Our analysis concludes TXMD's operating cash burn, total and non-payroll related SG&A spending and seemingly unending dilution uncertainty has lead to continued share price losses. Our analysis concludes dilution is certain again in 2020 after TXMD lost a $50MM non-dilutive lender commitment which, remarkably, was presented as a win for the Company. Even worse, our analysis concludes TXMD may have to dilute as soon as March/April 2020 if they do not secure the 1 remaining $50MM tranche of non-dilutive debt from TSSP (TXMD's lender).
TXMD's CEO also warned investors that the company would need to