TherapeuticsMD, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting a significant transformation in its business model from a women's healthcare company to a pharmaceutical royalty company, effective December 2022. The company completed the Mayne Transaction on December 30, 2022, granting Mayne Pharma exclusive rights to commercialize several products, including IMVEXXY and BIJUVA, in the U.S.

For the three months ended September 30, 2024, TherapeuticsMD generated license and service revenue of $547,000, a notable increase from a loss of $53,000 in the same period in 2023. For the nine months, revenue rose to $1,094,000 from $800,000 year-over-year. Total operating expenses decreased to $1,406,000 for the third quarter, down 18.3% from $1,720,000 in 2023, and for the nine months, expenses fell to $5,535,000 from $7,712,000. The company reported a loss from operations of $859,000 for the third quarter, an improvement from a loss of $1,773,000 in the prior year, and a nine-month loss of $4,441,000 compared to $6,912,000 in 2023.

The net loss for the third quarter of 2024 was $609,000, significantly reduced from $3,378,000 in the same quarter of 2023. For the nine months, the net loss was $2,433,000, down from $9,395,000 in the previous year. The basic loss per share for the third quarter was $(0.05), compared to $(0.32) in 2023, and $(0.21) for the nine months, improved from $(0.92).

As of September 30, 2024, cash and cash equivalents totaled $5,047,000, up from $4,327,000 at the end of 2023. The company’s total assets decreased to $39,552,000 from $43,309,000, while total stockholders' equity also declined to $27,094,000 from $29,287,000. Current liabilities decreased to $5,976,000 from $6,854,000.

TherapeuticsMD has engaged in several strategic developments, including a Subscription Agreement with Rubric Capital Management to sell up to 5,000,000 shares of common stock, generating gross proceeds of $1.15 million and $2.0 million in June and November 2023, respectively. The company continues to monitor its liquidity and may pursue additional capital to fund operations until it achieves positive cash flow.

The transition to a royalty-based model has led to the classification of historical commercial operations as discontinued, with no product revenue reported from these operations for the current period. The company has also streamlined its workforce, employing only one full-time employee as of September 30, 2024, following the termination of its executive management team in late 2022.