– Pipeline of two late-stage product candidates
advancing towards commercialization, with launch of TX-004HR
expected in fourth quarter 2017 pending regulatory approval –
– Management to host conference call today at
8:00 a.m. EST –
TherapeuticsMD, Inc. (NYSE MKT: TXMD), an innovative women’s
healthcare company, today announced its fourth quarter and
full-year financial results for 2016.
2016 and Recent Developments
- Net revenue for the company’s
prescription prenatal vitamin business was approximately $19.4
million in 2016 compared with approximately $20.1 million for the
prior year.
- Net loss was approximately $89.9
million in 2016, compared with approximately $85.1 million for the
prior year, reflecting investment in clinical development for the
company’s two phase 3 hormone therapy drug candidates.
- Ended the year with approximately
$131.5 million in cash and no debt.
- Reported positive topline data from the
Replenish Trial, a phase 3 clinical trial of TX-001HR, the
company’s bio-identical hormone therapy combination of estradiol
and progesterone in a single, oral softgel, for the treatment of
moderate-to-severe vasomotor symptoms due to menopause. Topline
results from the trial in 1,835 post-menopausal women demonstrated
that multiple doses of TX-001HR resulted in a statistically
significant reduction from baseline in both the frequency and
severity of hot flashes compared to placebo. In addition,
endometrial safety was established with an incidence rate of
endometrial hyperplasia or malignancy of 0% across all doses. The
company plans to submit a New Drug Application (NDA) for TX-001HR
to the U.S. Food and Drug Administration (FDA) in the third quarter
of 2017.
- Submitted an NDA for TX-004HR, the
company’s applicator-free estradiol vaginal softgel capsule drug
candidate for the treatment of moderate-to-severe vaginal pain
during sexual intercourse (dyspareunia), a symptom of vulvar and
vaginal atrophy (VVA) due to menopause. The NDA is supported by the
complete TX-004HR clinical program, including positive results from
all three doses of TX-004HR (4 mcg, 10 mcg and 25 mcg) that were
evaluated in the phase 3 Rejoice Trial. The FDA’s Prescription Drug
User Fee Act (PDUFA) target action date for the NDA is May 7,
2017.
- Published three manuscripts with
detailed results of the TX-004HR phase 3 Rejoice Trial in the
peer-reviewed journal Menopause. The manuscripts review the
positive results of TX-004HR across pre-specified co-primary and
secondary endpoints in the Rejoice Trial, data from a
pharmacokinetic (PK) substudy demonstrating the low systemic
absorption of TX-004HR, as well as data from a patient
acceptability and satisfaction survey demonstrating a high level of
product acceptability, ease of use, and patient satisfaction with
TX-004HR.
- The company’s intellectual property
portfolio grew to a current total of 144 patent filings, including
74 international filings, with one allowed and 17 issued U.S.
patents.
- Strengthened relationships with key
medical, pharmacy, patient and industry organizations worldwide.
This includes the recent launch of the company’s BIO-IGNITE™
program, an outreach program to quantify the number of compounded
bio-identical estradiol and progesterone prescriptions currently
dispensed by the 3,000-3,500 high-volume compounding pharmacies and
qualify their interests in distributing the company’s bio-identical
hormone product candidates, if approved.
“During 2016, we made significant advancements with our two
late-stage pipeline candidates while we pursued our goal to bring
new healthcare solutions to women to help manage their menopause
symptoms,” said TherapeuticsMD CEO Robert G. Finizio. “As we look
forward to 2017, we are planning the launch of TX-004HR, pending
regulatory approval, as a highly differentiated new treatment for
moderate-to-severe dyspareunia, a symptom of VVA due to menopause.
We also intend to file an NDA for TX-001HR, which, if approved,
would be the first and only FDA-approved bio-identical combination
of estradiol and progesterone for the treatment of
moderate-to-severe vasomotor symptoms due to menopause.”
Summary of 2016 Financial Results
For the year ended December 31, 2016, net revenue was
approximately $19.4 million compared with approximately $20.1
million for the prior year. Net revenue for the fourth quarter of
2016 was approximately $4.5 million compared with net revenue of
approximately $5.6 million for the prior year’s quarter. These
changes were primarily due to a decrease in the average net sales
price of our products, partially offset by an increase in the
number of units sold.
Total operating expenses for the fourth quarter and full-year
2016 included research and development (R&D) expenses and
sales, general and administrative expenses (SG&A). R&D
expenses for the full-year 2016 were approximately $53.9 million
compared with approximately $72.0 million for the prior year.
R&D expenses for the fourth quarter of 2016 were approximately
$10.3 million compared to approximately $13.3 million during the
prior year’s quarter. The decreases in R&D were primarily due
to lower clinical trial costs as the company completed its phase 3
clinical trials for TX-001HR and TX-004HR. SG&A expenses for
the full-year 2016 were approximately $51.3 million compared with
approximately $28.7 million for the prior year. SG&A expenses
for the fourth quarter of 2016 were approximately $16.3 million
compared with approximately $8.6 million for the prior year’s
quarter. The increases in SG&A were primarily due to higher
sales, marketing, regulatory expenditures, and personnel costs to
support future commercialization.
