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Stockholders’ Equity (Deficit)
 3 Months Ended
Mar. 31, 2024
Stockholders’ Equity (Deficit) [Abstract]  
Stockholders’ equity (deficit)

7. Stockholders’ equity

 

Warrants

 

As of March 31, 2024, the following table summarizes the status of our outstanding and exercisable warrants and related transactions since December 31, 2023 (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)		 
As of January 1, 2024   99   $66.61   $
    —
    6.5 
As of March 31, 2024   99   $66.61   $
—
    6.3 

 

Share-based compensation payment plans

 

As of March 31, 2024, 112,699 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 March 31, 2024, 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 since December 31, 2023 (in thousands, except weighted 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, 2024   72   $258.55   $
—
    3.0    73   $258.46   $—    3.0 
Expired   (3)   252.50    —    —    —    —    —    — 
As of March 31, 2024   69   $258.80   $
—
    2.9    70   $258.69   $—    2.9 

 

The following table summarizes the status of our RSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

 

   RSUs awards outstanding 
   RSUs   Weighted
Average
Grant Date
Fair Value 		   Aggregate
Intrinsic
Value		 
As of January 1, 2024   40   $9.67   $89.60 
Vested   (2)   23.42    
—
 
As of March 31, 2024   38   $9.01   $86.39 

 

The following table summarizes the status of our PSUs and related transactions since December 31, 2023 (in thousands, except weighted average grant date fair value):

 

   Outstanding 
   PSUs (1)   Weighted
Average
Grant Date
Fair Value		   Aggregate
Intrinsic
Value		 
Unvested, as of January 1, 2024   14   $50.87   $32.57 
Vested   (7)   60.50    16.16 
Cancelled/Forfeited   (2)   58.68    
—
 
Unvested, as of March 31, 2024   5   $34.50   $11.92 

 

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

 

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 $111 thousand and $483 thousand for the three months ended March 31, 2024 and 2023, respectively.

 

As of March 31, 2024, we had $177 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 as of March 31, 2024 of $177 thousand is expected to be recognized as share-based payment award compensation over a weighted average period of 0.7 years.