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• Imvexxy: A low-dose vaginal estrogen insert used to treat moderate-to-severe dyspareunia, or painful intercourse, experienced during menopause.
• Bijuva: An oral capsule combining bio-identical estradiol and progesterone for the treatment of moderate-to-severe hot flashes due to menopause.
• Annovera: A novel, one-year contraceptive vaginal ring providing contraception for up to a year.

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TherapeuticsMD (TXMD) primarily sold its pharmaceutical products to other companies, specifically major wholesale distributors. Before the sale of its commercial portfolio (including brands like ANNOVERA, IMVEXXY, and BIJUVA) in July 2022, the company reported that a significant majority of its gross product sales were to the following three major drug wholesalers:

• AmerisourceBergen Corporation (ABC)
• Cardinal Health, Inc. (CAH)
• McKesson Corporation (MCK)

These three wholesalers collectively accounted for approximately 99% of TherapeuticsMD's total gross product sales in the years leading up to the asset sale, as reported in the company's SEC filings.

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• LTS Lohmann Therapie-Systeme AG (Private Company)
• Catalent, Inc. (Symbol: CTLT)
• Piramal Pharma Solutions (Division of Piramal Pharma Ltd., Symbol: PIRAMALPH on NSE)

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Marlan D. Walker - Chief Executive Officer

Marlan D. Walker was appointed Chief Executive Officer of TherapeuticsMD on January 4, 2023. Prior to this role, he served as the company's General Counsel since March 2016. He also held the position of Chief Development Officer from April 2018 to December 2019 and Corporate and Intellectual Property Counsel from June 2013. Before joining TherapeuticsMD, Mr. Walker was Counsel for Kilpatrick Townsend & Stockton LLP from February 2013 to June 2013, and Intellectual Property Counsel for Medicis Pharmaceutical Corp. from June 2011 to December 2012. His experience includes managing legal affairs and intellectual property for publicly traded companies, patent strategy, and contract negotiation. Mr. Walker holds advanced degrees in law and molecular biology.

Joe Ziegler - Principle Financial Officer

Joe Ziegler serves as the Principle Financial Officer of TherapeuticsMD. Further detailed background information on his previous roles, particularly regarding founding or managing other companies, selling companies, or a pattern of managing private equity-backed firms, was not readily available in the provided search results.

Brian Bernick, M.D. - Co-Founder and Chief Medical Officer

Dr. Brian Bernick is a Co-Founder of TherapeuticsMD. He currently serves as the Chief Medical Officer and previously held the title of Chief Scientific and Medical Officer. Dr. Bernick also served as Interim Co-Chief Executive Officer from September 2022 to December 2022. An obstetrician-gynecologist with over 25 years of clinical medicine experience, he has been instrumental in the approval of multiple FDA products for TherapeuticsMD, including Annovera, Bijuva, and Imvexxy. He holds over 70 U.S. and foreign patents focusing on drug therapies, devices, and analysis. TherapeuticsMD reached a peak market capitalization of $2 billion in 2015. Dr. Bernick was also responsible for VitaCare Prescription Services, a technology and services platform which was subsequently sold. In August 2023, he was appointed Chairman of the Board of Directors at Micron Biomedical.

Dawn Halkuff - Chief Commercial Officer

Dawn Halkuff is the Chief Commercial Officer at TherapeuticsMD. She previously served as the Chief Commercial Officer for TherapeuticsMD from 2016 to 2021. Her career includes extensive experience in senior-level commercial and marketing positions over two decades. Notably, she was Senior Vice President of the Pfizer Consumer Healthcare Wellness Organization and a member of its Global Leadership Team. She also led commercial sales and marketing for the Pfizer Women's Health Division. From 2005 to 2010, Ms. Halkuff was the Head of Global Innovation at Weight Watchers International, where she developed new weight-loss products and solutions. She served as Chief Executive Officer & Director of Ideal Protein of America, Inc. from 2021 to 2024 and Chief Executive Officer of Laboratoires C.O.P., Inc.

Bharat Warrier - Chief Manufacturing Officer

Bharat Warrier is the Chief Manufacturing Officer at TherapeuticsMD. Prior to this role, he was the Senior Vice President CMC at PleoPharma and a Vice President at Medicis. Mr. Warrier has a strong background in pharmaceutical manufacturing and has successfully led cross-functional teams on multiple New Drug Application (NDA) projects, providing scientific and technical leadership in areas such as semi-solids and liquids.

