MyMD Pharmaceuticals, Inc. (MYMD): BCG Matrix [Dec-2025 Updated]

MyMD Pharmaceuticals' portfolio is a high-stakes mix: late-stage MYMD-1 and an oral TNF-alpha RA program sit as Stars with clear pathways to large, underserved markets and heavy near-term investment, a lean but valuable global patent estate acts as a low-cost Cash Cow enabling licensing and non-dilutive deals, early-stage Supera‑CBD and niche Hashimoto/CNS programs are high-risk Question Marks that could swing valuation dramatically, and legacy OTC/CBD and sidelined R&D projects are Dogs slated for divestiture to conserve the company's limited capital-so management must prioritize funding for proof‑of‑concept wins while monetizing IP and cutting non-core drag to extend runway.

MyMD Pharmaceuticals, Inc. (MYMD) - BCG Matrix Analysis: Stars

MYMD-1 for sarcopenia and frailty treatment is positioned as a Star: it targets a defined $3.0 billion sarcopenia niche within the broader TNF inhibitor market, where no FDA-approved therapies currently exist. Phase 2a results demonstrated statistically significant biomarker reductions over 28 days (TNF-alpha P=0.008; IL-6 P=0.03), supporting clinical proof-of-concept and underpinning a planned Phase 2b initiation in early 2025. The global TNF inhibitor market was estimated at $40.0 billion in late 2025 and is projected to reach $47.3 billion by 2029 (CAGR 3.6%), providing a high-growth backdrop for an oral, first-in-class disruptor.

The oral TNF-alpha inhibitor platform for rheumatoid arthritis (RA) is similarly a Star: RA represents ~1.5 million affected Americans and a global market roughly valued at $20.0 billion. MYMD holds an FDA-cleared Phase 2 IND for RA indications; preclinical head-to-head data show MYMD-1 reduced disease severity by 47% vs. 37% for Enbrel in the reported model, indicating competitive efficacy for an oral alternative to injectable biologics. Market dynamics favor oral therapies due to patient preference, administration cost advantages, and potential improved safety profiles, driving an expected increase in oral inhibitor market share.

Investment intensity and funding support the Star classification: high capital allocation to mid-to-late-stage clinical programs with a $14.0 million financing round closed mid-2024 that materially supports Phase 2b and IND-enabling activities. These programs represent MYMD's primary value drivers and carry the highest probability of capturing significant market share in autoimmune and age-related disease segments.

Strategic implications and operational priorities for the Star assets include:

• Accelerate Phase 2b execution and endpoint validation for MYMD-1 in sarcopenia to secure first-mover advantage in a $3.0B niche.
• Pursue strategic licensing and international development partnerships to scale RA commercialization and improve ROI timelines.
• Allocate capital to clinical development while preserving runway: prioritize pivotal-enabling studies and biomarker-driven endpoints to de-risk programs.
• Position oral TNF inhibitors in payer and clinician discussions emphasizing total cost of care, administration convenience, and comparative safety versus injectables.

MyMD Pharmaceuticals, Inc. (MYMD) - BCG Matrix Analysis: Cash Cows

Cash Cows

The company's Intellectual Property and global patent portfolio constitute the primary Cash Cow within MYMD's portfolio. As of late 2025, MYMD holds 23 issued patents worldwide, including Japanese Patent No. 7293561 B2, covering its synthetic CBD and TNF-alpha inhibitor platforms. These IP assets sit in a mature, established segment of the synthetic cannabinoid market estimated at $4.5 billion in annual revenue, providing steady legal leverage and licensing potential despite MYMD's current pre-revenue operational status.

The IP portfolio requires relatively low ongoing maintenance CAPEX versus R&D and commercial rollout costs; annual patent maintenance and prosecution budgets are estimated at $150k-$300k per year, materially lower than typical drug-development CAPEX. This cost structure preserves cash while protecting market position and enabling non-dilutive monetization strategies (licensing, sub-licensing, and patent-backed strategic partnerships).

Key financial and strategic metrics associated with the Cash Cow are summarized below:

The Cash Cow role of the IP portfolio is operationalized through enforceable exclusivity and licensing leverage that can convert intangible value into cash inflows without requiring product commercialization. Specific mechanisms and near-term levers include:

• Sub-licensing agreements in secondary markets (Europe, Asia) targeting established synthetic cannabinoid distributors and manufacturers.
• Upfront license fees, milestone payments, and running royalties tied to sub-licensee sales, modeled at 5%-10% royalty rates on licensed net sales.
• Patent-backed strategic investments and debt facilities using IP as collateral, exemplified by the $7.0M commitment from PharmaCyte Biotech.
• Selective enforcement/licensing for territories where MYMD's patent prosecution is strongest to deter competitors and extract licensing premiums.

Quantitatively, if MYMD were to secure licensing across 1% of the $4.5B market at a 7% royalty rate, projected annual royalty revenue would be approximately $3.15 million (calculation: $4,500,000,000 × 0.01 × 0.07), a material uplift relative to the current $4.31 million market capitalization. Even smaller penetration rates (0.2% market share at 5% royalty) would yield ~$450k annually, offsetting IP maintenance and contributing to working capital.

