TherapeuticsMD, Inc.
For the period ended Jun 30, 2026. Filed Aug 11, 2026.
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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, 2026 · Filed Aug 11, 2026
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 2026-03-31; filed 2026-05-12.
0001213900-26-055081
Item 2. Management’s discussion and analysis of financial condition and results of operationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-11.
0001213900-26-087768
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 95 current paragraphs.
65 unchanged; 17 reworded; 8 added; 0 removed; 0 previous and 5 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 (8)
Current report
General and administrative. General and administrative expenses were $1,577 thousand for the second quarter of 2026, an increase of $26 thousand or 1.7%, compared to $1,551 thousand for 2025. The increase is primarily attributable to higher rent expenses and press releases costs.
Current report
*Operating expenses.*Total operating expenses for the second quarter of 2026 were $1,685 thousand, an increase of $38 thousand, or 2.3%, compared to $1,647 thousand for the second quarter of 2025. The increase is primarily attributable to higher rent expenses and press releases costs.
Current report
Other income, net. During the second quarter of 2026, we had other income of $980 thousand compared to other income of $1,240 thousand in the second quarter of 2025, reflecting a decrease in other income pertaining to Mayne’s royalty sales of ANNOVERA and amounts received in May 2025 in connection with a settlement related to trademark infringement by a third party of certain trademarks owned by us, partially offset by higher sublease income.
Current report
Income from continuing operations. For the second quarter of 2026, we had net income of $164 thousand, or $0.01 per basic and diluted common share compared to a net income of $545 thousand, or $0.05 per basic and diluted common share for the second quarter of 2025.
Current report
Discontinued Operations – Net loss from discontinued operations was $9 thousand for the second quarter of 2026, compared to an income from discontinued operations of $6 thousand for the second quarter of 2025.
Current report
*Revenue.*We recorded $1,593 thousand in license revenue for the first six months of 2026, primarily from the Mayne License Agreement, an increase of $248 thousand, compared to $1,345 thousand in license revenue for the first six months of 2025. The increase is primarily attributable to changes in sales of licensed products.
Current report
Write-off of patents. We recorded a write-off of $13 thousand for abandoned patents for the first six months of 2026, compared to $88 thousand for the first six months of 2025.
Current report
Income tax benefit. During the first six months of 2026, we recorded no benefit for income taxes for continuing operations. 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.
Reworded paragraphs (17)
Previous wording
On April 8, 2025, we 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, we filed an amended complaint against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit. On March 23, 2026, a magistrate judge recommended that the court grant-in-part and deny-in-part Mayne Pharma’s motion to dismiss. The magistrate judge recommended granting Mayne’s motion to dismiss our claims for breach of the covenant of good faith and fair dealing, certain of our breach of contract claims and our claim for fraudulent inducement, but recommended the court grant us leave to amend the fraudulent inducement claim. The magistrate judge recommended denying Mayne’s motion to dismiss our other claims. The magistrate judge further recommended the court stay the Mayne Lawsuit while the parties submit the net working capital claims to a dispute resolution process. On April 6, 2026, we filed objections to certain of the magistrate judge’s recommendations.
Current wording
On April 8, 2025, we 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, we filed an amended complaint against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit. On March 23, 2026, a magistrate judge recommended that the court grant-in-part and deny-in-part Mayne Pharma’s motion to dismiss. The magistrate judge recommended granting Mayne’s motion to dismiss our claims for breach of the covenant of good faith and fair dealing, certain of our breach of contract claims and our claim for fraudulent inducement, but recommended the court grant us leave to amend the fraudulent inducement claim. The magistrate judge recommended denying Mayne’s motion to dismiss our other claims. The magistrate judge further recommended the court stay the Mayne Lawsuit while the parties submit the net working capital claims to a dispute resolution process. On April 6, 2026, we filed objections to certain of the magistrate judge’s recommendations. On May 20, 2026, the court overruled our objections and ordered the parties to submit the net working capital claims to a dispute resolution process set forth in the Transaction Agreement while the case is stayed pending the expert determination of the dispute resolution process.
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 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 raise 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
*Revenue.*We recorded $724 thousand in license revenue for the first quarter of 2026, an increase of $331 thousand, compared to $393 thousand in license revenue for the first quarter of 2025. The increase is attributable to changes in sales of licensed products.
Current wording
Revenue. We recorded $869 thousand in license revenue for the second quarter of 2026, a decrease of $83 thousand, compared to $952 thousand in license revenue for the second quarter of 2025. The decrease is attributable to changes in sales of licensed products.
Previous wording
*Write-off of patents.*We have no write-off for abandoned patents for the first quarter of 2026, compared to an $88 thousand written off for abandoned pending patents in the first quarter of 2025.
Current wording
Write-off of patents. We recorded a write-off of $13 thousand for abandoned patents in the second quarter of 2026, compared to no write-off in the second quarter of 2025.
Previous wording
*Depreciation and amortization.*Depreciation and amortization expense was $94 thousand for the first quarter of 2026, compared to $95 thousand for the first quarter of 2025. This balance is entirely comprised of amortization of license rights and intangible assets.
Current wording
*Depreciation and amortization.*Depreciation and amortization expense was $95 thousand for the second quarter of 2026, compared to $96 thousand for the second quarter of 2025. This balance is entirely comprised of amortization of license rights and intangible assets.
Previous wording
Loss from operations. In the first quarter of 2026, we had a loss from operations of $723 thousand, as compared to a loss from operations of $1,281 thousand for the first quarter of 2025. This change reflects the increase in revenue from licensed product sales, the absence of write-off expense recognized, and lower professional fees.
