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Stockholders' Equity (Deficit) | 3 Months Ended
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Mar. 31, 2022
Equity [Abstract] |
Stockholders’ Equity (Deficit) |
1 0. | Stockholders’ equity (deficit)
Warrants The following tables summarizes the status of our outstanding and exercisable warrants and related transactions (each adjusted to account for the 50-for-1 reverse stock split) since December 31, 2021 (in thousands, except weighed average exercise price and weighted average remaining contractual life data):
|  | Outstanding and exercisable |
|  | Warrants |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value |  |  | Weighted Average Remaining Contractual Life (in Years) |
As of January 1, 2022 |  |  | 103 |  |  | $ | 76.19 |  |  | $ | - |  |  |  | 8.3 |
Exercised |  |  | - |  |  |  | - |  |  |  |  |  |  |  |  |
As of March 31, 2022 |  |  | 103 |  |  | $ | 76.19 |  |  | $ | - |  |  |  | 8.1 |
Share-based compensation payment plans As of March 31, 2022, 831,066 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). If we assume the maximum achievement of performance goals for PSUs, then 963,584 shares of common stock will be subject to outstanding awards under our share-based payment award plans and inducement grants. As of March 31, 2022, 83,880 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 50-for-1 reverse stock split) since December 31, 2021 (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 |  |  | $ | 225.97 |  |  | $ | - |  |  |  | 3.8 |  |  |  | 336 |  |  | $ | 230.93 |  |  | $ | - |  |  |  | 3.6 |
Cancelled/Forfeited |  |  | (37 | ) |  |  | 161.72 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Expired |  |  | - |  |  |  | 175.77 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2022 |  |  | 316 |  |  | $ | 231.87 |  |  | $ | - |  |  |  | 3.7 |  |  |  | 300 |  |  | $ | 237.58 |  |  | $ | - |  |  |  | 3.6 |
The following table summarizes the status of our RSUs and related transactions (each adjusted to account for the 50-for-1 reverse stock split) since December 31, 2021 (in thousands, except weighed average grant date fair value):
|  | Outstanding |  |  | Vested and not settled |
|  | RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |  |  | RSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
As of January 1, 2022 |  |  | 272 |  |  | $ | 58.17 |  |  | $ | 4,890 |  |  |  | 31 |  |  | $ | 105.28 |  |  | $ | 566 |
Granted |  |  | 106 |  |  |  | 21.70 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested and settled |  |  | (32 | ) |  |  | 105.28 |  |  |  | 469 |  |  |  |  |  |  |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (7 | ) |  |  | 53.74 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2022 |  |  | 339 |  |  | $ | 43.11 |  |  | $ | 6,440 |  |  |  | 13 |  |  | $ | 74.17 |  |  | $ | 252 |
The following table summarizes the status of our PSU and related transactions (each adjusted to account for the 50-for-1 reverse stock split) since December 31, 2021 (in thousands, except weighed average grant date fair value):
|  | Outstanding |  |  | Vested and not settled |
|  | PSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |  |  | PSUs |  |  | Weighted Average Grant Date Fair Value |  |  | Aggregate Intrinsic Value |
As of January 1, 2022 |  |  | 164 |  |  | $ | 51.50 |  |  | $ | 2,953 |  |  |  | 39 |  |  | $ | 58.81 |  |  | $ | 709 |
Granted |  |  | 63 |  |  |  | 19.00 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Vested and settled |  |  | (39 | ) |  |  | 58.81 |  |  |  | 571 |  |  |  |  |  |  |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | (12 | ) |  |  | 57.69 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of March 31, 2022 |  |  | 176 |  | (1) | $ | 37.85 |  |  | $ | 3,346 |  |  |  | - |  |  | $ | - |  |  | $ | - |
(1) | The number of PSUs represents the base number of PSUs that may vest. The actual number of PSUs that will vest will be between zero and 308,630 depending on the Company’s achievement of certain performance goals.
Share-based payment compensation cost Share-based payment compensation expense for PSUs is based on our current assessment of the most likely probability of the Company’s achievement of certain performance goals. For the three months ended March 31, 2022 and 2021, we recorded share-based payment compensation costs of $2.1 million and $3.0 million, respectively, in connection with previously granted options, RSU and PSUs, and shares of common stock issuable under the ESPP. As of March 31, 2022, we had $17.8 million of unrecognized share-based payment award compensation cost related to unvested options, RSUs and PSUs as well as shares issuable under the ESPP, which may be adjusted if certain performance targets are achieved and 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 March 31, 2022 is expected to be recognized as share-based payment award compensation over a weighted average period of 2.2 years as follows (in thousands):
Year Ending December 31, |  |  |  |
2022 (9 months) |  | $ | 8,124 |
2023 |  |  | 5,838 |
2024 |  |  | 3,513 |
2025 |  |  | 368 |
|  | $ | 17,843 |

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