Net loss for the full-year 2016 was approximately $89.9 million,
or $0.46 per basic and diluted share, compared with approximately
$85.1 million, or $0.49 per basic and diluted share, for the
full-year 2015. Net loss in the fourth quarter of 2016 was
approximately $22.8 million, or $0.12 per basic and diluted share,
compared with approximately $17.5 million, or $0.10 per basic and
diluted share, for the fourth quarter of 2015.
At December 31, 2016, cash on hand was approximately $131.5
million, compared with approximately $64.7 million at December 31,
2015.
Conference Call Today
As previously announced, TherapeuticsMD will host a conference
call today to discuss these financial results and provide a
business update. Details for the call are:
Date:
Thursday, February 23, 2017
Time:
8:00 a.m. EST
Telephone Access (US):
866-665-9531
Telephone Access
(International):
724-987-6977
Access Code for All Callers:
68412683
Additionally, a live webcast can be accessed on the company’s
website, www.therapeuticsmd.com, on the Home Page or under the
“Investors & Media” section. A digital recording of the
conference call will be available for replay beginning two hours
after the call's completion and for at least 30 days with the
dial-in 855-859-2056 or international 404-537-3406 and Conference
ID: 68412683.
About TherapeuticsMD, Inc.
TherapeuticsMD, Inc. is an innovative healthcare company
focused on developing and commercializing products exclusively for
women. With its SYMBODA™ technology, TherapeuticsMD is
developing advanced hormone therapy pharmaceutical products to
enable delivery of bio-identical hormones through a variety of
dosage forms and administration routes. The company’s late stage
clinical pipeline includes two phase 3 product candidates: TX-001HR
for treatment of moderate-to-severe vasomotor symptoms (VMS) due to
menopause and TX-004HR for treatment of moderate-to-severe vaginal
pain during sexual intercourse (dyspareunia), a symptom of vulvar
and vaginal atrophy (VVA) due to menopause. The company also
manufactures and distributes branded and generic prescription
prenatal vitamins as well as over-the-counter prenatal vitamins
under the vitaMedMD® and BocaGreenMD® brands.
Forward-Looking Statements
This press release by TherapeuticsMD, Inc. may contain
forward-looking statements. Forward-looking statements may include,
but are not limited to, statements relating to TherapeuticsMD’s
objectives, plans and strategies as well as statements, other than
historical facts, that address activities, events or developments
that the company intends, expects, projects, believes or
anticipates will or may occur in the future. These statements are
often characterized by terminology such as “believes,” “hopes,”
“may,” “anticipates,” “should,” “intends,” “plans,” “will,”
“expects,” “estimates,” “projects,” “positioned,” “strategy” and
similar expressions and are based on assumptions and assessments
made in light of management’s experience and perception of
historical trends, current conditions, expected future developments
and other factors believed to be appropriate. Forward-looking
statements in this press release are made as of the date of this
press release, and the company undertakes no duty to update or
revise any such statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are not
guarantees of future performance and are subject to risks and
uncertainties, many of which are outside of the company’s control.
Important factors that could cause actual results, developments and
business decisions to differ materially from forward-looking
statements are described in the sections titled “Risk Factors” in
the company’s filings with the Securities and Exchange Commission,
including its most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q, as well as reports on Form 8-K, and include
the following: the company’s ability to maintain or increase sales
of its products; the company’s ability to develop and commercialize
its hormone therapy drug candidates and obtain additional financing
necessary therefor; whether the company will be able to prepare a
new drug application for its TX-001HR product candidate and, if
prepared, whether the FDA will accept and approve the application;
whether the FDA will approve the company’s new drug application for
its TX-004HR product candidate and whether any such approval will
occur by the PDUFA date; the length, cost and uncertain results of
the company’s clinical trials; the potential of adverse side
effects or other safety risks that could preclude the approval of
the company’s hormone therapy drug candidates; the company’s
reliance on third parties to conduct its clinical trials, research
and development and manufacturing; the availability of
reimbursement from government authorities and health insurance
companies for the company’s products; the impact of product
liability lawsuits; the influence of extensive and costly
government regulation; the volatility of the trading price of the
company’s common stock and the concentration of power in its stock
ownership. PDF copies of the company’s historical press releases
and financial tables can be viewed and downloaded at its website:
www.therapeuticsmd.com/pressreleases.aspx.
