Stockholders’ Equity (Deficit)

12 Months Ended

Dec. 31, 2023

Stockholders’ Equity (Deficit) [Abstract]

Stockholders’ Equity (Deficit)

9. Stockholders’ Equity

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.

Warrants

As of December 31, 2023, the following table summarizes the status of our outstanding and exercisable warrants and related transactions since December 31, 2021 (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, 2021		103		$	76.19	$	—			8.3
Granted		436			0.14
Expired		(3	)		341.5
Balance, December 31, 2022		536			13.10		2,427			9.3
Exercised		(435	)		0.01		(2,270	)
Expired		(2	)		0.89
Balance, December 31, 2023		99		$	66.61	$	1,793			6.5

We used the Black Scholes option pricing model to estimate the fair value of the warrants issued. The weighted average fair value of the warrants issued in 2022 was $0.13 per warrant and the assumptions used to determine such fair value were as follows: expected term of 10 years, volatility of 69.4%, dividend yields of 0% and risk-free interest rates of 2.9%.

Share-based compensation payment plans

As of December 31, 2023, 126,573 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, 2023, 394,669 shares of common stock were available for future grants of share-based payment awards under the TherapeuticsMD, Inc. 2019 Stock Incentive Plan.

The following table summarizes the status of our outstanding and exercisable options and related transactions (each adjusted to account for the Reverse Stock Split) since December 31, 2022 (in thousands, except weighed 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)
As of January 1, 2022		353		$	225.98		—		3.8		336		230.93	$	—		3.6
Granted		—			—		—		—		—		—		—		—
Exercised		—			—		—		—		—		—		—		—
Cancelled/Forfeited		(4	)		94.99		—		—		—		—		—		—
Expired		(177	)		226.56		—		—		—		—		—		—
As of December 31, 2022		172			228.28		—		3.6		170		229.43		—		3.6
Granted		—			—		—		—		—		—		—		—
Exercised		—			—		—		—		—		—		—		—
Cancelled/Forfeited		—			—		—		—		—		—		—		—
Expired		(100	)		206.15		—		—		—		—		—		—
As of December 31, 2023		72		$	258.55	$	—		3.0		73		258.46	$	—		3.0

The following table summarizes the status of our RSUs and related transactions (each adjusted to account for the Reverse Stock Split) (in thousands, except weighed average grant date fair value):

	RSUs awards outstanding
	RSUs			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Balance, January 1, 2022		272		$	58.00	$	4,890.00
Granted		170			16.05
Vested		(327	)		48.20
Cancelled/Forfeited		(58	)		37
Balance, as of December 31, 2022		57			14.57		318.63
Granted		163			4.82		—
Vested		(180	)		6.83		—
Cancelled/Forfeited		—			—		—
Balance, as of December 31, 2023		40		$	9.67	$	89.6

The following table summarizes the status of our PSUs and related transactions for each for the following years (each adjusted to account for the Reverse Stock Split) (in thousands, except weighed average grant date fair value):

	PSUs			Weighted Average Grant Date Fair Value			Aggregate Intrinsic Value
Balance, December 31, 2021		164		$	51.50		$	2,953
Granted		63			34.50
Vested and settled		(133	)		47.12			(2,382.98	)
Cancelled/Forfeited		(75	)		(44.85	)
Unvested, as of January 1, 2023		19			52.15			107.55
Granted		—			—			—
Vested		(5	)		56.05			(10.72	)
Cancelled/Forfeited		—			—			—
Unvested, as of December 31, 2023		14		$	50.87		$	33

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 $1.3 million for 2023 and $11.6 million for 2022.

As of December 31, 2023, we had $0.3 million 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, 2023 of $0.3 million is expected to be recognized as share-based payment award compensation over a weighted average period of 0.8 years.