0001213900-26-036515 | 10-K | XBRL Viewer

Revenue	12 Months Ended
Dec. 31, 2025
Revenue [Abstract]
Revenue	9. Revenue Pursuant to the Mayne License Agreement, the Company granted Mayne Pharma, on the Closing Date, (i) an exclusive, sublicensable, perpetual, irrevocable license to research, develop, register, manufacture, have manufactured, market, sell, use, and commercialize the Licensed Products in the United States and its possessions and territories and (ii) an exclusive, sublicensable, perpetual, irrevocable license to manufacture, have manufactured, import and have imported the Licensed Products outside the United States for commercialization in the United States and its possessions and territories. Pursuant to the Mayne License Agreement, Mayne Pharma agreed to make one-time, milestone payments to the Company of each of (i) $5.0 million if aggregate net sales of all Products in the United States during a calendar year reach $100.0 million, (ii) $10.0 million if aggregate net sales of all Products in the United States during a calendar year reach $200.0 million and (iii) $15.0 million if aggregate net sales of all Products in the United States during a calendar year reach $300.0 million. Further, Mayne Pharma agreed to pay to the Company royalties on net sales of all Products in the United States at a royalty rate of 8.0% on the first $80 million in annual net sales and 7.5% on annual net sales above $80.0 million, subject to certain adjustments, for a period of 20 years following the Closing Date. The royalty rate will decrease to 2.0% on a Product-by-Product basis upon the earlier to occur of (i) the expiration or revocation of the last patent covering a Product and (ii) a generic version of a Product launching in the United States. Mayne Pharma agreed to pay to the Company minimum annual royalties of $3.0 million per year for 12 years, adjusted for inflation at an annual rate of 3%, subject to certain further adjustments, including as described below. Upon the expiry of the 20-year royalty term, the licenses granted to Mayne Pharma under the Mayne License Agreement will become a fully paid-up and royalty free license for the Licensed Products. In 2025, we recorded BIJUVA license sales of $632 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $598 thousand through the Knight License Agreement and $1,791 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,291 thousand in miscellaneous income pertaining to royalty sales of ANNOVERA. In 2024, we recorded BIJUVA license sales of $443 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $195 thousand through the Knight License Agreement and $1,123 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,083 thousand in miscellaneous income pertaining to royalty sales of ANNOVERA.

Revenue

12 Months Ended

Dec. 31, 2025

9. Revenue

Pursuant to the Mayne License Agreement, the Company granted Mayne Pharma, on the Closing Date, (i) an exclusive, sublicensable, perpetual, irrevocable license to research, develop, register, manufacture, have manufactured, market, sell, use, and commercialize the Licensed Products in the United States and its possessions and territories and (ii) an exclusive, sublicensable, perpetual, irrevocable license to manufacture, have manufactured, import and have imported the Licensed Products outside the United States for commercialization in the United States and its possessions and territories.

Pursuant to the Mayne License Agreement, Mayne Pharma agreed to make one-time, milestone payments to the Company of each of (i) $5.0 million if aggregate net sales of all Products in the United States during a calendar year reach $100.0 million, (ii) $10.0 million if aggregate net sales of all Products in the United States during a calendar year reach $200.0 million and (iii) $15.0 million if aggregate net sales of all Products in the United States during a calendar year reach $300.0 million. Further, Mayne Pharma agreed to pay to the Company royalties on net sales of all Products in the United States at a royalty rate of 8.0% on the first $80 million in annual net sales and 7.5% on annual net sales above $80.0 million, subject to certain adjustments, for a period of 20 years following the Closing Date. The royalty rate will decrease to 2.0% on a Product-by-Product basis upon the earlier to occur of (i) the expiration or revocation of the last patent covering a Product and (ii) a generic version of a Product launching in the United States. Mayne Pharma agreed to pay to the Company minimum annual royalties of $3.0 million per year for 12 years, adjusted for inflation at an annual rate of 3%, subject to certain further adjustments, including as described below. Upon the expiry of the 20-year royalty term, the licenses granted to Mayne Pharma under the Mayne License Agreement will become a fully paid-up and royalty free license for the Licensed Products.

In 2025, we recorded BIJUVA license sales of $632 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $598 thousand through the Knight License Agreement and $1,791 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,291 thousand in miscellaneous income pertaining to royalty sales of ANNOVERA.

In 2024, we recorded BIJUVA license sales of $443 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $195 thousand through the Knight License Agreement and $1,123 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,083 thousand in miscellaneous income pertaining to royalty sales of ANNOVERA.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Discontinued Operations - Schedule of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Discontinued Operations [Abstract]
General and administrative expenses	$ 26	$ 64
Operating loss from discontinued operations	(26)	(64)
Gain on disposal of assets	110
Other income, net		195
Total other income, net	110	195
Net income from discontinued operations	$ 84	$ 131

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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+ Details

Business Concentrations (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Knight [Member]
Business Concentrations [Line Items]
License revenue percentage	100.00%
Theramex [Member]
Business Concentrations [Line Items]
Royalty receivable short term portion	$ 3,525
Mayne Pharma [Member]
Business Concentrations [Line Items]
Royalty receivable long term portion	$ 13,713

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2025

Discontinued Operations [Abstract]

Schedule of Discontinued Operations

The following table presents results of discontinued operations (in thousands):

	Years ended December 31,
	2025			2024

General and administrative expenses	$	26		$	64
Operating loss from discontinued operations		(26	)		(64	)
Gain on disposal of assets		110			—
Other income, net		—			195
Total other income, net		110			195
Net income from discontinued operations	$	84		$	131

Schedule of Classes of Liabilities of Discontinued Operations

The following table presents the carrying amounts of the classes of liabilities of discontinued operations (in thousands):

	As of December 31,
	2025		2024
Liabilities:
Accrued expenses and other current liabilities	$	2,667	$	2,781

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Licensed Rights and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Licensed Rights and Other Intangible Assets [Abstract]

Licensed rights and other intangible assets

4. Licensed rights and other intangible assets

The following provides information about our license rights and other intangible assets, net (in thousands):

	As of December 31, 2025						As of December 31, 2024
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Hormone therapy drug patents	$	5,695	$	2,423	$	3,272	$	5,766	$	2,058	$	3,708
Hormone therapy drug patents applied and pending approval	$	180		—		180		304		—		304
Intangible assets subject to amortization		5,875		2,423		3,452		6,070		2,058		4,012
Intangible assets not subject to amortization:
Trademarks/trade name rights	$	309		—		309		309		—		309
Intangible assets, net	$	6,184	$	2,423	$	3,761	$	6,379	$	2,058	$	4,321

We recorded, in continuing operations, amortization expense related to patents of $384 thousand for 2025 and $509 thousand for 2024.

We conduct regular reviews of the individual patents and portfolios. During the year ended December 31, 2025, we recorded $176 thousand in write-off of patents pending approval as result of our review. We recognized an impairment loss of $1,268 thousand related to those abandoned patents and applications.

Our intangible assets subject to amortization are expected to be amortized as follows (in thousands):

Year ending December 31,
2026	$	380
2027		380
2028		380
2029		380
2030		380
Thereafter		1,372
Total	$	3,272

Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Revenue [Line Items]
Period of royalty term	20 years
License sales	$ 3,022	$ 1,761
License revenue	1,791	1,123
Royalty sales	$ 1,291	1,083
Mayne License Agreement [Member]
Revenue [Line Items]
Period of royalty term	20 years
Decrease in royalty rate	2.00%
Minimal annual royalty payment	$ 3,000
Period of minimal annual royalty payment	12 years
Inflation at an annual rate	3.00%
Knight License Agreement [Member]
Revenue [Line Items]
License sales	$ 598	195
One-time Milestone Payments [Member] \| Mayne License Agreement [Member]
Revenue [Line Items]
Milestone payments	5,000
Net sales	100,000
Second-time Milestone Payments [Member] \| Mayne License Agreement [Member]
Revenue [Line Items]
Milestone payments	10,000
Net sales	200,000
Third-time Milestone Payments [Member] \| Mayne License Agreement [Member]
Revenue [Line Items]
Milestone payments	15,000
Net sales	$ 300,000
First Royalty Rate [Member] \| Mayne License Agreement [Member]
Revenue [Line Items]
Royalty rate as percentage on net sales	8.00%
Royalty amount	$ 80,000
Second Royalty Rate [Member] \| Mayne License Agreement [Member]
Revenue [Line Items]
Net sales	$ 80,000
Royalty rate as percentage on net sales	7.50%
Bijuvas [Member] \| Theramex License Agreements [Member]
Revenue [Line Items]
License sales	$ 632	$ 443

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations [Abstract]

Discontinued Operations

2. Discontinued Operations

As discussed in Note 1, we changed our business in 2022 by licensing our products to receive royalties and future sales related milestone payments, after granting an exclusive license to commercialize our IMVEXXY, BIJUVA, and prescription prenatal vitamin products sold under the BocaGreenMD and vitaMedMD brands in the United States and assigning our exclusive license to commercialize ANNOVERA to Mayne Pharma.

This plan represented a strategic shift having a major effect on our operations and financial results. Upon our conversion from a commercial pharmaceutical company to a licensing only company with the consummation of the Mayne Transaction, we classified all direct revenues, costs and expenses related to commercial operations, within income (loss) from discontinued operations, net of tax, in the consolidated statements of operations for all periods presented. We have not allocated any amounts for shared general and administrative operating support expense to discontinued operations.

Additionally, the related assets and liabilities have been reported as assets and liabilities of discontinued operations in our consolidated balance sheets as of December 31, 2025 and 2024.

As described in Note 1, the acquisition of net working capital by Mayne Pharma was determined in accordance with the Transaction Agreement and included significant estimates which could change materially for a period of up to two years following the Closing Date. Our estimate of net working capital at closing was determined in accordance with the Transaction Agreement which establishes the process for the determination of final net working capital. Refer to Note 7 for a further discussion of net working capital contingencies.

The following table presents results of discontinued operations (in thousands):

	Years ended December 31,
	2025			2024

General and administrative expenses	$	26		$	64
Operating loss from discontinued operations		(26	)		(64	)
Gain on disposal of assets		110			—
Other income, net		—			195
Total other income, net		110			195
Net income from discontinued operations	$	84		$	131

The following table presents the carrying amounts of the classes of liabilities of discontinued operations (in thousands):

	As of December 31,
	2025		2024
Liabilities:
Accrued expenses and other current liabilities	$	2,667	$	2,781

Consolidated Statements of Stockholders’ (Deficit) Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2023	$ 11	$ 978,917	$ (949,641)	$ 29,287
Balance (in Shares) at Dec. 31, 2023	11,532
Share-based compensation		264		264
Net loss			(2,181)	(2,181)
Balance at Dec. 31, 2024	$ 11	979,181	(951,822)	$ 27,370
Balance (in Shares) at Dec. 31, 2024	11,532			11,532
Share-based compensation		75		$ 75
Share-based compensation (in Shares)	42
Net loss			(569)	(569)
Balance at Dec. 31, 2025	$ 11	$ 979,256	$ (952,391)	$ 26,876
Balance (in Shares) at Dec. 31, 2025	11,574			11,574

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Net	3,272	3,708
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Gross Carrying Amount	180	304
Accumulated Amortization
Net	180	304
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Accumulated Amortization	2,423	2,058
Net	3,452	4,012
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Gross Carrying Amount	309	309
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Net	$ 309	$ 309

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+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Schedule of Loss from Continuing Operations Before Income Tax

The components of loss from continuing operations before income tax for the years ended December 31, 2025 and 2024 is as follows (in thousands):

	Year Ending December 31,
	2025			2024
United States	$	(653	)	$	(2,343	)

Schedule of (Loss) Income Allocated Between Continuing Operations and Discontinued Operations Before Income Taxes

Our (loss) income allocated between continuing operations and discontinued operations before income taxes is as follows (in thousands):

	Year Ending December 31,
	2025			2024
Loss from continuing operations before income taxes	$	(653	)	$	(2,343	)
(Loss) income from discontinued operations before income taxes	$	84		$	131

Schedule of Income Taxes Paid

A reconciliation of the income tax provision with the amount of tax computed by applying the federal statutory rate to pretax income for years ended December 31, 2025 is as follows (in thousands):

	2025
	Amount			Percent
U.S. Federal Statutory Rate	$	(137	)		21.0	%
State tax rate, net of federal tax benefit ⁽¹⁾		-			0.0	%
Foreign Tax Effects		-			0.0	%
Effects of Changes in Tax Laws or Rates Enacted in Current Period		-			0.0	%
Effects of Cross-Border Tax Laws		-			0.0	%
Tax Credits:
R&D Credit		186			(28.6	)%
Change in Valuation Allowance		(996	)		152.7	%
Nontaxable or Nondeductible Items:
Excess stock benefits		908			(139.2	)%
Receivable Write-Off		39			(5.9	)%
Changes in Unrecognized Tax Benefits		-			0.0	%
Other Adjustments:
Deferred True-Ups		-			0.0	%
Effective Tax Rate	$	0			0.0	%

(1)	State taxes in South Carolina and Illinois make up the majority (greater than 50 percent) of the effect of this category for the period ended December 31, 2025.

