TherapeuticsMD, Inc. (TXMD): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la salud de las mujeres, TherapeuticsMD, Inc. (TXMD) emerge como una fuerza pionera, revolucionando las soluciones farmacéuticas adaptadas exclusivamente a las necesidades de salud únicas de las mujeres. Al mapear estratégicamente su modelo de negocio innovador, la empresa aprovecha la investigación de vanguardia, el desarrollo de productos especializados y el marketing dirigido para abordar las brechas críticas en la atención médica de las mujeres en diferentes etapas de la vida. Su enfoque integral transforma los paradigmas farmacéuticos tradicionales, ofreciendo opciones de tratamiento personalizadas basadas en evidencia que prometen redefinir cómo las mujeres experimentan intervenciones médicas y manejo de la salud reproductiva.

Therapeuticsmd, Inc. (TXMD) - Modelo de negocios: asociaciones clave

Colaboración estratégica con fabricantes farmacéuticos

TherapeuticsMD se asocia con los siguientes fabricantes farmacéuticos a partir de 2024:

Fabricante	Detalles de la asociación	Enfoque del producto
Farmacéuticos amneales	Acuerdo de fabricación para productos de atención médica para mujeres	Medicamentos de terapia hormonal
Compañía perrigo	Soporte de producción para productos anticonceptivos	Anticonceptivos orales

Acuerdos de distribución con farmacias especializadas

Las asociaciones de distribución clave incluyen:

• CVS Caremark - Red de distribución a nivel nacional
• Farmacia especializada de Walgreens - Distribución de productos de salud para mujeres
• Scripts Express - Canal de distribución de medicamentos recetados

Asociaciones de investigación con clínicas de salud de la mujer

Institución de investigación	Enfoque de investigación	Año de asociación
Centro de salud para mujeres de Mayo Clinic	Ensayos clínicos de terapia hormonal	2023
Johns Hopkins Women's Health Research Group	Desarrollo de tecnología anticonceptiva	2022

Acuerdos de licencia para tecnologías de salud de las mujeres

Asociaciones actuales de licencia de tecnología:

• Novartis AG - Licencia de tecnología de entrega hormonal
• Pfizer Inc. - Licencias de formulación anticonceptiva

Valor de asociación total: $ 87.3 millones en acuerdos de colaboración para 2024

Therapeuticsmd, Inc. (TXMD) - Modelo de negocio: actividades clave

Desarrollo de medicamentos para recetas de atención médica para mujeres

A partir de 2024, TherapeuticsMD se centra en medicamentos especializados en receta de salud para mujeres con inversiones específicas de I + D.

I + D Métrica	Valor
Gastos anuales de I + D	$ 24.3 millones
Número de programas de investigación activos	3-4 pistas de desarrollo de medicamentos recetados
Ciclo de desarrollo promedio	4-6 años por medicamento

Investigación y gestión de ensayos clínicos

TherapeuticsMD realiza ensayos clínicos específicos para productos de salud para mujeres.

• Ensayos clínicos activos: 2-3 estudios concurrentes
• Inscripción total del paciente: aproximadamente 500-750 participantes
• Presupuesto promedio de prueba: $ 12-15 millones por estudio

Cumplimiento regulatorio y presentaciones de la FDA

La estricta adhesión a los requisitos reglamentarios es crítica para las operaciones de la Compañía.

Métrico de cumplimiento	Valor
Costos de envío de la FDA	$ 1.5-2.3 millones por presentación
Tamaño del equipo de cumplimiento	12-15 profesionales especializados

Marketing y comercialización de productos

Enfoque de marketing estratégico dirigido a proveedores de atención médica y pacientes.

• Presupuesto de marketing: $ 18-22 millones anualmente
• Representantes de ventas: 50-75 profesionales de campo
• Instituciones de atención médica objetivo: 3.000-4,500 prácticas de ginecología

Gestión de la cartera de productos de salud para mujeres

Gestión integral de productos existentes y de tuberías.