Current wording
Loss from operations. In the second quarter of 2026, we had a loss from operations of $816 thousand, as compared to a loss from operations of $695 thousand for the second quarter of 2025. This change reflects the decrease in revenue from licensed product sales, the increase in rent expenses, and higher press release expenses.
Previous wording
*General and administrative.*General and administrative expenses were $1,353 thousand for the first quarter of 2026, a decrease of $138 thousand or 9.3%, compared to $1,491 thousand for 2025. The decrease is primarily attributable to lower professional fees and share-based compensation costs.
Current wording
*General and administrative.*General and administrative expenses were $2,930 thousand for the first six months of 2026, a decrease of $112 thousand, or 3.7%, compared to $3,042 thousand for the first six months of 2025. The change is primarily due to a decrease in professional fees and stock-based compensation costs.
Previous wording
Operating expenses. Total operating expenses for the first quarter of 2026 were $1,447 thousand, a decrease of $227 thousand, or 13.6%, compared to $1,674 thousand for the first quarter of 2025. The decrease is primarily attributable to the absence of write-off expense recognized in 2025 as well as lower professional fees and share-based compensation costs.
Current wording
Operating expenses. Total operating expenses for the first six months of 2026 were $3,132 thousand, a decrease of $189 thousand, or 5.7%, compared to $3,321 thousand for the first six months of 2025. The change is primarily due to a lower write-off recognized in 2026, as well as decreases in professional fees and stock-based compensation expense
Previous wording
Other income, net. During the first quarter of 2026, we had other income of $826 thousand compared to other income of $613 thousand in the first quarter of 2025, reflecting an increase in sublease income and higher other income pertaining to Mayne’s royalty sales of ANNOVERA in the first quarter of 2026.
Current wording
Other income, net. During the first six months of 2026, we had other income of $1,806 thousand compared to other income of $1,853 thousand in the first six months of 2025. This change is primarily due to lower other income pertaining to Mayne’s royalty sales of ANNOVERA partially offset by the higher sublease income.
Previous wording
Income (loss) from continuing operations. For the first quarter of 2026, we had net income of $103 thousand, compared to a net loss of $636 thousand for the first quarter of 2025.
Current wording
Net income (loss) from continuing operations. For the first six months of 2026, we had a net income of $267 thousand, or $0.02 per basic and diluted common share, compared to a net loss of $91 thousand, or $(0.01) per basic and diluted common share, for the first six months of 2025.
Previous wording
Discontinued Operations – Net loss from discontinued operations was $8 thousand for the first quarter of 2026, compared to a loss from discontinued operations of $17 thousand for the first quarter of 2025.
Current wording
Discontinued Operations – Net loss from discontinued operations was $17 thousand for the first six months of 2026, compared to net loss from discontinued operations of $11 thousand for the first six months of 2025.
Previous wording
Our primary use of cash is to fund our continued operations. We have funded our operations primarily through revenue from licensed royalties, public offerings of our common stock and private placements of equity and debt securities, and the transactions with Mayne Pharma. As of March 31, 2026, we had cash and cash equivalents totaling $8,419 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 revenue from licensed royalties, public offerings of our common stock and private placements of equity and debt securities, and the transactions with Mayne Pharma. As of June 30, 2026, we had cash and cash equivalents totaling $9,189 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 2026 and 2025.
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 2026 and 2025.
Previous wording
See “Going Concern” above for further discussion related to our ability to generate and obtain adequate amounts of cash to meet our liquidity needs and our plans to satisfy our such needs in the short-term and in the long-term. As a result, there is 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
See “Going Concern” above for further discussion related to our ability to generate and obtain adequate amounts of cash to meet our liquidity needs and our plans to satisfy such needs in the short-term and in the long-term. As a result, there is 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
Operating Activities from continuing operations. For the first quarter of 2026, net cash provided by operating activities was $944 thousand, compared to net cash provided by operating activities of $699 thousand for the first quarter of 2025. The increase was primarily driven by cash received from royalty receivable, partially offset by a larger use of cash for outstanding accounts payable, and the absence of the prior-year write-off of abandoned patents.
Current wording
Operating Activities from continuing operations. For the first six months of 2026, net cash provided by operating activities was $1,723 thousand, compared to net cash provided by operating activities of $1,080 thousand for the first six months of 2025. The increase was primarily driven by cash received from royalty receivable.
Previous wording
Net cash used in discontinued operations. Net cash used in discontinued operations for the first three months of 2026 was $8 thousand as compared to net cash used in operating activities from discontinued operations of $13 thousand for the first three months of 2025. 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 discontinued operations for the first six months of 2026 was $17 thousand as compared to net cash used in operating activities from discontinued operations of $70 thousand for the first six months of 2025. 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, 2026, we had a royalty receivable of $2,731 thousand relating to the short-term portion of royalty receivable from Mayne Pharma and $13,170 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 2025 10-K/A 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, 2026, we had a royalty receivable of $3,014 thousand relating to the short-term portion of royalty receivable from Mayne Pharma and $12,626 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 2025 10-K/A Report.
Rearranged current paragraphs (5)
Current report — wording carried from elsewhere
Six months ended June 30, 2026 compared with six months ended June 30, 2025
Current report — wording carried from elsewhere
The following table sets forth the results of our operations (in thousands):
Current report — wording carried from elsewhere
Depreciation and amortization. Depreciation and amortization expense was $189 thousand for the first six months of 2026, a decrease of $2 thousand, or 1%, compared to $191 thousand for the first six months of 2025. 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 2026, we had a loss from operations of $1,539 thousand, as compared to a loss from operations of $1,976 thousand for the first six months of 2025. This change reflects the increase in license revenues and decrease in professional fee.
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.