THERAPEUTICSMD, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS December 31, 2016
2015 ASSETS Current Assets: Cash $ 131,534,101
$ 64,706,355 Accounts receivable, net of allowance for doubtful
accounts of $376,374 and $81,910, respectively 4,500,699 3,049,715
Inventory 1,076,321 690,153 Other current assets 2,299,052
2,233,897 Total current assets
139,410,173 70,680,120 Fixed assets,
net 516,839 198,592 Other
Assets: Intangible assets, net 2,405,972 1,615,251 Security deposit
139,036 125,000 Prepaid expense - 1,109,883
Total other assets 2,545,008 2,850,134
Total assets $ 142,472,020 $ 73,728,846
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts
payable $ 7,358,514 $ 3,126,174 Other current liabilities
7,624,085 7,539,526 Total current liabilities
14,982,599 10,665,700
Commitments and Contingencies
Stockholders' Equity: Preferred stock - par value $0.001;
10,000,000 shares authorized; no shares issued and outstanding - -
Common stock - par value $0.001; 350,000,000 shares authorized:
196,688,222 and 177,928,041 issued and outstanding, respectively
196,688 177,928 Additional paid-in capital 436,995,052 282,712,078
Accumulated deficit (309,702,319 ) (219,826,860 )
Total stockholders' equity 127,489,421
63,063,146 Total liabilities and stockholders' equity $
142,472,020 $ 73,728,846
THERAPEUTICSMD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
Year Ended December 31,
2016 2015 2016
2015 2014 Revenues, net $
4,487,427 $ 5,629,740 $ 19,356,450 $ 20,142,898 $ 15,026,219
Cost of goods sold 709,711 1,235,978
4,185,708 4,506,673 3,671,803
Gross profit 3,777,716 4,393,762
15,170,742 15,636,225
11,354,416 Operating expenses: Sales, general, and
administrative 16,329,146 8,631,238 51,348,414 28,721,236
22,124,072 Research and development 10,341,144 13,253,472
53,943,477 72,042,774 43,218,938 Depreciation and amortization
48,132 18,000 132,451 62,400 52,467
Total operating expenses 26,718,422
21,902,710 105,424,342 100,826,410
65,395,477 Operating loss
(22,940,706 ) (17,508,948 ) (90,253,600 )
(85,190,185 ) (54,041,061 ) Other income and
(expense) Miscellaneous income 101,438 23,991 367,317 95,719 46,569
Accreted interest 2,974 2,280 10,824 17,442 37,309 Financing costs
- - - - (260,027 ) Total other
income (expense) 104,412 26,271
378,141 113,161 (176,149 ) Loss
before income taxes (22,836,294 ) (17,482,677 ) (89,875,459 )
(85,077,024 ) (54,217,210 ) Provision for income taxes
- - - -
- Net loss $ (22,836,294 ) $ (17,482,677 ) $
(89,875,459 ) $ (85,077,024 ) $ (54,217,210 ) Loss per
share, basic and diluted: Net loss per share, basic and
diluted $ (0.12 ) $ (0.10 ) $ (0.46 ) $ (0.49 ) $ (0.36 )
Weighted average number of common shares outstanding, basic and
diluted 196,613,297 177,876,462
196,088,196 173,174,229 149,727,228
THERAPEUTICSMD, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December, 31, 2016
2015 2014
CASH FLOWS FROM OPERATING
ACTIVITIES Net loss $ (89,875,459 ) $ (85,077,024 ) $
(54,217,210 ) Adjustments to reconcile net loss to net cash used in
operating activities: Depreciation 77,906 29,959 28,987
Amortization of intangible assets 54,545 32,441 23,480 Provision
for (recovery of) doubtful accounts 2,524,909 22,157 (5,436 )
Share-based compensation 17,411,021 7,189,699 4,970,312
Amortization of deferred financing costs - - 260,027 Changes in
operating assets and liabilities: Accounts receivable (3,975,893 )
(917,656 ) (458,028 ) Inventory (386,168 ) 491,960 (138,495 ) Other
current assets 709,907 (773,532 ) 680,281 Other assets - (17,442 )
(37,309 ) Accounts payable 4,232,340 (3,200,955 ) 4,212,912
Deferred revenue - (522,613 ) (1,079,967 ) Other current
liabilities 84,559 3,698,887 239,450
Net cash used in operating activities (69,142,333 )
(79,044,119 ) (45,520,996 )
CASH FLOWS FROM
INVESTING ACTIVITIES Patent costs (845,266 ) (419,104 )
(586,480 ) Purchase of fixed assets (396,154 ) (165,257 ) (30,962 )
(Payment) refund of security deposit
(14,036 ) - 10,686 Net cash used in
investing activities (1,255,456 ) (584,361 )
(606,756 )
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock, net of costs 134,863,475
91,374,649 42,771,353 Proceeds from exercise of options 989,060
1,232,579 345,746 Proceeds from exercise of warrants 1,373,000
366,000 181,000 Net cash provided by
financing activities 137,225,535 92,973,228
43,298,099 Increase (decrease) in cash
66,827,746 13,344,748 (2,829,653 ) Cash, beginning of period
64,706,355 51,361,607 54,191,260
Cash, end of period $ 131,534,101 $ 64,706,355 $
51,361,607
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170223005400/en/
TherapeuticsMD, Inc.Investor
ContactDavid DeLucia, 561-961-1900Director, Investor
RelationsDavid.DeLucia@TherapeuticsMD.comorMedia ContactSparkBioCommAmi Knoefler,
650-739-9952Ami@SparkBioComm.com
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