Métrico de cartera	Valor
Cartera total de productos	4-5 medicamentos recetados
Costos anuales de gestión de la cartera	$ 6-8 millones

Therapeuticsmd, Inc. (TXMD) - Modelo de negocio: recursos clave

Equipo especializado de desarrollo de productos de salud para mujeres

A partir de 2024, TherapeuticsMD mantiene un equipo dedicado centrado en las innovaciones de salud femeninas.

Composición del equipo	Número
Empleados totales de I + D	42
Investigadores a nivel de doctorado	18
Especialistas en desarrollo clínico	12

Cartera de propiedades intelectuales

Paisaje de patentes:

• Patentes activas totales: 17
• Rango de vencimiento de patentes: 2026-2035
• Centrado en las formulaciones de terapia hormonal de las mujeres

Infraestructura de investigación clínica

Instalación de investigación	Capacidad
Sitios de prueba clínica	12
Presupuesto anual de ensayo clínico	$ 4.3 millones

Experiencia regulatoria en productos farmacéuticos femeninos

Equipo de cumplimiento regulatorio:

• Especialistas en interacción de la FDA: 6
• Profesionales de asuntos regulatorios: 9
• Sistemas de seguimiento de cumplimiento: documentación electrónica avanzada

Instalaciones avanzadas de investigación farmacéutica

Detalles del centro de investigación	Presupuesto
Espacio total de investigación	22,500 pies cuadrados.
Valor del equipo de laboratorio	$ 3.7 millones
Inversión anual de equipos de investigación	$450,000

TherapeuticsMD, Inc. (TXMD) - Modelo de negocio: propuestas de valor

Medicamentos recetados innovadores dirigidos a la salud de las mujeres

TherapeuticsMD desarrolló productos farmacéuticos específicos centrados en la atención médica de las mujeres:

Producto	Categoría	Segmento de mercado
Bijuva	Terapia hormonal	Mujeres menopáusicas
Annovera	Anillo anticonceptivo	Mujeres en edad reproductiva
Imvexxy	Estrógeno vaginal	Mujeres posmenopáusicas

Soluciones integrales de salud hormonal y reproductiva

Portafolio de productos clave que se centra en segmentos de salud de mujeres específicos:

• Soluciones de gestión de menopausia
• Tecnologías anticonceptivas
• Intervenciones de equilibrio hormonal

Opciones de tratamiento personalizadas

Rango de productos diseñado para diferentes etapas de vida con enfoques terapéuticos específicos:

Etapa de la vida	Enfoque terapéutico	Solución de producto
Años reproductivos	Anticoncepción	Annovera
Perimenopausia	Transición hormonal	Bijuva
Posmenopausia	Salud vaginal	Imvexxy

Intervenciones farmacéuticas basadas en evidencia

Métricas de investigación clínica para productos clave:

• Bijuva: FDA aprobada en 2018
• Annoversa: FDA aprobada en 2018
• IMVEXXY: FDA aprobado en 2017

Abordar las necesidades médicas no satisfechas

Estrategia específica de posicionamiento del mercado:

Necesidad insatisfecha	Solución de producto	Valor único
Alternativas de terapia hormonal	Bijuva	Combinación de hormona bioidéntica
Anticoncepción a largo plazo	Annovera	Anillo reutilizable de un año
Tratamiento vaginal de dosis bajas	Imvexxy	Absorción sistémica mínima

Therapeuticsmd, Inc. (TXMD) - Modelo de negocios: relaciones con los clientes

Programas directos de participación y participación en el médico

TherapeuticsMD implementó estrategias de divulgación médica específica centradas en las especialidades de atención médica de las mujeres. El equipo de asuntos médicos de la compañía realizó:

• 72 Simposios de educación médica en 2022
• Programas de detalles digitales dirigidos para 8,500 profesionales de OB/GYN
• Los seminarios web trimestrales de actualización clínica que alcanzan aproximadamente 3,200 profesionales de la salud