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Key Business Risks for TherapeuticsMD (TXMD)

1. Financial Viability and Sustained Profitability

   TherapeuticsMD faces significant financial viability challenges, with a reported 70% probability of bankruptcy. The company has experienced sustained net losses from continuing operations, evidenced by a reported net loss of $(2.3) million in 2024. Despite a high gross margin, the company has a negative pretax profit margin, indicating substantial operational inefficiencies. A significantly negative return on equity further highlights financial concerns. The ability to achieve consistent profitability and generate sufficient cash flow to cover expenses and service debt remains a critical risk, especially given past disappointments in product sales forecasts. Furthermore, the company's ability to remain listed on Nasdaq is identified as a risk factor.

2. Reliance on Licensees and Execution Risk

   Having transitioned to a royalty-based business model, TherapeuticsMD's future success is predominantly dependent on the commercialization efforts and performance of its licensees, particularly Mayne Pharma. There is an inherent risk that licensees may not effectively market and sell the licensed pharmaceutical products, such as ANNOVERA, BIJUVA, and IMVEXXY, to their full potential. Competition from established products, such as NuvaRing, could also impede market penetration and limit the royalty revenues generated for TherapeuticsMD. Additionally, risks are associated with successfully winding down its own legacy operations and potential disputes with its licensees.

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TherapeuticsMD (symbol: TXMD) operates as a pharmaceutical royalty company, having licensed its primary products for commercialization in the United States to Mayne Pharma in December 2022. The addressable markets for their main products are as follows:

• Imvexxy (estradiol vaginal inserts): This product is indicated for the treatment of moderate-to-severe dyspareunia (vaginal pain associated with sexual activity), a symptom of vulvar and vaginal atrophy (VVA) due to menopause. The U.S. vaginal atrophy treatment market size was valued at USD 1.19 billion in 2024 and is projected to grow to USD 1.63 billion by 2032. VVA affects an estimated 32 million postmenopausal women in the U.S.
• Bijuva (estradiol and progesterone capsules): This product addresses moderate to severe vasomotor symptoms (hot flashes) due to menopause. The U.S. menopause market size was estimated at USD 5.56 billion in 2024 and is projected to reach USD 8.58 billion by 2033, growing at a compound annual growth rate (CAGR) of 5.0% from 2025 to 2033. Another estimate for the U.S. menopause market size was USD 5.65 billion in 2023, with projections to reach approximately USD 9.12 billion by 2033.
• Annovera (segesterone acetate and ethinyl estradiol vaginal system): This product is for contraception. The U.S. contraceptive market size was exhibited at USD 9.35 billion in 2023 and is projected to hit around USD 15.48 billion by 2033, growing at a CAGR of 5.71% during the forecast period 2024 to 2033. Other estimates for the U.S. contraceptive market size include USD 8.6 billion in 2023, growing to USD 13.46 billion by 2032, and USD 8.08 billion in 2024, expected to reach USD 12.37 billion by 2033.
• Prenatal vitamins (BocaGreenMD and vitaMedMD brands): null

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TherapeuticsMD (TXMD) has transitioned its business model to focus primarily on pharmaceutical royalties since December 2022. As such, its future revenue growth is expected to be driven by factors related to its licensed products and strategic corporate actions rather than direct product development or sales.

The expected drivers of future revenue growth for TherapeuticsMD over the next 2-3 years include:

1. Increased Sales of Licensed Products by Mayne Pharma: TherapeuticsMD's primary source of revenue comes from royalties on the sales of IMVEXXY, BIJUVA, and ANNOVERA, which are commercialized by its licensee, Mayne Pharma. Recent financial reports indicate that increases in license revenue are primarily attributable to changes in sales of these licensed products.
2. Potential New Licensing Agreements or Expansion of Current Agreements: As a pharmaceutical royalty company, future revenue growth could stem from entering into new licensing agreements for its existing intellectual property or expanding the scope and terms of its current agreements with licensees beyond the existing Mayne Pharma agreement.
3. Outcomes of Strategic Alternatives: TherapeuticsMD is actively evaluating a variety of strategic alternatives, including potential acquisitions, mergers, other business combinations, or the sale of assets. Any successful execution of these strategic alternatives could significantly impact and potentially grow future revenue streams.

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Share Issuance

• In November 2020, TherapeuticsMD announced a public offering of approximately 23.4 million shares of its common stock for gross proceeds of $30 million.
• In February 2021, the company completed an underwritten public offering of 59,459,460 shares of common stock, resulting in net proceeds of approximately $97.1 million.
• In 2023, TherapeuticsMD issued and sold shares of common stock for gross proceeds of $1.15 million in June and an additional $2.0 million in November.

Capital Expenditures

• TherapeuticsMD reported capital expenditures of $1.60 million in 2020, $2.22 million in 2021, and $0.36 million in 2022.
• For 2023, 2024, and the first half of 2025, no significant capital expenditures were reported, aligning with the company's transition to a pharmaceutical royalty-based business model where it no longer directly engages in product development or sales.