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what it is
TherapeuticsMD used to make women’s health drugs. Now it collects royalties from products like IMVEXXY, BIJUVA, and ANNOVERA.
how it gets paid
FY 2024 license revenue was ~$1.8M (~$1.76M in the FY 2024 release). The rows below are an illustrative split— verify exact mix in the 10-K.
what just happened
Recent prints round to ~$0.00 EPS on a sub-$2M revenue base— always read the exact quarter in the filing, not a feed stub.
At a glance
C balance sheet — red flag territory — real financial stress
15/100 earnings predictability — expect surprises
3.1% return on capital — nothing to write home about
-$0.11 fy2024 eps est
~$1.8M FY2024 license revenue (order of magnitude)
xvary composite: 25/100 — weak
What they do
TherapeuticsMD used to make women’s health drugs. Now it collects royalties from products like IMVEXXY, BIJUVA, and ANNOVERA.
Royalty company → gets paid when others sell the drugs → so you get cash without running a factory. TherapeuticsMD has 1 employee, so your overhead stays tiny. The catch is simple: ~$1.8M of annual license revenue leaves you leaning on a few license checks.
How they make money
~$1.8M
FY 2024 license revenue (rounded; illustrative line-item split below)
IMVEXXY royalties
~$0.63M
BIJUVA royalties
~$0.50M
ANNOVERA royalties
~$0.23M
Prenatal vitamin royalties
~$0.32M
International license revenue
~$0.12M
The products that matter
licensed women's health products
License Agreement with Mayne Pharma
~100% of revenue · Mayne license stack
essentially all reported revenue is licensing/royalty checks tied to out-licensed women’s health brands. if the Mayne relationship weakens, the income statement goes quiet fast.
100% of revenue
pipeline candidate
Yuvvexy (TX-004)
sole pipeline asset · no commercial revenue yet
it is the only pipeline asset highlighted here, and it contributes none of the current ~$1.8M revenue base because it is not yet commercial.
optionality only
Key numbers
~$1.8M
FY 2024 license rev.
The whole company is only ~$1.8M of annual license revenue in the FY 2024 print— that is the entire business, not a side project.
1
employees
1 employee means the company runs with almost no payroll. That keeps fixed costs tiny.
deeply neg.
operating margin
With ~$1.8M revenue and several million dollars of corporate opex (see FY 2024 release), GAAP operating margin is deeply negative— tiny top line vs. fixed public-company cost.
$5M
long-term debt
Long-term debt is $5M, or 18% of capital. On a $25M market cap, that is a real claim on the equity.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $5M (18% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for TXMD right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Recent quarters round to ~$0.00 EPS on a sub-$2M annual license revenue base.
FY 2024 net loss from continuing operations was ~$(0.20)/share on ~$1.76–$1.8M license revenue per the company’s FY 2024 release— always pull the exact quarter from EDGAR for “what just happened.”
~$1.8M
FY 2024 rev.
$0.00
eps
n/a
n/a
the number that mattered
The number that mattered is scale: ~$1.8M of revenue cannot cover a public-company cost stack without continued losses or a strategic transaction.
source: EDGAR filing and Yahoo Finance consensus, 2026
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What could go wrong
the #1 risk is single-agreement dependence on Mayne Pharma.
med
one contract carries the whole income statement
Essentially all reported revenue comes from the Mayne Pharma license stack. If that agreement weakens, delays, or ends, the current business model loses nearly 100% of its revenue base.
This is concentration risk in its purest form.
med
Yuvvexy is still optionality, not operating proof
The pipeline upside rests on one asset, Yuvvexy, and it has yet to be filed for approval. If that filing keeps slipping, the market is left with a royalty stub and not much else.
One asset means one setback can break the growth narrative.
med
microcap volatility can overwhelm the fundamentals
The stock trades at roughly a $25M market cap with a 52-week range of $1–$3 and a 5/100 price stability score. That is enough to turn small news into big price moves.
You can be right on the story and still get a very rough ride.
A company with ~$1.8M in annual license revenue, $5M in debt, and one active revenue source does not have much room for operational mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
earnings
next earnings report
Estimated for March 27, 2026. On a business this small, one quarter can change the narrative faster than it changes the economics.
pipeline
Yuvvexy NDA timing
The asset still awaits a filing timeline. No filing means the pipeline remains a slide in the deck, not a second revenue source.
revenue
2025 revenue estimate of $9.3M
If you see street estimates far above ~$1.8M for 2024 actuals, treat them as scenario math— reconcile to the next filed quarter.
volatility
whether the stock can stay out of the bottom half of its range
A $1–$3 52-week band with a $1.70 current price tells you sentiment still breaks downward quickly.
Analyst rankings
earnings predictability
15 / 100
The reported numbers are hard to model because the business is tiny. In human-speak: do not mistake one cleaner quarter for a stable earnings engine.
balance sheet grade
C
This is a below-average balance sheet for a company with one active revenue stream and $5M in long-term debt.
source: institutional data
Institutional activity
institutional ownership data for TXMD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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