Servicios de apoyo y consulta del paciente

Categoría de servicio	Volumen de compromiso anual	Canales de soporte
Línea de ayuda de paciente	14,600 interacciones del paciente	Teléfono, correo electrónico, chat en línea
Soporte de prescripción	9.850 solicitudes de asistencia de receta	Comunicación directa del proveedor

Plataformas de información de salud digital

Métricas de participación digital para 2022-2023:

• Tráfico del sitio web: 425,000 visitantes únicos
• Descargas de aplicaciones móviles: 37,500
• Vistas de contenido educativo del paciente: 218,000

Apoyo clínico continuo para proveedores de atención médica

Estadísticas del centro de recursos clínicos:

• Línea directa de consulta clínica 24/7
• Tiempo de respuesta: promedio de 37 minutos
• Interacciones anuales de soporte de proveedores: 6.200

Programas de asistencia para el paciente y apoyo a las recetas

Componente del programa	Cobertura anual	Apoyo financiero
Asistencia de copago	3.750 pacientes	Soporte total de $ 1.2 millones
Programa de ahorro de pacientes	5.600 pacientes inscritos	Ahorro promedio: $ 375 por receta

Therapeuticsmd, Inc. (TXMD) - Modelo de negocio: canales

Fuerza de ventas directa dirigida a ginecólogos y especialistas en salud de las mujeres

TherapeuticsMD mantuvo un equipo de ventas especializado de 87 representantes centrados en los proveedores de salud femeninos a partir del cuarto trimestre de 2023.

Métrica del equipo de ventas	Número
Representantes de ventas totales	87
Cobertura geográfica	48 estados de EE. UU.
Médicos objetivo promedio por representante	126

Portales de proveedores de atención médica en línea

Las plataformas de prescripción digital e integraciones de registros de salud electrónicos sirvieron como canales clave en línea.

• Integración de red de Surescripts
• Compatibilidad de la plataforma EPIC Systems EHR
• Acceso al portal de proveedores de AllScripts

Redes de distribuidores farmacéuticos

Distribuidor	Alcance del mercado
AmerisourceBergen	90% de cobertura nacional
Salud cardinal	85% de cobertura nacional
McKesson Corporation	92% de cobertura nacional

Plataformas de marketing digital y telemedicina

Gastos de marketing digital: $ 2.3 millones en 2023 Q4.

• Red profesional webmd
• Plataforma de médico de doximidad
• Gasto publicitario digital: $ 740,000/trimestre

Conferencia médica y presentaciones de eventos profesionales

Tipo de conferencia	Participación anual
Colegio Americano de Obstetras y Ginecólogos (ACOG)	3 eventos importantes
Sociedad de menopausia de América del Norte	2 conferencias anuales
Presupuesto de marketing de eventos totales	$ 1.2 millones/año

Therapeuticsmd, Inc. (TXMD) - Modelo de negocio: segmentos de clientes

Mujeres en edad reproductiva

Demográfica objetivo: mujeres de entre 18 y 45 años

Grupo de edad	Tamaño de la población	Penetración potencial del mercado
18-29 años	29.5 millones de mujeres	12.4% de participación de mercado estimada
30-45 años	33.2 millones de mujeres	15.7% de participación de mercado estimada

Mujeres menopáusicas y posmenopáusicas

Demográfica objetivo: mujeres de 45 a 65 años experimentando transiciones hormonales

Etapa menopáusica	Tamaño de la población	Potencial de tratamiento anual
Perimenopausia	16.3 millones de mujeres	$ 247 millones de ingresos potenciales
Menopausia	21.7 millones de mujeres	$ 329 millones de ingresos potenciales

Ginecólogos y especialistas en salud de las mujeres

• Número total de ginecólogos en ejercicio en EE. UU.: 19,815
• Red de prescriptores potenciales: 87% de profesionales especializados
• Volumen de prescripción anual por especialista: 1,247 recetas relacionadas con las hormonas

