TherapeuticsMD, Inc. (TXMD): Business Model Canvas [Dec-2025 Updated]

You're looking at a company that made a sharp pivot. Honestly, after late 2022, TherapeuticsMD, Inc. (TXMD) stopped being a traditional pharma player and became a lean, royalty-focused entity managing its women's health portfolio. This isn't about R&D anymore; it's about enforcing licensing deals, like the one with Mayne Pharma Group Limited, to generate steady cash flow-they pulled in $784 thousand in license revenue in Q3 2025 alone, while keeping operating expenses minimal. If you want to see exactly how this asset-light structure works, from their key resources like the IP to their focus on strategic alternatives, dive into this Business Model Canvas breakdown below.

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

You're looking at the core relationships that keep TherapeuticsMD, Inc. running now that it's a lean royalty collector. The entire business model hinges on how well these partners perform, so you need to track their results closely. Honestly, the numbers from the latest filings show a clear dependency on the US market partner.

Mayne Pharma Group Limited for US commercialization

This partnership is the primary engine for current revenue. TherapeuticsMD, Inc. granted Mayne Pharma the exclusive license to commercialize IMVEXXY, BIJUVA, and prescription prenatal vitamin products in the United States and its territories back on December 30, 2022. The financial results clearly show this dependence.

For the third quarter of 2025, license revenue, which is primarily from the Mayne License Agreement, totaled $784 thousand. This is an increase of $237 thousand compared to the third quarter of 2024 figure of $547 thousand. Looking at the nine-month period ending September 30, 2025, the U.S. portion of license revenue contributed $1,265 thousand.

The original deal terms set up significant potential payouts, though the current focus is on the ongoing royalty stream. Here's a quick look at the structure:

Still, you should note that the company has mentioned unresolved and pending net working capital items with Mayne Pharma, which could affect future cash flows. If onboarding takes 14+ days, churn risk rises, and in this case, any dispute resolution could impact the royalty timing.

Knight Therapeutics, Inc. for existing licensing

Knight Therapeutics, Inc. holds the exclusive license for IMVEXXY and BIJUVA in Canada and Israel. They started commercialization efforts in 2024. While TherapeuticsMD, Inc.'s direct royalty income from Knight isn't broken out, we can see Knight's overall performance, which is a proxy for the royalty base.

Knight Therapeutics lifted its 2025 revenue outlook to between $410 million and $420 million, driven by strong first-half performance. For Knight's first quarter of 2025, their total revenues were reported at $107.4 million, a 12% rise over the prior year.

The non-U.S. license revenue for TherapeuticsMD, Inc. for the nine months ended September 30, 2025, which includes Knight's territory, was $864 thousand.

Theramex HQ UK Limited for existing licensing

Theramex HQ UK Limited manages commercialization rights for BIJUVA and IMVEXXY in international markets, specifically outside the U.S., excluding Canada and Israel. This agreement was signed back in June 2019.

The initial financial structure with Theramex included several concrete figures:

• Upfront fee paid to TherapeuticsMD, Inc.: EUR 14 million.
• Total potential milestone payments: up to EUR 29.5 million.
• Regulatory milestones component: aggregate of EUR 2 million.
• Sales milestones component: aggregate of EUR 27.5 million, triggered by annual net sales reaching tiers from EUR 25 million up to EUR 100 million.

Theramex began commercialization efforts for BIJUVA in certain European countries in 2021. In December 2024, Theramex also took over the rights for IMVEXXY and BIJUVA in Israel from Knight.

Legal and financial advisors for strategic review

TherapeuticsMD, Inc. is definitely in a period of transition, actively evaluating a variety of strategic alternatives. These options explicitly include an acquisition, merger, other business combination, or sale of assets. The company has stated it has not set a timetable for the completion of this exploration process.

While the exploration is public, the search results don't provide specific names or the associated financial costs for the legal and financial advisors engaged for this strategic review as of late 2025. What we do know is the cash position as of September 30, 2025, was $7.1 million, which is what they are managing while seeking a definitive outcome. Finance: draft 13-week cash view by Friday.

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

The core of TherapeuticsMD, Inc.'s (TXMD) Key Activities centers on managing its post-transition structure as a pharmaceutical royalty company, which means the focus is almost entirely on contractual oversight and financial stewardship rather than product development or sales.

Managing and enforcing existing license agreements

The primary activity here is the management of the agreements that generate the company's revenue stream. TherapeuticsMD, Inc. is highly reliant on the performance under the Mayne License Agreement, which grants exclusive U.S. commercialization rights for its former products. This activity involves monitoring licensee performance to ensure royalty calculations are correct and the agreement terms are upheld.

The financial results of this activity for 2025 show consistent, though fluctuating, royalty income:

The company is no longer engaging in research and development or direct sales efforts, as these responsibilities now rest with the licensing partners. Defintely, this simplifies the day-to-day operational requirements.

