Business
TherapeuticsMD Announces Second Quarter 2023 Financial Results
BOCA RATON, Fla.--(BUSINESS WIRE)-- TherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical
About this update from Therapeuticsmd, Inc.
[{"type":"text","content":" BOCA RATON, Fla.--(BUSINESS WIRE)--\nTherapeuticsMD, Inc. (“TherapeuticsMD” or the “Company”) (NASDAQ: TXMD), a company that owns rights to pharmaceutical royalties, today reported financial results for the second quarter ended June 30, 2023.\n\n\n“The Company’s transformation into a royalty-based business is ongoing. As we phase out our historical business operations, we remain focused on reducing costs and conserving cash,” stated Marlan D. Walker, Chief Executive Officer of TherapeuticsMD.\n\n\nSecond Quarter 2023 Financial Results\n\n\nNet Loss from Continuing Operations\n\n\n\nNet loss from continuing operations was $2.4 million for the quarter ended June 30, 2023, or $(0.24) per basic and diluted common share, compared to a net loss from continuing operations of $14.9 million, or $(1.70) per basic and diluted common share, for the comparable period in 2022.\n\n\n\nLicense and Service Revenues from Continuing Operations\n\n\n\nLicense and service revenues from continuing operations, which are revenues related to license agreements, were $0.4 million for the quarter ended June 30, 2023, compared to $0.3 million in license and service revenue related to sales to other licensees for the second quarter of 2022. This increase was a result of the Company’s transformation and transition from a manufacturing and commercialization business to a royalty-based business with revenue from the Mayne License Agreement.\n\n\n\nTotal Operating Expenses from Continuing Operations\n\n\n\nTotal operating expenses from continuing operations for the second quarter of 2023 were approximately $2.9 million, a decrease of approximately $11.9 million, or approximately 80.4%, compared to the second quarter of 2022. This decrease was due to the transition of the Company’s business from a manufacturing and commercialization business to a royalty-based business with limited infrastructure.\n\n\n\nAbout TherapeuticsMD\n\n\nTherapeuticsMD was previously a women’s healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations.\n...