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9/19/2018 Disclosures Evalua aluation on of of Sys Systemic emic Ef Effects of of a Vaginal ginal Es Estr tradio iol Softg Softgel Cap Capsul ule Ins Insert (TX (TX 004H 004HR) R) Advisory board member : AMAG, Palatin Technologies,


  1. 9/19/2018 Disclosures Evalua aluation on of of Sys Systemic emic Ef Effects of of a Vaginal ginal Es Estr tradio iol Softg Softgel Cap Capsul ule Ins Insert (TX (TX ‐ 004H 004HR) R) • Advisory board member : AMAG, Palatin Technologies, and Valeant • Consultant : TherapeuticsMD in in Meno Menopau pausal al Wo Women with with Moder Moderate to to • Speaker’s bureau : Valeant Se Severe Dy Dyspar spareun eunia ia Lisa Larkin, MD 1 ; Andrew M Kaunitz, MD 2 ; James Liu, MD 3 ; Shelli Graham, PhD 4 ; Brian Bernick, MD 4 ; Sebastian Mirkin, MD 4 ; Ginger D Constantine, MD 5 1 Lisa Larkin MD and Associates, Mariemont, OH; 2 University of Florida College of Medicine ‐ Jacksonville , Jacksonville, FL; 3 University Hospitals Cleveland Medical Center, Cleveland, OH; 4 TherapeuticsMD, Boca Raton, FL; 5 EndoRheum Consultants, LLC, Malvern, PA Background REJOICE Trial: Co ‐ Primary Efficacy Endpoints • Up to 69% of postmenopausal women show clinical signs of vulvar and vaginal • TX ‐ 004HR significantly improved vaginal cells 1,2 atrophy (VVA), 1 with ~50% reporting symptoms 2,3 Superficial cells Parabasal cells • VVA can be persistent and can reduce quality of life 4,5 0 2 4 6 8 10 12 50 • TX ‐ 004HR (IMVEXXY TM [4 ‐ µg and 10 ‐ µg doses]) are low ‐ dose, softgel vaginal inserts 4 µg 0 10 µg of solubilized 17 β‐ estradiol (E2) recently approved (May 2018) in the US to treat Change from baseline 40 ‐ 10 Change from baseline Placebo moderate to severe dyspareunia due to menopause 6,7 ‡ ‐ 20 30 ‡ ‐ 30 • One goal of vaginal estrogen therapies is to minimize systemic absorption and 20 ‡ ‡ ‡ ‡ potentially reduce related side effects 8 ‡ ‡ ‡ ‡ ‡ ‐ 40 ‡ 10 ‡ ‡ ‡ ‡ ‐ 50 • Pharmacokinetic data for TX ‐ 004HR show mean systemic E2 absorption with 4 µg 0 and 10 µg to be similar to placebo and baseline, and generally within the ‐ 60 0 2 4 6 8 10 12 postmenopausal range 9 Weeks Weeks 1. Gass M, et al. Menopause. 2011;18:1160 ‐ 1171. 2. Santoro N and Komi J. J Sex Med. 2009;6:2133 ‐ 2142. 3. Simon J, et al. Menopause. 2013;20:1043 ‐ 1048. 4. Dennerstein L, ‡ P <0.001 for TX ‐ 004HR vs placebo. et al. Obstet Gynecol. 2000;93:351 ‐ 358. 5. Nappi R and Kokot ‐ Kierepa M. Maturitas. 2010;67:233 ‐ 238. 6. Imvexxy Prescribing Information. TherapeuticsMD. 7. Constantine G, 1. Constantine G, et al. Menopause 2017;24:409 ‐ 416. 2. Simon JA, et al. Maturitas . 2017;99:51 ‐ 58. et al. Menopause 2017;24:409 ‐ 416. 8. NAMS. Menopause . 2007;14:357 ‐ 369. 9. Archer DF, et al. Menopause. 2017;24:510 ‐ 516. 1

  2. 9/19/2018 REJOICE Trial: Serum Estradiol Levels REJOICE Trial: Co ‐ Primary Efficacy Endpoints • TX ‐ 004HR significantly improved vaginal pH and dyspareunia severity 1,2 • E2 absorption with 4 µg and 10 µg of TX ‐ 004HR was similar to placebo and baseline, and generally within the postmenopausal range Vaginal pH Severity of dyspareunia Day 1 Day 14 Day 84 0 2 4 6 8 10 12 0 2 4 6 8 10 12 15 0 0 15 15 4 µg TX ‐ 004HR Estradiol, pg/mL (SE) Estradiol, pg/mL (SE) Estradiol, pg/mL (SE) Change from baseline Change from baseline 10 µg TX ‐ 004HR ‐ 0.5 4 µg ‐ 0.5 10 10 10 Placebo 10 µg ‐ 1 * ‐ 1 Placebo † † 5 ‡ 5 5 ‡ ‡ ‐ 1.5 ‡ ‡ ‡ * ‡ ‐ 1.5 ‡ ‡ ‡ ‡ ‡ ‐ 2 0 0 0 0 2 4 6 8 10 12 14 16 18 20 22 24 0 2 4 6 8 10 12 14 16 18 20 22 24 Day 84 ‐ 2 Weeks Weeks Hours Post ‐ Drug Hours Post ‐ Drug * P <0.05, †P <0.01 ; ‡ P <0.001 for TX ‐ 004HR vs placebo. Archer DF, et al. Menopause. 2017;24:510 ‐ 516. 1. Constantine G, et al. Menopause 2017;24:409 ‐ 416. 2. Simon JA, et al. Maturitas . 2017;99:51 ‐ 58. Objective and Design REJOICE Trial: Disposition and Demographics • 94% completed at 12 wks • Mean age of 59.1 years (40 ‐ 75) • Objective: This report summarizes the effects of TX ‐ 004HR on clinical • Mean BMI of 26.7 kg/m 2 Subjects screened for eligibility outcomes (in the REJOICE trial) that may be influenced by systemic E2 n=2,183 • 87% were White and absorption 12% African American Screen failures n=1,419 • Design: REJOICE was a randomized, double ‐ blind, placebo ‐ controlled, Randomized to treatment multicenter, phase 3 trial of TX ‐ 004HR 4 μ g, 10 μ g, and 25 μ g n=764 • Self ‐ administered vaginally (1x daily for 2 weeks; 2x weekly for 10 weeks) TX-004HR 4 µg n TX-004HR 10 µg n TX-004HR 25 µg n Placebo n • TEAEs of special interest were collected and summarized here (e.g., Safety population 191 Safety population 191 Safety population 190 Safety population 192 cardiovascular and breast events) MITT population 186 MITT population 188 MITT population 186 MITT population 187 Discontinued 11 Discontinued 14 Discontinued 9 Discontinued 10 Adverse event 1 Adverse event 3 Adverse event 2 Adverse event 3 • 12 ‐ lead ECGs and breast exams were performed at baseline and week 12 Other* 10 Other* 11 Other* 7 Other* 7 • SHBG was measured at baseline and weeks 2 & 12 in a subset of women (n=72) ECG: electrocardiograms; SHBG: serum sex hormone binding globulin. *Other included Investigator decision, lack of efficacy, lost to follow up, protocol violation, and withdrew consent. Constantine G, et al. Menopause 2017;24:409 ‐ 416. Constantine G, et al. Menopause 2017;24:409 ‐ 416. 2

  3. 9/19/2018 Overall Safety Cardiovascular ‐ related TEAEs • No clinically significant differences in AEs were observed between treatment • Five cardiovascular TEAEs were reported; all were considered mild and placebo groups • Only the 2 cases of palpitations were considered possibly related to treatment Treatment ‐ related TEAE ≥ 3% of any 4 µg 10 µg Placebo • No CHD, VTE or other thrombotic episodes were reported treatment arm (n=191) (n=191) (n=192) Headache 7 (3.7) 5 (2.6) 6 (3.1) Cardiovascular TEAEs 4 µg 10 µg Placebo Vaginal discharge 5 (2.6) 6 (3.1) 12 (6.3) (n=191) (n=191) (n=192) Vulvovaginal pruritus 2 (1.0) 3 (1.6) 8 (4.2) Total 3 1 1 Complete heart block 0 0 0 • No signal of estrogenic stimulation of the endometrium Atrioventricular block first degree 1 (0.5)* 0 0 • No cases of endometrial hyperplasia or malignancies were reported Palpitations 1 (0.5) 0 1 (0.5) • No treatment ‐ related serious AEs or deaths were reported Sinus bradycardia 1 (0.5)* 0 0 Sinus node dysfunction 0 1 (0.5) 0 • All doses of TX ‐ 004HR were well tolerated *reported by the same individual TEAE: treatment ‐ emergent adverse event. CHD: coronary heart disease; TEAE: treatment ‐ emergent adverse event; VTE: venous thromboembolism. Constantine G, et al. Menopause 2017;24:409 ‐ 416. Cardiovascular Outcomes Breast ‐ related TEAEs • Seven breast ‐ related TEAEs were reported • ECG findings : No treatment ‐ related, clinically significant adverse ECG changes • All but two were considered as possibly or probably related to treatment • Blood pressure • 6 were in the placebo group • 2 women (4 μ g group) had mild incident hypertension • Breast tenderness was reported in 1 case taking 10 ‐ µg dose • One was considered possibly related to treatment • No other clinically significant breast events were reported • 3 women (n=1 each; 4 μ g, 10 μ g, placebo) had mild blood pressure increases Breast TEAEs 4 µg 10 µg Placebo • One was considered not treatment related (10 μ g) (n=191) (n=191) (n=192) • Two were considered possibly related Total 0 1 6 • Chemistry ‐ related TEAEs Breast discomfort 0 0 1 (0.5) 2 women (n=1 for 4 µg, n=1 for 10 µg) had incident hypercholesterolemia Breast mass (benign breast nodule) 0 0 1 (0.5)* • Breast pain 0 0 2 (1) • 3 women (n=1 for 10 µg, n=2 for placebo) had triglycerides increases Breast tenderness 0 1 (0.5) 0 Fibrocystic breast disease 0 0 2 (1)* *not considered related to treatment. ECG: electrocardiogram; TEAE: treatment ‐ emergent adverse event. 3

  4. 9/19/2018 Sex Hormone Binding Globulin (SHBG) Conclusions • No clinically meaningful differences in TEAEs or treatment ‐ related TEAEs Changes from Baseline in SHBG • Changes with TX ‐ 004HR of special interest were observed between TX ‐ 004HR and placebo were comparable to 12 • Cardiovascular or thrombotic events, blood pressure, cholesterol or Change from baseline (nmol/L) 4 ug (n=18) changes with placebo 10 triglycerides levels 10 ug (n=19) Placebo (n=17) • Breast ‐ related events • No dose ‐ related pattern 8 • No evidence of estrogen ‐ related clinical outcomes such as an increase in was apparent 6 serum SHBG suggesting significant systemic absorption 4 • No evidence of systemic effects of the E2 vaginal insert TX ‐ 004HR was 2 observed in the 12 ‐ week REJOICE trial • These safety data in conjunction with the improved moderate to severe 0 dyspareunia efficacy data and minimal E2 absorption support a local effect ‐ 2 Week 2 Week 12 of the TX ‐ 004HR E2 vaginal insert 4

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