ࡱ>  l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~8#܈ ~~7#܈ ~~"؈ ~~<#܈ ~~3#܈ ~~4#܈ ~~83ffff̙̙3f3fff3f3f33333f33&Securities registered pursuant TABLE OF CONTENTS5Our Business ModelJTX001HR`TX004HRQp TX004HR (1)B~Our Quality Guarantee&We currently derive all of our &We may not be able to complete &26 Delays in clinical trials ar!&26 Delays in clinical (1)&29 Even if we obtain regulatory 29 Even if we obtain (1)&The commercial success of our e&e Product liability lawsuits coul& Our success depends on how effi&0If our efforts to protect the p&L39 If we are sued for infringin&~bThe market price of our common #The market price of our (1)&Market Information on Common St&THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3)v TX004HR (4)&6Year ended December 31 2016 com'Operating Expenses7Operating Expen (1)"JYear ended December 31 (1)\Operating Expen (2)lOperating Expen (3)&~Summary of Uses and Sources of Contractual Obligations&›64 Management s Annual Report o 67 PART IV67 PART IV (1)r67 PART IV (2)&M71 INDEX TO FINANCIAL STATEMENT"*CONSOLIDATED BALANCE SHEETS&cKCONSOLIDATED STATEMENTS OF OPER&qFOR THE YEARS ENDED DECEMBER 31#CCONSOLIDATED STATEMENTS (1)6Earnings Per ShareNOTE 3 INVENTORY"NOTE 4 OTHER CURRENT ASSETSWNOTE 5 FIXED ASSETS NET3 NOTE 6 PREPAID EXPENSE# NOTE 7 INTANGIBLE ASSETS NET$`/NOTE 7 INTANGIBLE ASSETS (1)&FNOTES TO CONSOLIDATED FINANCIAL&ZUNOTE 8 OTHER CURRENT LIABILITIE&hSummary of our Warrant activity!;NOTES TO CONSOLIDATED (1)!NOTES TO CONSOLIDATED (2)!NOTES TO CONSOLIDATED (3)!NOTES TO CONSOLIDATED (4)!ONOTES TO CONSOLIDATED (5)!HNOTES TO CONSOLIDATED (6)&NOTE 14 SELECTED QUARTERLY FINA}NOTE 14 SELECTED (1)"ESubsidiaries of the Company l  _  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 6} !      TherapeuticsMD, Inc. 10-K 02/28/2017C;Securities registered pursuant to Section 12(b) of the Act:!Large accelerated filer ?Accelerated filer ?"  Non-accelerated filer ?# Smaller reporting company ?5 -(Do not check if a smaller reporting company)   $ ____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/$|,g[OCmaU-=PF0*8X> @  l  8-#5  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant Our Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } y } :} $ }  8     TherapeuticsMD, Inc. 10-K 02/28/2017TABLE OF CONTENTS PART I     Item 1. Business ~  Item 1A.  Risk Factors ~ ^ Item 1B.! Unresolved Staff Comments ~ Item 2. Properties~ Item 3.Legal Proceedings~ Item 4.Mine Safety Disclosures~ PART IIItem 5.2*Market for the Registrant?s Common Equity,~ .&Related Stockholder Matters and Issuer&Purchases of Equity SecuritiesItem 6.Selected Financial Data~ Item 7.,$Management?s Discussion and Analysis~ 80of Financial Condition and Results of OperationsItem 7A.0(Quantitative and Qualitative Disclosures~ about Market RiskItem 8..&Financial Statements and Supplementary~  DataItem 9.5-Changes in and Disagreements with Accountants~ .&on Accounting and Financial DisclosureD% lym=+t!Dn0Mz !"#$%&'()*+,-./01234567 Item 9A. Controls and Procedures ~ !Item 9B.!Other Information!~ !""""#PART III$$$$%Item 10.3%+Directors, Executive Officers and Corporate%~ %&& Governance'Item 11.'Executive Compensation'~ '(Item 12.0((Security Ownership of Certain Beneficial(~ ()5)-Owners and Management and Related Stockholder**Matters+Item 13.7+/Certain Relationships and Related Transactions,+~ +,!,and Director Independence-Item 14..-&Principal Accounting Fees and Services-~ -..../PART IV00001Item 15./1'Exhibits, Financial Statement Schedules1~ 12Item 16.2Form 10-K Summary2~ 234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4Od4 irSY):."=PF0*8X> @:776655//##  l  (GyJ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTS TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} 8 (     TherapeuticsMD, Inc. 10-K 02/28/2017Our Business Model ?/'Our hormone therapy drug candidates are  1 )designed to use the lowest effective dose  " for the shortest duration.     ?0 (We believe the attributes of our dietary  3 +supplements will result in greater consumer4,acceptance and satisfaction than competitive3+products while offering the highest quality4,products incorporating patented ingredients,2*such as Quatrefolic ? , FOLMAX?, FePlus?,2*and pur-DHA?. All of our prenatal vitamins.&are gluten-, sugar-, and lactose-free. ?2*We strive to improve our existing products7/and develop new products to generate additional4,revenue through our existing sales channels. ?1)We believe health care providers are able.&to offer alternatives to patients that1)meet the patient?s individual nutritional4,and financial requirements and help patients5-realize cost savings over competing products. ?0(Improved patient education, a high levelD lxl q$6J:x.@ !"#$%&'  / 'of patient compliance, and reduced cost!!4!,of products all result in lower cost of care""6".for payors and improved outcomes for patients.#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/6e=PF0*8X> @''&&%% l  ']N`  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $}  } m} <} m}  '     TherapeuticsMD, Inc. 10-K 02/28/2017TX-001HR6.Replenish Trial Co-Primary Efficacy Endpoints:0 (Mean Change in Frequency and Severity of4 ,Hot Flashes Per Week Versus Placebo at Weeks% 4 and 12, VMS-MITT Population            Estradiol/Progesterone 1 mg/100 mg 0.5 mg/100 mg 0.5 mg/50 mg 0.25 mg/50 mgPlacebo (n = 141) (n = 149) (n = 147) (n = 154) (n = 135) Frequency%Week 4 P-value versus placebo9v??5^I ?MbP? ?&Week 12 P-value versus placeboMb`? ?Severity%Week 4 P-value versus placeboX9v?{Gzt?Dl?? ?&Week 12 P-value versus placebo;On?~jt? ?0(Replenish Trial Primary Safety Endpoint:6.Incidence of Consensus Endometrial Hyperplasia2*or Malignancy up to 12 months, EndometrialSafety Population ?D^ lv<_ |+kf-w !"#$%&      !Endometrial Hyperplasia! 0% (0/280)! 0% (0/303)! 0% (0/306)! 0% (0/274)! 0% (0/92)"#$$____________________________1%)Created by Morningstar Document Research.0&(http://documentresearch.morningstar.com/ x(=PF0*8X> @Z &&%%$$    l  o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } U} $ } $} $ } $}  $ } } $                    TherapeuticsMD, Inc. 10-K 02/28/2017TX-004HR25 mcg10 mcg   4 mcg  Superficial Cells   P    P    P  Parabasal Cells   P    P    P   Vaginal pH   P    P    P  Severity of Dyspareunia   P    P     P = 0.0149  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tv='=PF0*8X> @2    l  }  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HROur Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } I } $ }  } $ }  } $ }       TherapeuticsMD, Inc. 10-K 02/28/2017TX-004HR25 mcg10 mcg 4 mcg Week 2   P = 0.0105   P = 0.0019   P = 0.026 Week 6  P   P = 0.0009   P = 0.0069 Week 8  P  P   P = 0.0003 Week 12  P  P   P = 0.0149 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tv+^RF=PF0*8X> @ l  `  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} 6      TherapeuticsMD, Inc. 10-K 02/28/2017Our Quality Guarantee ?5-ensure the potency and quality of our vitamin    products;  ?0 (help health care providers and payors by  4 ,delivering information on patient compliance   and satisfaction; and  ?1 )provide a 30-day money back guarantee for all of our OTC products.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|uiM~rJ=PF0*8X> @ l  (>  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} : (     TherapeuticsMD, Inc. 10-K 02/28/2017kcWe currently derive all of our revenue from sales of our women s health care products, and our fail ?1)the presence of new or existing competing  - %products, including generic copies of  2 *our prescription prenatal vitamin products  5 -that are not our authorized generic products;     ?3 +any supply or distribution problems arising6.with any of our manufacturing and distributionstrategic partners; ?4,changed or increased regulatory restrictions)!or regulatory actions by the FDA; ?/'changes in health care laws and policy,-%including changes in requirements for,$rebates, reimbursement, and coverage( by federal health care programs; ?5-the impact or efficacy of any price increases'we may implement in the future; ?5-changes to our labels and labeling, including3+new safety warnings or changes to our boxed4,warning, that further restrict how we market"and sell our products; andD l?3'6qs. u-s0 k !"#$%&'   ! !?8!0acceptance of our products as safe and effective""#"by physicians and patients.#$$%____________________________1&)Created by Morningstar Document Research.0'(http://documentresearch.morningstar.com/H<0=PF0*8X> @''&&%% l  p  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} I;      TherapeuticsMD, Inc. 10-K 02/28/2017kcWe may not be able to complete the development and commercialization of our hormone therapy drug ca ?7/significantly delay, scale back, or discontinue  5 -our product development and commercialization   efforts;     ?2 *seek collaborators for our hormone therapy  0 (drug candidates at an earlier stage than0(otherwise would be desirable or on terms4,that are less favorable than might otherwisebe the case; and ?2*license, potentially on unfavorable terms,91our rights to our hormone therapy drug candidates/'that we otherwise would seek to develop#or commercialize ourselves.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:\?3'vJ&?Hi]Q)=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete 26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} 7      TherapeuticsMD, Inc. 10-K 02/28/2017kc26 Delays in clinical trials are common for many reasons, and any such delays could result in incre ?/'delays in obtaining regulatory approval   to commence a trial;     ?/ 'imposition of a clinical hold following  6 .an inspection of our clinical trial operations  5 -or trial sites by the FDA or other regulatory authorities; ?0(imposition of a clinical hold because of0(safety or efficacy concerns by the DSMB,FDA, or IRB, or us;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4)?3's'T0`TH =PF0*8X> @ l  *  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} : *     TherapeuticsMD, Inc. 10-K 02/28/2017kc26 Delays in clinical trials are common for many reasons, and any such delays could result in incre ?2*delays in reaching agreement on acceptable  0 (terms with prospective contract research  2 *organizations, or CROs, and clinical trial   sites;     ?1 )delays in obtaining required IRB approval at each site; ?.&delays in identifying, recruiting, and1)training suitable clinical investigators; ?.&delays in recruiting suitable patients"to participate in a trial; ?80delays in having patients complete participation/'in a trial or return for post-treatment follow-up; ?1)clinical sites dropping out of a trial to$the detriment of enrollment; ?'time required to add new sites; ?/'delays in obtaining sufficient suppliesD l?3'2eA:8 X4 !"#$%&'()  . &of clinical trial materials, including!!!suitable API; or"""# #?3#+delays resulting from negative or equivocal$$%$findings of DSMB for a trial.%&$'____________________________1()Created by Morningstar Document Research.0)(http://documentresearch.morningstar.com/^=PF0*8X> @))(('' l  U  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} 7      TherapeuticsMD, Inc. 10-K 02/28/2017kc29 Even if we obtain regulatory approval for our hormone therapy drug candidates, we will still fac ?3+conduct an investigation into our practices  ) !and any alleged violation of law;     ?1 )issue warning letters or untitled letters  1 )asserting that we are in violation of the   law; ?6.seek an injunction or impose civil or criminal$penalties or monetary fines; ?0(suspend or withdraw regulatory approval; ?0(require that we suspend or terminate any ongoing clinical trials;$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:?3'b{(wS=PF0*8X> @ l  f  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} :      TherapeuticsMD, Inc. 10-K 02/28/2017kc29 Even if we obtain regulatory approval for our hormone therapy drug candidates, we will still fac ?.&refuse to approve pending applications  / 'or supplements to applications filed by   us;     ?5 -suspend or impose restrictions on operations,  8 0including costly new manufacturing requirements; ?2*seize or detain products, refuse to permit4,the import or export of products, or require+#us to initiate a product recall; or ?.&exclude us from providing our products3+to those participating in government health5-care programs, such as Medicare and Medicaid,3+and refuse to allow us to enter into supply2*contracts, including government contracts.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0?3'^:p!f{,=PF0*8X> @ l  1   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} = 1     TherapeuticsMD, Inc. 10-K 02/28/2017kcThe commercial success of our existing products and our hormone therapy drug candidates that we dev ?.&the clinical indications for which our  5 -hormone therapy drug candidates are approved,    if at all;     ?. &acceptance by physicians and payors of  7 /each product as a safe and effective treatment; ?80the cost of treatment in relation to alternative.&treatments, including numerous genericdrug products; ?;3the relative convenience and ease of administration80of our products in the treatment of the symptoms$for which they are intended; ?4,the availability and efficacy of competitivedrugs; ?0(the effectiveness of our sales force andmarketing efforts; ?3+the extent to which the product is approved1)for inclusion on formularies of hospitals'and managed care organizations;D@ l?3'Q-kvfzD  !"#$%&'()*+,-./0   ! !?1!)the availability of coverage and adequate""/"'reimbursement by third parties, such as##1#)insurance companies and other health care$$6$.payors, or by government health care programs,%%(% including Medicare and Medicaid;&&&' '?.'&limitations or warnings contained in a((,($product?s FDA-approved labeling; and)))* *?/*'prevalence and severity of adverse side+++effects.,-$.____________________________1/)Created by Morningstar Document Research.00(http://documentresearch.morningstar.com/&@C`<9 =PF0*8X> @00//.. l  &i   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} I; &     TherapeuticsMD, Inc. 10-K 02/28/2017kcProduct liability lawsuits could divert our resources, result in substantial liabilities and reduce ?91labeling, marketing, or promotional restrictions;     ?' product recalls or withdrawals;     ?5 -decreased demand for our products or products  * "that we may develop in the future; ?loss of revenue; ?!injury to our reputation; ?3+initiation of investigations by regulators; ?/'costs to defend the related litigation; ?0(a diversion of management?s time and our resources; ?91substantial monetary awards to trial participants or patients; ?-%exhaustion of any available insurance&and our capital resources; andDl?3']9}H$rNc?K !"