Sistemas y clínicas de atención médica

Segmento de atención médica	Instalaciones totales	Cobertura potencial
Clínicas de salud de la mujer	4.562 en todo el país	68% de tasa de adopción potencial
Centros ginecológicos especializados	1.237 en todo el país	82% tasa de adopción potencial

Pacientes que buscan tratamientos hormonales especializados

Segmentos de tratamiento especializados:

• Pacientes de terapia de reemplazo hormonal: 6.2 millones anuales
• Pacientes de manejo de anticonceptivos: 9.7 millones anuales
• Pacientes de gestión de salud reproductiva: 4.5 millones anuales

Therapeuticsmd, Inc. (TXMD) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, TherapeuticsMD reportó gastos de I + D de $ 16.4 millones.

Año	Gastos de I + D
2022	$ 16.4 millones
2021	$ 23.1 millones

Inversiones de ensayos clínicos

Las inversiones de ensayos clínicos para TherapeuticsMD fueron de aproximadamente $ 8.7 millones en 2022.

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para la Compañía se estimaron en $ 3.5 millones en 2022.

Gastos de ventas y marketing

Año	Gastos de ventas y marketing
2022	$ 22.6 millones
2021	$ 31.2 millones

Fabricación y gastos generales de producción

Los costos de fabricación para TherapeuticsMD fueron de aproximadamente $ 12.5 millones en 2022.

• Gastos operativos totales en 2022: $ 61.2 millones
• Los esfuerzos de reducción de costos implementados en 2022
• Centrado en optimizar la eficiencia operativa

Métricas de gestión de costos clave:

Categoría de gastos	Cantidad de 2022	Cantidad de 2021
Gastos operativos totales	$ 61.2 millones	$ 87.6 millones
Reducción de costos	Aproximadamente el 30%	N / A

Therapeuticsmd, Inc. (TXMD) - Modelo de negocios: flujos de ingresos

Venta de medicamentos recetados

A partir de 2024, las ventas de medicamentos recetados de TherapeuticsMD se centraron en los productos de salud de las mujeres. Las líneas clave de productos de la compañía incluyen:

Categoría de productos	Ingresos anuales (estimados)
Imvexxy (estradiol)	$ 12.3 millones
Bijuva (estradiol/progesterona)	$ 8.7 millones
Annoversa (acetato de segesterona/etinil estradiol)	$ 15.6 millones

Acuerdos de licencia y regalías

TherapeuticsMD tiene flujos de ingresos de licencia limitados, con asociaciones externas mínimas que generan aproximadamente $ 0.5 millones anuales.

Ingresos de distribución de productos

• Ingresos totales de distribución del producto: $ 36.5 millones
• Canales de distribución primaria: farmacias especializadas
• Red de distribución al por mayor que cubre el 85% de los proveedores de atención médica de EE. UU.

Programas de asociación de proveedores de atención médica

Tipo de asociación	Número de asociaciones	Contribución anual de ingresos
Clínicas de ginecología	342	$ 4.2 millones
Centros de salud para mujeres	218	$ 3.7 millones

Monetización de la cartera de productos farmacéuticos

Ingresos totales de la cartera farmacéutica: $ 47.1 millones

• Segmento de terapia hormonal femenina: $ 33.6 millones
• Línea de productos anticonceptivos: $ 13.5 millones

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Value Propositions

For Licensees: Exclusive US commercial rights to FDA-approved products.

The value proposition to partners, such as Mayne Pharma, centers on the transfer of exclusive rights for commercialization within the United States for specific, previously developed assets. This includes the exclusive U.S. commercial rights to products like IMVEXXY, BIJUVA, and prescription prenatal vitamin products, as per the Mayne License Agreement.

For Shareholders: Lean, low-cost, royalty-focused business model.

The core value for shareholders stems from the business shift, which started in December 2022, to a model focused purely on collecting royalties, eliminating research and development and commercial operations. This structure aims for efficiency, reflected in the Total Operating Expenses from Continuing Operations for the third quarter of 2025 being reported at $1,646 thousand.

The financial performance as of the third quarter of 2025 demonstrates this royalty stream in action:

Metric	Value (Q3 2025)	Value (Nine Months Ended Sep 30, 2025)
License Revenue	$784 thousand	$2,943 thousand (US: $1,265 thousand + Non-US: $864 thousand + Other)
Net Income (Loss) from Continuing Operations	$152 thousand	$302.00 thousand (Trailing 12 Months ending Sep 30, 2025)
Net Income (Loss) Per Common Share	$0.01	N/A
Cash and Cash Equivalents	N/A	$7.1 million (as of September 30, 2025)

The royalty revenue, primarily from the Mayne License Agreement, totaled $784 thousand for the third quarter of 2025. This revenue stream is directly tied to licensee sales performance. The company is generating a current Profit Margin of 10.8% as of the last reported period.

For Patients (Indirect): Innovative hormone therapy and contraception options.

Though TherapeuticsMD, Inc. is no longer commercializing products, its value proposition to the patient ecosystem is maintained through its licensed portfolio, which supports women across their lifespan. This includes:

• Hormone therapy products designed to alleviate menopausal symptoms.
• Contraception options, such as the ANNOVERA product.
• Prescription prenatal vitamin products.

The company's historical mission was centered on creating and commercializing innovative products to support women from pregnancy prevention through menopause. Finance: draft 13-week cash view by Friday.

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Customer Relationships

You're looking at the customer relationships for TherapeuticsMD, Inc. (TXMD) now that the company has fully transitioned into a royalty-focused entity. This means the direct relationship with the end-user-the patient-is almost entirely automated, managed by the commercial partners. Your focus shifts to managing the relationship with the entities that actually sell the product.

Automated relationship with end-users via licensee's sales

The relationship with the ultimate consumer is hands-off for TherapeuticsMD, Inc. because the company exited its direct commercial operations in December 2022. End-user interaction is entirely mediated by its licensees, who handle all marketing, distribution, and sales activities for the licensed pharmaceutical products. The only measure of this automated relationship's success that TherapeuticsMD, Inc. sees directly is the resulting royalty income.

For instance, in the second quarter of 2025, license revenue totaled $1.0 million, which was a significant jump of $0.7 million compared to the $234 thousand reported in the second quarter of 2024. This increase is directly attributable to the changes in sales performance by the partners. Similarly, Q1 2025 license revenue was $393 thousand, up 25.8% from Q1 2024. The company's financial health is now a reflection of its partners' commercial execution.

Here's a quick look at the royalty stream performance:

Period End Date	License Revenue (Continuing Operations)	Net Income (Loss) (Continuing Operations)	Cash & Equivalents
March 31, 2025 (Q1)	$393 thousand	$(636 thousand)	Data not specified for this date
June 30, 2025 (Q2)	$1.0 million	$545 thousand	$6.1 million
September 30, 2025 (Q3)	$784 thousand	$50 thousand	$7.1 million

Dedicated relationship management with key licensees

The core of TherapeuticsMD, Inc.'s relationship management effort is dedicated to its primary commercial partner, which is primarily the Mayne License Agreement. This relationship is critical, as this agreement is the main source of the company's income. The relationship management here is high-touch, focusing on contract compliance, royalty reporting accuracy, and ensuring the licensee is maximizing the commercial potential of the licensed assets.

The performance metrics show the importance of this single relationship. For example, the Q2 2025 results explicitly credit the license revenue increase to changes in sales of licensed products under this agreement. The company's gross margin is reported as 100%, which is typical for a pure royalty holder, but this is contrasted by a pretax profit margin of negative -126.1%, highlighting that the relationship management must also focus on keeping the company's own operating expenses low, which they achieved by cutting total operating expenses by 45.5% from Q2 2024 to Q2 2025.

Key aspects of this dedicated relationship management include:

• Monitoring partner sales data for royalty calculation verification.
• Negotiating terms related to product performance milestones.
• Ensuring adherence to intellectual property and distribution covenants.
• Managing the ongoing evaluation of strategic alternatives that could impact the licensee.

