What changed in this filing

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Item 1. Financial Statements

2025-08-12 compared with 2025-05-13 · 180 added, 141 removed, 549 unchanged (37% of the section changed)

25 unchanged sentences

Common stock, par value $ 0.001 ;

32,000 shares authorized, 11,574 and 11,532 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively

32,000 shares authorized, 11,574 and 11,532 issued and outstanding as of June 30, 2025 and December 31, 2024

Additional paid-in capital

9 unchanged sentences

Three Months Ended

Six Months Ended

Revenue, net:

2 unchanged sentences

Selling, general and administrative

Impairment of long-lived assets (Note 4)

Write-off of patents and trademarks

4 unchanged sentences

Interest expense and other financing costs

Sublease income

Miscellaneous income

Total other income, net

Loss from continuing operations before income taxes

Income (loss) from continuing operations before income taxes

Income tax benefit

Loss from continuing operations, net of income taxes

(Loss) income from discontinued operations, net of income taxes

Loss per common share, basic and diluted:

Income (loss) from continuing operations, net of income taxes

Income (loss) from discontinued operations, net of income taxes

Net income (loss)

Earnings (loss) per common share, basic and diluted:

Continuing operations

Discontinued operations, net

Net loss per common share, basic and diluted

Net income (loss) per common share, basic and diluted

Weighted average common shares, basic

6 unchanged sentences

(Unaudited - in thousands)

Three Months Ended March 31, 2025

Balance, January 1, 2025

3 unchanged sentences

$ ( 952,475 )

Three Months Ended March 31, 2024

Share-based compensation

Balance, June 30, 2025

$ ( 951,924 )

Balance, January 1, 2024

3 unchanged sentences

$ ( 950,375 )

Share-based compensation

Balance, June 30, 2024

$ ( 951,465 )

The accompanying notes are an integral part of

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(Unaudited - in thousands)

Three Months Ended

Six Months Ended

Cash flows from operating activities:

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Net loss from continuing operations

Adjustments to reconcile net loss to net cash provided by (used in) continuing operating

Adjustments to reconcile net loss to net cash provided by continuing operating activities:

Depreciation and amortization

Impairment of long-lived assets (Note 4)

Write-off of patents and trademarks

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Total adjustments

Net cash provided by (used in) continuing operating activities

Net cash provided by continuing operating activities

Discontinued operations:

Net cash (used in) provided by operating activities

Net cash (used in) provided by discontinued operations

Net cash used in operating activities

Net cash used in discontinued operations

Net increase in cash

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in the United States and its possessions and territories.

Under the Mayne License Agreement, Mayne Pharma will 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 will 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 will 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.

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 Mayne License Agreement, Mayne Pharma will 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

will 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

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 will 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

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IMVEXXY and BIJUVA outside of the U.S.

July 2018, we entered into a license and supply agreement (the “Knight License Agreement”) with Knight Therapeutics Inc.

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.

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There were no drawdowns

in the first quarter of 2025 and 2024.

in the first six months of 2025 and 2024.

In February 2024, the Company received Mayne Pharma’s calculation

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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.

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, the Company filed an amended complaint against

Mayne Pharma and on July 22, 2025, Mayne Pharma filed a motion to dismiss the Mayne Lawsuit.

On May 30, 2025, Mayne Pharma filed a lawsuit against the Company in

the United States District Court for the District of Delaware (the “Mayne Countersuit” and, together with the Mayne Lawsuit,

the “Mayne Lawsuits”) seeking damages for breach of contract and fraudulent inducement related to the Transaction Agreement.

On July 28, 2025, the Company filed a motion to dismiss the Mayne Countersuit.

As of June 30, 2025, the Company believed no additional

accrual was required for such claims, as the Company could not reasonably estimate a range of loss.

The outcome of this matter is uncertain at this point.

2 unchanged sentences

the outcome of this matter to be intertwined with the resolution of the net working capital allowance for returns.

As of March 31, 2025, the Company also believed no additional accrual

As of June 30, 2025, the Company also believed no additional accrual

was required for amounts that may be owed for the allowance for returns under the Transaction Agreement.

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Transaction Agreement, which the Company disputes.

As of March 31, 2025, the Company believed no additional accrual was required for such

As of June 30, 2025, the Company believed no additional accrual was required for such

claims, as the Company could not reasonably estimate a range of loss.

If Mayne Pharma’s sales of Licensed Products grow more slowly

than expected or decline, including as a result of Mayne Pharma Group’s pending sale to Cosette Pharmaceuticals, Inc., 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 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.

than expected or decline, including as a result of Mayne Pharma Group’s potential sale to Cosette Pharmaceuticals, Inc., if the

net working capital settlement with Mayne Pharma under the Transaction Agreement is greater than our current estimates, if the outcome

of the Mayne Lawsuits is worse than we anticipate, 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 financial statements.