#$%  ?% a decline in our stock price.!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/cd~=PF0*8X> @%%$$## l  /  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} $4      TherapeuticsMD, Inc. 10-K 02/28/2017f^Our success depends on how efficiently we respond to changing consumer preferences and demand. ?-%accurately anticipate customer needs;     ?* "innovate and develop new products;     ?/ 'successfully commercialize new products   in a timely manner; ?/'competitively price our products in themarket; ?3+procure and maintain products in sufficient+#volumes and in a timely manner; and ?0(differentiate our product offerings from!those of our competitors.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<D8, kGT)nJ=PF0*8X> @ l  :BsK  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} = :     TherapeuticsMD, Inc. 10-K 02/28/2017jbIf our efforts to protect the proprietary nature of the intellectual property covering our hormone ?2*the patent applications that we have filed  3 +may fail to result in issued patents in the  . &United States or in foreign countries;     ?8 0patents issued or licensed to us or our partners  / 'may be challenged or discovered to have1)been issued on the basis of insufficient,-%incomplete, or incorrect information,5-and thus held to be invalid or unenforceable; ?1)the scope of any patent protection may be.&too narrow to exclude competitors from5-developing or designing around these patents; ?1)we or our licensors were not the first to2*make the inventions covered by each of our7/issued patents and pending patent applications; ?1)we or our licensors may not have been the3+first inventors to file patent applications3+for these technologies in the United States91or were not the first to file patent applications.&directed to these technologies abroad;D l@4(~4p#e|X iEY !"#$%&'()*+,-./0123456789  ?; 3we may fail to comply with procedural, documentary,!!1!)fee payment, and other similar provisions""."&during the patent application process,##0#(which can result in abandonment or lapse$$6$.of the patent or patent application, resulting%%5%-in partial or complete loss of patent rights;&&&' '?5'-future drug candidates may not be patentable;((() )?1))others may claim rights or ownership with**/*'regard to patents and other proprietary++'+rights that we hold or license;,,,- -?0-(delays in development, testing, clinical..0.(trials, and regulatory review may reduce//0/(the period of time during which we could00/0'market our drug candidates under patent111protection; and2223 3?23*we may fail to timely apply for patents on44%4our technologies or products.56$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8@[s":;X%qeY1=PF0*8X> @998877 l  ,`^b  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} : ,     TherapeuticsMD, Inc. 10-K 02/28/2017jb39 If we are sued for infringing intellectual property rights of third parties, litigation will be ?4,infringement and other intellectual property  8 0claims, which would be costly and time-consuming  3 +to defend, whether or not we are ultimately  1 )successful, which in turn could delay the  , $regulatory approval process, consume  6 .our capital, and divert management?s attentionfrom our business; ?2*substantial damages for past infringement,6.which we may have to pay if a court determines2*that our products or technologies infringe2*a competitor?s patent or other proprietaryrights; ?80a court prohibiting us from selling or licensing2*our technologies or future products unless/'the third party licenses its patents or6.other proprietary rights to us on commercially2*reasonable terms, which it is not requiredto do; ?5-if a license is available from a third party,0(we may have to pay substantial royalties4,or lump sum payments or grant cross licensesD l@4(w(A F[m- !"#$%&'()*+  2 *to our patents or other proprietary rights!!"!to obtain that license; or"""# #?/#'redesigning our products so they do not$$2$*infringe, which may not be possible or may%%1%)require substantial monetary expenditures&&& and time.'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/]tPi<0$=PF0*8X> @++**)) l  `t  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringinThe market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} = `     TherapeuticsMD, Inc. 10-K 02/28/2017kcThe market price of our common stock may be highly volatile, and you could lose all or part of your ?0(any delay of our phase 3 clinical trials  0 (for our hormone therapy drug candidates;     ?5 -adverse results or delays in clinical trials;     ?4 ,any delay in filing our NDAs for our hormone/'therapy drug candidates and any adverse4,development or perceived adverse development5-with respect to the FDA?s review of the NDAs,2*including the FDA?s issuance of a ?refusal3+to file? letter or a request for additional information; ?1)changes in laws or regulations applicable7/to our products or proposed products, including2*clinical trial requirements for approvals; ?-%unanticipated serious safety concerns1)related to the use of our hormone therapydrug candidates; ?0(a decision to initiate a clinical trial,91not to initiate a clinical trial, or to terminate#an existing clinical trial;D l?3'^ L]l]k !"#$%&'()*+,-./0123456789:;<=>?   ! !?1!)the inability to obtain adequate clinical""6".supply for our hormone therapy drug candidates##7#/or the inability to do so at acceptable prices;$$$% %?%%adverse regulatory decisions;&&&' '?8'0the introduction of new products or technologies(()(!offered by us or our competitors;)))* *?1*)the effectiveness of our or our potential++-+%strategic partners? commercialization,,,efforts;---. .?..&developments concerning our sources of//6/.manufacturing supply and any commercialization000strategic partners;1112 2?52-the perception of the pharmaceutical industry3303(by the public, legislatures, regulators,44%4and the investment community;5556 6?/6'disputes or other developments relating7717)to proprietary rights, including patents,88.8&litigation matters, and our ability to9969.obtain patent protection for our technologies;:::; ;?/;'the inability to effectively manage our<<<growth;===> >?5>-actual or anticipated variations in quarterly???operating results;D= l<_ S op$s&f@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_@@@A A?3A+the failure to meet or exceed the estimatesBB4B,and projections of the investment community;CCCD D?2D*the overall performance of the U.S. equityEE2E*markets and general political and economicFFF conditions;GGGH H?2H*announcements of significant acquisitions,II/I'strategic partnerships, joint ventures,JJ8J0or capital commitments by us or our competitors;KKKL L?1L)additions or departures of key scientificMM Mor management personnel;NNNO O?3O+adverse market reaction to any indebtednessPP2P*we may incur or securities we may issue inQQQ the future;RRRS S?;S3sales of our common stock by us or our stockholdersTTTin the future;UUUV V?.V&significant lawsuits, including patentWW"Wor stockholder litigation;XXXY Y?3Y+changes in the market valuations of similarZZZ companies;[\$]____________________________1^)Created by Morningstar Document Research.0_(http://documentresearch.morningstar.com/D l<{L(:hw~@^=PF0*8X> @__^^]] l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common !Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $} 8      TherapeuticsMD, Inc. 10-K 02/28/2017kcThe market price of our common stock may be highly volatile, and you could lose all or part of your ?/'the trading volume of our common stock;     ?/ 'increases in our common stock available  7 /for sale upon expiration of lock-up agreements;     ?3 +effects of natural or man-made catastrophic/'events or other business interruptions; and ?2*other events or factors, many of which arebeyond our control.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 ?3'_ M&|pd<=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } } $ } } $ } } $                           TherapeuticsMD, Inc. 10-K 02/28/2017*"Market Information on Common Stock High Low~          Fourth Quarter  Q@   (\@   Third Quarter  q= ףp!@   Q@  Second Quarter  Gz"@   @   First Quarter  ףp= W$@   (\@ ~ ~Fourth QuarterQ&@Q@ Third Quarter)\!@)\(@Second Quarter333333!@Q@ First Quarter@~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6dth\{ 2Y}9-!=PF0*8X> @         l  )c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0} $ }  } $ }  }  $ } } $ }  } $ }  } $ )     TherapeuticsMD, Inc. 10-K 02/28/2017-%THERAPEUTICSMD, INC. AND SUBSIDIARIESYear Ended December 31,  ~   ~ ~  ~ z  ~ v  ~ r            - %Consolidated Statements of Operations                     Data:  Revenue, net ~ r.  ~ :  ~   ~ "  ~ ; Cost of goods sold~ fA~ jF  ~  b9  ~ ~  Gross profit~ ~ V  ~  j  ~ j~ &Operating expenses:     *"Sales, general, and administration~ R"~   ~  Y  ~ )~  Research and development~ J~ e  ~  N  ~ ~ 2F%Depreciation and amortization~ ~   ~    ~ ~ Total operating expense~ Bo~ n'  ~    ~ ~ "Operating loss~ }~   ~    ~ l~ #Other income (expense), net~ ~   ~  B  ~ 6~ Net loss~ ~  ~  ް  ~ C~ B-%Net loss per share, basic and dilutedq= ףpݿ\(\߿   ףp= ׿  )\(̿RQؿ0(Weighted average number of common shares~  ~ ڑ   ~  ~#   ~ J~ &outstanding, basic and diluted     /'Consolidated Balance Sheet Data (at end      of period) Total assets~ "~  ~    ~ ~ \Total liabilities~ ~  ~     ~ Zr~ rDl}qeYH[=|f !"#$%&'(, $Total stockholders? equity (deficit) ~   ~ ^  ~   ~ V  ~  ! Other Data:!!!!!!!!! ! ! ! ! !!!!!!!-"%Capital expenditures (for the period)"~ "f""~ "" "" ~ "  " " ~ """~ "F".#&Working capital (at the end of period)#~ #2##~ ### ~ # # # ~ #-##~ ##$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/1 , =PF0*8X> @1((''&&###### ####"""""" """"                 l  )  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $}  } m} <} m}  )     TherapeuticsMD, Inc. 10-K 02/28/2017TX-001HR6 .Replenish Trial Co-Primary Efficacy Endpoints:0 (Mean Change in Frequency and Severity of Hot Flashes Per7 /Week Versus Placebo at Weeks 4 and 12, VMS-MITT  PopulationEstradiol/Progesterone 1 mg/100 mg 0.5 mg/100 mg 0.5 mg/50 mg 0.25 mg/50 mgPlacebo (n = 141) (n = 149) (n = 147) (n = 154) (n = 135) Frequency%Week 4 P-value versus placebo9v??5^I ?MbP? ?&Week 12 P-value versus placeboMb`? ?Severity%Week 4 P-value versus placeboX9v?{Gzt?Dl?? ?&Week 12 P-value versus placebo;On?~jt? ?0(Replenish Trial Primary Safety Endpoint:6.Incidence of Consensus Endometrial HyperplasiaD lvj0<1P#CRF !"#$%&'( or Malignancy up to2!*12 months, Endometrial Safety Population ?""""""#Endometrial Hyperplasia# 0% (0/280)# 0% (0/303)# 0% (0/306)# 0% (0/274)# 0% (0/92)$%$&____________________________1')Created by Morningstar Document Research.0((http://documentresearch.morningstar.com/c=PF0*8X> @b ((''&&!!       l  T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } U} $ } $} $ } $}  $ } } $                    TherapeuticsMD, Inc. 10-K 02/28/2017TX-004HR25 mcg10 mcg   4 mcg  Superficial Cells   P    P    P  Parabasal Cells   P    P    P   Vaginal pH   P    P    P  Severity of Dyspareunia   P    P     P = 0.0149  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tv='=PF0*8X> @2    l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } I } $ }  }       TherapeuticsMD, Inc. 10-K 02/28/2017TX-004HR25 mcg10 mcg 4 mcg Week 2   P = 0.0105   P = 0.0019   P = 0.026 Week 6  P  P = 0.0009   P = 0.0069 Week 8  P P  P = 0.0003 Week 12  P P  P = 0.0149 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(wTv7Z=PF0*8X> @ l  S  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $} $ }  } $ } $}  $ } } $                       TherapeuticsMD, Inc. 10-K 02/28/2017TX-004HR Years Ended December 31,   ~   ~ ~  ~ z     (000s)  TX-001HR ~   ~ .  ~ .  TX-002HR   ?   ~ ^   ~   TX-004HR  ~    ~ 1   ~ B> &Other research and development~ ~ N,  ~  V &Total research and development~ J~ e ~  N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.v.n?9-!=PF0*8X> @r          l  '  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)Operating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } } $ }  } $ }  }  $ } } $                        TherapeuticsMD, Inc. 10-K 02/28/2017OGYear ended December 31, 2016 compared with year ended December 31, 2015 Years Ended December 31,    ~   ~ ~   Change    (000s)  Revenue ~ r.  ~ :  ~   Cost of goods sold  ~ fA   ~ jF   ~   Operating expenses  ~ Bo   ~ n'   ~ G  Operating loss~ }~   ~    Other income~ ~   ~  & Net loss~ ~  ~    $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0[OC7U2}I=1 =PF0*8X> @r          l  P7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 2} $ } $} $} $ } $} $                        TherapeuticsMD, Inc. 10-K 02/28/2017Operating Expenses Years Ended    December 31,  ~   ~ ~ $ Human resource related costs  ~ ^ %  ~ > %2 *Sales and marketing costs, excluding human  ~ 2 %  ~  % resource costs.&Product research and development costs~  %~  %.&Professional fees and consulting costs~  %~  % Other operating expenses~ & %~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0xl1e5k=PF0*8X> @:    l  ,I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesYear ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 6} $ }  } $ }  }  $ } } $                         TherapeuticsMD, Inc. 10-K 02/28/2017Operating Expenses Years Ended December 31,    ~   ~ ~   Change    (000s) & Research and development costs ~ J  ~ e  ~ 2 $ Human resource related costs  ~ ^   ~    ~  5 -Sales and marketing, excluding human resource  ~ F   ~ \   ~ j  costs)!Professional and consulting costs~ R~ 9  ~    Other operating expenses~ ~ fB  ~  G  Total operating expenses~ Bo~ n' ~  G $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2nxl T+W=PF0*8X> @r          l  [  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } } $ }  } $ }  }  $ } U} $                         TherapeuticsMD, Inc. 10-K 02/28/2017OGYear ended December 31, 2015 compared with year ended December 31, 2014 Years Ended December 31,    ~ ~  ~ z   Change    (000s)  Revenue ~ :  ~   ~ O  Cost of goods sold  ~ jF   ~ b9   ~    Operating expenses  ~ n'   ~    ~ )  Operating loss~ ~   ~  N Financing Costs ?~   ~    Other income~ ~ R  ~  v Net loss~ ~ ް ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2[OC7U2}Y=PF0*8X> @r          l  k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 2} $ } $} $} $ } $} $                        TherapeuticsMD, Inc. 10-K 02/28/2017Operating Expenses Years Ended    December 31,  ~ ~  ~ z $ Human resource related costs  ~ > %  ~ B %2 *Sales and marketing costs, excluding human  ~  %  ~ & % resource costs.&Product research and development costs~  %~   %.