	2024
	Amount			Percent
Federal statutory rate	$	(492	)		21.0	%
State tax rate, net of federal tax benefit		(8,745	)		373.3	%
Adjustment in valuation allowance		9,772			(417.1	)%
Excess stock benefits		566			(24.2	)%
Interest expense accretion		-			0.0	%
Permanent and other differences		(1,132	)		48.3	%
Benefit for income taxes	$	(31	)		1.3	%

Schedule of Net Deferred Income Tax Asset

The components of the net deferred income tax asset as of December 31, 2025, and 2024 are as follows (in thousands):

	December 31,
	2025			2024
Deferred income tax assets:
Net operating loss	$	154,284		$	167,366
Share-based payment compensation		1,023			2,222
Interest expense limitation		19,240			20,901
Gain on sale of ANNOVERA		(2,888	)		(3,637	)
Accrual for sales returns and coupons		621			670
R&D credit		—			186
Other, net		59			319
Deferred income tax asset		172,339			188,027
Valuation allowance		(172,339	)		(188,027	)
Deferred income tax assets, net	$	—		$	—

Schedule of Income Taxes Paid

Income taxes paid (net of refunds) are as follows:

	December 31,
	2025			2024
Jurisdiction:
South Carolina	$	(18	)	$	—
Illinois		(13	)		—
New Jersey		(4	)		—
Texas		—			(8	)
Pennsylvania		—			(53	)
Tennessee		—			(10	)
All Other States		(1	)		(9	)
Total Taxes Paid	$	(36	)	$	(80	)

Segment Reporting - Schedule of Total Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
License revenue
License revenue	$ 3,022	$ 1,761
United States [Member]
License revenue
License revenue	1,792	1,123
Non-U.S. [Member]
License revenue
License revenue	$ 1,230	$ 638

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Stockholders’ Equity (Details) - USD ($) $ in Thousands		12 Months Ended
Stockholders’ Equity (Details) - USD ($) $ in Thousands	Jun. 26, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2022
Stockholders’ Equity [Line Items]
Unrecognized compensation cost		$ 28
Share-based compensation over a weighted average period		2 years 9 months 18 days
Phantom Share Units (PSUs) [Member]
Stockholders’ Equity [Line Items]
Remaining shares of common stock available for future issuance		105,512
Vesting percentage				100.00%
Employee Stock Purchase Plan [Member]
Stockholders’ Equity [Line Items]
Share based payment compensation expense		$ 75	$ 264
Restricted Stock Units (RSUs) [Member]
Stockholders’ Equity [Line Items]
Unrecognized compensation cost		$ 28
2019 Stock Incentive Plan [Member]
Stockholders’ Equity [Line Items]
Remaining shares of common stock available for future issuance		429,229
Common Stock [Member] \| Minimum [Member]
Stockholders’ Equity [Line Items]
Common stock shares authorized	12,000,000
Common Stock [Member] \| Maximum [Member]
Stockholders’ Equity [Line Items]
Common stock shares authorized	32,000,000

Loss Per Common Share - Schedule of Outstanding Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Outstanding Securities [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	229	162
Stock options [Member]
Schedule of Outstanding Securities [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	105	57
RSUs [Member]
Schedule of Outstanding Securities [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	26	2
PSUs [Member]
Schedule of Outstanding Securities [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		5
Warrants [Member]
Schedule of Outstanding Securities [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	98	98

Stockholders’ Equity - Schedule of Outstanding and Exercisable Options (Details) - Options [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Outstanding and Exercisable Options [Line Items]
Options Awards Outstanding, Expired	(19,000)	(15,000)
Weighted Average Exercise Price Outstanding, Expired	$ 406.2	$ 217.08
Aggregate Intrinsic Value Outstanding, Expired
Options Awards Exercisable, Expired	(19,000)	(15,000)
Weighted Average Exercise Price Exercisable, Expired	$ 406.2
Aggregate Intrinsic Value Exercisable, Expired
Options Awards Outstanding, Ending Balance	105,000	57,000	72,000
Weighted Average Exercise Price Outstanding, Ending Balance	$ 74.05	$ 270.33	$ 258.55
Aggregate Intrinsic Value Outstanding, Ending Balance
Weighted Average Remaining Contractual Life (in Years) Outstanding, Ending Balance	7 years 3 months 18 days	2 years 9 months 18 days	3 years
Options Awards Exercisable, Ending Balance	105,000	57,000	72,000
Weighted Average Exercise Price Exercisable, Ending Balance	$ 74.04	$ 270.2	$ 258.46
Aggregate Intrinsic Value Exercisable, Ending Balance
Weighted Average Remaining Contractual Life (in Years) Exercisable, Ending Balance	7 years 3 months 18 days	2 years 9 months 18 days	3 years
Options Awards Outstanding, Granted	67,000
Weighted Average Exercise Price Outstanding, Granted	$ 0.74
Aggregate Intrinsic Value Outstanding, Granted
Options Awards Exercisable, Granted	67,000
Weighted Average Exercise Price Exercisable, Granted	$ 0.74
Aggregate Intrinsic Value Exercisable, Granted

Discontinued Operations - Schedule of Classes of Liabilities of Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Classes of Liabilities of Discontinued Operations [Abstract]
Accrued expenses and other current liabilities	$ 2,667	$ 2,781

Prepaid and Other Current Assets - Schedule of Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Prepaid and Other Current Assets [Abstract]
Insurance	$ 89	$ 70
Capitalized legal	2,334	2,334
Rent Receivable	672	539
Other	342	695
Total prepaid and other current assets	$ 3,437	$ 3,638

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2025	Mar. 30, 2026	Jun. 30, 2025
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Financial Statement Error Correction [Flag]	false
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	false
Amendment Flag	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Documents Incorporated by Reference [Text Block]	None
Entity Information [Line Items]
Entity Registrant Name	THERAPEUTICSMD, INC.
Entity Central Index Key	0000025743
Entity File Number	001-00100
Entity Tax Identification Number	87-0233535
Entity Incorporation, State or Country Code	NV
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Public Float			$ 9,036,147
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	951 Yamato Road
Entity Address, Address Line Two	Suite 220
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
Entity Phone Fax Numbers [Line Items]
City Area Code	561
Local Phone Number	961-1900
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	TXMD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		11,574,362

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Revenue, net:
License revenue	$ 3,022	$ 1,761
Operating expenses:
General and administrative	6,852	6,096
Write-off and impairment of patents	176	1,268
Depreciation & amortization	384	509
Total operating expenses	7,412	7,873
Loss from operations	(4,390)	(6,112)
Other income (expense):
Interest income, net	142	135
Sublease income	1,847	1,352
Miscellaneous income	1,748	2,282
Total other income	3,737	3,769
Loss from continuing operations before income taxes	(653)	(2,343)
Income tax benefit		31
Net loss from continuing operations	(653)	(2,312)
Income from discontinued operations, net of income taxes	84	131
Net loss	$ (569)	$ (2,181)
(Loss) income per common share, basic:
Continuing operations (in Dollars per share)	$ (0.06)	$ (0.2)
Discontinued operations, net (in Dollars per share)	0.01	0.01
Net loss per common share, basic (in Dollars per share)	(0.05)	(0.19)
(Loss) income per common share, diluted:
Continuing operations (in Dollars per share)	(0.06)	(0.2)
Discontinued operations, net (in Dollars per share)	0.01	0.01
Net loss per common share, diluted (in Dollars per share)	$ (0.05)	$ (0.19)
Weighted average common shares, basic (in Shares)	11,569	11,532
Weighted average common shares, diluted (in Shares)	11,569	11,532

Stockholders’ Equity (Tables)

12 Months Ended

Dec. 31, 2025

Stockholders’ Equity [Abstract]

Schedule of Outstanding and Exercisable Warrants

As of December 31, 2025, the following table summarizes the status of our outstanding and exercisable warrants and related transactions since December 31, 2023 (in thousands, except weighted average exercise price and weighted average remaining contractual life data):

	Warrants outstanding and exercisable
	Warrants			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, December 31, 2023		99		$	66.61	$	1,793		6.5
Expired		(1	)		281.50		—		—
Balance, December 31, 2024		98			63.33		—		5.6
Balance, December 31, 2025		98		$	63.33	$	—		4.6

Schedule of Outstanding and Exercisable Options

The following table summarizes the status of our outstanding and exercisable options and related transactions since December 31, 2023 (in thousands, except weighted average exercise price and weighted average remaining contractual life data):

	Outstanding									Exercisable
	Options Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)		Options Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, as of December 31, 2023		72		$	258.55	$	—		3.0		72		$	258.46	$	—		3.0
Expired		(15	)		217.08		—		—		(15	)		—		—		—
Balance, as of December 31, 2024		57			270.33		—		2.8		57			270.20		—		2.8
Granted		67			0.74		—		—		67			0.74		—		—
Expired		(19	)		406.20		—		—		(19	)		406.20		—		—
Balance, as of December 31, 2025		105		$	74.05	$	—		7.3		105		$	74.04	$	—		7.3

Schedule of Our RSUs and Related Transactions

The following table summarizes the status of our RSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

	RSUs awards outstanding
	RSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance, as of December 31, 2023		40		$	9.67	$	89.60
Vested		(38	)		9.11		—
Balance, as of December 31, 2024		2			21.78		1.49
Granted		26			1.15		—
Vested		(2)			21.78		—
Balance, as of December 31, 2025		26		$	1.15	$	41.57

Schedule of Our PSUs and Related Transactions

The following table summarizes the status of our PSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

	PSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Unvested, as of December 31, 2023		12		$	49.36	$	27.30
Vested		(7	)		60.50		16.16
Unvested, as of December 31, 2024		5			34.50		4.47
Vested		(5	)		34.50		—
Unvested, as of December 31, 2025		—		$	—	$	—

Prepaid and Other Current Assets

12 Months Ended

Dec. 31, 2025

Prepaid and Other Current Assets [Abstract]

Prepaid and other current assets

3. Prepaid and other current assets

Our prepaid and other current assets consisted of the following (in thousands):

	December 31,
	2025		2024
Insurance	$	89	$	70
Capitalized legal		2,334		2,334
Rent Receivable		672		539
Other		342		695
Total prepaid and other current assets	$	3,437	$	3,638

Commitments and Contingencies - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Balance Sheet Related Disclosures Abstract
Operating lease right-of-use assets	$ 5,293	$ 6,102
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Operating lease liabilities, non-current	Operating lease liabilities, non-current
Operating lease liabilities current (included in accrued expenses and other current liabilities)	$ 975	$ 1,633
Operating lease liabilities, non-current	5,122	5,542
Total operating lease liabilities	$ 6,097	$ 7,175

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (569)	$ (2,181)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Income Taxes [Line Items]
Deferred discontinue operation income tax expense benefit
Income tax benefits		(31)
Deduction of federal net operating loss	$ 27,600
Operating loss carried forward	20 years
Net operating loss carryforwards	$ 557,100
Operating loss carryforwards, limitation description	In the event of future income, the NOL deduction arising from NOLs generated in taxable years beginning in 2021 will be limited to 80% of the excess taxable income. The Company experienced an ownership change pursuant to IRC Sec. 382 in 2022. As a result, our NOLs carryforward as of December 31, 2022 is limited.
Percentage of state taxes	50.00%
Unrecognized tax benefits
Federal [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 584,600
Deferred Income Tax Charge [Member]
Income Taxes [Line Items]
Percentage of state taxes	50.00%

Prepaid and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2025

Prepaid and Other Current Assets [Abstract]

Schedule of Prepaid and Other Current Assets

Our prepaid and other current assets consisted of the following (in thousands):

	December 31,
	2025		2024
Insurance	$	89	$	70
Capitalized legal		2,334		2,334
Rent Receivable		672		539
Other		342		695
Total prepaid and other current assets	$	3,437	$	3,638

Commitments and Contingencies - Schedule of Other Information Related to Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Other Information Related to Leases [Abstract]
Weighted average remaining term (years) - operating leases	4 years 8 months 12 days	5 years 8 months 12 days
Weighted average discount rate - operating leases	8.30%	8.30%
Cash paid for amounts included in the measurement of lease liabilities from operating lease (in thousands)	$ 1,513	$ 1,477

Commitments and Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Commitments and contingencies

7. Commitments and contingencies

Leases

In October 2018, we entered into a lease for executive, administrative, operations and sales offices in Boca Raton, Florida. The lease includes 62,748 rentable square feet, or the full premises, of which the lease on 7,561 square feet commenced in 2018 and the lease on 48,651 square feet commenced in August 2019, or the full premises commencement date. In June 2019, we entered into an agreement with the same lessors to lease additional 6,536 square feet of administrative office space in the same location, pursuant to an addendum to such lease, which commenced in May 2020. The lease will expire 11 years after the full premises commencement date, unless terminated earlier in accordance with the terms of the lease. We have the option to extend the term of the lease for two additional consecutive periods of five years. The extension option is not included in the determination of the lease term as it is not reasonably certain to be exercised. The term of the lease includes escalating rent and free rent periods. We are also responsible for certain other operating costs under the lease, including electricity and utility expenses. As a result of shifting our business to become a license company and terminating our employees, we have sublet all of our headquarters. We anticipate that sublease income will approximate the amounts due under our existing leases, therefore no impairment of the right of use asset was recorded in 2025.

For 2025 and 2024, operating lease expense (including all variable costs) related to our real estate leases was $2,310 thousand and $2,271 thousand, respectively. We subleased all our space in 2025. Sublease rental income was $1,847 thousand and $1,352 thousand for 2025 and 2024, respectively.

As of December 31, 2025, our remaining lease payments were as follows (in thousands):

Year ending December 31,
2026	$	1,423
2027		1,590
2028		1,630
2029		1,671
2030		992
Thereafter		—
Total undiscounted lease payments		7,306
Less: imputed interest		(1,209	)
Present value of lease payments	$	6,097

The following table sets forth supplemental balance sheet information related to leases (in thousands):

	As of December 31,
	2025		2024
Assets:
Operating lease right-of-use assets	$	5,293	$	6,102

Liabilities:
Operating lease liabilities current (included in accrued expenses and other current liabilities)	$	975	$	1,633
Operating lease liabilities, non-current		5,122		5,542
Total operating lease liabilities	$	6,097	$	7,175

The following table presents other information related to leases:

	As of December 31,
	2025			2024
Weighted average remaining term (years) - operating leases		4.7			5.7
Weighted average discount rate - operating leases		8.3	%		8.3	%
Cash paid for amounts included in the measurement of lease liabilities from operating lease (in thousands)	$	1,513		$	1,477

Mayne Pharma Agreement

Mayne Pharma paid us approximately $12.1 million at closing on December 30, 2022, for the acquisition of net working capital, subject to certain adjustments as determined in accordance with the Transaction Agreement. While the Transaction Agreement calls for much of the net working capital to be trued-up shortly after the Closing Date in 2023, for a period of one year following the Closing Date in the case of payer rebates and wholesale distributor fees and two years following the Closing Date in the case for allowance for returns, net working capital amounts will be adjusted to arrive at final net working capital under the Transaction Agreement.

In September 2023, we increased certain accrual estimates including increasing our working capital adjustment accrual by $2.0 million for amounts anticipated to be owed under the Transaction Agreement. In December 2023, we made a $5.5 million payment to Mayne Pharma to settle certain working capital amounts that were required to be trued-up shortly after the Closing Date, excluding the allowance for returns, allowance for payer rebates, and allowance for wholesale distributor fees. Of the $5.5 million, $2.0 million increased the allowance for net working capital allowances remaining to be trued up.

Our estimate of the allowance for payer rebates and wholesale distributor fees was determined in accordance with the Transaction Agreement which establishes the process for the determination of net working capital. In February 2024, we received Mayne Pharma’s calculation of the net working capital allowances for payer rebates and wholesale distributor fees pursuant to the Transaction Agreement, which differed significantly from our estimate of the allowances. We continue to believe our estimated allowances for payer rebates and wholesale distributor fees are reasonable. In August 2024 and in February 2025, we also received information from Mayne Pharma pertaining to the net working capital allowance for returns that differs significantly from our estimate of the allowance.

On April 8, 2025, we filed the Mayne Lawsuit seeking damages for breach of contract, breach of the implied covenant of good faith and fair dealing, fraudulent inducement, and unjust enrichment related to Mayne Pharma’s actions in relation to the License Agreement and the Transaction Agreement, primarily relating to the net working capital allowances and certain actions or inactions by Mayne Pharma relating thereto. On June 20, 2025, we filed an amended complaint against Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit. On March 23, 2026, a magistrate judge recommended that the court grant-in-part and deny-in-part Mayne Pharma’s motion to dismiss. The magistrate judge recommended granting Mayne’s motion to dismiss our claims for breach of the covenant of good faith and fair dealing, certain of our breach of contract claims and our claim for fraudulent inducement, but recommended the court grant us leave to amend the fraudulent inducement claim. The magistrate judge recommended denying Mayne’s motion to dismiss our other claims. The magistrate judge further recommended the court stay the Mayne Lawsuit while the parties submit the net working capital claims to a dispute resolution process. The parties have 14 days to object to these recommendations.

On May 30, 2025, Mayne Pharma filed the Mayne Countersuit seeking damages for breach of contract and fraudulent inducement related to the Transaction Agreement. As part of the Mayne Countersuit, Mayne Pharma also made certain indemnification demands under the Transaction Agreement, which we dispute. On July 28, 2025, we filed a motion to dismiss the fraudulent inducement claim in the Mayne Countersuit. On March 23, 2026, a magistrate judge recommended that the court grant our motion to dismiss Mayne Pharma’s claim for fraudulent inducement, but recommended the court deny our motion to dismiss Mayne Pharma’s other claims. The parties have 14 days to object to this recommendation. As of December 31, 2025, we believed no additional accrual was required for such claims, as we could not reasonably estimate a range of loss.

The outcome of this matter is uncertain at this point. As a result, we cannot reasonably estimate a range of loss, and accordingly, we have not accrued any additional liability associated with Mayne Pharma’s allowance calculation for payer rebates and wholesale distributor fees, particularly as we believe the outcome of this matter to be intertwined with the resolution of the net working capital allowance for returns.

As of December 31, 2025, we also believed no additional accrual was required for amounts that may be owed for the allowance for returns under the Transaction Agreement. We have not recorded any contingent gains or receivables for any such allowances. Management continues to monitor the unresolved and pending net working capital items as changes to estimated amounts owed or amounts due from Mayne Pharma may be material.

Legal proceedings

In February 2020, we received a Paragraph IV certification notice letter (the “IMVEXXY Notice Letter”) regarding an Abbreviated New Drug Application (“ANDA”) submitted to the FDA by Teva Pharmaceuticals USA, Inc. (“Teva”). The ANDA seeks approval from the FDA to commercially manufacture, use, or sell a generic version of the 4 mcg and 10 mcg doses of IMVEXXY. In the IMVEXXY Notice Letter, Teva alleges that TherapeuticsMD patents listed in the FDA’s Orange Book that claim compositions and methods of IMVEXXY (the “IMVEXXY Patents”) are invalid, unenforceable, and/or will not be infringed by Teva’s commercial manufacture, use, or sale of its proposed generic drug product. The IMVEXXY Patents identified in the IMVEXXY Notice Letter expire in 2032 or 2033. In April 2020, we filed a complaint for patent infringement against Teva in the United States District Court for the District of New Jersey arising from Teva’s ANDA filing with the FDA. We are seeking, among other relief, an order that the effective date of any FDA approval of Teva’s ANDA would be a date no earlier than the expiration of the IMVEXXY Patents and equitable relief enjoining Teva from infringing the IMVEXXY Patents. Teva has filed its answer and counterclaim to the complaint, alleging that the IMVEXXY Patents are invalid and not infringed. In July 2021, following a proposal by Teva, the District Court entered an order temporarily staying all proceedings in the IMVEXXY litigation, which order was filed under seal. In September 2021, the District Court made available a public version of the order following the parties’ agreement to a consent motion to redact information Teva contended was confidential. The order provides that the statutory stay that prevents the FDA from granting final approval of the ANDA for 30 months from the date of the IMVEXXY Notice Letter will be extended for the number of days that the stay of the IMVEXXY litigation is in place. In November 2024, the court lifted the stay. We have incurred and recorded legal costs amounting to $2,334 thousand in prepaid expenses and other current assets as of December 31, 2025 and 2024, for the IMVEXXY Paragraph IV legal proceeding since we believe that we will successfully prevail in this legal proceeding. Upon the successful conclusion of the legal proceeding, the related capitalized legal costs will be reclassified to patents, in license rights and other intangible assets, net, in the accompanying consolidated balance sheets, and such costs will be amortized over the remaining useful life of the patents. If Mayne Pharma is unsuccessful in this legal proceeding, then the related capitalized legal costs for this legal preceding and any unamortized IMVEXXY patent costs that were previously capitalized will be immediately expensed in the period in which we become aware of an unsuccessful legal proceeding.

In June 2024, Mayne Pharma received a Paragraph IV certification notice letter (the “Sun Notice Letter”) regarding an ANDA submitted to the FDA by Sun Pharma Inc. (“Sun Pharma”). The ANDA seeks approval from the FDA to commercially manufacture, use, or sell a generic version of the 4 mcg and 10 mcg doses of IMVEXXY. In the Sun Notice Letter, Sun Pharma alleges that the IMVEXXY Patents are invalid, unenforceable, and/or will not be infringed by Sun Pharma’s commercial manufacture, use, or sale of its proposed generic drug product. The IMVEXXY Patents identified in the Sun Notice Letter expire in 2032 or 2033. In July 2024, we and Mayne Pharma filed a complaint for patent infringement against Sun Pharma in the United States District Court for the District of New Jersey arising from Sun Pharma’s ANDA filing with the FDA. We are seeking, among other relief, an order that the effective date of any FDA approval of Sun Pharma’s ANDA would be a date no earlier than the expiration of the IMVEXXY Patents and equitable relief enjoining Sun Pharma from infringing the IMVEXXY Patents. As of December 31, 2025, the litigation remains ongoing and has progressed to claim construction, which the courts determine the meaning and scope of the asserted patent claims that will govern subsequent infringement and validity analysis.

Beginning on December 30, 2022 and per the Mayne License Agreement, Mayne Pharma is responsible for all enforcement of our patents, including the responsibility for and costs of litigation discussed above with respect to Teva and Sun Pharma.

From time to time, we are involved in other litigations and proceedings in the ordinary course of business. We are currently not involved in any other litigations and proceedings that we believe would have a material effect on our consolidated financial condition, results of operations, or cash flows.

Off-balance sheet arrangements

As of December 31, 2025 and 2024 there were no off-balance sheet arrangements that have had or are reasonably likely to have current or future effects on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that we consider material.

Employment agreements

In connection with our transformation into a pharmaceutical royalty company, the termination of our executive management team (except for Mr. Marlan Walker, our former General Counsel and current Chief Executive Officer) and all other employees was completed by December 30, 2022. Severance obligations for all employees other than executive officers were paid in full in the first quarter of 2023, and severance obligations for executive officers were paid out by the end of the first quarter of 2025. As of December 31, 2025, we employed one full-time employee primarily engaged in an executive position. We have engaged external consultants who support our relationship with current partners and assist with certain financial, IT, legal, and regulatory matters and the continued wind-down of our historical business operations

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Taxes [Abstract]

Income taxes

10. Income taxes

The components of loss from continuing operations before income tax for the years ended December 31, 2025 and 2024 is as follows (in thousands):

	Year Ending December 31,
	2025			2024
United States	$	(653	)	$	(2,343	)

Our (loss) income allocated between continuing operations and discontinued operations before income taxes is as follows (in thousands):

	Year Ending December 31,
	2025			2024
Loss from continuing operations before income taxes	$	(653	)	$	(2,343	)
(Loss) income from discontinued operations before income taxes	$	84		$	131

For the year ended December 31, 2025, there was no provision for income taxes in continuing and discontinued operations, current or deferred. For the year ended December 31, 2024, the Company recorded an income tax benefit of $31 thousand, as reflected in the rate reconciliation table below.

As of December 31, 2025, we had a federal net operating loss (“NOL”) carryforwards of $584.6 million, which is available to offset future taxable income. Approximately $27.6 million of the federal NOLs can be carried forward for 20 years and will begin to expire in 2035. The remaining $557.1 million can be carried forward indefinitely. In the event of future income, the NOL deduction arising from NOLs generated in taxable years beginning in 2021 will be limited to 80% of the excess taxable income. The Company experienced an ownership change pursuant to IRC Sec. 382 in 2022. As a result, our NOLs carryforward as of December 31, 2022 is limited.

A reconciliation of the income tax provision with the amount of tax computed by applying the federal statutory rate to pretax income for years ended December 31, 2025 is as follows (in thousands):

	2025
	Amount			Percent
U.S. Federal Statutory Rate	$	(137	)		21.0	%
State tax rate, net of federal tax benefit ⁽¹⁾		-			0.0	%
Foreign Tax Effects		-			0.0	%
Effects of Changes in Tax Laws or Rates Enacted in Current Period		-			0.0	%
Effects of Cross-Border Tax Laws		-			0.0	%
Tax Credits:
R&D Credit		186			(28.6	)%
Change in Valuation Allowance		(996	)		152.7	%
Nontaxable or Nondeductible Items:
Excess stock benefits		908			(139.2	)%
Receivable Write-Off		39			(5.9	)%
Changes in Unrecognized Tax Benefits		-			0.0	%
Other Adjustments:
Deferred True-Ups		-			0.0	%
Effective Tax Rate	$	0			0.0	%

(1)	State taxes in South Carolina and Illinois make up the majority (greater than 50 percent) of the effect of this category for the period ended December 31, 2025.