The accompanying condensed consolidated financial

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

Basis of presentation

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with the consolidated financial statements and accompanying notes included in our 2024 10-K Report.

Certain amounts in the consolidated

Certain amounts in the condensed consolidated

financial statements and accompanying notes may not add due to rounding, and all percentages have been calculated using unrounded amounts.

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The Company is evaluating the impact of ASU 2024-03 on our financial reporting disclosures.

In December 2023, the FASB issued ASU 2023-09, “Income

Taxes (Topic 740) - Improvements to Income Tax Disclosures.” ASU 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.

ASU 2023-09 will be effective for the Company in its income tax disclosure included

in its 2025 Annual Report on Form 10-K and will be applied on a prospective basis.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes

(Topic 740) - Improvements to Income Tax Disclosures.” ASU 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.

ASU 2023-09 will be effective for the Company in its income tax disclosure included in its 2025 Annual

Report on Form 10-K and will be applied on a prospective basis.

However, retrospective application is permitted.

Early adoption is also permitted.

The Company is evaluating the impact of ASU 2023-09 on the Company’s income tax disclosures

and on its consolidated financial statements.

Early adoption is also

The Company is evaluating the impact of ASU 2023-09 on the Company’s income tax disclosures and on its condensed consolidated

financial statements.

Estimates and assumptions

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Additionally, the related assets and liabilities have been reported

as assets and liabilities of discontinued operations in our condensed consolidated balance sheets as of March 31, 2025 and December 31,

as assets and liabilities of discontinued operations in our condensed consolidated balance sheets as of June 30, 2025 and December 31,

As described in Note 1, the acquisition of net working capital by Mayne

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Three Months Ended

Six Months Ended

General and administrative expenses

Total operating expenses

Operating loss from discontinued operations

Operating income (loss) from discontinued operations

Other income, net

Total other income, net

(Loss) income from discontinued operations, net of income taxes

Income (loss) from discontinued operations, net of income taxes

The following table presents the carrying amounts of the classes of

assets and liabilities of discontinued operations as of March 31, 2025 and December 31, 2024 (in thousands):

assets and liabilities of discontinued operations as of June 30, 2025 and December 31, 2024 (in thousands):

Current liabilities of discontinued operations:

2 unchanged sentences

Our prepaid and other current assets consisted of the following as

of March 31, 2025 and December 31, 2024 (in thousands):

of June 30, 2025 and December 31, 2024 (in thousands):

Capitalized legal

2 unchanged sentences

The following provides information about our license rights and other

intangible assets, net as of March 31, 2025 and December 31, 2024 (in thousands):

March 31, 2025

intangible assets, net as of June 30, 2025 and December 31, 2024 (in thousands):

June 30, 2025

December 31, 2024

7 unchanged sentences

We recorded, in continuing operations, amortization expense related

to patents of $ 95 thousand and $ 133 thousand for the three months ended March 31, 2025 and 2024, respectively.

to patents of $ 95 thousand and $ 180 thousand for the three months ended June 30, 2025 and 2024, respectively, and $ 190 thousand and $ 313

thousand for the six months ended June 30, 2025 and 2024, respectively.

The Company conducts regular reviews of the individual patents and

1 unchanged sentence

of our review.

For the six months ended June 30, 2024, the Company determined it had an indicator of impairment, as it had abandoned the

legal right and title to a portion of its granted patent portfolio and had ceased pursuit of a portion of its pending patents based on

input from its licensing partners.

The Company recognized an impairment loss of $ 1,261 thousand related to those abandoned patents and

applications, which is classified as an impairment of long-lived assets on the Company’s condensed consolidated statements of operations.

Our intangible assets subject to amortization are expected to be amortized

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that differs significantly from the Company’s estimate of the allowance.

On April 8, 2025, the Company 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 April 8, 2025, the Company 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.

20, 2025, the Company filed an amended complaint against Mayne Pharma, and on July 22, 2025 Mayne Pharma filed a motion to dismiss

the Mayne Lawsuit.

On May 30, 2025, Mayne Pharma filed the Mayne Countersuit seeking damages

for breach of contract and fraudulent inducement related to the Transaction Agreement.

On July 28, 2025, the Company filed a motion to

dismiss the Mayne Countersuit.

As of June 30, 2025, the Company believed no additional accrual was required for such claims, as the Company

could not reasonably estimate a range of loss.

The outcome of this matter is uncertain at this point.

2 unchanged sentences

the outcome of this matter to be intertwined with the resolution of the net working capital allowance for returns.

As of March 31, 2025, the Company also believed no additional accrual

As of June 30, 2025, the Company also believed no additional accrual

was required for amounts that may be owed for the allowance for returns under the Transaction Agreement.

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demands under the Transaction Agreement, which the Company disputes.