&Professional fees and consulting costs~  %~  % Other operating expenses~  %~  %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0xl1e5k=PF0*8X> @:    l  }  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 6} $ }  } $ }  }  $ } } $                         TherapeuticsMD, Inc. 10-K 02/28/2017Operating Expenses Years Ended December 31,    ~ ~  ~ z   Change    (000s) & Research and development costs ~ e  ~ N  ~ b $ Human resource related costs  ~    ~ ک   ~ @ 5 -Sales and marketing, excluding human resource  ~ \   ~ VY   ~ .  costs)!Professional and consulting costs~ 9~ %  ~    Other operating expenses~ fB~ V2  ~    Total operating expenses~ n'~  ~  ) $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2nxl T+W=PF0*8X> @r          l  Œ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 8}  $                     TherapeuticsMD, Inc. 10-K 02/28/2017-%Summary of (Uses) and Sources of CashYear Ended December 31,   ~   ~ ~  ~ z    3 +Net cash flows used in operating activities ~   ~ '  ~ r% 3 +Net cash flows used in investing activities ~ _  ~ ^U  ~ r 7 /Net cash flows provided by financing activities ~    ~ *  ~ δR  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h}qeYpqeY1=PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of !64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } !} $ } } $ }  } $ } } $ }                   TherapeuticsMD, Inc. 10-K 02/28/2017Contractual ObligationsPayments Due By Period    Total    Less than    1-3 Years    4-5 Years       1 Year# Operating Lease Obligations ~  , ~ 4 ~ z ~ 9  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/&@sg MdXL$=PF0*8X> @B       l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } $}  @      TherapeuticsMD, Inc. 10-K 02/28/2017RJ64 Management s Annual Report on Internal Control over Financial Reporting ?2*pertain to the maintenance of records that  2 *in reasonable detail accurately and fairly  1 )reflect the transactions and dispositions   of our assets;     ?6 .provide reasonable assurance that transactions7/are recorded as necessary to permit preparation-%of financial statements in accordance6.with generally accepted accounting principles,.&and that our receipts and expenditures=5are being made only in accordance with authorizations,$of our management and directors; and ?.&provide reasonable assurance regarding6.prevention or timely detection of unauthorized/'acquisition, use, or disposition of our0(assets that could have a material effect$on the financial statements.$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/BXXL@4JNiYp0$=PF0*8X> @ l  PPhz  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } I } $ } a} $ } 8 P     TherapeuticsMD, Inc. 10-K 02/28/2017 67 PART IVExhibit Date Description  @   July 6, 2009 2 *Agreement and Plan of Reorganization among     1 )Croff Enterprises, Inc., AMHN Acquisition     1 )Corp., America?s Minority Health Network,     , $Inc., and the Major Shareholders (1)  @   June 11, 2010 2 *Agreement and Plan of Reorganization among3+AMHN, Inc., SHN Acquisition Corp., Spectrum6.Health Network, Inc., and the Sole Shareholder,$of Spectrum Health Network, Inc. (2)ffffff@October 25, 20071)Croff Enterprises, Inc. Plan of Corporate'Division and Reorganization (3)333333@ July 18, 20115-Agreement and Plan of Merger among VitaMedMD,1)LLC, AMHN, Inc., and VitaMed Acquisition,LLC (4)@ July 20, 20102*Articles of Conversion of AMHN, Inc. filed"in the State of Nevada (5) @ July 20, 2010/'Articles of Incorporation of AMHN, Inc.( filed in the State of Nevada (5)ffffff @ n/a/'Composite Amended and Restated Articles7/of Incorporation of the Company, as amended (6)333333 @ n/a Bylaws of AMHN, Inc. (7) @December 17, 20154,First Amendment to Bylaws of the Company (8)ffffff@ n/a/'Form of Certificate of Common Stock (9)333333$@ n/a2*Form of Common Stock Purchase Warrant (10)D lt!DLj|4Mct  !"#$%&'()*+,-./0123456789:;<=>?  10.2*  n/a 4 ,Form of Non-Qualified Stock Option Agreement!!!!!~ !" "10.3*" "n/a"1")Amended and Restated 2012 Stock Incentive###### Plan (11)$ $10.4*$ $n/a$-$%2009 Long Term Incentive Compensation%%%%%%Plan, as amended (12)&&%@&&October 23, 2011&7&/Common Stock Purchase Warrant to Lang Naturals,'''''' Inc. (13)((333333%@((November 3, 2011(5(-Software License Agreement between vitaMedMD,)))))-)%LLC and Pernix Therapeutics, LLC (14)**ffffff%@**February 24, 2012*2**Form of Common Stock Purchase Warrant (15)++%@++April 17, 2012+-+%Master Services Agreement between the,,,,,3,+Company and Sancilio and Company, Inc. (16)--%@-- May 17, 2012-0-(Consulting Agreement between the Company.....+.#and Sancilio and Company, Inc. (17)//333333$@//September 26, 2012/-/%Form of Securities Purchase Agreement00000~ 01110.11*11November 8, 20121)1!Form of Employment Agreement (19)22= ףp=$@22January 31, 20132-2%Common Stock Purchase Warrant, issued33333'3to Plato ? Associates, LLC (20)44(\B$@44 May 7, 2013404(Consulting Agreement between the Company55555+5#and Sancilio and Company, Inc. (21)6610.14*66 May 8, 2013606(Agreement to Forfeit Non-Qualified Stock77777.7&Options between the Company and Robert888888G. Finizio (21)99L$@99 May 16, 2013919)Lease between the Company and 6800 Broken::::::Sound LLC (22);;RQ$@;;February 18, 2015;4;,First Amendment to Lease between the Company<<<<<'<and 6800 Broken Sound, LLC (23)==ףp= W$@==April 26, 2016=5=-Second Amendment to Lease between the Company>>>>>'>and 6800 Broken Sound, LLC (24)??\(\$@??October 4, 2016?4?,Third Amendment to Lease between the CompanyDl:p5?K^&:Kq)@ABCDEFGHIJKLMNO@@@@@'@and 6800 Broken Sound, LLC (25)AA10.19*AADecember 17, 2015A0A(Employment Agreement between the CompanyBBBBBBand Brian Bernick (8)CC10.20*CCDecember 17, 2015C0C(Employment Agreement between the CompanyDDDDDDand Michael Donegan (8)EE10.21*EEDecember 17, 2015E0E(Employment Agreement between the CompanyFFFFFFand Mitchel Krassan (8)G G21.1?GGFebruary 28, 2017G#GSubsidiaries of the CompanyH H23.1?HHFebruary 28, 2017H&HConsent of Grant Thornton, LLPI I23.2?IIFebruary 28, 2017I.I&Consent of Rosenberg Rich Baker BermanJJJJJJ ? CompanyKL$M____________________________1N)Created by Morningstar Document Research.0O(http://documentresearch.morningstar.com/$,.Hpp=PF0*8X> @OONNMM l  &:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } y } $ } 0} $ } 7 &     TherapeuticsMD, Inc. 10-K 02/28/2017 67 PART IVExhibit Date Description  31.1?  February 28, 2017 0 (Certification of Chief Executive Officer     6 .pursuant to Rule 13a-14(a) and Rule 15d-14(a),     1 )promulgated under the Securities Exchange      Act of 1934, as amended  31.2?  February 28, 2017 0 (Certification of Chief Financial Officer6.pursuant to Rule 13a-14(a) and Rule 15d-14(a),1)promulgated under the Securities ExchangeAct of 1934, as amended 32.1?February 28, 20170(Certification pursuant to U.S.C. Section0(1350, as adopted pursuant to Section 906)!of the Sarbanes-Oxley Act of 2002 32.2?February 28, 20173+Certification pursuant to 18 U.S.C. Section0(1350, as adopted pursuant to Section 906)!of the Sarbanes-Oxley Act of 2002101.INS? n/aXBRL Instance Document101.SCH? n/a/'XBRL Taxonomy Extension Schema Document101.CAL? n/a4,XBRL Taxonomy Extension Calculation LinkbaseDocument101.DEF? n/a3+XBRL Taxonomy Extension Definition LinkbaseInstance Document101.LAB? n/a.&XBRL Taxonomy Extension Label LinkbaseInstance Document101.PRE? n/a,$XBRL Taxonomy Extension PresentationD ltJN~&T[ 4 !"#$%     " Linkbase Instance Document!"