TherapeuticsMD, Inc.
TXMD evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for TXMD—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · TXMD
TherapeuticsMD, Inc. is a specialty pharmaceutical company focused on women's healthcare, with a portfolio of licensed products including BIJUVA, IMVEXXY, and ANNOVERA, and a recent shift toward profitability with modest revenue.
Key risk: Dependence on Mayne Pharma
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 3 catalysts for TherapeuticsMD, Inc..
TherapeuticsMD, Inc. is a specialty pharmaceutical company focused on women's healthcare, with a portfolio of licensed products including BIJUVA, IMVEXXY, and ANNOVERA, and a recent shift toward profitability with modest revenue.
- As of 2026-06-30, TherapeuticsMD reported cash & equivalents of $9.2M, total revenue of $0.9M, and net income of $0.2M [sec].
- The company's primary revenue is derived from licensed product sales under a license agreement with Mayne Pharma, which includes royalties on ANNOVERA [sec_mda · as of 2026-05-12].
- For the first quarter of 2026, TherapeuticsMD had net income of $103 thousand, compared to a net loss of $636 thousand for the same period in 2025 [sec_mda · as of 2026-05-12].
- Key patent/exclusivity expiries are scheduled for BIJUVA (2032-11-21), IMVEXXY (2034-02-02), and ANNOVERA (2039-06-21) [catalyst].
- The company maintains a lean operation with no recent write-off expenses and lower professional fees contributing to improved financial results [sec_mda · as of 2026-05-12].
What works
- TherapeuticsMD achieved net income of $103 thousand in Q1 2026, a turnaround from a net loss of $636 thousand in Q1 2025, driven by increased licensed product sales and lower expenses [sec_mda · as of 2026-05-12].
- The company has a long-term revenue stream from its license agreement with Mayne Pharma, including royalties on ANNOVERA, which contributed to other income in Q1 2026 [sec_mda · as of 2026-05-12].
- Shareholders' equity stands at $27.3M as of 2026-06-30, providing a solid capital base relative to the company's size [sec].
What to weigh
- The company's revenue is highly dependent on licensed product sales and royalties from Mayne Pharma, with no internal product commercialization [sec_mda · as of 2026-03-30].
- Cash and equivalents of $9.2M as of 2026-06-30 are modest, and the company has historically relied on public offerings and private placements for funding [sec_mda · as of 2026-03-30].
- Patent exclusivity for key products BIJUVA and IMVEXXY expires in 2032 and 2034, respectively, which could expose the company to generic competition [catalyst].
From the filings
Quoted directly from source documents.
The company reported net income in Q1 2026, a significant improvement from a net loss in Q1 2025.
“For the first quarter of 2026, we had net income of $103 thousand, compared to a net loss of $636 thousand for the first quarter of 2025.”
SEC MD&A · May 12, 2026
The company's revenue is driven by licensed product sales and royalties from Mayne Pharma.
“This change reflects the increase in revenue from licensed product sales, the absence of write-off expense recognized, and lower professional fees.”
SEC MD&A · May 12, 2026
Cash and cash equivalents were $7,483 thousand as of December 31, 2025.
“As of December 31, 2025, we had cash and cash equivalents totaling $7,483 thousand.”
SEC MD&A · March 30, 2026
The company granted Mayne Pharma an exclusive license to commercialize products in the U.S.
“On December 30, 2022, we granted Mayne Pharma (i) an exclusive, sublicensable, perpetual, irrevocable license to research, develop, register, manufacture, have manufactured, market, sell, use, and commercialize the Licensed Products in the United States and its possessions and territories”
SEC MD&A · March 30, 2026
Catalyst timeline
- 2032-11-21 · Patent_Expiry · BIJUVA — Patent/Exclusivity Expiry: BIJUVA — Expiration of patent exclusivity for BIJUVA could open the market to generic competition.
- 2034-02-02 · Patent_Expiry · IMVEXXY — Patent/Exclusivity Expiry: IMVEXXY — Expiration of patent exclusivity for IMVEXXY may lead to generic entry.
- 2039-06-21 · Patent_Expiry · ANNOVERA — Patent/Exclusivity Expiry: ANNOVERA — Longer patent protection for ANNOVERA provides extended royalty revenue potential.
Risks & what to watch (4)›
Key risks
- Dependence on Mayne Pharma — Revenue relies on a single license agreement with Mayne Pharma; any disruption could materially impact financials [sec_mda · as of 2026-03-30].
- Patent expirations — BIJUVA and IMVEXXY patents expire in 2032 and 2034, potentially allowing generic competition [catalyst].
- Limited cash runway — Cash of $9.2M as of 2026-06-30 may be insufficient for long-term operations without additional funding [sec].
- No internal commercialization — The company has no internal sales or marketing infrastructure, relying entirely on licensees [sec_mda · as of 2026-03-30].
What to watch
- Quarterly revenue trends from licensed product sales and Mayne Pharma royalties [sec_mda · as of 2026-05-12].
- Cash burn rate and any need for additional financing [sec_mda · as of 2026-03-30].
- Progress on patent expirations and potential generic competition for BIJUVA and IMVEXXY [catalyst].
- Any updates to the Mayne Pharma license agreement or new licensing deals [sec_mda · as of 2026-03-30].
Sources: Catalysts · SEC MD&A · Generated August 25, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Profitable (positive operating cash flow)
D/E 0.38 · 1% dilution
Lead: Approved
3 candidates
3 upcoming, next in ~2275d
No insider transactions in the last 180 days
Catalysts
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
47
Total value held
$4.8M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 707,394 | $1.4M |
| clearline capital lp | 635,222 | $1.3M |
| adar1 capital management, llc | 209,210 | $423K |
| renaissance technologies llc | 146,200 | $295K |
| morgan stanley | 129,217 | $261K |
| blackrock, inc. | 115,145 | $233K |
| geode capital management, llc | 109,817 | $222K |
| citadel advisors llc | 95,114 | $192K |
| vanguard fiduciary trust co | 63,831 | $129K |
| state street corp | 30,100 | $61K |
Showing top 10 of 47 institutional holders of TherapeuticsMD, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 0.7%
- Days to cover
- 2.4
- Shares short
- 56,765
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
TXMD short interestGovernance
Frequently asked questions
What is the AI investment thesis for TherapeuticsMD, Inc.?
TherapeuticsMD, Inc. is a specialty pharmaceutical company focused on women's healthcare, with a portfolio of licensed products including BIJUVA, IMVEXXY, and ANNOVERA, and a recent shift toward profitability with modest revenue.
What is TherapeuticsMD, Inc.'s lead drug candidate?
TherapeuticsMD, Inc.'s most advanced tracked candidate is annovera (Approved) for prevent pregnancy.
What is TherapeuticsMD, Inc.'s next catalyst?
TherapeuticsMD, Inc.'s next tracked catalyst is a Patent_Expiry event — "Patent/Exclusivity Expiry: BIJUVA" — expected November 21, 2032.
Who is the CEO of TherapeuticsMD, Inc.?
Mr. Marlan D. Walker J.D. is the chief executive officer of TherapeuticsMD, Inc. (TXMD).
Where is TherapeuticsMD, Inc. headquartered?
TherapeuticsMD, Inc. (TXMD) is headquartered in Boca Raton, FL, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.