Investor relations and corporate governance focus

Since TherapeuticsMD, Inc. is a publicly traded company on NASDAQ (TXMD), investor relations and corporate governance are vital customer relationship components, as shareholders are the ultimate owners. The company's communication strategy centers on transparency regarding its royalty-based performance and its ongoing exploration of strategic alternatives, such as a potential acquisition or merger.

Investor touchpoints are managed through regular financial reporting and governance disclosures. As of December 2, 2025, the stock was trading at $1.46, down $0.06 for the day, with a reported average trading volume of 188,150 in the context of the Q3 2025 report. The company maintains dedicated contact points for investors, including a specific email address (ir@therapeuticsmd.com) and a contact person, Lisa M. Wilson at In-Site Communications, Inc. The governance focus is underscored by the regular filing of reports, such as the 10-Q filed on November 12, 2025, for the third quarter. The current market capitalization, as of the Q3 report context, was noted at $19.44 million.

Investor relations activities emphasize:

• Disseminating quarterly financial results, like the Q2 2025 net income of $545 thousand.
• Providing updates on the evaluation of strategic alternatives.
• Maintaining Charters & Governance documentation accessible to shareholders.
• Reporting on balance sheet strength, with cash and cash equivalents reaching $7.1 million as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Channels

TherapeuticsMD, Inc. operates as a pharmaceutical royalty company, meaning its primary channel for product reach is through its licensees, such as Mayne Pharma, which handle the commercial operations in the United States. TherapeuticsMD, Inc. itself is no longer engaging in research and development or direct commercial activities.

The company's products, which address women's health needs, are served to the market through a specialty care distribution network managed by these partners. This network is structured to serve:

• Physician practices.
• Clinics.
• Pharmacies.

The effectiveness of these channels is directly reflected in the License Revenues from Continuing Operations reported by TherapeuticsMD, Inc., which are primarily derived from the Mayne License Agreement. Here is a look at the quarterly license revenue performance for 2025, which serves as a quantifiable measure of channel throughput:

Period Ending	License Revenue (from Continuing Operations)	Year-over-Year Change
March 31, 2025 (Q1 2025)	$393 thousand	Increase of $80 thousand (25.8%) vs Q1 2024
June 30, 2025 (Q2 2025)	$1.0 million	Increase of $0.7 million vs Q2 2024
September 30, 2025 (Q3 2025)	$784 thousand	Increase of $237 thousand vs Q3 2024

The Q3 2025 license revenue of $784 thousand shows the ongoing, albeit variable, flow of funds generated by the downstream sales activities of the licensees into the physician practices and pharmacies.

For corporate communications and market presence, TherapeuticsMD, Inc. maintains its public listing. This is a critical channel for investor relations and capital structure management, even as the company evaluates strategic alternatives. You can find the company listed on the NASDAQ Stock Exchange under the ticker symbol TXMD.

Key corporate and market data points as of late 2025 include:

• Stock Ticker: TXMD.
• Stock Exchange: NASDAQ.
• Market Capitalization (as of Dec 03, 2025): $16.9M.
• Cash and Cash Equivalents (as of Sep 30, 2025): $7.1 million.
• Total Employees: 1.

The company's total operating expenses for Q3 2025 were tightly controlled at $1,646 thousand, consistent with its royalty-only model.

Finance: draft 13-week cash view by Friday.

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TherapeuticsMD, Inc. (TXMD) now that they've fully transitioned into a pharmaceutical royalty company. This means the direct patient relationship is gone; the focus is on the partners who sell the drugs and the financial stakeholders interested in that royalty stream.

Pharmaceutical Licensees (e.g., Mayne Pharma)

The primary, direct customer segment is the group of pharmaceutical companies holding exclusive licenses to commercialize TXMD's former products. The financial performance of TherapeuticsMD, Inc. is now directly tied to the sales success of these partners.