$#____________________________1$)Created by Morningstar Document Research.0%(http://documentresearch.morningstar.com/d^=PF0*8X> @%%$$## l  W +  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } U} = W     TherapeuticsMD, Inc. 10-K 02/28/2017 67 PART IV */'Indicates a contract with management or ) !compensatory plan or arrangement. ? Filed herewith.~ 2 *Filed as an exhibit to Form 8-K filed with 8 0the Commission on July 10, 2009 and incorporated 5 -herein by reference (SEC File No. 000-16731).~ 2*Filed as an exhibit to Form 8-K filed with80the Commission on June 14, 2010 and incorporated5-herein by reference (SEC File No. 000-16731).~ 5-Filed as an exhibit to Form 10-K for the year91ended December 31, 2007 filed with the Commission1)on May 1, 2008 and incorporated herein by+#reference (SEC File No. 000-16731).~ 2*Filed as an exhibit to Form 8-K filed with80the Commission on July 21, 2011 and incorporated5-herein by reference (SEC File No. 000-16731).~ 4,Filed as an exhibit to Form 10-Q for quarter5-ended June 30, 2010 filed with the Commission1)on August 3, 2010 and incorporated herein.&by reference (SEC File No. 000-16731).~ 4,Filed as an exhibit to Form 10-Q for quarter5-ended June 30, 2015 filed with the Commission1)on August 7, 2015 and incorporated herein.&by reference (SEC File No. 001-00100).D@ lt4Gv1`%TJ !"#$%&'()*+,-./0123456789:;<=>?~ 9 1Filed as an exhibit to Definitive 14C Information!.!&Statement filed with the Commission on"0"(June 29, 2010 and incorporated herein by#+##reference (SEC File No. 000-16731).~ $2$*Filed as an exhibit to Form 8-K filed with%/%'the Commission on December 22, 2015 and&-&%incorporated herein by reference (SEC''File No. 001-00100).~ (2(*Filed as an exhibit to Form S-3 filed with);)3the Commission on January 25, 2013 and incorporated*6*.hereby by reference (SEC File No. 333-186189).~ +2+*Filed as an exhibit to Form 8-K filed with,;,3the Commission on October 11, 2011 and incorporated-5--herein by reference (SEC File No. 000-16731).~ .2.*Filed as an exhibit to Form 8-K filed with/:/2the Commission on August 22, 2013 and incorporated050-herein by reference (SEC File No. 001-00100).~ 151-Filed as an exhibit to Registration Statement202(on Form S-8 filed with the Commission on303(October 15, 2013 and incorporated herein4/4'by reference (SEC File No. 333-191730).~ 525*Filed as an exhibit to Form 8-K filed with6;63the Commission on October 24, 2011 and incorporated757-herein by reference (SEC File No. 000-16731).~ 848,Filed as an exhibit to Form 10-Q for quarter9/9'ended September 30, 2011 filed with the:7:/Commission on November 7, 2011 and incorporated;5;-herein by reference (SEC File No. 000-16731).~ <2<*Filed as an exhibit to Form 8-K filed with=/='the Commission on February 24, 2012 and>->%incorporated herein by reference (SEC??File No. 000-16731).D lw7y<;g#M Jt5e&@ABCDEFGHIJKLMNOPQRSTUV~ @4@,Filed as an exhibit to Form 10-Q for quarterA5A-ended June 30, 2012 filed with the CommissionB1B)on August 9, 2012 and incorporated hereinC.C&by reference (SEC File No. 000-16731).~ D5D-Filed as an exhibit to Form 10-K for the yearE/E'ended December 31, 2015, filed with theF8F0Commission on February 26, 2016 and incorporatedG5G-herein by reference (SEC File No. 001-00100).~ H2H*Filed as an exhibit to Form 8-K filed withI:I2the Commission on October 2, 2012 and incorporatedJ5J-herein by reference (SEC File No. 000-16731).~ K4K,Filed as an exhibit to Form 10-Q for quarterL/L'ended September 30, 2012 filed with theM8M0Commission on November 13, 2012 and incorporatedN5N-herein by reference (SEC File No. 000-16731).~ O2O*Filed as an exhibit to Form 8-K filed withP;P3the Commission on February 6, 2013 and incorporatedQ5Q-herein by reference (SEC File No. 000-16731).RS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2Ku4p(UCo*=PF0*8X> @VVUUTT l  #U)j*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)CONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $4}  #     TherapeuticsMD, Inc. 10-K 02/28/2017( 71 INDEX TO FINANCIAL STATEMENTS  Page  0 (Reports of Independent Registered Public F-2 Accounting Firms  2*Consolidated Balance Sheets as of December F-431, 2016 and 2015-%Consolidated Statements of Operations F-53+for the years ended December 31, 2016, 2015and 20140(Consolidated Statements of Stockholders? F-6/'Equity for the years ended December 31,2016, 2015 and 2014-%Consolidated Statements of Cash Flows F-73+for the years ended December 31, 2016, 2015and 20142*Notes to Consolidated Financial Statements F-8Dlvj^F*V9!~;ZF. !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @""!!  l  75@lJ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENT!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 7} $ } y} $ } y} $ 7                                 TherapeuticsMD, Inc. 10-K 02/28/2017#CONSOLIDATED BALANCE SHEETS    December 31,   ~   ~ ~  ASSETS  Current Assets:         Cash ~ V4\  ~ \m -%Accounts receivable, net of allowance~ n~ #6.for doubtful accounts of $376,374 and $81,910, respectively Inventory~ A~ *Other current assets~ R~ XTotal current assets~  @6655441111         l  0fp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0} $ } y} $ } y}  $ } y} $ 0                                 TherapeuticsMD, Inc. 10-K 02/28/2017-%CONSOLIDATED STATEMENTS OF OPERATIONS      Year Ended December 31,   ~   ~ ~  ~ z                Revenues, net ~ l  ~ l  ~                Cost of goods sold~ y~   ~        Gross profit~ ~ \  ~       Operating expenses:    *"Sales, general, and administrative~ > ~ R  ~  XF  Research and development~ r ~ Z$-  ~  M  %Depreciation and amortization~ ~   ~  3  Total operating expenses~ Z"~    ~  Vl     Operating loss~ [{~ ^g  ~  n     "Other income and (expense)    Miscellaneous income~ Vk~   ~   Accreted interest~ "~   ~  F Financing costs ? ?  ~  ! $Total other income (expense)~ v~ &  ~  ?     Dwl}qeYY [L}1{c ! " # $ % & ' ( ) * + , - . /  Loss before income taxes  ~ o   ~ O   ~  !!!!!!!!!! ! ! ! ""Provision for income taxes"" "?""" "?"" "  " ?" ########## # # # $Net loss$~ $o$$~ $O$$ ~ $ $ %%%%%%%%%% % % % *&"Loss per share, basic and diluted:&&&&&&&&& & & & '''''''''' ' ' ' -(%Net loss per share, basic and diluted((q= ףpݿ(((\(\߿(( (  ףp= ׿( )))))))))) ) ) ) 0*(Weighted average number of common shares**~ *F.***~ *VI)** * ~ * #* &+outstanding, basic and diluted,$-____________________________1.)Created by Morningstar Document Research.0/(http://documentresearch.morningstar.com/$C ,FU3u*f=PF0*8X> @// .. -- (((((( $$$$$$      l  3T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPERCONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0} $ } } $ }  }  $ } } $ } } $ } } $ 3     TherapeuticsMD, Inc. 10-K 02/28/2017<4FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014        Common Stock    Additional    Accumulated               Paid in   Shares   Amount   Capital   Deficit   Total                       Balance, January 1, 2014  ~ ֭"   ~ F   ~ 4    ~    ~        /'Shares issued in offerings, net of cost~ 3Y~   ~  ~1    ?~ f2 .&Shares issued for exercise of options,~ (4~ ^   ~      ?~ J net/'Shares issued for exercise of warrants,~ >P~   ~  n    ?~ "  net0(Shares issued for exercise of restricted~ B ~   ~  :   ? ? stock units Share-based compensation ? ?  ~  N\   ?~ N\Net loss ? ?    ?  ~ ~      "Balance, December 31, 2014~ g7%~    ~  b+  ~ ҅~ o      /'Shares issued in offerings, net of cost~ *~ "9  ~     ?