TherapeuticsMD, Inc. (TXMD): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da Women's Healthcare, a TherapeuticsMD, Inc. (TXMD) surge como uma força pioneira, revolucionando soluções farmacêuticas adaptadas exclusivamente às necessidades de saúde exclusivas das mulheres. Ao mapear estrategicamente seu modelo de negócios inovador, a empresa aproveita a pesquisa de ponta, o desenvolvimento especializado de produtos e o marketing direcionado para abordar lacunas críticas nos cuidados de saúde das mulheres em diferentes estágios da vida. Sua abordagem abrangente transforma os paradigmas farmacêuticos tradicionais, oferecendo opções de tratamento personalizadas e baseadas em evidências que prometem redefinir como as mulheres experimentam intervenções médicas e gestão da saúde reprodutiva.

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com fabricantes farmacêuticos

A TherapeuticsMD faz parceria com os seguintes fabricantes farmacêuticos a partir de 2024:

Fabricante	Detalhes da parceria	Foco do produto
Amneal Pharmaceuticals	Contrato de fabricação para produtos de saúde feminina	Medicamentos terapêuticos hormonais
Empresa Perrigo	Suporte de produção para produtos contraceptivos	Contraceptivos orais

Acordos de distribuição com farmácias especiais

As principais parcerias de distribuição incluem:

• CVS Caremark - Rede de distribuição nacional
• Walgreens Specialty Pharmacy - Distribuição de Produtos de Saúde Feminina
• Scripts expressos - canal de distribuição de medicamentos prescritos

Parcerias de pesquisa com clínicas de saúde feminina

Instituição de pesquisa	Foco na pesquisa	Ano de parceria
Mayo Clinic Women's Health Center	Ensaios clínicos de terapia hormonal	2023
Grupo de Pesquisa em Saúde da Mulher de Johns Hopkins	Desenvolvimento de tecnologia contraceptiva	2022

Acordos de licenciamento para tecnologias de saúde da mulher

Parcerias de licenciamento de tecnologia atuais:

• Novartis AG - Licença de tecnologia de entrega hormonal
• Pfizer Inc. - Licenciamento de formulação contraceptiva

Valor total da parceria: US $ 87,3 milhões em acordos colaborativos para 2024

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: Atividades -chave

Desenvolvimento de medicamentos prescritos para a saúde da mulher

A partir de 2024, a TherapeuticsMD se concentra em medicamentos especializados sobre a prescrição de saúde para mulheres com investimentos específicos de P&D.

Métrica de P&D	Valor
Despesas anuais de P&D	US $ 24,3 milhões
Número de programas de pesquisa ativos	3-4 rastreios de desenvolvimento de medicamentos prescritos
Ciclo médio de desenvolvimento	4-6 anos por medicação

Pesquisa e gerenciamento de ensaios clínicos

A TherapeuticsMD realiza ensaios clínicos direcionados para produtos de saúde da mulher.

• Ensaios clínicos ativos: 2-3 estudos simultâneos
• Total de inscrição para pacientes: aproximadamente 500-750 participantes
• Orçamento médio do estudo: US $ 12 a 15 milhões por estudo

Conformidade regulatória e envios de FDA

A adesão estrita aos requisitos regulatórios é fundamental para as operações da Companhia.

Métrica de conformidade	Valor
Custos de envio da FDA	US $ 1,5-2,3 milhão por submissão
Tamanho da equipe de conformidade	12-15 Profissionais especializados

Marketing de produto e comercialização

Abordagem estratégica de marketing direcionada a prestadores de serviços de saúde e pacientes.

• Orçamento de marketing: US $ 18-22 milhões anualmente
• Representantes de vendas: 50-75 profissionais de campo
• Instituições de saúde-alvo: 3.000-4.500 práticas de ginecologia

Gerenciamento de portfólio de produtos para saúde feminino

Gerenciamento abrangente de produtos existentes e de pipeline.

Métrica do portfólio	Valor
Portfólio total de produtos	4-5 Medicamentos prescritos
Custos anuais de gerenciamento de portfólio	US $ 6-8 milhões

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: Recursos -chave

Equipe Especializada de Desenvolvimento de Produtos de Saúde Feminina

A partir de 2024, a TherapeuticsMD mantém uma equipe dedicada focada nas inovações de saúde da mulher.

