10-Q · May 12, 2026
TherapeuticsMD reported Q1 2026 results reflecting a significant increase in revenue to $724,000, up from $393,000 in Q1 2025, indicating a positive trend driven by licensed product sales. The company also achieved a…
Earnings analysis · 10-Q
TXMD earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
TherapeuticsMD reported $869 thousand of second-quarter license revenue and $164 thousand of net income from continuing operations, while operating expenses increased 2.3% to $1.7 million. Gross margin remained 100.0%,…
Read full summary
TherapeuticsMD reported $869 thousand of second-quarter license revenue and $164 thousand of net income from continuing operations, while operating expenses increased 2.3% to $1.7 million. Gross margin remained 100.0%, but the revenue decline and expense base continue to constrain operating performance. Cash was $9.2 million, and the filing provided no quantitative forward guidance; management continues to evaluate strategic alternatives. Risk factors were unchanged from the 2025 10-K/A.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Gross margin
- 100.0%
What stood out
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License revenue declined 8.7%
The filing reports second-quarter license revenue of $869 thousand, down 8.7% year over year from $952 thousand in the prior-year quarter.
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Continuing operations remained profitable
Net income from continuing operations was $164 thousand for the quarter, versus a loss-oriented operating profile in the prior-year period.
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Higher operating expenses pressured margins
Operating expenses increased 2.3% to $1.7 million, creating pressure on operating profitability despite $869 thousand of license revenue.
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Cash balance was $9.2 million
Cash and cash equivalents were $9.2 million at quarter-end, providing liquidity for ongoing operations and strategic evaluation.
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Gross margin remained 100%
Gross margin was 100.0%, consistent with the company’s license-revenue model and the prior-year quarter.
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Disclosure controls deemed effective
Management concluded that disclosure controls were effective as of the end of the period, while noting that controls provide reasonable—not absolute—assurance.
What to watch
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Dependence on licensed-product revenue
The company depends on licensed-product sales; quarterly license revenue was $869 thousand and declined 8.7% year over year, indicating concentration and revenue-volatility risk.
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Expense base exceeds quarterly revenue
Operating expenses rose 2.3% to $1.7 million while reported license revenue was $869 thousand, creating continued risk of operating losses and cash consumption.
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Existing risks remain unchanged
The filing states there have been no material changes to the risk factors since the 2025 10-K/A; therefore, existing risks remain applicable, including uncertainty around the company’s strategic alternatives.
Management's outlook
No quantitative forward guidance was provided in the filing; management continues to evaluate strategic alternatives.
Earlier filings 4
10-K · March 30, 2026
TherapeuticsMD has repositioned as a pharmaceutical royalty company (change completed Dec. 30, 2022) and generated materially higher license revenue in 2025 vs. 2024. Revenue rose from $1,761,000 in 2024 to $3,022,000…
10-Q · August 12, 2025
TherapeuticsMD reported Q2 2025 license revenue of $952,000, up from $234,000 in Q2 2024, producing GAAP net income of $551,000 (EPS $0.05) versus a net loss of $(1,090,000) (EPS $(0.09)) in the prior-year quarter.…
10-Q · August 12, 2024
TherapeuticsMD reported Q2 license and service revenue of $234 thousand, down from $437 thousand in Q2 2023 and $313 thousand in Q1 2024, while net loss narrowed to $1,090 thousand (EPS -$0.09) from a $2,414 thousand…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.