As of March 31, 2025, the Company believed no additional accrual

was required for such claims, as the Company could not reasonably estimate a range of loss.

As of June 30, 2025, the Company believed no additional accrual was

required for such claims, as the Company could not reasonably estimate a range of loss.

Legal proceedings

25 unchanged sentences

We have incurred and recorded legal costs amounting to $ 2,334 thousand in prepaid

expenses and other current assets as of March 31, 2025, for the IMVEXXY Paragraph IV legal proceeding since we believe that we will successfully

expenses and other current assets as of June 30, 2025, for the IMVEXXY Paragraph IV legal proceeding since we believe that we will successfully

prevail in this legal proceeding.

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with respect to Teva and Sun Pharma.

On April 8, 2025, we filed a lawsuit against Mayne Pharma in

the United States District Court for the District of Delaware 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.

We are seeking, among other relief, money damages for all of Mayne Pharma’s profits arising from

their unlawful conduct and for any injury sustained by us as a result of Mayne Pharma’s unlawful conduct.

On April 8, 2025, we filed a lawsuit against Mayne Pharma in the

United States District Court for the District of Delaware 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.

We are seeking, among other relief, money damages for all of Mayne Pharma’s

profits arising from their unlawful conduct and for any injury sustained by us as a result of Mayne Pharma’s unlawful conduct.

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 May 30, 2025, Mayne Pharma filed a lawsuit against us in the United

States District Court for the District of Delaware seeking damages for breach of contract and fraudulent inducement related to the Transaction

On July 28, 2025, we filed a motion to dismiss the Mayne Countersuit.

As of June 30, 2025, the Company believed no additional

accrual was required for such claims, as the Company could not reasonably estimate a range of loss.

From time to time, we are involved in other litigations and proceedings

3 unchanged sentences

Off-balance sheet arrangements

As of March 31, 2025 and December 31, 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.

As of June 30, 2025 and December 31, 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

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the first quarter of 2025.

As of March 31, 2025, we employed one full-time employee primarily engaged in an executive position.

As of June 30, 2025, we employed one full-time employee primarily engaged in an executive position.

engaged external consultants who support our relationship with current partners and assist with certain financial, IT, legal, and regulatory

1 unchanged sentence

Stockholders’ equity

As of March 31, 2025, the following table summarizes the status of

our outstanding and exercisable warrants and related transactions since December 31, 2024 (in thousands, except weighted average exercise

As of June 30, 2025, the following table summarizes the status of our

outstanding and exercisable warrants and related transactions since December 31, 2024 (in thousands, except weighted average exercise

price and weighted average remaining contractual life data):

4 unchanged sentences

As of December 31, 2024 98 $ 63.33 -

As of March 31, 2025 98 $ 63.33 $ -

As of June 30, 2025 98 $ 63.33 $ -

Share-based compensation payment plans

As of March 31, 2025, 57,230 shares of common stock were subject to

As of June 30, 2025, 51,030 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

As of March 31, 2025, 415,219 shares of common stock were available for future grants of share-based payment awards under the TherapeuticsMD,

As of June 30, 2025, 416,219 shares of common stock were available for future grants of share-based payment awards under the TherapeuticsMD,

2019 Stock Incentive Plan.

3 unchanged sentences

Outstanding Exercisable

Awards Weighted Average Exercise Price Aggregate

Value Weighted Average Remaining Contractual Life (in Years) Options

Awards Weighted

Price Aggregate

Value Weighted Average Remaining Contractual Life (in Years)

Value Weighted

(in Years) Options

Awards Weighted

Price Aggregate

Value Weighted

As of December 31, 2024 57 $ 270.33 $ —

1 unchanged sentence

Expired ( 6 ) 312.36 —

As of March 31, 2025 52 $ 268.11 $ —

As of June 30, 2025 51 $ 265.80 $ —

2.5 51 $ 265.66 $ —

3 unchanged sentences

Balance, as of December 31, 2024

Balance, as of March 31, 2025

The following table summarizes the status of our PSUs and related

transactions since December 31, 2024 (in thousands, except weighted average grant date fair value):

Balance, as of December 31, 2024

Balance, as of March 31, 2025

(1) The number of PSUs represents the base number of PSUs that may vest.

Balance, as of June 30, 2025

The following table summarizes the status of our PSUs and related transactions

since December 31, 2024 (in thousands, except weighted average grant date fair value):

Unvested, as of December 31, 2024

Balance, as of June 30, 2025

Share-based payment compensation cost

3 unchanged sentences

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 $ 23 thousand and $ 111 thousand for the three months ended March 31, 2025 and 2024, respectively.

As of March 31, 2025, we had $ 1 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 condensed consolidated balance sheets.

No tax benefit was realized due to a continued pattern of net losses.

