▲
Q2-2025 $952K ▲ $1.647M ▲ $551K ▲ 57.878% ▲ $0.048 ▲ $-223K ▲
Q1-2025 $393K ▼ $1.264M ▲ $-653K ▼ -166.158% ▼ $-0.057 ▼ $-688K ▼
Q4-2024 $667K ▲ $986K ▼ $252K ▲ 37.781% ▲ $0.022 ▲ $-212K ▲
Q3-2024 $547K $1.406M $-609K -111.335% $-0.053 $-763K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.115M ▲ $38.671M ▲ $11.227M ▲ $27.444M ▲
Q2-2025 $6.069M ▲ $38.504M ▲ $11.212M ▼ $27.292M ▲
Q1-2025 $5.745M ▲ $38.236M ▼ $11.496M ▲ $26.74M ▼
Q4-2024 $5.059M ▲ $38.822M ▼ $11.452M ▼ $27.37M ▲
Q3-2024 $5.047M $39.552M $12.458M $27.094M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $50K ▼ $1.046M ▲ $0 $0 $1.046M ▲ $1.046M ▲
Q2-2025 $545K ▲ $324K ▼ $0 $0 $324K ▼ $324K ▼
Q1-2025 $-636K ▼ $686K ▲ $0 $0 $686K ▲ $686K ▲
Q4-2024 $252K ▲ $12K ▲ $0 $0 $12K ▲ $12K ▲
Q3-2024 $-567K $-185K $0 $0 $-185K $-185K

Revenue by Products

Product Q1-2023Q1-2024Q2-2024Q3-2024
License and Service
License and Service
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement TherapeuticsMD’s income statement reflects a company that has largely exited active product sales and shifted to a royalty-style model. Reported revenue from operations is now essentially negligible, with prior years showing only modest revenue before the transition. Profitability has been volatile: large accounting losses per share in earlier years were heavily influenced by reverse stock splits and restructuring rather than just day‑to‑day operations. More recently, operating results have moved closer to break-even, and there was a one-time bump in net income when the company restructured its business and licensing arrangements. Overall, recurring earnings power now depends almost entirely on incoming royalties and any deal-related income, not on a growing operating business.

Balance Sheet

Balance Sheet The balance sheet is very small and much lighter than it used to be. Total assets and cash have shrunk significantly, which is typical for a company that has sold off operations and become a lean royalty vehicle. On the positive side, the company has moved from a situation of negative equity several years ago to modest positive equity more recently, suggesting that past balance sheet stress has been partially cleaned up. Debt is now much lower than it was during its operating phase, which reduces financial risk but also underscores how small the capital base is. In simple terms, this is now a very small, relatively unlevered entity whose value is tied mainly to its intellectual property and royalty agreements rather than hard assets.

Cash Flow

Cash Flow Cash flow tells the story of the transition. Historically, operating cash flow was meaningfully negative when the company was funding its own sales force, marketing, and development. With the shift to royalties, operating cash burn appears to have narrowed toward breakeven, reflecting a much lower cost structure. There is effectively no spending on physical assets, so free cash flow largely mirrors operating cash flow. The main question going forward is whether incoming royalty streams are strong and steady enough to consistently cover the company’s lean overhead and still leave surplus cash. Any shortfall would quickly show up because there are few levers left to cut costs further.

Competitive Edge

Competitive Edge TherapeuticsMD’s competitive position now rests on the strength of its women’s health portfolio and the execution of its licensee, Mayne Pharma, rather than on its own commercial footprint. Its key products—ANNOVERA, BIJUVA, and IMVEXXY—are differentiated in contraception and menopause care, with first‑of‑their‑kind or best‑in‑class features and patent protection. This intellectual property and regulatory approval base provide a meaningful barrier to direct generic competition in the near to medium term. However, the company’s bargaining power is limited because it no longer markets products itself; it depends heavily on Mayne’s commercial success, priorities, and investment levels. Competitive risk also comes from alternative therapies and changing prescribing habits in women’s health, which TXMD can influence only indirectly through its partner.

Innovation and R&D

Innovation and R&D From an innovation and R&D perspective, TherapeuticsMD has essentially frozen its pipeline. The company has shut down internal research and development and laid off its operating workforce, choosing to live off its existing intellectual property instead of creating new products. The innovation story is therefore backward‑looking: the key scientific advances are already on the market in ANNOVERA, BIJUVA, and IMVEXXY. Any future enhancement—such as new indications, new formulations, or broader adoption—would likely be driven by Mayne Pharma’s investments, not TXMD’s own labs. This model reduces R&D risk and ongoing spending but also caps organic growth potential and leaves the company exposed to the finite life of its patents and the commercial arc of its current products.

Summary

TherapeuticsMD has transformed from a cash‑burning specialty pharmaceutical operator into a very lean royalty company anchored in a small but differentiated women’s health portfolio. Financial statements show minimal current revenue, a history of sizable past losses and restructurings, and a now‑tiny balance sheet with modest cash, low debt, and improved equity compared with prior distress. Cash burn has been pared back, but the company’s ability to generate consistent positive cash flow depends almost entirely on the performance of its licensee. Competitively, TXMD benefits from patented, FDA‑approved products that address specific unmet needs, yet it no longer controls commercialization and has no visible R&D engine to drive the next wave of growth. The main uncertainties center on the strength and trajectory of royalty income, the durability of the existing product franchise over its patent life, and management’s choices about capital allocation in this royalty‑only structure.

NEWS

November 12, 2025 · 4:05 PM UTC

TherapeuticsMD Announces Third Quarter 2025 Financial Results

Read more