TherapeuticsMD, Inc.
For the period ended Jun 30, 2025. Filed Aug 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 12, 2025
TXMD$1.74+1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-13.
0001213900-25-042697
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001213900-25-075003
Item 2. Management’s discussion and analysis of financial condition and results of operationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 82 previous paragraphs and 93 current paragraphs.
63 unchanged; 16 reworded; 5 added; 3 removed; 0 previous and 9 current paragraphs rearranged.
Tables are not compared: 5 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
On May 30, 2025, Mayne Pharma filed a lawsuit against the Company in the United States District Court for the District of Delaware (the “Mayne Countersuit” and, together with the Mayne Lawsuit, the “Mayne Lawsuits”) seeking damages for breach of contract and fraudulent inducement related to the Transaction Agreement. On July 28, 2025, the Company filed a motion to dismiss the Mayne Countersuit. As of June 30, 2025, the Company believed no additional accrual was required for such claims, as the Company could not reasonably estimate a range of loss.
Current report
Other income, net. During the second quarter of 2025, we had other income of $1,240 thousand compared to other income of $1,739 thousand in the second quarter of 2024. This change is primarily due to the gain on an early termination of a sublease we recognized in 2024 partially offset by higher other income pertaining to Mayne’s royalty sales of ANNOVERA and amounts received pursuant to a settlement pertaining to trademark infringement by a third party of certain trademarks owned by us. Pursuant to the settlement, we received a payment of $413 thousand in May 2025.
Current report
Operating expenses. Total operating expenses for the first six months of 2025 were $3,321 thousand, a decrease of $1,552 thousand, or 31.8%, compared to the first six months of 2024. The change is primarily due to the impairment recognized in 2024 and the final vesting of outstanding restricted stock units under our share-based compensation plans.
Current report
Other income, net. During the first six months of 2025, we had other income of $1,853 thousand compared to other income of $2,467 thousand in the first six months of 2024. This change is primarily due to the gain on an early termination of a sublease we recognized in 2024 partially offset by higher other income pertaining to Mayne’s royalty sales of ANNOVERA, and amounts received pursuant to a settlement pertaining to trademark infringement by a third party of certain trademarks owned by us.
Current report
Operating Activities from continuing operations. For the first six months of 2025, net cash provided by operating activities was $1,080 thousand, compared to net cash provided by operating activities of $1,224 thousand for the first six months of 2024. The decrease was primarily driven by lower non-cash adjustments, notably the absence of impairment charges on long-lived assets and reduced depreciation, amortization, and share-based compensation expense in 2025, which is partially offset by the improvement in net loss from continuing operations.
Removed paragraphs (3)
Previous report
*Revenue.*As part of our transformation and the Mayne License Agreement, all results associated with former commercial operations have been reflected as discontinued operations in the condensed consolidated financial statements for all periods presented.
Previous report
Other income, net. During the first quarter of 2025, we had other income of $203 thousand compared to other income of $333 thousand in the first quarter of 2024. The decrease was primarily attributable to a decrease in royalty revenue from the licensing of Annovera to Mayne Pharma.
Previous report
Operating Activities from continuing operations. For the first three months of 2025, net cash provided by operating activities was $699 thousand, compared to net cash used in operating activities of $229 thousand for the first three months of 2024. This change reflects the increased efficiencies realized as a royalty-based business.
Reworded paragraphs (16)
Previous wording
As part of the transformation that included the Mayne License Agreement, all results associated with former commercial operations have been reflected as discontinued operations in our consolidated financial statements. Assets and liabilities associated with the commercial business are classified as assets and liabilities of discontinued operations in our consolidated balance sheets. See Note 2 – Discontinued Operations to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Current wording
As part of the transformation that included the Mayne License Agreement, all results associated with former commercial operations have been reflected as discontinued operations in our condensed consolidated financial statements. Assets and liabilities associated with the commercial business are classified as assets and liabilities of discontinued operations in our consolidated balance sheets. See Note 2 – Discontinued Operations to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for further details.