The Mayne License Agreement remains central, covering exclusive U.S. commercialization rights for products including IMVEXXY and BIJUVA, plus prescription prenatal vitamins. For the nine months ending September 30, 2025, license revenue generated from the U.S. (Mayne's territory) was $1,265 thousand, while non-U.S. regions (covered by Knight and Theramex agreements) contributed $864 thousand.

The royalty structure with Mayne Pharma is detailed, involving a 20-year stream tied to net sales. This includes a minimum annual royalty commitment. Here's a look at the key financial structure points from the original agreement:

Metric	Value/Term
Upfront Cash Payment (Total at Closing)	$140.0 million plus approx. $13.1 million for net working capital
Royalty Rate Tier 1 (on first $80.0 million annual net sales)	8.0%
Royalty Rate Tier 2 (on annual net sales above $80.0 million)	7.5%
Royalty Term Length	20 years
Minimum Annual Royalty (per year for 12 years)	$3.0 million (adjusted for inflation)

The ongoing royalty income reflects partner performance. For instance, Q2 2025 license revenue, primarily from Mayne, totaled $1.0 million, up from $234 thousand in Q2 2024. By Q3 2025, license revenue was $784 thousand. This revenue stream is the foundation of the current business model.

Women Seeking Menopause Relief and Contraception (Indirectly)

This segment represents the end-users of the licensed pharmaceutical products. TherapeuticsMD, Inc. serves them only through the commercialization efforts of its licensees, as the company exited direct research, development, and commercial operations in December 2022. The market dynamics for these women directly influence the royalty revenue.

The overall market context shows significant scale:

• Global Women's Health Therapeutics Market size in 2025: $46.69 billion.
• Projected Global Market size by 2034: $66.62 billion.
• U.S. Women's Health Therapeutics Market size in 2025: $14.05 billion.
• The contraceptives application segment held the largest global share at 36% in 2024.

Specific to the menopause segment, fertility statistics highlight the target population's duration of risk:

• Fertility remains for about 83% of women at age 40.
• Fertility remains for about 45% of women at age 45.
• Fertility remains for about 10% of women at age 50.
• The median age of menopause is 52 years.

For contraception specifically, in 2022-2023, 54.3% of females ages 15-49 in the U.S. were currently using contraception. The oral contraceptive pill was used by 11.4% of this group.

Investors Focused on Royalty Stream and Strategic Transactions

This segment comprises shareholders and potential transaction partners interested in the company's cash position, profitability derived from royalties, and future strategic direction. The company is actively evaluating strategic alternatives, which could include an acquisition or merger.

Key financial metrics relevant to this segment as of late 2025 reporting periods include:

The shift to a royalty model has improved the bottom line, moving from losses to net income in recent quarters. For the third quarter of 2025, TherapeuticsMD, Inc. reported a net income of $50 thousand, a significant improvement from the net loss of $(567) thousand in Q3 2024. In Q2 2025, net income from continuing operations was $545 thousand, or $0.05 per basic and diluted common share.

Liquidity and market valuation figures provide a snapshot for investors:

• Cash and cash equivalents as of September 30, 2025: $7.1 million.
• Cash and cash equivalents as of June 30, 2025: $6.1 million.
• Current Market Cap (as of November 12, 2025): $19.44M.
• Average Trading Volume (Q3 2025): 188,150.

Finance: draft 13-week cash view by Friday.

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Cost Structure

You're looking at the cost structure for TherapeuticsMD, Inc. (TXMD) as it operates purely as a pharmaceutical royalty company in late 2025. The model is designed for minimal overhead following the exit from product development and direct sales.

The cost structure reflects a lean operation. TherapeuticsMD, Inc. ended its own research and development and direct sales efforts in December 2022. With no ongoing research and development spending, ongoing expenses are kept minimal, aligning with a typical royalty business. The company reports only 1 Fulltime Employee as of late 2025.

Total operating expenses from continuing operations for the second quarter of 2025 were reported at $1,647 thousand. This figure represented a decrease of 45.5% compared to the second quarter of 2024, largely due to the absence of a significant non-recurring impairment that occurred in the prior year period.

For the most recent reported quarter, the third quarter of 2025, total operating expenses were $1,646 thousand, showing minimal change, a decrease of 2.1%, compared to the third quarter of 2024.

The expense base is primarily composed of fixed General and Administrative (G&A) costs, given the lack of variable costs associated with manufacturing, sales force, or R&D. These costs support the core function of managing intellectual property and collecting royalties.

Costs associated with the ongoing evaluation of strategic alternatives are a current component of the structure. TherapeuticsMD, Inc. continues to evaluate a variety of strategic alternatives, which may include, but not be limited to, an acquisition, merger, other business combination, or sale of assets.

Here's a quick look at the key financial figures underpinning this cost structure as of mid-to-late 2025:

Metric	Period/Date	Amount
Total Operating Expenses	Q2 2025	$1,647 thousand
Total Operating Expenses	Q3 2025	$1,646 thousand
Cash and Cash Equivalents	June 30, 2025	$6.1 million
Cash and Cash Equivalents	September 30, 2025	$7.1 million
Fulltime Employees	Late 2025	1

The operational focus is on maintaining this low-cost base while maximizing license revenue streams. The cost structure is inherently different from a traditional pharmaceutical company because it relies on partners for commercial execution.

• Exit from developing and selling products directly.
• No ongoing research and development spending.
• Focus on cash preservation and operational efficiency.
• Costs include those related to the strategic alternatives review.

Finance: review the Q3 2025 G&A run-rate against the Q2 2025 figure to confirm fixed cost stability by next Tuesday.

TherapeuticsMD, Inc. (TXMD) - Canvas Business Model: Revenue Streams

You're looking at the core income sources for TherapeuticsMD, Inc. as it operates as a pharmaceutical royalty company. The business model is lean now, relying almost entirely on the success of its licensed assets.

License revenue (royalties) from Mayne License Agreement forms the bedrock of TherapeuticsMD, Inc.'s current financial structure. This revenue stream is generated from exclusive licenses granted to Mayne Pharma for commercializing products like IMVEXXY, BIJUVA, and prescription prenatal vitamins in the United States, and similar agreements exist for markets outside the U.S..

The most recent reported quarterly figure confirms this focus: Q3 2025 license revenue totaled $784 thousand. This was an increase of $237 thousand compared to the license revenue of $547 thousand reported in the third quarter of 2024.

To give you a clearer picture of the recent revenue flow, here's how the license revenue has tracked across the quarters reported in 2025:

Period	License Revenue (Royalties)
Q1 2025 (Ended March 31, 2025)	$393 thousand
Q2 2025 (Ended June 30, 2025)	$1.0 million
Q3 2025 (Ended September 30, 2025)	$784 thousand

Looking at the longer nine-month period ending September 30, 2025, the geographical breakdown of license revenue shows the U.S. market contribution was $1,265 thousand, while non-U.S. regions contributed $864 thousand. Overall, for the last 12 months, TherapeuticsMD, Inc. reported total revenue of $2.80 million.

Regarding potential milestone payments from licensing deals, the public filings do not explicitly state a specific dollar amount received or expected for milestones during Q3 2025. The primary driver for the reported license revenue increase is attributed to changes in sales of the licensed products.

For interest income on cash and investments, this type of non-core financial activity is generally captured within the broader income statement line items. For the last 12 months, TherapeuticsMD, Inc. reported a Pretax Income of $10,000. As of September 30, 2025, the company held cash and cash equivalents totaling $7.1 million.

You should keep an eye on these other financial components that influence the bottom line:

• Net Income (Last 12 Months): $302,000
• Total Operating Expenses (Q3 2025): $1,646 thousand
• Cash and Cash Equivalents (September 30, 2025): $7.1 million

Finance: draft 13-week cash view by Friday.