TherapeuticsMD Announces Full Year 2023 Financial Results

TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical royalties, today reported financial results for the full year ended December 31, 2023.

“We continue to explore a variety of strategic alternatives with the goal of maximizing value for our shareholders,” stated Marlan D. Walker, Chief Executive Officer of TherapeuticsMD.

Full Year 2023 Financial Results

Net Income (Loss) from Continuing Operations

• Net loss from continuing operations was $(7.7) million, or $(0.74) per basic and diluted common share, compared to net income from continuing operations of $1.1 million, or $0.12 per basic and $0.11 per diluted common share, for 2022.

License and Service Revenues from Continuing Operations

• Gross license royalties totaled approximately $4.5 million under the Mayne License Agreement for the full year ending December 31, 2023. Included in this amount are $3.0 million of gross minimum royalty payments paid under the Mayne License Agreement. The Company recognizes license revenue only on amounts in excess of the gross minimum royalty amounts earned under the Mayne License Agreement. Our net license royalty income is allocated and reported in revenue, net and other income based on the proportion of the sales from each of our licensed products. Based on sales of our licensed products, the Company recognized $1.3 million in revenue, net and approximately $0.5 million in other income in the year ending December 31, 2023 related to net license royalties.

Total Operating Expenses from Continuing Operations

• Total operating expenses from continuing operations for 2023 were $9.8 million, a decrease of $57.6 million, or 85.4%, compared to 2022, primarily attributable to lower general and administrative expenses due to the transition of the Company’s business from a commercializing pharmaceutical business to a royalty-based business.

Evaluation of Strategic Alternatives

• The Company continues to evaluate a variety of strategic alternatives that may include, but not be limited to, an acquisition, merger, other business combination, sale of assets, or other strategic transactions involving the Company. Although the Company is exploring potential strategic alternatives, there can be no assurance of a transaction, a successful outcome of these efforts, or the form or timing of any such outcome. The Company has not set a timetable for completion of this exploration process and does not intend to disclose further developments unless and until it is determined that disclosure is appropriate or necessary.

Balance Sheet