TherapeuticsMD, Inc.
TXMDHealthcare|Drug Manufacturers - Specialty & Generic|US
$1.74
+0.03 (+1.75%)
Tangible Book / Share
$2.04
Cash / Share
$0.79
Financials
Financial Snapshot
Market Cap
$20.1M
Enterprise Value
$16.5M
Revenue (TTM)
$3.3M
Net Income (TTM)
-$217.0K
Cash & Investments
$9.2M
Net Cash
$3.6M
Free Cash Flow (TTM)
$3.1M
Operating CF (TTM)
$3.1M
Debt/Equity
0.20
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $131.5M | $127.1M | $161.6M | $160.8M | $80.5M | $64.9M | $38.1M | $4.3M | $5.1M | $7.5M | $9.2M | |
| Operating Cash Flow | -$69.1M | -$76.2M | -$106.8M | -$165.7M | -$159.5M | -$147.8M | -$4.1M | -$48.1M | $732.0K | $2.4M | $3.1M | |
| Free Cash Flow | -$70.4M | -$77.0M | -$128.1M | -$189.6M | -$161.1M | -$147.8M | -$4.4M | $0.00 | $732.0K | $2.4M | $3.1M | |
| Capital Expenditure | -$1.2M | -$827.1K | -$21.3M | -$23.9M | -$1.6M | -$34.0K | -$355.0K | $48.1M | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $137.2M | $72.6M | $162.8M | $188.8M | $80.7M | $134.7M | -$235.2M | $3.2M | $0.00 | $0.00 | $0.00 |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.4M | $16.8M | $16.1M | $49.6M | $64.9M | $2.6M | $70.0M | $1.3M | $1.8M | $3.0M | $3.3M | |
| Cost of Revenue | $4.2M | $2.6M | $2.7M | $6.3M | $16.0M | $1.4M | $1.4M | $0.00 | $0.00 | $0.00 | $329.0K | |
| Gross Profit | $15.2M | $14.1M | $13.4M | $43.3M | $48.9M | $1.2M | $68.6M | $1.3M | $1.8M | $3.0M | $2.9M | |
| R&D | $53.9M | $33.9M | $27.3M | $19.8M | $10.4M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| SG&A | $51.3M | $57.7M | $116.0M | $174.7M | $194.0M | $80.7M | $56.7M | $8.9M | $6.1M | $6.9M | $6.7M | |
| Operating Income | -$90.3M | -$77.6M | -$130.2M | -$151.2M | -$155.5M | -$79.6M | $10.7M | -$8.5M | -$4.8M | -$4.2M | -$3.9M | |
| Interest Expense | $0.00 | $0.00 | $4.7M | $17.4M | $28.6M | $32.9M | $0.00 | $200.0K | $0.00 | $8.0K | $4.0K | |
| Pretax Income | -$89.9M | -$76.9M | -$132.6M | -$176.1M | -$183.5M | -$79.3M | $1.1M | -$7.7M | -$2.3M | -$653.0K | -$263.0K | |
| Net Income | -$89.9M | -$76.9M | -$132.6M | -$176.1M | -$183.5M | -$172.4M | $112.0M | -$10.3M | -$2.2M | -$569.0K | -$217.0K | |
| EPS (Diluted) | -22.92 | -18.71 | -29.47 | -39.79 | -38.58 | -25.83 | 12.41 | -0.74 | -0.19 | -0.05 | -0.02 | |
| EBITDA | -$89.7M | -$76.7M | -$127.6M | -$158.2M | -$153.4M | -$78.8M | $11.9M | -$7.6M | -$4.3M | -$3.0M | -$4.0M | |
| Shares Out. (M) | 3.92 | 4.11 | 4.50 | 4.93 | 5.51 | 7.96 | 9.03 | 10.44 | 11.53 | 11.57 | 11.64 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $131.5M | $127.1M | $161.6M | $160.8M | $80.5M | $64.9M | $38.1M | $4.3M | $5.1M | $7.5M | $9.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $139.4M | $139.6M | $186.8M | $208.4M | $128.4M | $119.5M | $55.4M | $11.8M | $9.9M | $14.4M | $16.1M | |
| Total Assets | $142.5M | $143.2M | $212.0M | $266.0M | $181.6M | $169.5M | $90.5M | $43.3M | $38.8M | $37.7M | $37.5M | |
| Total Current Liabilities | $15.0M | $13.3M | $41.1M | $53.0M | $59.2M | $252.9M | $46.8M | $6.9M | $5.2M | $4.8M | $5.0M | |