Previous wording
On April 8, 2025, the Company filed a lawsuit against Mayne Pharma in the United States District Court for the District of Delaware (the “Mayne Lawsuit”) seeking damages for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, and unjust enrichment related to Mayne Pharma’s actions in relation to the License Agreement and the Transaction Agreement, primarily relating to the net working capital allowances and certain actions or inactions by Mayne Pharma relating thereto.
Current wording
On April 8, 2025, the Company filed a lawsuit against Mayne Pharma in the United States District Court for the District of Delaware (the “Mayne Lawsuit”) seeking damages for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, and unjust enrichment related to Mayne Pharma’s actions in relation to the License Agreement and the Transaction Agreement, primarily relating to the net working capital allowances and certain actions or inactions by Mayne Pharma relating thereto. On June 20, 2025, the Company filed an amended complaint against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit.
Previous wording
If Mayne Pharma’s sales of Licensed Products grow more slowly than expected or decline, including as a result of Mayne Pharma Group’s pending sale to Cosette Pharmaceuticals, Inc. (“Cosette”), if the net working capital settlement with Mayne Pharma under the Transaction Agreement is greater than our current estimates, if we are unsuccessful with future financings or the supply chains related to the third-party contract manufacturers are worse than we anticipate, our existing cash reserves may be insufficient to satisfy our liquidity requirements. The potential impact of these factors in conjunction with the uncertainty of the capital markets raises substantial doubt about our ability to continue as a going concern for the next twelve months from the issuance of these financial statements.
Current wording
If Mayne Pharma’s sales of Licensed Products grow more slowly than expected or decline, including as a result of Mayne Pharma Group’s potential sale to Cosette Pharmaceuticals, Inc., if the net working capital settlement with Mayne Pharma under the Transaction Agreement is greater than our current estimates, if the outcome of the Mayne Lawsuits is worse than we anticipate, if we are unsuccessful with future financings or the supply chains related to the third-party contract manufacturers are worse than we anticipate, our existing cash reserves may be insufficient to satisfy our liquidity requirements. The potential impact of these factors in conjunction with the uncertainty of the capital markets raises substantial doubt about our ability to continue as a going concern for the next twelve months from the issuance of these financial statements.
Previous wording
The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.
Current wording
The accompanying condensed consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.
Previous wording
We recorded $393 thousand in license revenue for the first quarter of 2025, primarily from the Mayne License Agreement, an increase of $80 thousand, compared to $313 thousand in license revenue for the first quarter of 2024. The increase is primarily attributable to changes in sales of licensed products.
Current wording
*Revenue.*We recorded $952 thousand in license revenue for the second quarter of 2025, primarily from the Mayne License Agreement, an increase of $718 thousand, compared to $234 thousand in license revenue for the second quarter of 2024. The increase is primarily attributable to changes in sales of licensed products.
Previous wording
*Depreciation & amortization.*Depreciation and amortization expense was $95 thousand for the first quarter of 2025, a decrease of $38 thousand, or 28.6%, compared to the first quarter of 2024. This balance is entirely comprised of amortization of license rights and intangible assets.
Current wording
*Depreciation & amortization.*Depreciation and amortization expense was $96 thousand for the second quarter of 2025, a decrease of $84 thousand, or 46.7%, compared to the second quarter of 2024. This balance is entirely comprised of amortization of license rights and intangible assets.
Previous wording
Operating expenses. Total operating expenses for the first quarter of 2025 were $1,264 thousand, a decrease of $191 thousand, or 13.1%, compared to the first quarter of 2024. The change is due to the increased efficiencies realized as a royalty-based business.
Current wording
Operating expenses. Total operating expenses for the second quarter of 2025 were $1,647 thousand, a decrease of $1,376 thousand, or 45.5%, compared to the second quarter of 2024. The change is primarily due to the impairment recognized in the second quarter of 2024.