Maintaining minimal corporate and administrative functions

Since exiting its former women's healthcare focus in December 2022, TherapeuticsMD, Inc. has streamlined its corporate structure. This activity is reflected in the reduced Total Operating Expenses from Continuing Operations across the reported quarters of 2025.

• Total operating expenses for the first quarter of 2025 were $1,264 thousand.
• Total operating expenses for the second quarter of 2025 were $1,647 thousand.
• Total operating expenses for the third quarter of 2025 were $1,646 thousand.

The second quarter expense figure of $1,647 thousand represented a significant decrease of 45.5% compared to the second quarter of 2024, largely due to the absence of impairment charges recognized in the prior year. The third quarter expense of $1,646 thousand reflected only a minimal change of 2.1% compared to the third quarter of 2024.

Evaluating strategic alternatives (e.g., merger, sale of assets)

A critical, ongoing activity is the formal review of the company's future direction. TherapeuticsMD, Inc. continues to evaluate a variety of strategic alternatives. This process is a key focus for management and the Board.

The potential alternatives being considered include:

• An acquisition.
• A merger.
• Other business combinations.
• Sale of assets.
• Other strategic transactions involving the Company.

The company has explicitly stated it has not set a timetable for the completion of this exploration process.

Cash preservation and operational cost discipline

Given the focus on a royalty model and the evaluation of strategic alternatives, preserving the existing capital base is paramount. This activity ensures the company has the necessary runway to execute on any potential transaction or maintain operations until royalty revenue stabilizes or increases.

The cash position demonstrates the outcome of this discipline:

The company achieved a net income from continuing operations of $50 thousand in the third quarter of 2025, a positive result compared to the net loss of $567 thousand in the third quarter of 2024. Finance: draft next month's cash burn projection by end of week.

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

You're looking at the core assets TherapeuticsMD, Inc. (TXMD) relies on now that it's operating as a lean pharmaceutical royalty company. The shift away from direct research and development and commercial operations, which concluded in December 2022, means the Key Resources are now almost entirely tied to contractual rights and financial reserves. Here's the quick math on what keeps the lights on and generates the income stream.

Cash Position and Liquidity

The immediate resource is the balance sheet strength, which has been improving sequentially as operating expenses remain tightly controlled at levels consistent with a royalty-only model. You need to watch this cash buffer, as it supports the company while awaiting royalty payments.

• Cash and equivalents as of September 30, 2025 (Q3 2025): $7.1 million.
• Cash and equivalents as of June 30, 2025 (Q2 2025): $6.1 million.
• Cash and equivalents as of March 31, 2025 (Q1 2025): $5.7 million.
• A statistical snapshot suggests cash and cash equivalents were $7.12 million, with total debt at $6.48 million, yielding a net cash position of $632,000.
• Total operating expenses for Q3 2025 were $1,646 thousand.

Licensed Product Portfolio and Contractual Rights

The primary, non-cash key resource is the exclusive licensing agreement with Mayne Pharma. This agreement covers the entire portfolio of women's health products that TherapeuticsMD, Inc. previously developed or held rights to. These are the assets generating the royalty revenue you see on the income statement.

Mayne License Agreement and Royalty Streams

The structure of the Mayne License Agreement dictates the revenue stream. It's a mix of upfront, minimum, and performance-based royalties. The revenue generated in Q3 2025 reflects the ongoing performance under this contract.

• Q3 2025 License Revenue (primarily from Mayne): $784 thousand.
• Q2 2025 License Revenue: $1.0 million.
• Minimum Annual Royalty: $3.0 million per year for 12 years, subject to a 3% annual inflation adjustment.
• Total potential minimum royalties: up to about $42.6 million.
• Net Sales Royalty Structure (20-year term): 8.0% on the first $80.0 million in annual net sales, and 7.5% on net sales above $80.0 million.
• Contingent Consideration: Up to $30.0 million in additional milestone payments were possible.

Intellectual Property Rights for Women's Health Products

The underlying value of the royalty stream is secured by the intellectual property rights associated with the licensed products. These patent protections dictate the duration of the premium royalty rates.

• ANNOVERA®: Orange Book listed patents extend until 2039 (as of the December 2022 agreement).
• IMVEXXY®: Orange Book listed patents extend until 2034 (as of the December 2022 agreement).
• BIJUVA®: Orange Book listed patents extend until 2032 (as of the December 2022 agreement).
• The royalty rate drops to 2.0% on a Product-by-Product basis if the last covering patent expires or a generic version launches.

The company's success is now tied to the distribution channels and commercial success of its licensee, Mayne Pharma. Finance: draft 13-week cash view by Friday.

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:

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:

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:

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:

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:

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:

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.