~ .&Shares issued for exercise of options,~ i%~    ~  z1K   ?~ ;K net/'Shares issued for exercise of warrants,~ JG~ j  ~  ZD   ?~ V netDlnbVJBcgIM!iNCG'+ !"#$%&'()*+,-./012 Share-based compensation   ?    ?   ~     ?   ~  !Net loss!! !?!!! !?!! !  ! ?! ! !~ !O!!!~ !O!"""""""""" " " " " """"""""#Balance, December 31, 2015##~ #k*###~ #" ## # ~ # :`gC# # #~ #RՖ###~ # #$$$$$$$$$$ $ $ $ $ $$$$$$$/%'Shares issued in offerings, net of cost%%~ %}'%%%~ %B%% % ~ % Y& % % % %?%%%~ %i' %/&'Shares issued for exercise of warrants,&&~ &,&&&~ &N && & ~ & S& & & &?&&&~ &"S& 'net.(&Shares issued for exercise of options,((~ (.m%(((~ ( (( ( ~ ( ~T<( ( ( (?(((~ (^<( )net *Share-based compensation** *?*** *?** * ~ * ?* * * *?***~ *?*+Net loss++ +?+++ +?++ +  + ?+ + +~ +o+++~ +o+,,,,,,,,,, , , , , ,,,,,,,"-Balance, December 31, 2016--~ -z.--~ -B -- ~ - 0h- - ~ -FE)--~ -6Ve-./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hj[0!=PF0*8X> @221100---- ----       l  7~W  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 6} $ } } $ } }  $ } } $ 7                                 TherapeuticsMD, Inc. 10-K 02/28/2017-%CONSOLIDATED STATEMENTS OF CASH FLOWS      Year Ended December, 31,   ~   ~ ~  ~ z           , $CASH FLOWS FROM OPERATING ACTIVITIES             Net loss ~ o  ~ O  ~  0(Adjustments to reconcile net loss to net    *"cash used in operating activities: Depreciation~ J~   ~   )!Amortization of intangible assets~ FT~   ~  n 5-Provision for (recovery of) doubtful accounts~ ~ 6Z  ~    Share-based compensation~ 6&~ Ӷ  ~  "]/ 0(Amortization of deferred financing costs ? ?  ~   4,Changes in operating assets and liabilities:    Accounts receivable~ T ~   ~  R   Inventory~ "n~   ~   Other current assets~ NT+~   ~  f)  Other assets ?~ z  ~   Accounts payable~ RR~ <  ~  " Deferred revenue ?~ .  ~   !Other current liabilities~ >)~   ~  j     -%Net cash used in operating activities~ ~ '  ~  r%     Dl}qeY]k+q,ld ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 , $CASH FLOWS FROM INVESTING ACTIVITIES            ! Patent costs!!~ !h!!!~ !k!! ! ~ ! B4!  "Purchase of fixed assets""~ """"~ """ " ~ " :" ,#$(Payment) refund of security deposit##~ #$### #?## # ~ # # $$$$$$$$$$ $ $ $ -%%Net cash used in investing activities%%~ %_%%%~ %^U%% % ~ % r% &&&&&&&&&& & & & ,'$CASH FLOWS FROM FINANCING ACTIVITIES''''''''' ' ' ' /('Proceeds from sale of common stock, net((~ (i' (((~ ((( ( ~ ( f2 ( )of costs)*!Proceeds from exercise of options**~ *^<***~ *;K** * ~ * J* *+"Proceeds from exercise of warrants++~ +"S+++~ +V++ + ~ + " + ,,,,,,,,,, , , , 1-)Net cash provided by financing activities--~ - ---~ -*-- - ~ - δR - .......... . . . #/Increase (decrease) in cash//~ ////~ /.// / ~ / JS/ !0Cash, beginning of period00~ 0\m000~ 0> 00 0 ~ 0 r 0 1Cash, end of period1~ 1V4\11~ 1\m11 ~ 1 > 1 23$4____________________________15)Created by Morningstar Document Research.06(http://documentresearch.morningstar.com/2@wTwT0u=PF0*8X> @j 66 55 44 111111      l  X  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)NOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } m} $ } } $ } }  $ } } $                    TherapeuticsMD, Inc. 10-K 02/28/2017Earnings Per ShareAs of December 31,   ~   ~ ~  ~ z   Stock options  ~ 0   ~ 6   ~   Warrants  ~    ~    ~ R    ~ V   ~ 2}   ~ S  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(`Txl*Sq=PF0*8X> @:      l  #  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } } $ }  } $ }  } $                    TherapeuticsMD, Inc. 10-K 02/28/2017NOTE 3 INVENTORY December 31,  ~   ~ ~  Finished product ~ 6@  ~ Z(   Raw material  ~ R   ~   TOTAL INVENTORY ~ A  ~ *  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tzn2rwO=PF0*8X> @R        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0.} $ }  } $ }  } $                        TherapeuticsMD, Inc. 10-K 02/28/2017#NOTE 4 OTHER CURRENT ASSETS December 31,  ~   ~ ~  Prepaid insurance ~ U&  ~ q* # Prepaid manufacturing costs  ~ <    ?  Prepaid consulting  ~     ~ o  Other prepaid costs  ~ "   ~ R Prepaid vendor deposits~ ^~  .&Prepaid research and development costs~ ~ ()"TOTAL OTHER CURRENT ASSETS~ R~ X$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0{oc'fZPH<0=PF0*8X> @R      l  l   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } } $ }  } $ }  } $                         TherapeuticsMD, Inc. 10-K 02/28/2017 NOTE 5 FIXED ASSETS, NET December 31,  ~   ~ ~  Accounting system ~ `  ~ #    Equipment  ~ :"    ~   Computer hardware  ~ N    ?  Furniture and fixtures  ~    ~ := Leasehold improvements~ P ?~ -~ q Accumulated depreciation~ ~   TOTAL FIXED ASSETS, NET~ ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2x~rf*ipem=PF0*8X> @R      l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0.} $ }  } $                    TherapeuticsMD, Inc. 10-K 02/28/2017NOTE 6 PREPAID EXPENSE December 31,  ~   ~ ~ # Prepaid manufacturing costs  $?  ~ ; . &Prepaid research and development costs      ~     TOTAL PREPAID EXPENSE  $?  ~ C  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tth,a_SG=PF0*8X> @R        l  Y.  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } a/} $ }  } $ }  }  $ }  } $ }  } $      TherapeuticsMD, Inc. 10-K 02/28/2017%NOTE 7 INTANGIBLE ASSETS, NETDecember 31, 2016   Gross Carrying Amount   Accumulated Amortization   Net   Weighted- Average            Amount    Remaining              " Amortization Period (yrs.)% Amortizing intangible assets:                 OPERA ? software patent ~ >  ~   ~ ֍    )@ .&Development costs of corporate website~ ~~ f    ?   n/a/'Approved hormone therapy drug candidate~ 2B~   ~  N}<  ~ Bpatents.&Hormone therapy drug candidate patents~ N|I ?  ~  N|I   n/a (pending))!Non-amortizing intangible assets:     Multiple trademarks~ Q  ?  ~  Q    indefinite TOTAL~ ~ : ~  Rْ  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:a yma C dXL$=PF0*8X> @        l  E  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NET!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } U5} $ }  } $ }  }  $ }  } $ }  } $      TherapeuticsMD, Inc. 10-K 02/28/2017%NOTE 7 INTANGIBLE ASSETS, NETDecember 31, 2015   Gross Carrying Amount   Accumulated Amortization   Net   Weighted- Average            Amount    Remaining              " Amortization Period (yrs.)% Amortizing intangible assets:                 OPERA ? software patent ~ >  ~ ι  ~      +@ .&Development costs of corporate website~ ~~ f    ?   n/a/'Approved hormone therapy drug candidate~ b+~ .  ~  (  ~ Fpatents.&Hormone therapy drug candidate patents~ V@/ ?  ~  V@/   n/a (pending)*"Non-amortizable intangible assets:     4,Multiple trademarks for vitamins/supplements~ f  ?  ~  f    indefinite Total~ Ҁk~ ~ ~  Nb  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:{ yma C J>2 =PF0*8X> @        l  T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ }  } $      TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ending Estimated  December 31,    Amortization ~   ~    ~   ~    ~   ~    ~   ~   ~ ~   Thereafter~ *$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.axl`Tp$@=PF0*8X> @j        l  g  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0} $ } y} $ } y} $                             TherapeuticsMD, Inc. 10-K 02/28/2017( NOTE 8 OTHER CURRENT LIABILITIES December 31,  ~   ~ ~ $ Accrued clinical trial costs ~ 0N  ~ a / 'Accrued payroll, bonuses and commission  ~ Š   ~   costs$ Accrued compensated absences  ~ f(   ~ N" ,$Accrued legal and accounting expense~  ~  )!Accrued sales and marketing costs~ ( ?Other accrued expenses~  ~ bW!0(Allowance for wholesale distributor fees~ z~ NAccrued royalties~ .~ )!Allowance for coupons and returns~ 0~   Accrued rent~ ^ ~ 'TOTAL OTHER CURRENT LIABILITIES~ VV~ -$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: vj^"V"x_R=PF0*8X> @R      l  ~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIENOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0.} $ } }  $ } U} $      TherapeuticsMD, Inc. 10-K 02/28/2017PHSummary of our Warrant activity during the year ended December 31, 2016:'Number of Shares Under Warrants'Weighted Average Exercise Price  Weighted   Aggregate           Average   Intrinsic Value            Remaining            Contractual            Life in Years$ Balance at December 31, 2015  ~    zG?    333333?  ~ ͗  Granted~ "@      Exercised~ "ffffff?     ~ m Expired~ b= ףp=?      Cancelled/Forfeited ?     $Balance at December 31, 2016~ p= ף@  ~    ~ z .&Vested and Exercisable at December 31,~ &{Gz@  ~    ~ u} ~ %Unvested at December 31, 2016~ {Gz@   333333?  ~ A$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: ZNB6Kq0h=PF0*8X> @     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0.} <} $ }  } $ }       TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~ ~ ~~ z Weighted average price @  ffffff@  n/a. &Weighted average grant date fair value Q@  )\( @  n/a Risk-free interest rate  1.04-1.28%  1.02%  n/a  Volatility  74.10-74.15%  60.59%  n/a Term (in years)~  ~   n/aDividend yield 0.00% 0.00% n/a$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|xl`TDwkC=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } U} <} $ } <} $ } <      TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~ ~ ~~ z Risk-free interest rate  1.13-1.90%   1.47-1.67%   0.07-1.77%  Volatility  70.26-73.34%   58.78-62.94%   68.05-82.29% Term (in years) 5.5-6.25   5.27-6.25  5-6.25 Dividend yield 0.00%  0.00%  0.00% $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Txl`T@4(=PF0*8X> @ l  =  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0.} $ } }  $ } U} $      TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS&Number of Shares Under Options'Weighted Average Exercise Price  Weighted   Aggregate           Average   Intrinsic Value            Remaining            Contractual            Life in Years$ Balance at December 31, 2015  ~ 6   = ףp= @    @  ~ #  Granted~ RizG@      Exercised~ &-(\?     ~  Expired~ * ףp= @      Cancelled/Forfeited~ Q@     $Balance at December 31, 2016~ 0{Gz @   333333@  ~ ]l.&Vested and Exercisable at December 31,~ LqQ@   333333@  ~ q(~ %Unvested at December 31, 2016~ N)\(@  ~  &  ~ C$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: xl`TjO&=PF0*8X> @     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 2} $ }  } $} $ }  } $} $ } } $                     TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~ ~ ~ ~  z " Federal statutory tax rate  ~  %  ~  %  ~  %2 *State tax rate, net of federal tax benefit   @ %   Q@ %   333333@ %* "Adjustment in valuation allowances   fffff&D %   \(|C %   33333sI %' Permanent and other differences   ? %   Q? %   333333&@ %, $Provision (benefit) for income taxes   ? %   ? %   ? %$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Rhxl`T @2    l  w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } '} $ }  } $ }  }  $ } } $                      TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS~ ~ ~ ~  z # Deferred Income Tax Assets:              Net operating losses ~ J|  ~ E  ~ F    R?D Credit  ~ _    ~ _     ? (  Total deferred income tax asset  ~ ۮ   ~ r   ~ F    Valuation allowance  ~ $Q   ~ Z   ~ N 'Deferred income tax assets, net $? $?   $? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,n|xl`Th=PF0*8X> @b        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)Subsidiaries of the CompanyU } $ } I"} $ }  } $      TherapeuticsMD, Inc. 10-K 02/28/20172*NOTES TO CONSOLIDATED FINANCIAL STATEMENTS!Years Ending December 31, ~   ~ 4  ~    ~ 9  ~    ~ 'B  ~    ~ .MC  ~    ~ 9 $Total minimum lease payments~  ,$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,L|xl`T[S=PF0*8X> @2  l  l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)NOTE 14 SELECTED (1)Subsidiaries of the CompanyU } 0} $ } } $ } }  $ } } $ } } $      TherapeuticsMD, Inc. 10-K 02/28/2017=5NOTE 14 SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) 2016 Quarters(  (In thousands, except per share)   1 st    2 nd    3 rd    4th  Revenues ~  M  ~ D  ~ V  ~ F   Gross profit ~ ;  ~ &3  ~ *C  ~  ;  Net loss ~   ~ j  ~ "y  ~ 2                  0(Loss per common share, basic and diluted)\()\(  p= ף  Q$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|maUI e =aUI!=PF0*8X> @           l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINASubsidiaries of the CompanyU } 0} $ } } $ } }  $ } } $ } } $      TherapeuticsMD, Inc. 10-K 02/28/2017=5NOTE 14 SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) 2015 Quarters(  (In thousands, except per share)   1 st    2 nd    3 rd    4th  Revenues ~ E  ~ K  ~ Q  ~ W   Gross profit ~ 5  ~ ;  ~ r>  ~ D  Net loss ~   ~ V  ~   ~                   0(Loss per common share, basic and dilutedp= ף{GzĿ  )\(  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,|maUI e =aUI!=PF0*8X> @           l  U  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??=!Securities registered pursuant TABLE OF CONTENTSOur Business Model TX001HR TX004HR TX004HR (1)Our Quality Guarantee!We currently derive all of our !We may not be able to complete !26 Delays in clinical trials ar26 Delays in clinical (1)!29 Even if we obtain regulatory29 Even if we obtain (1)!The commercial success of our e!Product liability lawsuits coul!Our success depends on how effi!If our efforts to protect the p!39 If we are sued for infringin!The market price of our common The market price of our (1)!Market Information on Common St!THERAPEUTICSMD INC AND SUBSIDIA TX001HR (1) TX004HR (2) TX004HR (3) TX004HR (4)!Year ended December 31 2016 comOperating ExpensesOperating Expen (1)Year ended December 31 (1)Operating Expen (2)Operating Expen (3)!Summary of Uses and Sources of Contractual Obligations!64 Management s Annual Report o 67 PART IV67 PART IV (1)67 PART IV (2)!71 INDEX TO FINANCIAL STATEMENTCONSOLIDATED BALANCE SHEETS!CONSOLIDATED STATEMENTS OF OPER!FOR THE YEARS ENDED DECEMBER 31CONSOLIDATED STATEMENTS (1)Earnings Per ShareNOTE 3 INVENTORYNOTE 4 OTHER CURRENT ASSETSNOTE 5 FIXED ASSETS NETNOTE 6 PREPAID EXPENSENOTE 7 INTANGIBLE ASSETS NETNOTE 7 INTANGIBLE ASSETS (1)!NOTES TO CONSOLIDATED FINANCIAL!NOTE 8 OTHER CURRENT LIABILITIE!Summary of our Warrant activityNOTES TO CONSOLIDATED (1)NOTES TO CONSOLIDATED (2)NOTES TO CONSOLIDATED (3)NOTES TO CONSOLIDATED (4)NOTES TO CONSOLIDATED (5)NOTES TO CONSOLIDATED (6)!NOTE 14 SELECTED QUARTERLY FINANOTE 14 SELECTED (1)U } +} 0.      TherapeuticsMD, Inc. 10-K 02/28/2017#Subsidiaries of the Company Name.&State or Jurisdiction of Incorporation  or Organization VitaMedMD, LLC Delaware BocagreenMD, Inc. Nevada, $VitaCare Prescription Services, Inc. Florida $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(T{oc!ZNB=PF0*8X> @ Root Entry FBook    !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~