TXMD

TherapeuticsMD is no longer a drug developer — per the MD&A it converted to a 'pharmaceutical royalty company' in December 2022, licensing IMVEXXY, BIJUVA, ANNOVERA and its prenatal vitamins to Mayne Pharma, subletting its Boca Raton offices and terminating its employees. What remains is a tiny, low-overhead entity collecting royalties: FY2025 revenue was $3.02M, essentially equal to the contractual minimum of $3.0M/year Mayne owes for 12 years (3% annual inflation escalator). That the top line sits right at the floor is the key tell — Mayne's product net sales are nowhere near the $80M/$100M thresholds that would trigger the 8% royalty tier or the $5–15M milestone payments, so the near-term upside embedded in the contract is dormant.

On the numbers this reads more like a run-off annuity than an operating business. The balance sheet is clean: $26.9M equity, $7.48M cash, zero long-term debt, and liabilities/equity of just 0.40x. Against a $24.4M market cap (11.6M shares × $2.11), the stock trades slightly below book value of ~$2.32/share, and the business threw off +$2.45M of operating cash flow in FY2025 despite a headline operating loss of -$4.39M and a nearly breakeven net loss of -$569K. The -$952M accumulated deficit and the chaotic revenue history (a $70M/$112M FY2022 spike from the Mayne closing gain, then collapse to ~$1–3M) are legacy noise, not a description of the current royalty entity.