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TherapeuticsMD Announces Second Quarter 2024 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, 2024.\n\n\nSecond Quarter 2024 Financial Results\n\n\nNet Income (Loss) from Continuing Operations\n\n\n\nNet loss from continuing operations was $(1.05) million, or $(0.09) per basic and diluted common share, compared to a net loss of $(2.4) million, or $(0.24) per basic and diluted common share, for the second quarter of 2023.\n\n\n\nLicense and Service Revenues from Continuing Operations\n\n\n\nLicense revenue, primarily from the Mayne License Agreement, totaled $234 thousand for the second quarter of 2024, a decrease of $203 thousand, or 46.5%, compared to $437 thousand in license revenue for the second quarter of 2023. The decrease is primarily attributable to changes in sales of licensed products.\n\n\n\nTotal Operating Expenses from Continuing Operations\n\n\n\nTotal operating expenses for the second quarter of 2024 were $2.7 million, a decrease of $235 thousand, or 8.1%, compared to the second quarter of 2023. This decrease was due to the further optimization of the Company’s business through the reduction of costs, following its transition to a royalty-based business, and is partially off-set by the patent impairment recognized in the second quarter of 2024.\n\n\n\nEvaluation of Strategic Alternatives\n\n\n\nThe 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.\n\n\n\nBalance Sheet\n\n\n\nAs of June 30, 2024, the Company’s cash and cash equivalents totaled $5.2 million.\n\n\n\nAbout TherapeuticsMD\n\n\nTherapeuticsMD was previously a women’s healthcare company with a mission of creating and commercializing innova...