The unrecognized compensation cost of $ 1 thousand is expected to

be recognized as share-based payment award compensation over a weighted average period of less than a month.

purchase plan (“ESPP”) totaling $ 1 thousand and $ 96 thousand for the three months ended June 30, 2025 and 2024, respectively,

and $ 24 thousand and $ 207 thousand for the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, there was no unrecognized share-based payment award

compensation cost related to unvested options, RSUs and PSUs as well as shares issuable under our ESPP.

No tax benefit was realized due

to a continued pattern of net losses.

Pursuant to the Mayne License Agreement, the Company granted Mayne

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We do not expect to pay any significant federal or state income taxes

as a result of (i) the losses recorded during the three months ended March 31, 2025 and 2024, (ii) additional losses expected for the

remainder of 2025 or losses recorded in 2024, or (iii) net operating loss carry forwards from prior years.

as a result of the losses recorded during the six months ended June 30, 2025 and 2024 and net operating loss carry forwards from prior

We recorded a full valuation allowance of the net operating losses

for the three months ended March 31, 2025 and 2024.

Accordingly, there were no provisions for income taxes for the three months ended

March 31, 2025 and 2024.

Additionally, as of March 31, 2025 and December 31, 2024, we maintain a full valuation allowance for all deferred

Loss per common share

for the three and six months ended June 30, 2025 and 2024.

Accordingly, there were no provisions for income taxes for the three and six

months ended June 30, 2025 and 2024.

Additionally, as of June 30, 2025 and December 31, 2024, we maintain a full valuation allowance for

all deferred tax assets.

Earnings (loss) per common share

The following table sets forth the computation of basic and diluted

loss per common share for the periods presented (in thousands, except per share amounts):

earnings (loss) per common share for the periods presented (in thousands, except per share amounts):

Three Months Ended

Loss from continuing operations, net of income taxes

(Loss) income from discontinued operations, net of income taxes

Weighted average common shares for basic loss per common share

Six Months Ended

Income (loss) from continuing operations, net of income taxes

Income (loss) from discontinued operations, net of income taxes

Net income (loss)

Weighted average common shares for basic income (loss) per common share

Effect of dilutive securities

Weighted average common shares for diluted loss per common share

Loss per common share, continuing operations, net of income taxes

Income per common share, discontinued operations, net of income taxes

Since we reported a net loss from continuing operations for the three

months ended March 31, 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

from continuing operations are the same for the three months ended March 31, 2025 and 2024.

Weighted average common shares for diluted income (loss) per common share

Earnings (loss) per common share, continuing operations, net of income taxes

Earnings (loss) per common share, discontinued operations, net of income taxes

For the three months ended June 30, 2025, the remaining balance of the

Company’s warrants and stock options were excluded from the calculation of diluted earnings per share because the weighted exercise

prices of the warrants and stock options were greater than or equal to the average price of the common shares and were therefore anti-dilutive.

For the three months ended June 30, 2024 and for the six months ended

June 30, 2024 and 2025, respectively, since we reported a net loss from continuing operations, 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 from continuing operations are the same for the three and six months ended

June 30, 2025 and 2024.

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 the respective three months ended

March 31, 2025 and 2024 (in thousands):

As of March 31,

periods presented which were not included in the calculation of diluted earnings (loss) per common share during the respective three and

six months ended June 30, 2025 and 2024 (in thousands):

As of June 30,

Stock options

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the drawdown, before expenses.

There were no drawdowns in the first quarter of 2025 and 2024.

There were no drawdowns in the first six months of 2025 and 2024.

Business concentrations

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are provided in Note 2.

For the three months ended March 31, 2025, 100 % of license revenue

For the three and six months ended June 30, 2025, 100 % of license revenue

related to Mayne Pharma, Theramex and Knight.

As of March 31, 2025 , we had

As of June 30, 2025 , we had

a royalty receivable of $ 3,743 thousand relating to the short-term portion of receivable from Mayne Pharma, Theramex and Knight and $ 14,840

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.

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.

Segment Reporting

1 unchanged sentence

Accordingly, the Company’s

license revenue, net loss, and total assets reflect the revenue, loss, and assets of the Company’s single segment, respectively.

license revenue, net income (loss), and total assets reflect the revenue, income (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 Condensed Consolidated Statements of Operations

The CODM uses Net income (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 Condensed Consolidated Statements of Operations

The following tables present total revenue of the Company by geographic

Three Months Ended March 31,

Three Months Ended

Six Months Ended

License revenue

United States

Subsequent Events

In May 2025, the Company reached an agreement in principle with respect

to an amended settlement pertaining to trademark infringement by a third party of certain trademarks owned by the Company.

the agreement, the Company received a payment of $ 412.5 thousand in May 2025 and the agreement calls for the Company to receive an additional

$ 812.5 thousand in equal monthly installments of $ 12.5 thousand.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements