What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-12 compared with 2025-08-12 · 177 added, 170 removed, 327 unchanged (51% of the section changed)

38 unchanged sentences

include, but are not limited to, our liquidity requirements, supply chain issues, management transitions, risks related to our licensing

agreements, market and general economic factors, and the other risks discussed in Part I, Item 1A of our 2024 10-K Report, as updated

and supplemented by Part II, Item 1A of this 10-Q Report.

agreements, risks related to the pursuit of strategic alternatives, market and general economic factors, and the other risks discussed

in Part I, Item 1A of our 2024 10-K Report, as updated and supplemented by Part II, Item 1A of this 10-Q Report.

TherapeuticsMD was previously a women’s healthcare company with

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financial statements.

Assets and liabilities associated with the commercial business are classified as assets and liabilities of discontinued

operations in our consolidated balance sheets.

See Note 2 – Discontinued Operations to the condensed consolidated financial statements

included in this Quarterly Report on Form 10-Q for further details.

Liabilities associated with the commercial business are classified as liabilities of discontinued operations

in our consolidated balance sheets.

See Note 2 – Discontinued Operations to the condensed consolidated financial statements included

in this Quarterly Report on Form 10-Q for further details.

We also have license agreements with strategic partners to commercialize

IMVEXXY and BIJUVA outside of the U.S.

In July 2018, we entered into the “Knight License Agreement” with 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.

July 2018, we entered into the “Knight License Agreement” with 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.

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.

Theramex secured regulatory approval for BIJUVA in certain European countries and began commercialization efforts in those countries.

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

We continue to evaluate a variety of strategic alternatives that may

include, but not be limited to, an acquisition, merger, other business combination, sale of assets, or other strategic transactions.

we are exploring potential strategic alternatives, there can be no assurance of a transaction, a successful outcome of these efforts,

or the form or timing of any such outcome.

We have not set a timetable for completion of this exploration process and do not intend to

disclose further developments unless and until required by applicable laws or regulations or as otherwise deemed appropriate by our Board

of Directors or Chief Executive Officer.

Going concern

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distributor fees.

The Company’s 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, 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.

The Company continues to believe its estimated allowances for payer

rebates and wholesale distributor fees are reasonable.

In August 2024 and in February 2025, the Company also received information from

Mayne Pharma pertaining to the net working capital allowance for returns that differs significantly from the Company’s estimate

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, the Company filed a lawsuit against Mayne

Pharma in the United States District Court for the District of Delaware (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, 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.

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

the United States District Court for the District of Delaware (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 May 30, 2025, Mayne Pharma filed a lawsuit against us 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,

we filed a motion to dismiss the Mayne Countersuit.

As of September 30, 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.

the Company cannot reasonably estimate a range of loss, and accordingly, the Company has not accrued any additional liability associated

with Mayne Pharma’s allowance calculation for payer rebates and wholesale distributor fees, particularly as the Company believes

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

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

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

The Company has 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.

Mayne Pharma has also made certain indemnification

demands under the Transaction Agreement, which the Company disputes.

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.

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 September 30, 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.

Mayne Pharma has also made certain indemnification demands under the

Transaction Agreement, which we dispute.

As of September 30, 2025, we believed no additional accrual was required for such claims, as

we could not reasonably estimate a range of loss.

If Mayne Pharma’s sales of Licensed

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liquidity requirements.

The potential impact of these factors in conjunction with the uncertainty of the capital markets raises substantial

The potential impact of these factors in conjunction with the uncertainty of the capital markets raise substantial

doubt about our ability to continue as a going concern for the next twelve months from the issuance of these financial statements.

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financial statements for all periods prior to the Closing Date.

Assets and liabilities associated with the commercial business are classified

as assets and liabilities of discontinued operations in our condensed consolidated balance sheets.

Liabilities associated with the commercial business are classified as

liabilities of discontinued operations in our condensed consolidated balance sheets.

Additional disclosures regarding discontinued

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are based on, and relate to, our continuing operations.

Three months ended June 30, 2025 compared with three months ended

June 30, 2024

Three months ended September 30, 2025 compared with three months

ended September 30, 2024

The following table sets forth the results of our operations (in thousands):

Three Months Ended

September 30,

License revenue

Operating expenses:

Selling, general and administrative

Impairment of long-lived assets (Note 4)

General and administrative

Write-off of patents

Depreciation and amortization

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We recorded $784 thousand in license revenue for the

second quarter of 2025, primarily from the Mayne License Agreement, an increase of $718 thousand, compared to $234 thousand in license

revenue for the second quarter of 2024.