The reconciliation of the federal statutory rate to effective income tax rate for the years ended December 31, 2024, prior to the adoption of ASU 2023-09 is as follows (in thousands):

	2024
	Amount			Percent
Federal statutory rate	$	(492	)		21.0	%
State tax rate, net of federal tax benefit		(8,745	)		373.3	%
Adjustment in valuation allowance		9,772			(417.1	)%
Excess stock benefits		566			(24.2	)%
Interest expense accretion		-			0.0	%
Permanent and other differences		(1,132	)		48.3	%
Benefit for income taxes	$	(31	)		1.3	%

Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset as of December 31, 2025, and 2024 are as follows (in thousands):

	December 31,
	2025			2024
Deferred income tax assets:
Net operating loss	$	154,284		$	167,366
Share-based payment compensation		1,023			2,222
Interest expense limitation		19,240			20,901
Gain on sale of ANNOVERA		(2,888	)		(3,637	)
Accrual for sales returns and coupons		621			670
R&D credit		—			186
Other, net		59			319
Deferred income tax asset		172,339			188,027
Valuation allowance		(172,339	)		(188,027	)
Deferred income tax assets, net	$	—		$	—

Income taxes paid (net of refunds) are as follows:

	December 31,
	2025			2024
Jurisdiction:
South Carolina	$	(18	)	$	—
Illinois		(13	)		—
New Jersey		(4	)		—
Texas		—			(8	)
Pennsylvania		—			(53	)
Tennessee		—			(10	)
All Other States		(1	)		(9	)
Total Taxes Paid	$	(36	)	$	(80	)

State taxes in South Carolina and Illinois make up the majority (greater than 50 percent) of the effect of this category for the period ended December 31, 2025.

We believe that it is more likely than not that we will not generate sufficient future taxable income to realize a portion of tax benefits related to the deferred tax assets and as such, a valuation allowance has been established against a portion of the deferred tax assets as of both December 31, 2025 and 2024.

Since our first year of operations in 2011, we generated net operating losses, and our U.S. federal and state tax returns remain open to examination.

As of December 31, 2025, and 2024, we had no tax positions relating to open tax returns that were considered to be uncertain, and we had no unrecognized tax benefits. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The Company evaluated the enacted effects of the legislation on its effective tax rate and cash tax position, finding that the legislation did not have a material impact on its financial statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes Integrated [Text Block]	We have implemented and maintain various information security processes designed to assess, identify and manage material risks from cybersecurity threats to our critical systems and information. Such processes are integrated into our overall risk management processes.
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have implemented and maintain various information security processes designed to assess, identify and manage material risks from cybersecurity threats to our critical systems and information. Such processes are integrated into our overall risk management processes. For example, cybersecurity risk is addressed as a component of our enterprise risk management program and has historically been included as part of compliance reports provided to our audit committee. Our officers, contractors and third-party IT vendors help assess, identify and manage our cybersecurity threats and risks by monitoring and evaluating our threat environment and risk profile using various methods including, for example: through the use of automated tools; conducting audits and threat assessments for internal and external threats; analyzing reports of threats and actors; evaluating our and our industry’s risk profile; and evaluating threats reported to us. We implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our critical systems and information, including, for example: multi-factor authentication, encryption, anti-malware functionality, access controls and systems monitoring. We use third-party service providers to perform a variety of functions throughout our business, including but not limited to application providers and hosting companies. All of our critical information is hosted by a third-party service provider. Further, we also rely upon such third-party service providers to both assist us in identifying cybersecurity threats, as well as to review and notify us of any data breach on their systems.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	While to date we have not identified any breaches from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, the sophistication of cybersecurity threats continues to increase, and the preventative actions we take to reduce the risk of cybersecurity incidents and protect our systems and information may be insufficient.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function. The Audit Committee of our Board of Directors bears primary responsibility for the oversight of our cybersecurity risk. Periodically management updates our Audit Committee about various risks facing the Company, of which cybersecurity may be included.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity risk assessment and management processes are implemented and maintained by management and IT consultants.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The IT consultants have relevant expertise, experience, education and training as well as knowledge of our company’s critical systems and information technology policies.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to our chief executive officer, who would be responsible, along with third parties including our IT consultants, for assessing the materiality of, and mitigating and remediating, any cybersecurity incidents of which we are notified. In addition, our incident response processes include a procedure for reporting certain cybersecurity incidents to the Board of Directors.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities [Abstract]

Accrued expenses and other current liabilities

5. Accrued expenses and other current liabilities

Other accrued expenses and other current liabilities consisted of the following (in thousands):

	As of December 31,
	2025		2024
Payroll and related costs	$	310	$	92
Professional fees		265		288
Operating lease liabilities		975		1,633
Other accrued expenses and current liabilities		191		114
Accrued expenses and other current liabilities	$	1,741	$	2,127

We incurred no advertising costs in 2025 and 2024.

Commitments and Contingencies (Details) $ in Thousands		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 30, 2022 USD ($)	May 31, 2020 m²	Aug. 31, 2019 m²	Dec. 31, 2018 m²	Oct. 31, 2018 m²
Commitments and Contingencies [Line Items]
Area of land (in Square Meters) \| m²						6,536	48,651	7,561	62,748
Lease expiration term		11 years
Extend the term of the lease		two
Lease periods		5 years
Operating lease expense		$ 2,310	$ 2,271
Sublease rental income		1,847	1,352
Mayne Pharma Agreement [Member]
Commitments and Contingencies [Line Items]
Acquisition of net working capital					$ 12,100
Adjustment of increase in accrual on working capital	$ 2,000
Working capital amounts				$ 5,500
Paragraph Four Certification Notice Letter [Member]
Commitments and Contingencies [Line Items]
Legal costs		2,334	$ 2,334
Maximum [Member]
Commitments and Contingencies [Line Items]
Increased allowance for net working capital		5,500
Minimum [Member]
Commitments and Contingencies [Line Items]
Increased allowance for net working capital		$ 2,000

Income Taxes - Schedule of Net Deferred Income Tax Asset (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Deferred income tax assets:
Net operating loss	$ 154,284	$ 167,366
Share-based payment compensation	1,023	2,222
Interest expense limitation	19,240	20,901
Gain on sale of ANNOVERA	(2,888)	(3,637)
Accrual for sales returns and coupons	621	670
R&D credit		186
Other, net	59	319
Deferred income tax asset	172,339	188,027
Valuation allowance	(172,339)	(188,027)
Deferred income tax assets, net

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Auditor [Table]
Auditor Name	Carr, Riggs & Ingram, L.L.C.
Auditor Firm ID	213
Auditor Location	Palm Beach Gardens, FL
Auditor Opinion [Text Block]	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheet of TherapeuticsMD, Inc. and Subsidiaries (the “Company”) as of December 31, 2025, and the related consolidated statement of operations, stockholders’ equity, and cash flows the year then ended, and the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. As described in Note 1, the Company previously presented sublease income within general and administrative expenses in 2024. In the current year, the Company has revised its presentation to classify sublease income within other income. Accordingly, the prior year presentation has been reclassified to conform to the current year presentation. Except for the effects of the retrospective presentation for this reclassification, we were not engaged to audit, review, or apply any procedures to the financial position of the Company as of December 31, 2024, and the results of its operations and its cash flows for the year then ended. Other than as stated above, we do not express an opinion or any other form of assurance about whether such financial position and the results of its operations and its cash flows as of and for the year ended December 31, 2024, have been fairly stated. Those balances were audited by the predecessor auditor.

Loss Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Loss Per Common Share [Abstract]

Schedule of Computation of Basic and Diluted (Loss) Income Per Common Share

The following table sets forth the computation of basic and diluted (loss) income per common share for the periods presented (in thousands, except per share amounts):

	Years Ending December 31,
	2025			2024
Numerator:
Net loss from continuing operations	$	(653	)	$	(2,312	)
Income from discontinued operations		84			131
Net loss	$	(569	)	$	(2,181	)
Denominator:
Weighted average common shares outstanding - basic		11,569			11,532
Effect of dilutive securities		—			—
Weighted average common shares outstanding - diluted		11,569			11,532

Loss per common share, continuing operations
Basic	$	(0.06	)	$	(0.20	)
Diluted	$	(0.06	)	$	(0.20	)
Income per common share, discontinued operations
Basic	$	0.01		$	0.01
Diluted	$	0.01		$	0.01

Schedule of Outstanding Securities

The following table sets forth the outstanding securities as of the periods presented which were not included in the calculation of diluted earnings per common share during 2025 and 2024 (in thousands):

	December 31,
	2025		2024
Stock options		105		57
RSUs		26		2
PSUs		—		5
Warrants		98		98
		229		162

Stockholders’ Equity - Schedule of Outstanding and Exercisable Warrants (Details) - Warrant [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Schedule of Outstanding and Exercisable Warrants [Line Items]
Warrants, Ending Balance	98	98	99
Weighted Average Exercise Price, Ending Balance	$ 63.33	$ 63.33	$ 66.61
Aggregate Intrinsic Value, Ending Balance			$ 1,793
Weighted Average Remaining Contractual Life (in Years), Ending Balance	4 years 7 months 6 days	5 years 7 months 6 days	6 years 6 months
Warrants, Expired			(1)
Weighted Average Exercise Price, Expired			$ 281.5
Aggregate Intrinsic Value, Expired
Weighted Average Remaining Contractual Life (in Years), Expired

Income Taxes - Schedule of Loss from Continuing Operations Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Loss from Continuing Operations Before Income Tax [Abstract]
United States	$ (653)	$ (2,343)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies [Abstract]

Schedule of Remaining Lease Payments

As of December 31, 2025, our remaining lease payments were as follows (in thousands):

Year ending December 31,
2026	$	1,423
2027		1,590
2028		1,630
2029		1,671
2030		992
Thereafter		—
Total undiscounted lease payments		7,306
Less: imputed interest		(1,209	)
Present value of lease payments	$	6,097

Schedule of Supplemental Balance Sheet Information Related to Leases

The following table sets forth supplemental balance sheet information related to leases (in thousands):

	As of December 31,
	2025		2024
Assets:
Operating lease right-of-use assets	$	5,293	$	6,102

Liabilities:
Operating lease liabilities current (included in accrued expenses and other current liabilities)	$	975	$	1,633
Operating lease liabilities, non-current		5,122		5,542
Total operating lease liabilities	$	6,097	$	7,175

Schedule of Other Information Related to Leases

The following table presents other information related to leases:

	As of December 31,
	2025			2024
Weighted average remaining term (years) - operating leases		4.7			5.7
Weighted average discount rate - operating leases		8.3	%		8.3	%
Cash paid for amounts included in the measurement of lease liabilities from operating lease (in thousands)	$	1,513		$	1,477

Segment Reporting

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

14. Segment Reporting

The Company operates in one segment. Accordingly, the Company’s License revenue, Net loss, and Total assets reflect the revenue, loss, and assets of the Company’s single segment, respectively.

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”). The CODM uses Net loss in assessing the performance and in determining the allocation of resources of the Company’s reportable segment. The CODM is regularly provided expense information consistent with the expense categories presented in the Company’s Consolidated Statements of Operations

The following tables present total revenue of the Company by geographic location.

	As of December 31,
	2025		2024
License revenue
United States	$	1,792	$	1,123
Non-U.S.		1,230		638
Total	$	3,022	$	1,761

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Income Taxes - Schedule of Income Taxes Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid	$ (36)	$ (80)
South Carolina [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid	(18)
Illinois [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid	(13)
New Jersey [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid	(4)
Texas [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid		(8)
Pennsylvania [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid		(53)
Tennessee [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid		(10)
All Other States [Member]
Schedule of Income Taxes Paid [Line Items]
Total Taxes Paid	$ (1)	$ (9)

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2025

Accrued Expenses and Other Current Liabilities [Abstract]

Schedule of Other Accrued Expenses and Other Current Liabilities

Other accrued expenses and other current liabilities consisted of the following (in thousands):

	As of December 31,
	2025		2024
Payroll and related costs	$	310	$	92
Professional fees		265		288
Operating lease liabilities		975		1,633
Other accrued expenses and current liabilities		191		114
Accrued expenses and other current liabilities	$	1,741	$	2,127

Loss Per Common Share - Schedule of Computation of Basic and Diluted (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Numerator:
Net loss from continuing operations (in Dollars)	$ (653)	$ (2,312)
Income from discontinued operations (in Dollars)	84	131
Net loss (in Dollars)	$ (569)	$ (2,181)
Denominator:
Weighted average common shares outstanding - basic (in Shares)	11,569	11,532
Effect of dilutive securities (in Shares)
Weighted average common shares outstanding - diluted (in Shares)	11,569	11,532
Loss per common share, continuing operations
Basic	$ (0.06)	$ (0.2)
Diluted	(0.06)	(0.2)
Income per common share, discontinued operations
Basic	0.01	0.01
Diluted	$ 0.01	$ 0.01

Licensed Rights and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Licensed Rights and Other Intangible Assets [Abstract]

Schedule of License Rights and Other Intangible Assets, Net

The following provides information about our license rights and other intangible assets, net (in thousands):

	As of December 31, 2025						As of December 31, 2024
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Amount		Amortization		Net		Amount		Amortization		Net
Intangible assets subject to amortization:
Hormone therapy drug patents	$	5,695	$	2,423	$	3,272	$	5,766	$	2,058	$	3,708
Hormone therapy drug patents applied and pending approval	$	180		—		180		304		—		304
Intangible assets subject to amortization		5,875		2,423		3,452		6,070		2,058		4,012
Intangible assets not subject to amortization:
Trademarks/trade name rights	$	309		—		309		309		—		309
Intangible assets, net	$	6,184	$	2,423	$	3,761	$	6,379	$	2,058	$	4,321