| Long-Term Debt | $0.00 | $0.00 | $73.4M | $194.6M | $237.7M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $15.0M | $13.3M | $114.5M | $256.8M | $305.6M | $263.1M | $55.3M | $14.0M | $11.5M | $10.8M | $10.4M | |
| Stockholders' Equity | $127.5M | $129.9M | $97.5M | $9.2M | -$124.0M | -$93.6M | $35.1M | $29.3M | $27.4M | $26.9M | $27.1M | |
| Retained Earnings | -$309.7M | -$386.7M | -$519.3M | -$695.4M | -$878.9M | -$1.05B | -$939.4M | -$949.6M | -$951.8M | -$952.4M | -$952.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$69.1M | -$76.2M | -$106.8M | -$165.7M | -$159.5M | -$147.8M | -$4.1M | -$48.1M | $732.0K | $2.4M | $3.1M | |
| Capital Expenditure | -$1.2M | -$827.1K | -$21.3M | -$23.9M | -$1.6M | -$34.0K | -$355.0K | $48.1M | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$70.4M | -$77.0M | -$128.1M | -$189.6M | -$161.1M | -$147.8M | -$4.4M | $0.00 | $732.0K | $2.4M | $3.1M | |
| Investing Cash Flow | -$1.3M | -$827.1K | -$21.5M | -$23.9M | -$1.6M | -$2.2M | $223.5M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $137.2M | $72.6M | $162.8M | $188.8M | $80.7M | $134.7M | -$235.2M | $3.2M | $0.00 | $0.00 | $0.00 | |
| Issuance of Stock | $134.9M | $68.6M | $89.9M | $77.0M | $31.7M | $184.7M | $24.2M | $3.2M | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$38.7M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $75.0M | $118.3M | $50.0M | -$50.0M | -$219.4M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $17.4M | $6.9M | $8.7M | $10.7M | $10.7M | $0.00 | $11.6M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Change in Cash | $66.8M | -$4.4M | $34.5M | -$783.4K | -$80.3M | -$15.6M | -$15.8M | -$45.0M | $732.0K | $2.4M | $3.1M |
Dilution Tracker
Shares outstanding grew 109.9% over 5 years — significant dilution
Shares Outstanding
12M
5-Year Share Growth
+109.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 3.92 | 4.11 | 4.50 | 4.93 | 5.51 | 7.96 | 9.03 | 10.44 | 11.53 | 11.57 | 11.64 | |
| Change vs Prior % | — | 4.8% | 9.5% | 9.5% | 11.9% | 44.4% | 13.4% | 15.7% | 10.4% | 0.3% | 0.6% | |
| Stock Issuance | $134.9M | $68.6M | $89.9M | $77.0M | $31.7M | $184.7M | $24.2M | $3.2M | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$38.7M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $17.4M | $6.9M | $8.7M | $10.7M | $10.7M | $0.00 | $11.6M | $0.00 | $0.00 | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 78.4% | 84.3% | 83.0% | 87.2% | 75.4% | 45.5% | 98.0% | 100.0% | 100.0% | 100.0% | 89.9% | |
| Operating Margin % | -466.3% | -462.7% | -808.8% | -304.6% | -239.8% | -3092.8% | 15.2% | -654.6% | -275.1% | -139.4% | -117.8% | |
| Net Margin % | -464.3% | -458.5% | -823.7% | -354.8% | -282.9% | -6700.9% | 160.1% | -789.4% | -123.9% | -18.8% | -6.6% | |
| EBITDA Margin % | -463.6% | -457.2% | -792.9% | -318.7% | -236.5% | -3064.2% | 17.0% | -583.8% | -246.2% | -100.0% | -121.3% | |
| FCF Margin % | -363.6% | -458.8% | -795.9% | -381.9% | -248.3% | -5746.0% | -6.3% | 0.0% | 41.6% | 80.2% | 95.4% | |
| ROE % | -70.5% | -59.2% | -136.0% | -1914.4% | 148.0% | 184.2% | 318.7% | -35.1% | -8.0% | -2.1% | -0.8% | |
| ROA % | -63.1% | -53.7% | -62.6% | -66.2% | -101.1% | -101.7% | 123.8% | -23.7% | -5.6% | -1.5% | -0.6% | |
| ROIC % | -70.8% | -59.8% | -76.2% | -70.5% | -124.8% | -74.9% | 23.7% | -22.3% | -13.5% | -12.5% | -11.5% | |
| R&D / Revenue % | 278.7% | 201.8% | 169.6% | 39.9% | 16.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -3.9% | -13.3% | -4.0% | 208.4% | 30.7% | -96.0% | 2619.1% | -98.1% | 35.3% | 71.6% | |
| Gross Profit | -3.0% | -6.8% | -5.5% | 224.1% | 12.9% | -97.6% | 5755.3% | -98.1% | 35.3% | 71.6% | |
| Operating Income | -5.9% | 14.0% | -67.7% | -16.1% | -2.9% | 48.8% | 113.4% | -179.9% | 43.2% | 13.0% | |
| Net Income | -5.6% | 14.4% | -72.4% | -32.8% | -4.2% | 6.1% | 165.0% | -109.2% | 78.8% | 73.9% | |
| EPS (Diluted) | 6.7% | 18.4% | -57.5% | -35.0% | 3.0% | 33.0% | 148.0% | -106.0% | 74.3% | 74.1% | |
| Operating Cash Flow | 12.5% | -10.1% | -40.3% | -55.1% | 3.8% | 7.3% | 97.2% | -1080.5% | 101.5% | 231.1% | |
| Free Cash Flow | 11.6% | -9.4% | -66.4% | -48.0% | 15.0% | 8.2% | 97.0% | 100.0% | 0.0% | 231.1% | |
| R&D Expense | -25.1% | -37.2% | -19.4% | -27.5% | -47.3% | -100.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| SG&A Expense | 78.8% | 12.4% | 101.0% | 50.6% | 11.0% | -58.4% | -29.8% | -84.3% | -31.5% | 12.4% | |
| Total Assets | 93.2% | 0.5% | 48.0% | 25.5% | -31.7% | -6.7% | -46.6% | -52.1% | -10.4% | -3.0% | |
| Book Value / Share | 78.5% | -2.8% | -31.4% | -91.4% | -1304.4% | 47.7% | 133.1% | -27.9% | -15.4% | -2.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 179.7% | 21.1% | -20.5% | -95.6% | -8.6% | -10.4% | -15.0% | |
| Diluted Shares | 13.2% | 4.8% | 9.5% | 9.5% | 11.9% | 44.4% | 13.4% | 15.7% | 10.4% | 0.3% |
Valuation
P/E (TTM)At Loss
P/S6.16
10Y Low / Med / High0.72 / 18.04 / 73.99
P/B0.74
10Y Low / Med / High0.36 / 8.79 / 64.79
EV/EBITDAAt Loss
EV/Revenue5.05
10Y Low / Med / High0.30 / 20.87 / 107.29
P/FCF6.45
Intrinsic Value Models (per share)
Tangible Book / Share
$2.04
Net Current Assets / Share
$0.49
Graham Net-Net
$0.12
Cash / Share
$0.79
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -12.59 | -16.14 | -6.46 | -3.04 | -1.57 | -0.70 | 0.45 | -4.09 | -4.53 | -33.13 | -92.55 | |
| P/S Ratio | 58.45 | 73.99 | 53.25 | 12.01 | 5.14 | 55.69 | 0.72 | 18.04 | 5.63 | 6.24 | 6.16 | |
| P/B Ratio | 8.87 | 9.56 | 8.79 | 64.79 | -2.69 | -1.53 | 1.44 | 0.80 | 0.36 | 0.70 | 0.74 | |
| EV/EBITDA | -11.14 | -14.52 | -6.03 | -4.05 | -3.27 | -3.50 | 1.78 | -3.57 | -2.78 | -5.78 | -4.16 | |
| EV/Revenue | 51.66 | 66.41 | 47.77 | 12.90 | 7.73 | 107.29 | 0.30 | 20.87 | 6.83 | 5.78 | 5.05 |
Analyst Estimates & Quality
Altman Z-Score
-34.41
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 |
|---|---|---|
| Revenue | $9.3M | $9.5M |
| Net Income | $2.0M | $2.2M |
| EPS | $0.17 | $0.19 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2018 | 2021 | 2022 | 2023 |
|---|---|---|---|---|
| IMVEXXY R | $1.1M | — | — | — |
| Prescription Vitamins | $15.0M | $5.7M | — | — |
| License | — | $1.2M | $70.0M | $1.3M |
| Product | — | $85.8M | — | — |
| Annovera | — | $37.9M | — | — |
By Geography
| Segment | 2024 | 2025 |
|---|---|---|
| Non-US | $638.0K | $1.2M |
| UNITED STATES | $1.1M | $1.8M |