Composição da equipe	Número
Funcionários totais de P&D	42
Pesquisadores de nível de doutorado	18
Especialistas em desenvolvimento clínico	12

Portfólio de propriedade intelectual

Paisagem de patentes:

• Total de patentes ativas: 17
• Faixa de expiração de patentes: 2026-2035
• Focado nas formulações de terapia hormonal feminina

Infraestrutura de pesquisa clínica

Instalação de pesquisa	Capacidade
Sites de ensaios clínicos	12
Orçamento anual de ensaio clínico	US $ 4,3 milhões

Experiência regulatória em farmacêuticos femininos

Equipe de conformidade regulatória:

• Especialistas em interação da FDA: 6
• Profissionais de Assuntos Regulatórios: 9
• Sistemas de rastreamento de conformidade: documentação eletrônica avançada

Instalações avançadas de pesquisa farmacêutica

Detalhes da instalação de pesquisa	Especificações
Espaço total de pesquisa	22.500 pés quadrados.
Valor do equipamento de laboratório	US $ 3,7 milhões
Investimento anual de equipamentos de pesquisa	$450,000

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: proposições de valor

Medicamentos inovadores de prescrição visando a saúde das mulheres

A TherapeuticsMD desenvolveu produtos farmacêuticos específicos focados nos cuidados de saúde das mulheres:

Produto	Categoria	Segmento de mercado
Bijuva	Terapia hormonal	Mulheres na menopausa
Annovera	Anel contraceptivo	Mulheres em idade reprodutiva
Imvexxy	Estrogênio vaginal	Mulheres na pós -menopausa

Soluções de saúde hormonais e reprodutivas abrangentes

Principais portfólio de produtos com foco em segmentos específicos de saúde para mulheres:

• Soluções de gerenciamento da menopausa
• Tecnologias contraceptivas
• Intervenções de equilíbrio hormonal

Opções de tratamento personalizadas

Faixa de produtos projetada para diferentes estágios da vida com abordagens terapêuticas direcionadas:

Estágio da vida	Foco terapêutico	Solução de produto
Anos reprodutivos	Contracepção	Annovera
Perimenopausa	Transição hormonal	Bijuva
Pós -menopausa	Saúde vaginal	Imvexxy

Intervenções farmacêuticas baseadas em evidências

Métricas de pesquisa clínica para os principais produtos:

• BIJUVA: FDA aprovada em 2018
• Annovera: FDA aprovada em 2018
• Imvexxy: FDA aprovado em 2017

Atendendo às necessidades médicas não atendidas

Estratégia específica de posicionamento de mercado:

Necessidade não atendida	Solução de produto	Valor único
Alternativas de terapia hormonal	Bijuva	Combinação de hormônios bioidenticais
Contracepção de longo prazo	Annovera	Anel reutilizável de um ano
Tratamento vaginal em baixa dose	Imvexxy	Absorção sistêmica mínima

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: Relacionamentos do cliente

Programas diretos de envolvimento e educação do médico

A TherapeuticsMD implementou estratégias de divulgação médica direcionada focados nas especialidades de saúde da mulher. A equipe de assuntos médicos da empresa conduziu:

• 72 Simpósios de Educação Médica em 2022
• Programas de detalhamento digital direcionado para 8.500 profissionais de OB/GYN
• Webinars trimestrais de atualização clínica atingindo aproximadamente 3.200 profissionais de saúde

Serviços de apoio e consulta do paciente

Categoria de serviço	Volume anual de engajamento	Canais de suporte
Helpline do paciente	14.600 interações com pacientes	Telefone, e -mail, chat online
Suporte à prescrição	9.850 solicitações de assistência à prescrição	Comunicação direta do provedor

Plataformas de informações de saúde digital

Métricas de engajamento digital para 2022-2023:

• Tráfego do site: 425.000 visitantes únicos
• Downloads de aplicativos móveis: 37.500
• Visualizações de conteúdo educacional do paciente: 218.000

Apoio clínico em andamento para profissionais de saúde

Estatísticas do Centro de Recursos Clínicos:

• 24/7 de consulta clínica
• Tempo de resposta: média de 37 minutos
• Interações anuais de suporte ao provedor: 6.200

Programas de assistência ao paciente e suporte de prescrição

Componente do programa	Cobertura anual	Apoio financeiro
Assistência de copay	3.750 pacientes	Suporte total de US $ 1,2 milhão
Programa de poupança do paciente	5.600 pacientes inscritos	Economia média: US $ 375 por receita

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: canais

Força de vendas direta direcionando ginecologistas e especialistas em saúde da mulher

A TherapeuticsMD manteve uma equipe de vendas especializada de 87 representantes focados nos prestadores de serviços de saúde da mulher a partir do quarto trimestre 2023.

Métrica da equipe de vendas	Número
Total de representantes de vendas	87
Cobertura geográfica	48 Estados dos EUA
Médicos -alvo médios por representante	126

Portais de provedores de saúde online

Plataformas de prescrição digital e integrações eletrônicas de registros de saúde serviram como canais on -line importantes.

• Integração da rede de susecripts
• Compatibilidade da plataforma EHR de sistemas épicos
• Allscripts Provedor Portal Acesso

Redes de distribuidores farmacêuticos

Distribuidor	Alcance do mercado
Amerisourcebergen	90% de cobertura nacional
Cardinal Health	85% de cobertura nacional
McKesson Corporation	92% de cobertura nacional

Plataformas de marketing digital e telemedicina

Despesas de marketing digital: US $ 2,3 milhões em 2023 Q4.