Risks and sensitivities relevant to the Cash Cow designation include potential challenges to patent validity, variable royalty realization timelines, and dependence on sub-licensee commercialization capabilities. Nonetheless, the combination of low maintenance CAPEX, enforceable protection (23 patents), and demonstrated investor confidence via strategic commitments positions the IP portfolio as a defensive, cash-generating asset within MYMD's BCG profile.

MyMD Pharmaceuticals, Inc. (MYMD) - BCG Matrix Analysis: Question Marks

Dogs - Question Marks

Supera-CBD Synthetic Analog Platform is positioned in a high-growth, high-competition segment. Target markets include the global CBD and chronic pain markets estimated at approximately $20 billion combined. The candidate is characterized as ~8,000x more potent as a CB2 agonist than plant-based CBD and has received a DEA scientific review confirming it is not a controlled substance. Development status: pre-IND/IND pending with planned Phase 1 studies in epilepsy and anxiety. Current commercial footprint: zero market share. Market dynamics: synthetic cannabinoid segment growing at an estimated CAGR >15% (industry estimates), large incumbent pain management therapies and numerous cannabinoid developers create high competitive pressure. Estimated near-term cash requirement to complete IND-enabling studies and Phase 1: $5-20 million; to reach Phase 2 proof-of-concept: additional $20-60 million (ranges depend on trial design and partner involvement). Without a commercialization or licensing partner, the program is a classic Question Mark - high upside if it differentiates clinically and secures partners, high downside if heavy R&D spend fails to yield clear differentiation.

MYMD-1 for Hashimoto's Thyroiditis and CNS Diseases represents an exploratory expansion into specialized autoimmune and neuroinflammatory indications. The asset holds an open IND for Phase 2 in Hashimoto's Thyroiditis. The ability to cross the blood-brain barrier expands addressable indications into CNS inflammatory diseases, creating access to an estimated $5 billion addressable market for CNS-based inflammatory treatments. Epidemiology: Hashimoto's affects millions globally; autoimmune thyroid market growth is steady at ~4-5% CAGR. Clinical evidence for these specific indications is nascent; MYMD has not yet committed major capital to initiate dedicated Hashimoto's or CNS trials, instead prioritizing sarcopenia. ROI is therefore uncertain and contingent on strategic allocation of development funding or external partnerships.

Risks and opportunity vectors for these Question Marks:

• High R&D burn vs. zero current revenue contribution for both platforms.
• Regulatory and clinical risk: IND acceptance, safety, efficacy readouts in human trials.
• Competitive risk: numerous established pain, CBD, autoimmune and CNS players with greater resources and market access.
• Partnership leverage: out-licensing or co-development could de-risk capital requirements and accelerate commercialization.
• Differentiation potential: Supera-CBD potency and non-controlled status are distinct advantages if clinical benefit and safety are demonstrated.
• Portfolio trade-offs: continued prioritization of sarcopenia could delay or starve these programs of necessary funding.

Quantitative decision triggers for portfolio management:

• Advance to "Star" candidate if Phase 1 safety and early efficacy signals are observed and a commercial partner is secured within 12-24 months.
• Consider divestiture or out-license if IND/Phase 1 costs exceed projected budgets without tangible partner interest or competitive differentiation.
• Reallocate capital if internal IRR models project negative NPV relative to higher-priority sarcopenia program - typical internal thresholds: 20%+ hurdle rate for disruptive assets.

MyMD Pharmaceuticals, Inc. (MYMD) - BCG Matrix Analysis: Dogs

Dogs - Legacy Non-Core Research and Development Projects have been largely phased out following the 2024 rebranding to TNF Pharmaceuticals. These older segments, which once explored longevity compounds and COVID-19-associated depression, now hold minimal market share and no active clinical momentum. The company has shifted focus almost entirely to MYMD-1 and Supera-CBD, leaving legacy assets with low growth prospects and no dedicated CAPEX.

These dormant R&D lines exhibit the following quantitative characteristics:

Key operational and financial constraints driving divestiture or termination:

• Cash reserves: $12 million on hand (most recent reported balance).
• Current ratio: ~2.0, indicating short-term liquidity but limited runway given cash burn.
• High burn rate: operating and development spend concentrated on MYMD-1 and Supera-CBD.
• Negative legacy margins contributing to cumulative $95 million net loss over the last decade.
• No foreseeable near-term market traction or partner interest for legacy indications.

Dogs - Historical OTC and Regulated CBD Products have been superseded by the more potent synthetic Supera-CBD platform. The broader market for standard, non-regulated CBD products is saturated with low-margin competitors, producing annual price erosion of approximately 10-12% for generic CBD SKUs.

Segment-specific metrics for historical CBD lines:

Management actions and expected near-term outcomes for Dogs:

• Sunset or allow IP to lapse for non-core longevity and COVID-19-depression assets to avoid further burn.
• Divest or license any salvageable preclinical data sets where low-cost partner interest exists.
• Cease commercial investment in legacy OTC/regulated CBD SKUs and focus marketing and R&D spend on Supera-CBD and MYMD-1.
• Redirect remaining working capital ($12M cash cushion) to prioritized clinical milestones for lead programs.
• Reduce SG&A and eliminate segment-specific overhead to improve consolidated operating margins.

Risks and downside implications if Dogs are retained: