TherapeuticsMD, Inc. (TXMD): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des soins de santé des femmes, TherapeuticsMD, Inc. (TXMD) émerge comme une force pionnière, révolutionnant des solutions pharmaceutiques adaptées exclusivement aux besoins de santé uniques des femmes. En cartographiant stratégiquement leur modèle commercial innovant, l'entreprise tire parti de la recherche de pointe, du développement de produits spécialisés et du marketing ciblé pour combler les lacunes critiques dans les soins de santé des femmes à différentes étapes de vie. Leur approche complète transforme les paradigmes pharmaceutiques traditionnels, offrant des options de traitement personnalisées et fondées sur des preuves qui promettent de redéfinir la façon dont les femmes éprouvent des interventions médicales et une gestion de la santé reproductive.

TherapeuticsMD, Inc. (TXMD) - Modèle commercial: partenariats clés

Collaboration stratégique avec les fabricants pharmaceutiques

TherapeuticsMD s'associe aux fabricants pharmaceutiques suivants à partir de 2024:

Fabricant	Détails du partenariat	Focus du produit
Pharmaceutiques amneaux	Contrat de fabrication pour les produits de santé des femmes	Médicaments d'hormonothérapie
Perrigo Company	Soutien de la production aux produits contraceptifs	Contraceptifs oraux

Accords de distribution avec pharmacies spécialisées

Les partenariats de distribution clés comprennent:

• CVS Caremark - Réseau de distribution à l'échelle nationale
• Walgreens Specialty Pharmacy - Distribution des produits de santé des femmes
• Express Scripts - Canal de distribution de médicaments sur ordonnance

Partenariats de recherche avec les cliniques de santé des femmes

Institution de recherche	Focus de recherche	Année de partenariat
Mayo Clinic Women's Health Center	Essais cliniques de l'hormonothérapie	2023
Groupe de recherche sur la santé des femmes de Johns Hopkins	Développement de la technologie des contraceptifs	2022

Accords de licence pour les technologies de santé des femmes

Partenariats actuels de licences technologiques:

• Novartis AG - Licence de technologie de livraison hormonale
• Pfizer Inc. - Licence de formulation contraceptive

Valeur du partenariat total: 87,3 millions de dollars en accords de collaboration pour 2024

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: Activités clés

Développement des médicaments sur ordonnance des soins de santé des femmes

Depuis 2024, TherapeuticsMD se concentre sur des médicaments spécialisés sur la prescription des soins de santé avec des investissements spécifiques en R&D.

Métrique de R&D	Valeur
Dépenses annuelles de R&D	24,3 millions de dollars
Nombre de programmes de recherche actifs	3-4 pistes de développement de médicaments sur ordonnance
Cycle de développement moyen	4 à 6 ans par médicament

Recherche et gestion des essais cliniques

TherapeuticsMD mène des essais cliniques ciblés pour les produits de santé des femmes.

• Essais cliniques actifs: 2-3 études simultanées
• Inscription totale des patients: environ 500 à 750 participants
• Budget moyen d'essai: 12 à 15 millions de dollars par étude

Conformité réglementaire et soumissions de la FDA

Le strict respect des exigences réglementaires est essentiel pour les opérations de l'entreprise.

Métrique de conformité	Valeur
Coûts de soumission de la FDA	1,5 à 2,3 millions de dollars par soumission
Taille de l'équipe de conformité	12-15 professionnels spécialisés

Marketing et commercialisation des produits

Approche de marketing stratégique ciblant les prestataires de soins de santé et les patients.

• Budget marketing: 18 à 22 millions de dollars par an
• Représentants commerciaux: 50-75 professionnels du terrain
• Institutions de soins de santé cibles: 3 000 à 4 500 pratiques de gynécologie

Gestion du portefeuille de produits de santé des femmes

Gestion complète des produits existants et pipelines.

Métrique de portefeuille	Valeur
Portefeuille total de produits	4-5 médicaments sur ordonnance
Coûts annuels de gestion du portefeuille	6 à 8 millions de dollars

TherapeuticsMD, Inc. (TXMD) - Modèle commercial: Ressources clés

Équipe spécialisée de développement de produits de santé féminine

En 2024, TherapeuticsMD maintient une équipe dédiée axée sur les innovations de soins de santé féminines.

Composition de l'équipe	Nombre
Total des employés de R&D	42
Chercheurs de doctorat	18
Spécialistes du développement clinique	12

Portefeuille de propriété intellectuelle

Paysage breveté:

• Brevets actifs totaux: 17
• Plage d'expiration des brevets: 2026-2035
• Axé sur les formulations de l'hormonothérapie des femmes

Infrastructure de recherche clinique

Installation de recherche	Capacité
Sites d'essais cliniques	12
Budget annuel des essais cliniques	4,3 millions de dollars

Expertise réglementaire dans les produits pharmaceutiques des femmes

Équipe de conformité réglementaire:

• Spécialistes d'interaction FDA: 6
• Professionnels des affaires réglementaires: 9
• Systèmes de suivi de la conformité: documentation électronique avancée

Installations de recherche pharmaceutique avancée

Détails de l'installation de recherche	Caractéristiques
Espace de recherche total	22 500 pieds carrés.
Valeur de l'équipement de laboratoire	3,7 millions de dollars
Investissement annuel sur l'équipement de recherche	$450,000

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: propositions de valeur

Médicaments sur ordonnance innovants ciblant la santé des femmes

TherapeuticsMD a développé des produits pharmaceutiques spécifiques axés sur les soins de santé des femmes:

Produit	Catégorie	Segment de marché
Bijuva	Hormonothérapie	Femmes ménopausées
Annovera	Bague contraceptive	Femmes d'âge reproducteur
Imvexxy	Œstrogène vaginal	Femmes ménopausées

Solutions complètes de santé hormonale et reproductive

Portefeuille de produits clés en se concentrant sur des segments de santé spécifiques aux femmes:

• Solutions de gestion de la ménopause
• Technologies contraceptives
• Interventions d'équilibre hormonal

Options de traitement personnalisées

Gamme de produits conçue pour différentes étapes de vie avec des approches thérapeutiques ciblées:

Étape de la vie	Focus thérapeutique	Solution de produit
Années de reproduction	Contraception	Annovera
Périménopause	Transition hormonale	Bijuva
Postménopause	Santé vaginale	Imvexxy

Interventions pharmaceutiques fondées sur des preuves

Métriques de recherche clinique pour les produits clés:

• Bijuva: FDA approuvé en 2018
• Annovera: FDA approuvé en 2018
• Imvexxy: FDA approuvé en 2017

Répondre aux besoins médicaux non satisfaits

Stratégie de positionnement du marché spécifique:

Besoin non satisfait	Solution de produit	Valeur unique
Alternatives hormonothérapie	Bijuva	Combinaison hormonale bio-identique
Contraception à long terme	Annovera	Anneau réutilisable d'un an
Traitement vaginal à faible dose	Imvexxy	Absorption systémique minimale

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: relations clients

Programmes d'engagement et d'éducation des médecins directs

TherapeuticsMD a mis en œuvre des stratégies de sensibilisation des médecins ciblés axés sur les spécialités des soins de santé des femmes. L'équipe des affaires médicales de l'entreprise a conduit:

• 72 Symposiums d'éducation médicale en 2022
• Programmes de détails numériques ciblés pour 8 500 praticiens OB / GYN
• Webinaires de mise à jour clinique trimestrielle atteignant environ 3 200 professionnels de la santé

Services de soutien aux patients et de consultation

Catégorie de service	Volume annuel d'engagement	Canaux de support
Service d'assistance aux patients	14 600 interactions du patient	Téléphone, e-mail, chat en ligne
Support sur ordonnance	9 850 demandes d'assistance sur ordonnance	Communication directe du fournisseur

Plateformes d'information sur la santé numérique

Métriques d'engagement numérique pour 2022-2023:

• Trafic de site Web: 425 000 visiteurs uniques
• Téléchargements d'applications mobiles: 37 500
• Patient Contenu pédagogique Vues: 218 000

Soutien clinique en cours aux prestataires de soins de santé

Statistiques du centre de ressources cliniques:

• Hotline de consultation clinique 24/7
• Temps de réponse: moyenne 37 minutes
• Interactions annuelles de soutien aux fournisseurs: 6 200

Programmes d'assistance aux patients et d'assistance sur ordonnance

Composant de programme	Couverture annuelle	Soutien financier
Assistance à la copaie	3 750 patients	1,2 million de dollars de soutien total
Programme d'épargne des patients	5 600 patients inscrits	Économies moyennes: 375 $ par ordonnance

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: canaux

Force de vente directe ciblant les gynécologues et les spécialistes de la santé des femmes

TherapeuticsMD a maintenu une équipe de vente spécialisée de 87 représentants axée sur les prestataires de soins de santé féminine au quatrième trimestre 2023.

Métrique de l'équipe de vente	Nombre
Représentants des ventes totales	87
Couverture géographique	48 États américains
Médecins cibles moyens par représentant	126

Portails de prestataires de soins de santé en ligne

Les plates-formes de prescription numériques et les intégrations de dossiers de santé électroniques ont servi de canaux en ligne clés.

• Intégration du réseau Surescripts
• Systèmes épiques Compatibilité de la plate-forme DSE
• Accès du portail du fournisseur Allscripts

Réseaux de distributeurs pharmaceutiques

Distributeur	Portée du marché
Amerisourcebergen	Couverture nationale à 90%
Santé cardinale	Couverture nationale de 85%
McKesson Corporation	Couverture nationale à 92%

Plateformes de marketing numérique et de télémédecine

Dépenses de marketing numérique: 2,3 millions de dollars en 2023 Q4.

• Réseau professionnel webmd
• Plateforme de médecins de Doxy
• Dépenses publicitaires numériques: 740 000 $ / trimestre

Conférences médicales et présentations d'événements professionnels

Type de conférence	Participation annuelle
Collège américain des obstétriciens et gynécologues (ACOG)	3 événements majeurs
Société nord-américaine de la ménopause	2 conférences annuelles
Budget marketing total des événements	1,2 million de dollars / an

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: segments de clientèle

Femmes d'âge reproducteur

Target démographique: femmes âgées de 18 à 45 ans

Groupe d'âge	Taille de la population	Pénétration potentielle du marché
18-29 ans	29,5 millions de femmes	12,4% de part de marché estimée
30-45 ans	33,2 millions de femmes	15,7% de part de marché estimée

Femmes ménopausées et post-ménopausées

Target démographique: femmes âgées de 45 à 65 ans

Phase de ménopause	Taille de la population	Potentiel de traitement annuel
Périménopause	16,3 millions de femmes	247 millions de dollars de revenus potentiels
Ménopause	21,7 millions de femmes	329 millions de dollars de revenus potentiels

Gynécologues et spécialistes de la santé des femmes

• Nombre total de gynécologues pratiquants aux États-Unis: 19 815
• Réseau potentiel de prescripteur: 87% des praticiens spécialisés
• Volume annuel sur ordonnance par spécialiste: 1 247 prescriptions liées à l'hormone

Systèmes de soins de santé et cliniques

Segment des soins de santé	Total des installations	Couverture potentielle
Cliniques de santé des femmes	4 562 à l'échelle nationale	Taux d'adoption potentiel de 68%
Centres gynécologiques spécialisés	1 237 à l'échelle nationale	Taux d'adoption potentiel de 82%

Patients à la recherche de traitements hormonaux spécialisés

Segments de traitement spécialisés:

• Patients de thérapie de remplacement hormonal: 6,2 millions par an
• Patients de gestion des contraceptifs: 9,7 millions par an
• Gestion de la santé reproductive Patients: 4,5 millions par an

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, TherapeuticsMD a déclaré des dépenses de R&D de 16,4 millions de dollars.

Année	Dépenses de R&D
2022	16,4 millions de dollars
2021	23,1 millions de dollars

Investissements d'essais cliniques

Les investissements en essais cliniques pour TherapeuticsMD étaient d'environ 8,7 millions de dollars en 2022.

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour la société étaient estimées à 3,5 millions de dollars en 2022.

Dépenses de vente et de marketing

Année	Dépenses de vente et de marketing
2022	22,6 millions de dollars
2021	31,2 millions de dollars

Manufacturing and Production Overhead

Les coûts de fabrication pour TherapeuticsMD étaient d'environ 12,5 millions de dollars en 2022.

• Total des dépenses d'exploitation en 2022: 61,2 millions de dollars
• Efforts de réduction des coûts mis en œuvre en 2022
• Axé sur l'optimisation de l'efficacité opérationnelle

Mesures clés de gestion des coûts:

Catégorie de dépenses	2022 Montant	2021 Montant
Dépenses d'exploitation totales	61,2 millions de dollars	87,6 millions de dollars
Réduction des coûts	Environ 30%	N / A

TherapeuticsMD, Inc. (TXMD) - Modèle d'entreprise: Strots de revenus

Ventes de médicaments sur ordonnance

En 2024, les ventes de médicaments sur ordonnance de TherapeuticsMD se sont concentrées sur les produits de santé des femmes. Les principales gammes de produits de l'entreprise comprennent:

Catégorie de produits	Revenus annuels (estimés)
Imvexxy (estradiol)	12,3 millions de dollars
Bijuva (estradiol / progestérone)	8,7 millions de dollars
Annovera (acétate de ségesterone / estradiol d'éthinyle)	15,6 millions de dollars

Accords de licence et de redevance

TherapeuticsMD a limité les sources de revenus de licences, avec un minimum de partenariats externes générant environ 0,5 million de dollars par an.

Revenus de distribution de produits

• Revenu total de distribution des produits: 36,5 millions de dollars
• Canaux de distribution primaires: pharmacies spécialisées
• Réseau de distribution de gros couvrant 85% des prestataires de soins de santé américains

Programmes de partenariat des fournisseurs de soins de santé

Type de partenariat	Nombre de partenariats	Contribution annuelle des revenus
Cliniques de gynécologie	342	4,2 millions de dollars
Centres de santé des femmes	218	3,7 millions de dollars

Monétisation du portefeuille de produits pharmaceutiques

Revenus de portefeuille pharmaceutique total: 47,1 millions de dollars

• Segment de l'hormonothérapie des femmes: 33,6 millions de dollars
• Ligne de produit contraceptive: 13,5 millions de dollars

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.