Previous wording
Loss from operations. In the first quarter of 2025, we had a loss from operations of $871 thousand, as compared to a loss from operations of $1,142 thousand for the first quarter of 2024. This change reflects the increase in sales of licensed products and the increased efficiencies realized as a royalty-based business.
Current wording
Loss from operations. In the second quarter of 2025, we had a loss from operations of $695 thousand, as compared to a loss from operations of $2,789 thousand for the second quarter of 2024. This change reflects the increase in license revenues and the impairment recognized in 2024.
Previous wording
Discontinued Operations – Net loss from discontinued operations was $17 thousand for the first quarter of 2025, compared to net income from discontinued operations of $75 thousand for the first quarter of 2024.
Current wording
Discontinued Operations – Net income from discontinued operations was $6 thousand for the second quarter of 2025, compared to net loss from discontinued operations of $40 thousand for the second quarter of 2024.
Previous wording
*Selling, general and administrative.*Selling, general and administrative expenses were $1,081 thousand for the first quarter of 2025, a decrease of $241 thousand, or 18.2%, compared to the first quarter of 2024. The change is due to the increased efficiencies realized as a royalty-based business.
Current wording
*Selling, general and administrative.*Selling, general and administrative expenses were $3,042 thousand for the first six months of 2025, a decrease of $257 thousand, or 7.8%, compared to the first six months of 2024. The change is primarily due to the final vesting of outstanding restricted stock units under our share-based compensation plans.
Previous wording
Income tax benefit. During the first quarter of 2025, we recorded income tax benefit of $32 thousand for continuing operations, which is a result of refunds received from certain state tax filings. During the first quarter of 2024, we recorded no benefit for income taxes for continuing operations.
Current wording
Income tax benefit. During the first six months of 2025, we recorded income tax benefit of $32 thousand for continuing operations, which is a result of refunds received from certain state tax filings. During the first six months of 2024, we recorded no benefit for income taxes for continuing operations.
Previous wording
Net loss from continuing operations. For the first quarter of 2025, we had a net loss of $636 thousand, or $0.06 per basic and diluted common share, compared to a net loss of $809 thousand, or $0.07 per basic and diluted common share, for the first quarter of 2024.
Current wording
Net loss from continuing operations. For the first six months of 2025, we had a net loss of $91 thousand, or $0.01 per basic and diluted common share, compared to a net loss of $1,859 thousand, or $0.16 per basic and diluted common share, for the first six months of 2024.
Previous wording
Our primary use of cash is to fund our continued operations. We have funded our operations primarily through public offerings of our common stock and private placements of equity and debt securities, and the transactions with Mayne Pharma. As of March 31, 2025, we had cash and cash equivalents totaling $5,745 thousand. We maintain cash at financial institutions that at times may exceed the Federal Deposit Insurance Corporation insured limits of $250 thousand per bank. We have never experienced any losses related to these funds.
Current wording
Our primary use of cash is to fund our continued operations. We have funded our operations primarily through public offerings of our common stock and private placements of equity and debt securities, and the transactions with Mayne Pharma. As of June 30, 2025, we had cash and cash equivalents totaling $6,069 thousand. We maintain cash at financial institutions that at times may exceed the Federal Deposit Insurance Corporation insured limits of $250 thousand per bank. We have never experienced any losses related to these funds.
Previous wording
The initial drawdown occurred on June 29, 2023 consisting of a sale of 312,525 shares of Common Stock at a price per share equal to $3.6797. We received gross proceeds of $1.15 million from the drawdown, before expenses. On November 15, 2023 Rubric drew down an additional 877,192 shares of Common Stock at a price per share equal to $2.2761. We received gross proceeds of $2.0 million from the drawdown, before expenses. There were no drawdowns in the first quarter of 2025 and 2024.
Current wording
The initial drawdown occurred on June 29, 2023 consisting of a sale of 312,525 shares of Common Stock at a price per share equal to $3.6797. We received gross proceeds of $1.15 million from the drawdown, before expenses. On November 15, 2023 Rubric drew down an additional 877,192 shares of Common Stock at a price per share equal to $2.2761. We received gross proceeds of $2.0 million from the drawdown, before expenses. There were no drawdowns in the first six months of 2025 and 2024.
