Unfortunately I’ve been unable to dig up the details and citations but there have been companies that have tried. It isn’t as straight forward as it seems. See my other comment in this thread about one that tried. I even owned their stock for a while hoping it’ll work out but in the end the FDA didn’t want to encourage safer TRT’s. I was floored when I read their justification and my stock went to zero, and it looks like the company is dead now. I wish I could dig it up, the FDA memo on their decision changed my view of medicine forever.

I think a part of this is also the FDA has been really reluctant to touch testosterone producing substances - there was a company trying to get approval for a patented isomer of clomiphene and they took it through phase 3 and the fda indicated they wouldn’t approve it because they viewed the primary benefit of not being castrating as not compelling enough for a new treatment for low T. Their reasoning to my memory was mostly elderly men suffer from low T and they wanted to discourage what they viewed as a growing trend of lifestyle testosterone treatment. As a clomid user I bought the companies stock and followed it closely through the process and was terribly discouraged about the FDAs processes as a result (and my wallet too!). I’ve been trying to dig that stuff up but it appears the company died as a result and googles not finding the FDA communications. This was like almost 10 years ago.