• Rede Profissional do WebMD
• Plataforma médica de Doximity
• Gastes de publicidade digital: US $ 740.000/trimestre

Conferência Médica e Apresentações de Eventos Profissionais

Tipo de conferência	Participação anual
Colégio Americano de Obstetras e Ginecologistas (ACOG)	3 grandes eventos
Sociedade de menopausa norte -americana	2 conferências anuais
Orçamento total de marketing de eventos	US $ 1,2 milhão/ano

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: segmentos de clientes

Mulheres em idade reprodutiva

Demografia-alvo: mulheres de 18 a 45 anos

Faixa etária	Tamanho da população	Penetração potencial de mercado
18-29 anos	29,5 milhões de mulheres	12,4% de participação de mercado estimada
30-45 anos	33,2 milhões de mulheres	15,7% de participação de mercado estimada

Mulheres menopausa e pós-menopausa

Demografia-alvo: mulheres de 45 a 65 anos experimentando transições hormonais

Estágio da menopausa	Tamanho da população	Potencial de tratamento anual
Perimenopausa	16,3 milhões de mulheres	Receita potencial de US $ 247 milhões
Menopausa	21,7 milhões de mulheres	Receita potencial de US $ 329 milhões

Ginecologistas e especialistas em saúde da mulher

• Número total de ginecologistas praticantes em nós: 19.815
• Rede de prescritores em potencial: 87% dos profissionais especializados
• Volume anual de prescrição por especialista: 1.247 prescrições relacionadas a hormônios

Sistemas de saúde e clínicas

Segmento de saúde	Total de instalações	Cobertura potencial
Clínicas de Saúde da Mulher	4.562 em todo o país	68% de taxa de adoção potencial
Centros ginecológicos especializados	1.237 em todo o país	82% de taxa de adoção potencial

Pacientes que buscam tratamentos hormonais especializados

Segmentos de tratamento especializados:

• Pacientes com terapia de reposição hormonal: 6,2 milhões anualmente
• Pacientes com gerenciamento contraceptivo: 9,7 milhões anualmente
• Pacientes reprodutivos em gestão da saúde: 4,5 milhões anualmente

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a TherapeuticsMD registrou despesas de P&D de US $ 16,4 milhões.

Ano	Despesas de P&D
2022	US $ 16,4 milhões
2021	US $ 23,1 milhões

Investimentos de ensaios clínicos

Os investimentos em ensaios clínicos para a TherapeuticsMD foram de aproximadamente US $ 8,7 milhões em 2022.

Custos de conformidade regulatória

As despesas de conformidade regulatória da empresa foram estimadas em US $ 3,5 milhões em 2022.

Despesas de vendas e marketing

Ano	Despesas de vendas e marketing
2022	US $ 22,6 milhões
2021	US $ 31,2 milhões

Manufatura e produção de sobrecarga

Os custos de fabricação do TherapeuticsMD foram de aproximadamente US $ 12,5 milhões em 2022.

• Despesas operacionais totais em 2022: US $ 61,2 milhões
• Esforços de redução de custos implementados em 2022
• Focado em otimizar a eficiência operacional

Métricas principais de gerenciamento de custos:

Categoria de despesa	2022 quantidade	2021 quantidade
Despesas operacionais totais	US $ 61,2 milhões	US $ 87,6 milhões
Redução de custos	Aproximadamente 30%	N / D

TherapeuticsMD, Inc. (TXMD) - Modelo de negócios: fluxos de receita

Vendas de medicamentos prescritos

Em 2024, as vendas de medicamentos prescritos da TherapeuticsMD se concentraram nos produtos de saúde da mulher. As principais linhas de produtos da empresa incluem:

Categoria de produto	Receita anual (estimada)
IMVEXXY (Estradiol)	US $ 12,3 milhões
Bijuva (Estradiol/Progesterona)	US $ 8,7 milhões
Annovera (acetato de segesterona/etinil estradiol)	US $ 15,6 milhões

Acordos de licenciamento e royalties

A TherapeuticsMD possui fluxos de receita de licenciamento limitados, com parcerias externas mínimas gerando aproximadamente US $ 0,5 milhão anualmente.

Receita de distribuição de produtos

• Receita total de distribuição de produtos: US $ 36,5 milhões
• Canais de distribuição primária: farmácias especializadas
• Rede de distribuição por atacado, cobrindo 85% dos prestadores de serviços de saúde dos EUA

Programas de parceria com provedores de saúde

Tipo de parceria	Número de parcerias	Contribuição anual da receita
Clínicas de ginecologia	342	US $ 4,2 milhões
Centros de Saúde da Mulher	218	US $ 3,7 milhões

Monetização portfólio de produtos farmacêuticos

Receita total do portfólio farmacêutico: US $ 47,1 milhões

• Segmento de terapia hormonal feminina: US $ 33,6 milhões
• Linha de produtos contraceptivos: US $ 13,5 milhões

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.