Schedule of Intangible Assets Subject to Amortization

Our intangible assets subject to amortization are expected to be amortized as follows (in thousands):

Year ending December 31,
2026	$	380
2027		380
2028		380
2029		380
2030		380
Thereafter		1,372
Total	$	3,272

Income Taxes - Schedule of (Loss) Income Allocated Between Continuing Operations and Discontinued Operations Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of (Loss) Income Allocated Between Continuing Operations and Discontinuing Operations Before Income Taxes [Abstract]
Loss from continuing operations before income taxes	$ (653)	$ (2,343)
(Loss) income from discontinued operations before income taxes	$ 84	$ 131

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Related Parties (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 15, 2023	Jun. 29, 2023	Dec. 30, 2022
Related Parties [Line Items]
Payment of rubric			$ 3,000
Rubric [Member]
Related Parties [Line Items]
Shares purchase price per share	$ 2.2761
Shares issued in transaction		312,525
Common stock price per share		$ 3.6797
Consideration received amount		$ 1,150
Additional shares of common stock	877,192
Drawdown before expenses	$ 2,000
Series A Preferred Stock [Member] \| Rubric [Member] \| Subscription Agreement [Member]
Related Parties [Line Items]
Number of shares redeemed			29,000
Shares purchase price per share			$ 1,333

Commitments and Contingencies - Schedule of Remaining Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Remaining Lease Payments [Abstract]
2026	$ 1,423
2027	1,590
2028	1,630
2029	1,671
2030	992
Thereafter
Total undiscounted lease payments	7,306
Less: imputed interest	(1,209)
Present value of lease payments	$ 6,097	$ 7,175

Licensed Rights and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Licensed Rights and Other Intangible Assets [Line Items]
Amortization expense	$ 176	$ 1,268
Write-off of patents	176
Recognized impairment loss	1,268
Patents [Member]
Licensed Rights and Other Intangible Assets [Line Items]
Amortization expense	$ 384	$ 509

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events [Text Block]

15. Subsequent Events

None.

Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in Shares)	32,000	32,000
Common stock, shares issued (in Shares)	11,574	11,532
Common stock, shares outstanding (in Shares)	11,574	11,532

Segment Reporting (Details)	12 Months Ended
Segment Reporting (Details)	Dec. 31, 2025
Segment Reporting [Line Items]
Number of operating segment	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer
CODM Description	The CODM uses Net loss in assessing the performance and in determining the allocation of resources of the Company’s reportable segment.

Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Abstract]

Business, basis of presentation, new accounting standards and summary of significant accounting policies

1. Business, basis of presentation, new accounting standards and summary of significant accounting policies

General

TherapeuticsMD, Inc. (the “Company”), a Nevada corporation, and its consolidated subsidiaries are referred to collectively in this Annual Report on Form 10-K (“10-K Report”) as “TherapeuticsMD,” “we,” “our” and “us.” This 10-K Report includes trademarks, trade names and service marks, such as TherapeuticsMD®, vitaMedMD®, BocaGreenMD® , IMVEXXY®, and BIJUVA®, which are protected under applicable intellectual property laws and are the property of, or licensed by or to, us. Solely for convenience, trademarks, trade names and service marks referred to in this 10-K Report may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties’ trademarks, trade names or service marks to imply, and such use or display should not be construed to imply a relationship with, or endorsement or sponsorship of us by, these other parties.

TherapeuticsMD was previously a women’s healthcare company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, we changed our business to become a pharmaceutical royalty company, currently receiving royalties on products licensed to pharmaceutical organizations that possess commercial capabilities in the relevant territories. On December 30, 2022 (the “Closing Date”), we completed a transaction (the “Mayne Transaction”) with Mayne Pharma LLC, a Delaware limited liability company (“Mayne Pharma”) and subsidiary of Mayne Pharma Group Limited, an Australian public company, in which we and our subsidiaries (i) granted Mayne Pharma an exclusive license to commercialize our IMVEXXY, BIJUVA and prescription prenatal vitamin products sold under the BocaGreenMD and vitaMedMD brands (collectively, the “Licensed Products”) in the United States and its possessions and territories, (ii) assigned to Mayne Pharma our exclusive license to commercialize ANNOVERA® (together with the Licensed Products, collectively, the “Products”) in the United States and its possessions and territories, and (iii) sold certain other assets to Mayne Pharma in connection therewith.

In a License Agreement, dated December 4, 2022, between TherapeuticsMD and Mayne Pharma (the “Mayne License Agreement”), we granted Mayne Pharma, on the Closing Date, (i) an exclusive, sublicensable, perpetual, irrevocable license to research, develop, register, manufacture, have manufactured, market, sell, use, and commercialize the Licensed Products in the United States and its possessions and territories and (ii) an exclusive, sublicensable, perpetual, irrevocable license to manufacture, have manufactured, import and have imported the Licensed Products outside the United States for commercialization in the United States and its possessions and territories.

Under the Mayne License Agreement, Mayne Pharma agreed to pay us milestone payments of each of (i) $5.0 million if aggregate net sales of all Products in the United States during a calendar year reach $100.0 million, (ii) $10.0 million if aggregate net sales of all Products in the United States during a calendar year reach $200.0 million and (iii) $15.0 million if aggregate net sales of all Products in the United States during a calendar year reach $300.0 million. Further, Mayne Pharma agreed to pay us royalties on net sales of all Products in the United States at a royalty rate of 8.0% on the first $80.0 million in annual net sales and 7.5% on annual net sales above $80.0 million, subject to certain adjustments, for a period of 20 years following the Closing Date. The royalty rate will decrease to 2.0% on a Product-by-Product basis upon the earlier to occur of (i) the expiration or revocation of the last patent covering a Product and (ii) a generic version of a Product launching in the United States. Mayne Pharma agreed to pay us minimum annual royalties of $3.0 million per year for 12 years, adjusted for inflation at an annual rate of 3%, subject to certain further adjustments, including as described below. Upon the expiry of the 20-year royalty term, the licenses granted to Mayne Pharma under the Mayne License Agreement will become a fully paid-up and royalty free license for the Licensed Products.

Under the Transaction Agreement, dated December 4, 2022, between TherapeuticsMD and Mayne Pharma (the “Transaction Agreement”), we sold to Mayne Pharma, at closing, certain assets for Mayne Pharma to commercialize the Products in the United States, including, with the Population Council’s consent, our exclusive license from the Population Council to commercialize ANNOVERA (the “Transferred Assets”).

The total consideration from Mayne Pharma to TherapeuticsMD for the purchase of the Transferred Assets under the Transaction Agreement and the grant of the licenses under the Mayne License Agreement was (i) a cash payment of $140.0 million at closing, (ii) a cash payment of approximately $12.1 million at closing for the acquisition of net working capital as determined in accordance with the Transaction Agreement and subject to certain adjustments, (iii) a cash payment of approximately $1.0 million at closing for prepaid royalties in connection with the Mayne License Agreement Amendment (as defined below) and (iv) the right to receive the contingent consideration set forth in the Mayne License Agreement, as amended. The acquisition of net working capital was determined in accordance with the Transaction Agreement and included significant estimates which could change materially for a period of up to two years following the Closing Date.

On the Closing Date, TherapeuticsMD and Mayne Pharma entered into Amendment No. 1 to the Mayne License Agreement (the “Mayne License Agreement Amendment”). Pursuant to the Mayne License Agreement Amendment, Mayne Pharma agreed to pay us approximately $1.0 million in prepaid royalties on the Closing Date. The prepaid royalties reduced the first four quarterly payments that would have otherwise been payable pursuant to the Mayne License Agreement by an amount equal to $257 thousand per quarterly royalty payment plus interest calculated at 19% per annum accruing from the Closing Date until the date such quarterly royalty payment was paid to us. We and Mayne Pharma settled the $1.5 million of consideration due to Mayne Pharma for the assumed obligations under a long-term services agreement, including our minimum payment obligations thereunder. As the parties agreed, during the second quarter of 2023 Mayne Pharma held back our royalty payment of $0.6 million and we funded an additional $0.9 million in August 2023 to settle the original $1.5 million payable.

As part of the transformation that included the Mayne License Agreement, all results associated with former commercial operations have been reflected as discontinued operations in our consolidated financial statements. Assets and liabilities associated with the commercial business are classified as assets and liabilities of discontinued operations in our consolidated balance sheets. Additional disclosures regarding discontinued operations are provided in Note 2 of our consolidated financial statements.

We also have license agreements with strategic partners to commercialize IMVEXXY and BIJUVA outside of the U.S.

●

In July 2018, we entered into a license and supply agreement (the “Knight License Agreement”) with Knight Therapeutics Inc. (“Knight”) pursuant to which we granted Knight an exclusive license to commercialize IMVEXXY and BIJUVA in Canada and Israel. Knight obtained regulatory approval for IMVEXXY and BIJUVA and began commercialization efforts in 2024.

●

In September 2019, we entered into an exclusive license and supply agreement (the “Theramex License Agreement”) with Theramex HQ UK Limited (“Theramex”) to commercialize IMVEXXY and BIJUVA outside of the U.S., excluding Canada and Israel. In 2021, Theramex secured regulatory approval for BIJUVA in certain European countries and began commercialization efforts in those countries.

●

In December 2024, we transferred the right to commercialize IMVEXXY and BIJUVA in Israel from Knight to Theramex.

In connection with our transformation into a pharmaceutical royalty company, the termination of our executive management team (except for Mr. Marlan Walker, our former General Counsel and current Chief Executive Officer) and all other employees was completed by December 31, 2022. Severance obligations for all employees other than executive officers were paid in full in January 2023 and severance obligations for terminated executive officers have been paid in accordance with their employment agreements and separation agreements as previously disclosed. As of December 31, 2025 and 2024, we employed one full-time employee primarily engaged in an executive position.

We have engaged external consultants who support our relationship with current partners and assist with certain financial, IT, legal, and regulatory matters and the continued wind-down of our historical business operations. On August 15, 2023, we entered into a master services agreement with JZ Advisory Group, pursuant to which Joseph Ziegler serves as our Principal Financial and Accounting Officer.

Going concern

Following the transaction with Mayne Pharma, our primary source of revenue is from royalties on products licensed to pharmaceutical organizations that possess commercial capabilities in the relevant territories. We may need to raise capital to provide additional liquidity to fund our operations. To address our capital needs, we may pursue various equity and debt financing and other alternatives. The equity financing alternatives may include the private placement of equity, equity-linked, or other similar instruments or obligations with one or more investors, lenders, or other institutional counterparties or an underwritten public equity or equity-linked securities offering. Our ability to sell equity securities may be limited by market conditions, including the market price of our common stock, and our available authorized shares.

To the extent that we raise additional capital through the sale of such securities, the ownership interests of our existing stockholders will be diluted, and the terms of these new securities may include liquidation or other preferences that adversely affect the rights of our existing stockholders. If we are not successful in obtaining additional financing, we could be forced to discontinue or curtail our business operations, sell assets at unfavorable prices, or merge, consolidate, or combine with a company with greater financial resources in a transaction that might be unfavorable to us.

On May 1, 2023, we entered into a Subscription Agreement (the “Subscription Agreement”) with Rubric Capital Management LP (“Rubric”), pursuant to which we agreed to sell to Rubric, or one or more of its affiliates, up to an aggregate of 5,000,000 shares of our common stock, par value $0.001 per share (our “Common Stock”), from time to time during the term of the Subscription Agreement in separate draw-downs at our election. On June 29, 2023, we issued and sold 312,525 shares of Common Stock at a price per share equal to $3.6797 pursuant to the Subscription Agreement. We received gross proceeds of $1.15 million from the draw-down, before expenses. On November 15, 2023, Rubric drew an additional 877,192 shares of Common Stock at a price per share equal to $2.2761. We received gross proceeds of $2.0 million from the draw-down, before expenses.

In February 2024, the Company received Mayne Pharma’s calculation of the net working capital allowances for payer rebates and wholesale distributor fees pursuant to the Transaction Agreement, which differed significantly from the Company’s estimate of the allowances. We continue to believe our estimated allowances for payer rebates and wholesale distributor fees are reasonable. In August 2024 and in February 2025, we also received information from Mayne Pharma pertaining to the net working capital allowance for returns that differs significantly from our estimate of the allowance.

If Mayne Pharma’s sales of Licensed Products grow more slowly than expected or decline, if the net working capital settlement with Mayne Pharma under the Transaction Agreement is greater than our current estimates, if we are unsuccessful with future financings or the supply chains related to the third-party contract manufacturers are worse than we anticipate, our existing cash reserves may be insufficient to satisfy our liquidity requirements. The potential impact of these factors in conjunction with the uncertainty of the capital markets raises substantial doubt about our ability to continue as a going concern for the next twelve months from the issuance of these consolidated financial statements.

The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

A. Basis of presentation

The consolidated financial statements and related notes include our parent company and all wholly owned subsidiaries. The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Our fiscal year-end is as of and for the year ended December 31st for each year presented. All intercompany transactions among our businesses have been eliminated.

As part of the transformation and as a result of the Mayne Transaction, all results associated with former commercial operations have been reflected as discontinued operations in the consolidated financial statements. Assets and liabilities associated with the commercial business are classified as assets and liabilities of discontinued operations in the consolidated balance sheets. Additional disclosures regarding discontinued operations are provided in Note 2 of these consolidated financial statements.

Certain amounts in the notes to the consolidated financial statements may not add due to rounding. Certain prior period amounts have been reclassified to conform to current-period presentation.

B. New accounting standards

Recently Issued Accounting Standards – Adopted During the Fiscal Year

As of December 2025, we have adopted the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740) - Improvements to Income Tax Disclosures.” ASU No. 2023-09 enhances the transparency and decision usefulness of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The Company adopted this accounting standard update for the year ended December 31, 2025.

Recently Issued Accounting Standards – Not Yet Adopted

In July 2025, the FASB issued Accounting Standards Update (“ASU”) No. 2025-05, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets,” which provides a practical expedient related to the estimation of expected credit losses for accounts receivable and current contract assets that arise from transactions accounted for under Accounting Standards Codification (“ASC”) 606, “Revenue Recognition.” ASU No. 2025-05 requires an entity to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. The requirements of ASU No. 2025-05 are effective for annual periods beginning after December 15, 2025, and interim periods beginning in the first quarter of 2026. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. The Company does not expect a material change as a result of ASU No. 2025-05.

In November 2024, the FASB issued ASU No. 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),” and in January 2025, the FASB issued ASU No. 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date.” ASU No. 2024-03 requires additional income statement disclosures, including the disaggregation of specific categories of expenses underlying the line items presented on the income statement. Additionally, ASU No. 2024-03 requires enhanced disclosure of selling expenses. As clarified by ASU No. 2025-01, the requirements of the guidance are effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. For the Company, annual reporting requirements under ASU No. 2024-03 will be effective for its Annual Report on Form 10-K for the year ending December 31, 2027 and interim reporting requirements will be effective beginning in the first quarter of 2028. Early adoption is permitted, and the amendments should be applied on a prospective basis, however, retrospective application is permitted. The Company is currently evaluating the impact of this pronouncement on its consolidated financial statements and notes thereto.

In December 2025, the FASB issued ASU No. 2025-11, “Interim Reporting (Topic 270): Narrow-Scope Improvements.” ASU No. 2025-11 has three primary objectives: to specify the form and content choices for interim financial statements and accompanying notes; to incorporate a comprehensive list of required interim disclosures; and to introduce a disclosure principle requiring entities to disclose events since the end of the previous annual reporting period that have a material impact on the entity. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. The requirements of ASU No. 2025-11 are effective for public business entities for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either prospectively or retrospectively. For the Company, the requirements of ASU No. 2025-11 will be effective beginning in the first quarter of 2028. The Company does not expect a material change as a result of ASU No. 2025-11.

C. Discontinued Operations

Discontinued operations comprise activities that were disposed of at the end of the period, represent a separate major line of business that can be clearly distinguished for operational and financial reporting purposes and represent a business shift having a major effect on the Company’s operations and financial results according to Accounting Standards Codification (“ASC”) Topic 205, Presentation of Financial Statements. In 2022, we started classifying commercial activities as discontinued operations due to the cessation of these operations. No amounts for shared general and administrative operating support expense were allocated to discontinued operations. As required by the terms of the Financing Agreement, dated as of April 24, 2019, as amended, with Sixth Street Specialty Lending, Inc., as administrative agent, the various lenders from time-to-time party thereto, and certain of our subsidiaries party thereto from time to time as guarantors, the proceeds from both transactions were used to fully repay our outstanding debt borrowings. As a result, interest expense and amortization of deferred financing costs as well as expense for accretion of Series A Preferred Stock and loss on extinguishment of debt are included within income (loss) from discontinued operations, net of tax. Additionally, the related assets and liabilities have been reported as assets and liabilities of discontinued operations in the Company’s consolidated balance sheets as of December 31, 2025 and 2024. For additional information, see Note 2. Discontinued Operations.

D. Estimates and assumptions

The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. We evaluate our estimated assumptions based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ, at times in material amounts, from these estimates under different assumptions or conditions.

E. Cash and Cash Equivalents

For the purpose of the consolidated statements of cash flows, short-term, highly liquid investments that are readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.

We maintain cash at financial institutions that at times may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits of $250 thousand per bank. We have never experienced any losses related to these funds.

F. Fair Value Measurements

Fair value is the price to sell an asset or transfer a liability and therefore represents an exit price in the principal market (or in the absence of a principal market, the most advantageous market). It represents a market-based measurement that contemplates a hypothetical transaction between market participants at the measurement date.

The unique characteristics of an asset or liability and the availability of observable prices affect the number of valuation approaches and/or techniques used in a fair value analysis. We measure fair value using observable and unobservable inputs. We give the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1 inputs) and the lowest priority to unobservable inputs (Level 3 inputs).

We apply the following fair value hierarchy:

●

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

●

Level 2 - Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices; and inputs that are not directly observable but are corroborated by observable market data.

●

Level 3 - Inputs that are unobservable.

The carrying amount of our cash, cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value because of the short-term maturity of such instruments, which are considered Level 1 under the fair value hierarchy.

G. License rights and other intangibles assets

We record license rights and other intangible assets at cost, which includes external costs, consisting primary of legal costs, incurred in securing our patents and trademarks.

Intangible assets subject to amortization, such as patents, are amortized over the useful life of the patent using the straight-line method. If the patent is not successfully granted, we write off any capitalized patent costs at that time. Intangible assets not subject to amortization, such as trademarks, are perpetual and have indefinite lives.

We review license rights and other intangible assets subject to amortization on a periodic basis to determine whether events and circumstances would indicate impairment or warrant a revision to their remaining useful lives. We assess other intangible assets not subject to amortization for potential impairment semi-annually during the second and fourth quarter of each year, or more frequently if events occur or circumstances change that would more likely than not reduce the fair value of the intangible assets below their carrying value.

H. Segment reporting

We manage and operate as one business, which prior to December 2022 was focused on creating and commercializing products targeted exclusively for women and after we signed Mayne License Agreement, is focused on collecting royalties from licensing our products. Our business is led by our chief executive officer, who is our Chief Operating Decision Maker (“CODM”). We do not operate separate lines of business with respect to any of our products, and we do not prepare discrete financial information with respect to separate products. Accordingly, we view our business as one reportable operating segment.

I. Revenue recognition

We determine the amount of revenue to be recognized through application of the following steps:

●

Identification of the contract with a customer;

●

Identification of the performance obligations in the contract;

●

Determination of the transaction price;

●

Allocation of the transaction price to the performance obligations in the contract; and

●

Recognition of revenue when or as we satisfy the performance obligations.

A performance obligation is a promise in a contract to transfer a product or service to a customer. A good or service is considered to be transferred when the customer receives the goods or service or obtains control, and we treat shipping as a fulfillment activity rather than as a separate obligation. We generally recognize revenue at a point in time when all of our performance obligations under the terms of a contract are satisfied. Revenue is recognized upon transfer of control of promised products or services in an amount that reflects the consideration we expect to receive in exchange for those products or services. The collectability of consideration on the contract is reasonably assured before revenue is recognized. To the extent that customer payment has been received before all recognition criteria are met, these revenues are initially deferred in other accruals on the balance sheet and the revenue is recognized in the period that all recognition criteria have been met.

Under ASC 606 Revenue from Contracts with Customers, a royalty receivable is recorded when the underlying sales or usage has occurred and the company has an unconditional right to payment (i.e., only the passage of time is required). It is measured at the amount expected to be collected, subject to an allowance for expected credit losses under ASC 326 Current Expected Credit Losses, and is included in Royalty receivable, current portion on the consolidated balance sheets.

License revenue

License arrangements may consist of non-refundable upfront license fees, exclusive licensed rights to patented or patent pending technology, and various performance or sales milestones and future product royalty payments. Some of these arrangements may include multiple performance obligations. Non-refundable up-front fees that are not contingent on any future performance by us, and do not require continuing involvement on our part, are recognized as revenue when the right to use functional intellectual property is transferred to the customer.

On December 30, 2022, we granted an exclusive license to commercialize our prescription products and assigning the Company’s exclusive license to commercialize ANNOVERA to Mayne Pharma, which resulted in a business shift that had a major effect on our operations and financial results. As part of the transformation that included the Mayne License Agreement, all results associated with former commercial operations have been reflected as discontinued operations in the Company’s consolidated financial statements for all periods prior to the Closing Date. Since December 31, 2022, we are no longer directly engaged in the sale of prescription products.

Under the terms of the Mayne License Agreement, we received $140 million at closing and we are eligible to receive additional payments in the aggregate of up to an additional $30 million, based on the achievement of sales milestones (collectively, the “Milestone Amounts”). The proceeds at closing were allocated between consideration for the sale of ANNOVERA and the initial license fee for the Licensed Products, as the sale of ANNOVERA was accounted for under ASC 610-20, Gains and Losses from Derecognition of Nonfinancial Assets in arriving at the gain on disposal (see Note 2), while the license grant of the other products were recognized under the provisions of ASC 606, Revenue from Contracts with Customers, as a license of functional intellectual property. The proceeds were allocated among the Licensed Products on the relative net present value of forecasted future product sales from those products. The Milestone Amounts will be recognized, as applicable, in subsequent periods based on actual product sales that exceed the respective net sales milestones as such variable consideration is constrained by the occurrence of the subsequent sales.

Our royalty revenue in 2025 and 2024 primarily related to royalties provided for under the Mayne License Agreement based on Mayne Pharma’s sales of the licensed products subject to that agreement. Under the Mayne License Agreement, the Company is entitled to earn royalties on net sales of all of the Licensed Products at a royalty rate of (i) 8% on the first $80 million of net sales of the Licensed Products and (ii) 7.5% on net sales of all of the Licensed Products after the first $80 million of net sales. The royalty rate is subject to a 2% reduction upon the earlier to occur of (i) the expiration or revocation of the last valid claim covering a Licensed Product, and (ii) a generic product launch (a “LOE”). We are entitled to minimum annual royalties beginning with the year ending December 31, 2023 ($3 million annual minimum) and continuing with 3% annual increases through the year ending December 31, 2034 (the “Minimum Annual Royalty”). The total Minimum Annual Royalty we are entitled to is $42.6 million, and this total amount was allocated among the Licensed Products on the relative net present value of forecasted future product sales from those products. The portion allocated to consideration for the sale of ANNOVERA was attributed towards the gain on disposal of that asset. For the remaining portion allocated to the license grants for the other products, we determined that the minimum guarantee underlying the Minimum Annual Royalty should be treated as fixed consideration and recognized under ASC 606 at the point in time when the license was transferred. Since the Minimum Annual Royalty will be received in annual installments through 2034, we determined the transaction price allocated under ASC 606 contained a significant financing component, and we therefore determined the initial royalty revenue and corresponding receivable based on the present value of the allocated Minimum Annual Royalty. The present value was calculated using a discount rate of 10.45%, based on the credit characteristics of Mayne Pharma and the timing of future payments, and the value will be accreted to full value through the earlier of January 1, 2034, or a LOE. This royalty receivable is a contract asset as of December 31, 2025 and 2024, and is further subject to offset by Mayne Pharma (see J. Contract Assets and Liabilities below).

Royalty revenue earned in excess of the Minimum Annual Royalty will be recognized under ASC 606, which provides revenue recognition constraints by requiring the recognition of revenue at the later of the following: 1) when the subsequent sale occurs or 2) when the performance obligation to which some or all of the sales-based royalty has been allocated has been satisfied (or partially satisfied). We applied the royalty recognition constraint required under the guidance for sales-based royalties, which requires a sales-based royalty to be recorded no sooner than the underlying sale. Therefore, royalties on sales of products commercialized by Mayne Pharma will be recognized in the subsequent periods that the Licensed Products are sold.

In 2025, we recorded BIJUVA license sales of $632 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $598 thousand through the Knight License Agreement and $1,791 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,291 thousand in other income pertaining to royalty sales of ANNOVERA.

In 2024, we recorded BIJUVA license sales of $443 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $195 thousand through the Knight License Agreement and $1,123 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,083 thousand in other income pertaining to royalty sales of ANNOVERA.

J. Contract Assets and Liabilities

Contract assets totaling $17,238 thousand and $19,572 thousand as of December 31, 2025 and 2024, respectively, include royalties recognized from the Minimum Annual Royalty (see I. Revenue Recognition above).

K. Share-based payment awards

We account for share-based payment awards on a fair value basis of the equity instrument issued. Under fair value accounting, the grant-date fair value of the share-based payment award is amortized as compensation expense, on a straight-line basis, over the service period (generally, the vesting period) for both graded and cliff vesting awards. We have elected to account for forfeitures as they occur.

The Company accounts for share-based compensation in accordance with ASC 718 Stock Compensation US GAAP. Compensation expense is recognized over the requisite service period based on the grant-date fair value of the awards. The fair value of stock options and warrants is estimated on the grant date using the Black-Scholes option pricing model, which requires the use of certain assumptions, including expected volatility, expected term, risk-free interest rate, and expected dividends.

Increase of authorized shares

On June 26, 2023, at our combined 2022 and 2023 Annual Meeting, our stockholders approved an amendment to our Amended and Restated Articles of Incorporation to increase the number of authorized shares of Common Stock from 12 million shares to 32 million shares.

On December 15, 2025, the Company’s stockholders approved an amendment to the Company’s Amended and Restated Articles of Incorporation to increase the number of authorized shares of Common Stock from 32 million shares to 640 million shares. The Certificate of Amendment was filed with the Secretary of State of Nevada on January 5, 2026.

L. Income taxes

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and income tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in income tax rates is recorded as a component of the income tax provision in the period that includes the enactment date.

Regular assessments are made on the likelihood that our deferred tax assets will be recovered from our future taxable income. Our evaluation is based on estimates, assumptions, and includes an analysis of available positive and negative evidence, giving weight based on the evidence’s relative objectivity. Sources of positive evidence include estimates of future taxable income, future reversal of existing taxable temporary differences, taxable income in carryback years, and available tax planning strategies. Sources of negative evidence include current and cumulative losses in recent years, losses expected in early future years, any history of operating losses or tax credit carryforwards expiring unused, and unsettled circumstances that, if unfavorably resolved, would adversely affect future profit levels.

The remaining carrying value of our deferred tax assets, after recording the valuation allowance on our deferred tax assets, is based on our present belief that it is more likely than not that we will be able to generate sufficient future taxable income to utilize such deferred tax assets. The amount of the remaining deferred tax assets considered recoverable could be adjusted if our estimates of future taxable income during the carryforward period change favorably or unfavorably. To the extent we believe that it is more likely than not that some or all the remaining deferred tax assets will not be realized, we must establish a valuation allowance against those deferred tax assets, resulting in additional income tax expense in the period such determination is made. To the extent a valuation allowance currently exists, we will continue to monitor all positive and negative evidence until we believe it is more likely than not that it is no longer necessary, resulting in an income tax benefit in the period such determination is made.

Our policy is to recognize both interest and penalties related to uncertain tax positions as part of the income tax provision. Significant judgment is required in evaluating our tax positions, and in determining our provisions for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. We establish reserves when, despite our belief that the income tax return positions are fully supportable, certain positions are likely to be challenged and we may ultimately not prevail in defending those positions.

M. Earnings per common share

Basic earnings or loss per common share is computed by dividing net income or loss available to common stockholders by the sum of the weighted average number of shares of common stock. Diluted earnings per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock and the number of additional shares of common stock that would have been outstanding if our outstanding potentially dilutive securities had been issued. Potentially dilutive securities include awards of non-vested or vested and not settled restricted stock units, performance stock units where the performance requirements have been met and not settled, warrants and options. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per common share by application of the treasury stock method, except if its impact is anti-dilutive. Under the treasury stock method, an increase in the fair market value of our common stock can result in a greater dilutive effect from potentially dilutive securities.

N. Leases

We determine if an arrangement is a lease at inception. Determining whether a contract contains a lease includes judgment regarding whether the contract conveys the right to control the use of identified property or equipment for a period of time in exchange for consideration.

We account for our lease-related assets and liabilities based on their classification as operating leases or finance leases, following the relevant accounting guidance. For all the lessee arrangements, we have elected an accounting policy to combine non-lease components with the related-lease components and treat the combined items as a lease for accounting purposes. We measure lease related assets and liabilities based on the present value of lease payments, including in-substance fixed payments, variable payments that depend on an index or rate measured at the commencement date, and the amount we believe is probable we will pay the lessor under residual value guarantees when applicable. We discount lease payments based on our estimated incremental borrowing rate at lease commencement (or modification), which is primarily based on our estimated credit rating, the lease term at commencement, and the contract currency of the lease arrangement. We have elected to exclude short-term leases (leases with an original lease term less than one year) from the measurement of lease-related assets and liabilities.

We test right-of-use assets in an operating or finance lease at the asset group level (because these assets are long-lived nonfinancial assets and should be accounted for the same way as other long-lived nonfinancial assets) whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

We sublease our unoccupied facilities to third parties. Any impairment to the associated right-of-use asset, leasehold improvements, or other assets as a result of the sublease is recognized in the period when a decision to sublease is made and recorded in our consolidated statements of operations. We recognize sublease income on a straight-line basis over the sublease term.

Certain prior period continuing operation amounts have been revised due to an immaterial error in prior year presentation. Prior to 2025, sublease income of $1,352 thousand was presented with general administrative expenses on the consolidated statements of operations. Beginning in 2025, the Company presented sublease income as a component of Other Income (expense) on the Consolidated Statements of Operations to better reflect the nature of the income. Accordingly, prior period amounts for the year ended December 31, 2024, have been reclassified to conform with current year presentation. This revision had no effect on previously reported net loss or per share amounts.

O. Loss Contingencies

In determining whether an accrual for a loss contingency is required, we first assess the likelihood of occurrence of the future event or events that will confirm the loss. When a loss is probable (the future event or events are likely to occur) and the amount of the loss can be reasonably estimated, the estimated loss is accrued. If the reasonable estimate of the loss is a range and an amount within the range appears to be a better estimate than any other amount within the range, that amount should be accrued. However, if no amount within the range is a better estimate, the minimum amount in the range should be accrued. When a loss is reasonably possible (the chance of the future event or events occurring is more than remote but less than likely), no accrual is recognized. See Note 7 for more information.

P. Revisions and Reclassifications

Certain prior period continuing operation amounts have been reclassified to conform with current period presentation. Interest Income and Interest Expense were historically presented within Miscellaneous Income and beginning this year, are separately presented as a component of Other Income (expense). Accordingly, prior period amounts for the year ended December 31, 2024, have been reclassified to conform with current year presentation. These reclassifications had no effect on previously reported net loss or per share amounts.

Additionally on the Consolidated Statement of Cash Flows, we have separately presented changes in operating lease liabilities beginning in 2025 and have reclassified amounts pertaining to amortization of right-of-use assets within net cash provided by continuing operating activities. Accordingly, prior period amounts for the year ended December 31, 2024, have been reclassified to conform with current year presentation and had no effect on previously reported net cash provided by continuing operating activities.

Amounts within the footnotes to the Consolidated Financial Statements, Note 3. Prepaid and other current assets and Note 5. Accrued expenses and other current liabilities, have been reclassified for presentation purposes only.

Licensed Rights and Other Intangible Assets - Schedule of Intangible Assets Subject to Amortization (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Schedule of Intangible Assets Subject to Amortization [Abstract]
2026	$ 380
2027	380
2028	380
2029	380
2030	380
Thereafter	1,372
Total	$ 3,272

Interest and Financing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Interest and Financing Costs [Abstract]
Interest income included in miscellaneous income	$ 150	$ 145
Interest expense and other financing costs	$ 8	$ 10

Stockholders’ Equity - Schedule of Our RSUs and Related Transactions (Details) - RSUs [Member] - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Our RSUs and Related Transactions [Line Items]
Stock unit, Beginning balance	2	40
Weighted Average Grant Date Fair Value, Beginning balance	$ 21.78	$ 9.67
Aggregate Intrinsic Value, Beginning balance	$ 1,490	$ 89,600
Stock unit, Vested	(2)	(38)
Weighted Average Grant Date Fair Value, Vested	$ 21.78	$ 9.11
Aggregate Intrinsic Value, Vested
Stock unit, Ending balance	26	2
Weighted Average Grant Date Fair Value, Ending balance	$ 1.15	$ 21.78
Aggregate Intrinsic Value, Ending balance	$ 41,570	$ 1,490
Stock unit, Granted	26
Weighted Average Grant Date Fair Value, Granted	$ 1.15
Aggregate Intrinsic Value, Granted

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Cash flows from operating activities:
Net loss	$ (569)	$ (2,181)
Less: Income from discontinued operations, net of tax	84	131
Net loss from continuing operations	(653)	(2,312)
Adjustments to reconcile net loss to net cash provided by continuing operating activities:
Depreciation and amortization	384	509
Write-off and impairment of patents	176	1,268
Share-based payment compensation costs	75	264
Amortization of right of use assets	809	771
Changes in operating assets and liabilities:
Prepaid and other current assets	201	397
Other assets	2,020	1,930
Accounts payable	119	231
Accrued expenses and other current liabilities	272	(1,006)
Lease liabilities	(1,078)	(990)
Other non-current liabilities	129	108
Total adjustments	3,107	3,482
Net cash provided by continuing operating activities	2,454	1,170
Discontinued operations:
Net cash used in operating activities	(30)	(438)
Net cash used in discontinued operations	(30)	(438)
Net increase in cash	2,424	732
Cash and cash equivalents - continuing operations, beginning of period	5,059	4,327
Total cash and cash equivalents, end of period	$ 7,483	$ 5,059

Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 15, 2023	Aug. 31, 2023	Jun. 29, 2023	May 01, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Period of royalty payments					20 years
Cash payment					$ 140,000
Acquisition of net working capital					12,100
Cash received for prepaid royalties					1,000
Royalty payment					$ 257
Quarterly royalty payment, interest per annum					19.00%
Additional fund		$ 1,500
Common stock price per share (in Dollars per share)					$ 0.001	$ 0.001
Cash FDIC insured amount					$ 250
Payments to acquire businesses					140,000
Additional milestone payments to be received on achievement of sales milestone payments					30,000
Aggregate minimum annual royalty payments due					$ 42,600
Present value of annual minimum royalty discount rate					10.45%
License sales					$ 3,022	$ 1,761
License revenue					1,791	1,123
Royalty sales					1,291	1,083
Contract assets					$ 17,238	$ 19,572
Number of authorized shares of common stock (in Shares)					32,000,000	32,000,000
Sublease income					$ 1,847	$ 1,352
Royalty Agreements [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Decrease in royalty rate on product-by-product basis					2.00%
Minimal annual royalty payment							$ 3,000
Inflation rate adjusted for minimal annual royalty payment						3.00%
Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Period of royalty payments					20 years
Decrease in royalty rate on product-by-product basis					2.00%
Minimal annual royalty payment					$ 3,000
Period of minimal annual royalty payment					12 years
Inflation rate adjusted for minimal annual royalty payment					3.00%
Prepaid royalties					$ 1,000
Royalty payment payable under long term service agreement					1,500
Royalty payment held		600
Additional fund		$ 900
Rubric Capital Management LP [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Sold shares of common stock (in Shares)	877,192		312,525	5,000,000
Common stock price per share (in Dollars per share)				$ 0.001
Price per share (in Dollars per share)			$ 3.6797
Gross proceeds	$ 2,000		$ 1,150
Common stock price per share (in Dollars per share)	$ 2.2761
Theramex License Agreements [Member] \| Bijuvas [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
License sales					632	$ 443
Theramex License Agreements [Member] \| IMVEXXY [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
License sales					598	$ 195
Minimum [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Number of authorized shares of common stock (in Shares)								12,000,000
Maximum [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Number of authorized shares of common stock (in Shares)								32,000,000
Milestone Payments One [Member] \| Royalty Agreements [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Threshold annual net sales to determine royalty rate					80,000
Milestone Payments One [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Milestone payments					5,000
Net sales amount to determine one-time milestone payment					100,000
Milestone Payments Two [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Milestone payments					10,000
Net sales amount to determine one-time milestone payment					200,000
Milestone Payments Three [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Milestone payments					15,000
Net sales amount to determine one-time milestone payment					$ 300,000
Royalty Rate One [Member] \| Royalty Agreements [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Royalty rate as percentage on net sales					8.00%
Threshold annual net sales to determine royalty rate					$ 80,000
Royalty Rate One [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Royalty rate as percentage on net sales					8.00%
Royalty Rate One [Member] \| Mayne Pharma [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Royalty rate as percentage on net sales					8.00%
Threshold annual net sales to determine royalty rate					$ 80,000
Royalty Rate Two [Member] \| Royalty Agreements [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Royalty rate as percentage on net sales					7.50%
Royalty Rate Two [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Net sales amount to determine one-time milestone payment					$ 80,000
Royalty rate as percentage on net sales					7.50%
Royalty Rate Two [Member] \| Mayne Pharma [Member] \| Mayne License Agreement [Member]
Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Line Items]
Royalty rate as percentage on net sales					7.50%
Threshold annual net sales to determine royalty rate					$ 80,000

Related Parties

12 Months Ended

Dec. 31, 2025

Related Parties [Abstract]

Related parties

12. Related parties

On August 23, 2022, we appointed Mr. Justin Roberts as a director to fill a newly created vacancy on our Board of Directors. Mr. Roberts was elected to serve as a director at our combined 2022 and 2023 Annual Meeting held on June 26, 2023. Mr. Roberts will serve until our next Annual Meeting of Stockholders or until his successor is duly elected or appointed or his earlier death or resignation. As a director of our Company, Mr. Roberts is entitled to receive compensation in the same manner as our other non-employee directors, described in the section entitled “Director Compensation” in our Amendment No. 1 to Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission on May 1, 2023, but he has elected not to receive any compensation for his service as a non-employee director at this time. Mr. Roberts currently serves as a Partner of Rubric. On July 29, 2022, September 30, 2022, October 28, 2022, and May 1, 2023, we entered into subscription agreements with Rubric. On December 30, 2022, in accordance with the terms of the Certificate of Designation, we redeemed all 29,000 outstanding shares of Series A Preferred Stock previously issued to affiliates of Rubric at a purchase price of $1,333 per share. also paid certain affiliates of Rubric approximately $3.0 million as a make-whole payment pursuant to the subscription agreements previously entered into between us and Rubric. On June 29, 2023, we issued and sold 312,525 shares of Common Stock to Rubric at a price per share equal to $3.6797 pursuant to the Subscription Agreement and received gross proceeds of $1.15 million, before expenses. On November 15, 2023 Rubric drew down an additional 877,192 shares of Common Stock at a price per share equal to $2.2761. We received gross proceeds of $2.0 million from the draw-down, before expenses. There were no draw-downs in 2025 and 2024.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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+ Details

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business Concentrations

12 Months Ended

Dec. 31, 2025

Business Concentrations [Abstract]

Business concentrations

13. Business concentrations

For the year ended December 31, 2025, 100% of license revenue is related to Mayne Pharma, Theramex and Knight.

As of December 31, 2025, we had a royalty receivable of $3,525 thousand relating to the short-term portion of receivable from Mayne Pharma, Theramex and Knight and $13,713 thousand relating to the long-term portion of royalty receivable which includes royalties recognized from the minimum annual royalty that Mayne Pharma is obligated to pay to us under the Mayne License Agreement.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

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-Paragraph 21
-Subparagraph (d)(2)
-Publisher FASB
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (c)(3)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 275
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/275/tableOfContent

+ Details

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Schedule of Effective Income Tax Rate Reconciliation [Abstract]

U.S. Federal Statutory Rate, Amount

$ (137)

$ (492)

U.S. Federal Statutory Rate, Percentage

21.00%

State tax rate, net of federal tax benefit, Amount

^[1]

$ (8,745)

State tax rate, net of federal tax benefit, Percentage

0.00%

^[1]

373.30%

Adjustment in valuation allowance, Amount

$ 9,772

Adjustment in valuation allowance, Percentage

(417.10%)

Interest expense accretion, Amount

Interest expense accretion, Percentage

0.00%

Permanent and other differences, Amount

$ (1,132)

Permanent and other differences, Percentage

48.30%

Benefit for income taxes, Amount

$ (31)

Benefit for income taxes, Percentage

0.00%

1.30%

Foreign Tax Effects, Amount

Foreign Tax Effects, Percentage

0.00%

Effects of Changes in Tax Laws or Rates Enacted in Current Period, Amount

Effects of Changes in Tax Laws or Rates Enacted in Current Period, Percentage

0.00%

Effects of Cross-Border Tax Laws, Amount

Effects of Cross-Border Tax Laws, Percentage

0.00%

Tax Credits:

R&D Credit, Amount

$ 186

R&D Credit, Percentage

(28.60%)

Change in Valuation Allowance, Amount

$ (996)

Change in Valuation Allowance, Percentage

152.70%

Nontaxable or Nondeductible Items:

Excess stock benefits, Amount

$ 908

$ 566

Excess stock benefits, Percentage

(139.20%)

(24.20%)

Receivable Write-Off, Amount

$ 39

Receivable Write-Off, Percentage

(5.90%)

Changes in Unrecognized Tax Benefits, Amount

Changes in Unrecognized Tax Benefits, Percentage

0.00%

Other Adjustments:

Deferred True-Ups, Amount

Deferred True-Ups, Percentage

0.00%

Effective Tax Rate, Amount

$ 0

Effective Tax Rate, Percentage

0.00%

1.30%

[1]	State taxes in South Carolina and Illinois make up the majority (greater than 50 percent) of the effect of this category for the period ended December 31, 2025.

Stockholders’ Equity

12 Months Ended

Dec. 31, 2025

Stockholders’ Equity [Abstract]

Stockholders’ Equity

8. Stockholders’ Equity

Increase of authorized shares

Warrants

	Warrants outstanding and exercisable
	Warrants			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, December 31, 2023		99		$	66.61	$	1,793		6.5
Expired		(1	)		281.50		—		—
Balance, December 31, 2024		98			63.33		—		5.6
Balance, December 31, 2025		98		$	63.33	$	—		4.6

Share-based compensation payment plans

As of December 31, 2025, 105,512 shares of common stock were subject to outstanding awards under our share-based payment award plans and inducement grants (calculated using the base number of PSUs that may vest). As of December 31, 2025, 429,229 shares of common stock were available for future grants of share-based payment awards under the TherapeuticsMD, Inc. 2019 Stock Incentive Plan.

	Outstanding									Exercisable
	Options Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)		Options Awards			Weighted Average Exercise Price		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, as of December 31, 2023		72		$	258.55	$	—		3.0		72		$	258.46	$	—		3.0
Expired		(15	)		217.08		—		—		(15	)		—		—		—
Balance, as of December 31, 2024		57			270.33		—		2.8		57			270.20		—		2.8
Granted		67			0.74		—		—		67			0.74		—		—
Expired		(19	)		406.20		—		—		(19	)		406.20		—		—
Balance, as of December 31, 2025		105		$	74.05	$	—		7.3		105		$	74.04	$	—		7.3

The following table summarizes the status of our RSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

	RSUs awards outstanding
	RSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance, as of December 31, 2023		40		$	9.67	$	89.60
Vested		(38	)		9.11		—
Balance, as of December 31, 2024		2			21.78		1.49
Granted		26			1.15		—
Vested		(2)			21.78		—
Balance, as of December 31, 2025		26		$	1.15	$	41.57

The following table summarizes the status of our PSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

	PSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Unvested, as of December 31, 2023		12		$	49.36	$	27.30
Vested		(7	)		60.50		16.16
Unvested, as of December 31, 2024		5			34.50		4.47
Vested		(5	)		34.50		—
Unvested, as of December 31, 2025		—		$	—	$	—

Share-based payment compensation cost

Share-based payment compensation expense for PSUs is based on 100% vesting which was a part of the termination benefits for all employees who were terminated in 2022. We recorded share-based payment award compensation costs related to previously issued options, RSU and PSUs, as well as shares of common stock issued under our employee stock purchase plan (“ESPP”) totaling $75 thousand for 2025 and $264 thousand for 2024.

As of December 31, 2025, we had $28 thousand of unrecognized share-based payment award compensation cost related to unvested options, RSUs and PSUs as well as shares issuable under our ESPP, which may be adjusted for future changes in forfeitures and is included as additional paid-in capital in the accompanying consolidated balance sheets. No tax benefit was realized due to a continued pattern of net losses.

The unrecognized compensation cost as of December 31, 2025 of $28 thousand is expected to be recognized as share-based payment award compensation over a weighted average period of 2.8 years.

Interest and Financing Costs

12 Months Ended

Dec. 31, 2025

Interest and Financing Costs [Abstract]

Interest and financing costs

6. Interest and financing costs

Interest income was $150 thousand for the year ended 2025, compared to $145 thousand for the year ended 2024. Interest expense and other financing costs were $8 thousand in 2025, compared to $10 thousand in 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Total Revenue

The following tables present total revenue of the Company by geographic location.

	As of December 31,
	2025		2024
License revenue
United States	$	1,792	$	1,123
Non-U.S.		1,230		638
Total	$	3,022	$	1,761

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 7,483	$ 5,059
Royalty receivable, current portion	3,525	3,562
Prepaid and other current assets	3,437	3,638
Total current assets	14,445	12,259
License rights and other intangible assets, net	3,761	4,321
Right of use assets, net	5,293	6,102
Royalty receivable, long term	13,713	16,010
Other non-current assets	444	130
Total assets	37,656	38,822
Current liabilities:
Accounts payable	377	258
Accrued expenses and other current liabilities	1,741	2,127
Current liabilities of discontinued operations	2,667	2,781
Total current liabilities	4,785	5,166
Operating lease liabilities	5,122	5,542
Other non-current liabilities	873	744
Total liabilities	10,780	11,452
Commitments and contingencies (Note 7)
Stockholders’ equity:
Common stock, par value $0.001; 32,000 and 32,000 shares authorized, 11,574 and 11,532 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	11	11
Additional paid-in capital	979,256	979,181
Accumulated deficit	(952,391)	(951,822)
Total stockholders’ equity	26,876	27,370
Total liabilities and stockholders’ equity	$ 37,656	$ 38,822

Accounting Policies, by Policy (Policies)

12 Months Ended

Dec. 31, 2025

Business, Basis of Presentation, New Accounting Standards and Summary of Significant Accounting Policies [Abstract]

Basis of presentation

A. Basis of presentation

Certain amounts in the notes to the consolidated financial statements may not add due to rounding. Certain prior period amounts have been reclassified to conform to current-period presentation.

New accounting standards

B. New accounting standards

Recently Issued Accounting Standards – Adopted During the Fiscal Year

Recently Issued Accounting Standards – Not Yet Adopted

Discontinued Operations

C. Discontinued Operations

Estimates and assumptions

D. Estimates and assumptions

Cash and Cash Equivalents

E. Cash and Cash Equivalents

Fair Value Measurements

F. Fair Value Measurements

We apply the following fair value hierarchy:

●

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

●

Level 3 - Inputs that are unobservable.

License rights and other intangibles assets

G. License rights and other intangibles assets

We record license rights and other intangible assets at cost, which includes external costs, consisting primary of legal costs, incurred in securing our patents and trademarks.

Segment reporting

H. Segment reporting

Revenue recognition

I. Revenue recognition

We determine the amount of revenue to be recognized through application of the following steps:

●

Identification of the contract with a customer;

●

Identification of the performance obligations in the contract;

●

Determination of the transaction price;

●

Allocation of the transaction price to the performance obligations in the contract; and

●

Recognition of revenue when or as we satisfy the performance obligations.

License revenue

In 2025, we recorded BIJUVA license sales of $632 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $598 thousand through the Knight License Agreement and $1,791 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,291 thousand in other income pertaining to royalty sales of ANNOVERA.

In 2024, we recorded BIJUVA license sales of $443 thousand made through the Theramex License Agreement, BIJUVA and IMVEXXY license sales of $195 thousand through the Knight License Agreement and $1,123 thousand pertaining to our licensed products with Mayne Pharma, which was recognized as license revenue. Additionally, we recognized $1,083 thousand in other income pertaining to royalty sales of ANNOVERA.

Contract Assets and Liabilities

J. Contract Assets and Liabilities

Share-based payment awards

K. Share-based payment awards

Increase of authorized shares

Income taxes

L. Income taxes

Earnings per common share

M. Earnings per common share

Leases

N. Leases

Loss Contingencies

O. Loss Contingencies

Revisions and Reclassifications

P. Revisions and Reclassifications

Stockholders’ Equity - Schedule of Our PSUs and Related Transactions (Details) - PSUs [Member] - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Schedule of Our PSUs and Related Transactions[Line Items]
Stock unit, Beginning balance	5	12
Weighted Average Grant Date Fair Value, Beginning balance	$ 34.5	$ 49.36
Aggregate Intrinsic Value, Beginning balance	$ 4,470	$ 27,300
Stock unit, Vested	(5)	(7)
Weighted Average Grant Date Fair Value, Vested	$ 34.5	$ 60.5
Aggregate Intrinsic Value, Vested		$ 16,160
Stock unit, Ending balance		5
Weighted Average Grant Date Fair Value, Ending balance		$ 34.5
Aggregate Intrinsic Value, Ending balance		$ 4,470

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accrued Expenses and Other Current Liabilities - Schedule of Other Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Schedule of Other Accrued Expenses and Other Current Liabilities [Abstract]
Payroll and related costs	$ 310	$ 92
Professional fees	265	288
Operating lease liabilities	975	1,633
Other accrued expenses and current liabilities	191	114
Accrued expenses and other current liabilities	$ 1,741	$ 2,127

Loss Per Common Share

12 Months Ended

Dec. 31, 2025

Loss Per Common Share [Abstract]

Loss per common share

11. Loss per common share

The following table sets forth the computation of basic and diluted (loss) income per common share for the periods presented (in thousands, except per share amounts):

	Years Ending December 31,
	2025			2024
Numerator:
Net loss from continuing operations	$	(653	)	$	(2,312	)
Income from discontinued operations		84			131
Net loss	$	(569	)	$	(2,181	)
Denominator:
Weighted average common shares outstanding - basic		11,569			11,532
Effect of dilutive securities		—			—
Weighted average common shares outstanding - diluted		11,569			11,532

Loss per common share, continuing operations
Basic	$	(0.06	)	$	(0.20	)
Diluted	$	(0.06	)	$	(0.20	)
Income per common share, discontinued operations
Basic	$	0.01		$	0.01
Diluted	$	0.01		$	0.01

Since we reported a net loss from continuing operations for the years ending December 21, 2025 and 2024, our potentially dilutive securities are deemed to be anti-dilutive, accordingly, there was no effect of dilutive securities. Therefore, our basic and diluted loss per common share and our basic and diluted weighted average common shares are the same for the years ending December 21, 2025 and 2024, respectively.

	December 31,
	2025		2024
Stock options		105		57
RSUs		26		2
PSUs		—		5
Warrants		98		98
		229		162