The increase is primarily attributable to changes in sales of licensed products.

Selling, general and administrative.

Selling, general and administrative expenses were $1,551 thousand for

the second quarter of 2025, a decrease of $31 thousand, reflecting minimal change from the second quarter of 2024.

Depreciation & amortization.

third quarter of 2025, primarily from the Mayne License Agreement, an increase of $237 thousand, compared to $547 thousand in license

revenue for the third quarter of 2024.

The increase is attributable to changes in sales of licensed products.

General and administrative.

General and administrative expenses

were $1,518 thousand for the third quarter of 2025, a decrease of $67 thousand, reflecting minimal change from the third quarter of 2024.

Depreciation and amortization.

expense was $96 thousand for the second quarter of 2025, a decrease of $84 thousand, or 46.7%, compared to the second quarter of 2024.

This balance is entirely comprised of amortization of license rights and intangible assets.

Depreciation and amortization

expense was $96 thousand for the third quarter of 2025, consistent to the third quarter of 2024.

This balance is entirely comprised of

amortization of license rights and intangible assets.

Operating expenses .

Total operating expenses for the second quarter of 2025 were $1,647

thousand, a decrease of $1,376 thousand, or 45.5%, compared to the second quarter of 2024.

The change is primarily due to the impairment

recognized in the second quarter of 2024.

Total operating expenses for the third quarter

of 2025 were $1,646 thousand, a decrease of $35 thousand, reflecting minimal change from the third quarter of 2024.

Loss from operations.

In the second quarter of 2025, we had a loss from operations of $695

thousand, as compared to a loss from operations of $2,789 thousand for the second quarter of 2024.

This change reflects the increase in

license revenues and the impairment recognized in 2024.

Other income,

During the second quarter of 2025, we had other income of $1,240 thousand compared

to other income of $1,739 thousand in the second quarter of 2024.

This change is primarily due to the gain on an early termination of

a sublease we recognized in 2024 partially offset by higher other income pertaining to Mayne’s royalty sales of ANNOVERA and amounts

received pursuant to a settlement pertaining to trademark infringement by a third party of certain trademarks owned by us.

to the settlement, we received a payment of $413 thousand in May 2025.

Net income (loss) from continuing operations .

For the second

quarter of 2025, we had net income of $551 thousand, or $0.05 per basic and diluted common share, compared to a net loss of $1,050 thousand,

or $0.09 per basic and diluted common share, for the second quarter of 2024.

Discontinued Operations – Net income from discontinued

operations was $6 thousand for the second quarter of 2025, compared to net loss from discontinued operations of $40 thousand for the second

quarter of 2024.

In the third quarter of 2025, we had a

loss from operations of $862 thousand, as compared to a loss from operations of $1,134 thousand for the third quarter of 2024.

reflects the increase in license revenues in 2025.

Other income, net.

During the third quarter of 2025, we had

other income of $912 thousand compared to other income of $567 thousand in the third quarter of 2024, reflecting an increase in sublease

income and higher other income pertaining to Mayne’s royalty sales of ANNOVERA in the third quarter of 2025.

Income (loss) from continuing operations .

For the third quarter

of 2025, we had net income of $50 thousand, compared to a net loss of $567 thousand for the third quarter of 2024.

Discontinued Operations – Income from discontinued operations

was $102 thousand for the third quarter of 2025, compared to a loss from discontinued operations of $42 thousand for the third quarter

For additional information, see Note 2 - Discontinued Operations, in

the notes to the condensed consolidated financial statements appearing elsewhere in this Quarterly Report.

Six months ended June 30, 2025 compared with six months ended June

Nine months ended September 30, 2025 compared with nine months ended

September 30, 2024

The following table sets forth the results of our operations (in thousands):

Six Months Ended

Nine Months Ended

September 30,

License revenue

Operating expenses:

Selling, general and administrative

General and administrative

Impairment of long-lived assets (Note 4)

Write-off of patents and trademarks

Write-off of patents

Depreciation and amortization

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Loss from continuing operations, net of income taxes

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

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

Net Income (loss)

We recorded $2,129 thousand in license revenue for

the first six months of 2025, primarily from the Mayne License Agreement, an increase of $798 thousand, compared to $547 thousand in license

revenue for the first six months of 2024.

The increase is primarily attributable to changes in sales of licensed products.

Selling, general and administrative.

Selling, general and administrative expenses were $3,042 thousand for

the first six months of 2025, a decrease of $257 thousand, or 7.8%, compared to the first six months of 2024.

The change is primarily

due to the final vesting of outstanding restricted stock units under our share-based compensation plans.