Previous wording
Net cash (used in) provided by discontinued operations. Net cash used in operating activities from discontinued operations for the first three months of 2025 was $13 thousand as compared to net cash provided by operating activities from discontinued operations of $240 thousand for the first three months of 2024. This change relates primarily to a decreased level of activities associated with our discontinued operations.
Current wording
Net cash used in discontinued operations. Net cash used in operating activities from discontinued operations for the first six months of 2025 was $70 thousand as compared to net cash used in operating activities from discontinued operations of $319 thousand for the first six months of 2024. This change relates primarily to a decreased level of activities associated with our discontinued operations.
Previous wording
Receivable from Mayne Pharma. On December 30, 2022, Mayne Pharma acquired our accounts receivable balance of approximately $29.3 million which is subject to certain working capital adjustments. As of March 31, 2025, we had a royalty receivable of $2,777 thousand relating to the short-term portion of receivable from Mayne Pharma and $15,427 thousand relating to the long-term portion of royalty receivable which includes royalties recognized from the Minimum Annual Royalty. See “Note 1 Business, basis of presentation, new accounting standards and summary of significant accounting policies (Revenue Recognition)” to the consolidated financial statements included in our 2024 10-K Report.* *
Current wording
Receivable from Mayne Pharma. On December 30, 2022, Mayne Pharma acquired our accounts receivable balance of approximately $29.3 million which is subject to certain working capital adjustments. As of June 30, 2025, we had a royalty receivable of $3,433 thousand relating to the short-term portion of receivable from Mayne Pharma and $14,840 thousand relating to the long-term portion of royalty receivable which includes royalties recognized from the Minimum Annual Royalty. See “Note 1 Business, basis of presentation, new accounting standards and summary of significant accounting policies (Revenue Recognition)” to the consolidated financial statements included in our 2024 10-K Report.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
*Selling, general and administrative.*Selling, general and administrative expenses were $1,551 thousand for the second quarter of 2025, a decrease of $31 thousand, reflecting minimal change from the second quarter of 2024.
Current report — wording carried from elsewhere
Net income (loss) from continuing operations. For the second quarter of 2025, we had net income of $551 thousand, or $0.05 per basic and diluted common share, compared to a net loss of $1,050 thousand, or $0.09 per basic and diluted common share, for the second quarter of 2024.
Current report — wording carried from elsewhere
Six months ended June 30, 2025 compared with six months ended June 30, 2024
Current report — wording carried from elsewhere
The following table sets forth the results of our operations (in thousands):
Current report — wording carried from elsewhere
*Revenue.*We recorded $1,345 thousand in license revenue for the first six months of 2025, primarily from the Mayne License Agreement, an increase of $798 thousand, compared to $547 thousand in license revenue for the first six months of 2024. The increase is primarily attributable to changes in sales of licensed products.
Current report — wording carried from elsewhere
*Depreciation & amortization.*Depreciation and amortization expense was $191 thousand for the first six months of 2025, a decrease of $122 thousand, or 39.0%, compared to the first six months of 2024. This balance is entirely comprised of amortization of license rights and intangible assets.
Current report — wording carried from elsewhere
Loss from operations. In the first six months of 2025, we had a loss from operations of $1,976 thousand, as compared to a loss from operations of $4,326 thousand for the first six months of 2024. This change reflects the increase in license revenues in 2025 and the impairment recognized in 2024.
Current report — wording carried from elsewhere
Discontinued Operations – Net loss from discontinued operations was $11 thousand for the first six months of 2025, compared to net income from discontinued operations of $35 thousand for the first six months of 2024.
Current report — wording carried from elsewhere
For additional information, see Note 2 - Discontinued Operations, in the notes to the condensed consolidated financial statements appearing elsewhere in this Quarterly Report.