Depreciation & amortization.

the first nine months of 2025, primarily from the Mayne License Agreement, an increase of $1,035 thousand, compared to $1,094 thousand

in license revenue for the first nine months of 2024.

The increase is attributable to changes in sales of licensed products.

General and administrative.

General and administrative expenses

were $4,560 thousand for the first nine months of 2025, a decrease of $324 thousand.

The change is primarily due to the final vesting

of outstanding restricted stock units under our share-based compensation plans.

Depreciation and amortization.

expense was $191 thousand for the first six months of 2025, a decrease of $122 thousand, or 39.0%, compared to the first six months of

This balance is entirely comprised of amortization of license rights and intangible assets.

Depreciation and amortization

expense was $287 thousand for the first nine months of 2025, a decrease of $122 thousand.

This balance is entirely comprised of amortization

of license rights and intangible assets.

Operating expenses .

Total operating expenses for the first six months of 2025 were $3,321

thousand, a decrease of $1,552 thousand, or 31.8%, compared to the first six months of 2024.

The change is primarily due to the impairment

recognized in 2024 and the final vesting of outstanding restricted stock units under our share-based compensation plans.

Total operating expenses for the first nine

months of 2025 were $4,967 thousand, a decrease of $1,587 thousand.

The change is primarily due to the impairment recognized in 2024 and

the final vesting of outstanding restricted stock units under our share-based compensation plans.

Loss from operations.

In the first six months of 2025, we had a loss from operations of $1,976

thousand, as compared to a loss from operations of $4,326 thousand for the first six months of 2024.

This change reflects the increase

in license revenues in 2025 and the impairment recognized in 2024.

Other income,

During the first six months of 2025, we had other income of $1,853

thousand compared to other income of $2,467 thousand in the first six months of 2024.

This change is primarily due to the gain on

an early termination of a sublease we recognized in 2024 partially offset by higher other income pertaining to Mayne’s royalty sales

of ANNOVERA, and amounts received pursuant to a settlement pertaining to trademark infringement by a third party of certain trademarks

In the first nine months of 2025, we had a loss from operations of

$2,838 thousand, as compared to a loss from operations of $5,460 thousand for the first nine months of 2024.

This change reflects the

increase in license revenues in 2025 and the absence of the impairment recognized in 2024.

Other income, net.

During the first nine months of 2025, we

had other income of $2,765 thousand compared to other income of $3,034 thousand in the first nine months of 2024.

This change is

primarily due to higher other income pertaining to Mayne’s royalty sales of ANNOVERA in 2024.

Income tax benefit .

During the first six months of 2025, we

During the first nine months of 2025, we

recorded income tax benefit of $32 thousand for continuing operations, which is a result of refunds received from certain state tax filings.

During the first six months of 2024, we recorded no benefit for income taxes for continuing operations.

Net loss from continuing operations .

For the first six

months of 2025, we had a net loss of $91 thousand, or $0.01 per basic and diluted common share, compared to a net loss of $1,859

thousand, or $0.16 per basic and diluted common share, for the first six months of 2024.

Discontinued Operations – Net loss from discontinued operations

was $11 thousand for the first six months of 2025, compared to net income from discontinued operations of $35 thousand for the first six

During the first nine months of 2024, we recorded no benefit for income taxes for continuing operations.

Loss from continuing operations .

For the first nine months of

2025, we had a loss of $73 thousand compared to a loss of $2,426 thousand for the first nine months of 2024.

Discontinued Operations –Income from discontinued operations

was $91 thousand for the first nine months of 2025, compared to a loss from discontinued operations of $7 thousand for the first nine

months of 2024.

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the transactions with Mayne Pharma.

As of June 30, 2025, we had cash and cash equivalents totaling $6,069 thousand.

We maintain cash at

financial institutions that at times may exceed the Federal Deposit Insurance Corporation insured limits of $250 thousand per bank.

have never experienced any losses related to these funds.

As of September 30, 2025, we had cash and cash equivalents totaling $7,115 thousand.

We maintain cash

at financial institutions that at times may exceed the Federal Deposit Insurance Corporation insured limits of $250 thousand per bank.

We have never experienced any losses related to these funds.

Mayne Pharma License Agreement

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and (iv) the right to receive the contingent consideration set forth in the Mayne License Agreement, as amended.

Pursuant to the Mayne License Agreement, Mayne Pharma will pay

us one-time, 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

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 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

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.

Pursuant to the Mayne License Agreement, Mayne Pharma will pay us one-time,

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.

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 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.

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.

Subscription Agreement with Rubric Capital Management LP

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We received gross proceeds of $2.0 million from the drawdown, before expenses.

There were no drawdowns in the first six months of 2025

There were no drawdowns in the first nine months of 2025

See “Going Concern” above for further discussion related

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each of the periods (in thousands).

Six Months Ended

Nine Months Ended

September 30,

Net cash provided by continuing operating activities

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For the first

six months of 2025, net cash provided by operating activities was $1,080 thousand, compared to net cash provided by operating activities

of $1,224 thousand for the first six months of 2024.

The decrease was primarily driven by lower non-cash adjustments, notably the absence

of impairment charges on long-lived assets and reduced depreciation, amortization, and share-based compensation expense in 2025, which

is partially offset by the improvement in net loss from continuing operations.

nine months of 2025, net cash provided by operating activities was $2,079 thousand, compared to net cash provided by operating activities

of $1,153 thousand for the first nine months of 2024.

The increase was primarily driven by the significant reduction in loss from continuing

operations and favorable changes in accrued expenses and other current liabilities, partially offset by lower non-cash adjustments such

as decreased amortization and the absence of long-lived asset impairment charges in 2025.

Net cash used in discontinued operations .

Net cash used in operating

activities from discontinued operations for the first six months of 2025 was $70 thousand as compared to net cash used in operating activities

from discontinued operations of $319 thousand for the first six months of 2024.

This change relates primarily to a decreased level of

activities associated with our discontinued operations.

Net cash used in

discontinued operations for the first nine months of 2025 was $23 thousand as compared to net cash used in operating activities from

discontinued operations of $433 thousand for the first nine months of 2024.

This change relates primarily to a decreased level of activities

associated with our discontinued operations.

For additional details, see the condensed consolidated statements of

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acquired our accounts receivable balance of approximately $29.3 million which is subject to certain working capital adjustments.

June 30, 2025, we had a royalty receivable of $3,433 thousand relating to the short-term portion of receivable from Mayne Pharma and $14,840

thousand relating to the long-term portion of royalty receivable which includes royalties recognized from the Minimum Annual Royalty.

See “Note 1 Business, basis of presentation, new accounting standards and summary of significant accounting policies (Revenue Recognition)”

to the consolidated financial statements included in our 2024 10-K Report.

September 30, 2025, we had a royalty receivable of $3,164 thousand relating to the short-term portion of royalty receivable from Mayne

Pharma and $14,269 thousand relating to the long-term portion of royalty receivable which includes royalties recognized from the Minimum

Annual Royalty.

See “Note 1 Business, basis of presentation, new accounting standards and summary of significant accounting policies

(Revenue Recognition)” to the consolidated financial statements included in our 2024 10-K Report.

Contractual obligations, off-balance sheet arrangements and purchase

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parties that include indemnification provisions, which, in our judgment, are normal and customary for companies in our industry sector.

Pursuant to these agreements, we agree to indemnify, hold harmless, and reimburse indemnified parties for losses suffered or omitted by

The maximum potential amount of future payments we could be required to make under these indemnification provisions is sometimes unlimited.

We have not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions.

As a result, the

estimated fair value of liabilities relating to these provisions is minimal.

Accordingly, we had no liabilities recorded for these provisions

as of June 30, 2025 and December 31, 2024.

In the normal course of business, we may be confronted with issues

or events that may result in contingent liability.

These generally relate to lawsuits, claims, environmental actions, or the actions of

various regulatory agencies.

Pursuant to these agreements, we agree to indemnify, hold harmless, and reimburse indemnified parties for losses suffered, for which there

may or may not be limitations on potential damages.

The maximum potential amount of future payments we could be required to make under

these indemnification provisions is sometimes unlimited.

As a result, the estimated fair value of liabilities relating to these provisions

Accordingly, we had no liabilities recorded for these provisions as of September 30, 2025 and December 31, 2024.

In the normal course of business, we may be confronted with

issues or events that may result in contingent liability.

These generally relate to lawsuits, claims, environmental actions, or the

actions of various regulatory agencies.

We consult with counsel and other appropriate experts to assess the claim.

If, in our opinion, we have incurred

a probable loss as set forth by accounting principles generally accepted in the United States of America (“U.S.

estimate is made of the loss and the appropriate accounting entries are reflected in our condensed consolidated financial statements.

opinion, we have incurred a probable loss and the amount of the loss can be reasonably estimated, as set forth by accounting

principles generally accepted in the United States of America (“U.S.

GAAP”), an estimate is made of the loss and the

appropriate accounting entries are reflected in our condensed consolidated financial statements.

Critical accounting policies and estimates

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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 2. Management’s Discussion and Analysis