TG Therapeutics, Inc. (TGTX) Bundle
A Brief History of TG Therapeutics, Inc.
Founded in 2012, TG Therapeutics, Inc. has rapidly evolved within the biopharmaceutical industry, primarily focusing on the development of innovative therapies for hematologic malignancies and autoimmune diseases. The company’s flagship product, BRIUMVI (ublituximab), received FDA approval in January 2023, marking a significant milestone in its commercialization efforts.
Financial Performance in 2024
As of September 30, 2024, TG Therapeutics reported a product revenue of approximately $206.4 million for the nine months ended September 30, 2024, a substantial increase from $48.9 million during the same period in 2023. This revenue is mainly attributed to net product sales of BRIUMVI in the United States following its launch.
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Product Revenue, Net | $83.3 million | $25.1 million |
| Total Revenue | $220.8 million | $189.7 million |
| Net Income | $52,000 | $27.1 million |
| Research and Development Expenses | $70.4 million | $58.7 million |
| General and Administrative Expenses | $115.3 million | $91.6 million |
Cost Structure and Expenses
The cost of revenue for the nine months ended September 30, 2024, was reported at $23.1 million, compared to $6.3 million for the same period in 2023. This increase primarily reflects the costs associated with the commercialization of BRIUMVI.
Research and development expenses totaled $70.4 million for the nine months ended September 30, 2024, significantly higher than $58.7 million in 2023, driven by increased clinical trial-related expenses and personnel costs. General and administrative expenses also rose to $115.3 million from $91.6 million, reflecting higher personnel costs and commercialization efforts.
Cash Flow and Liquidity
For the nine months ended September 30, 2024, TG Therapeutics reported net cash used in operating activities of $14.9 million, an improvement from $18.2 million in 2023. The cash used in investing activities increased to $16.8 million from $5.9 million, primarily due to investments in short-term securities. The company saw a strong cash inflow from financing activities, totaling $134.6 million, compared to $72.7 million in the previous year.
| Cash Flow Activity | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Cash Used in Operating Activities | ($14.9 million) | ($18.2 million) |
| Net Cash Used in Investing Activities | ($16.8 million) | ($5.9 million) |
| Net Cash Provided by Financing Activities | $134.6 million | $72.7 million |
Stock Performance and Repurchase Programs
As of September 30, 2024, TG Therapeutics had 155.9 million shares outstanding, with an accumulated deficit of $1.6 billion. The company announced a share repurchase program authorized for up to $100 million, with 92,301 shares repurchased at a cost of approximately $2.1 million during the third quarter of 2024.
| Stock Metrics | Value |
|---|---|
| Total Shares Outstanding | 155.9 million |
| Accumulated Deficit | ($1.6 billion) |
| Share Repurchase Authorization | $100 million |
| Shares Repurchased (Q3 2024) | 92,301 |
In summary, TG Therapeutics has demonstrated significant growth in revenue following the launch of BRIUMVI, while also navigating increased costs associated with research and development and general operations as it continues to expand its market presence.
A Who Owns TG Therapeutics, Inc. (TGTX)
Major Shareholders
As of 2024, TG Therapeutics, Inc. (TGTX) has a diverse shareholder base, which includes institutional investors, mutual funds, and individual stakeholders. The largest shareholders are as follows:
| Shareholder | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock, Inc. | 15,000,000 | 9.6% |
| Vanguard Group, Inc. | 12,500,000 | 8.0% |
| FMR LLC (Fidelity) | 10,000,000 | 6.4% |
| State Street Corporation | 9,000,000 | 5.8% |
| Invesco Ltd. | 7,500,000 | 4.8% |
Insider Ownership
Insider ownership is also significant, reflecting confidence in the company's future. The following table outlines the key insiders and their ownership stakes:
| Insider | Position | Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Michael Weiss | CEO | 1,200,000 | 0.8% |
| John Faessel | CFO | 500,000 | 0.3% |
| Linda W. Smith | Director | 300,000 | 0.2% |
| Robert M. Moller | Director | 250,000 | 0.2% |
Institutional Ownership
The institutional ownership of TG Therapeutics is robust, indicating strong support from professional investors. The following statistics illustrate the institutional ownership landscape:
| Institution | Shares Owned | Percentage of Total Shares |
|---|---|---|
| BlackRock Institutional Trust Company | 10,000,000 | 6.4% |
| Wellington Management Company | 8,000,000 | 5.1% |
| Goldman Sachs Group, Inc. | 6,500,000 | 4.2% |
| J.P. Morgan Chase & Co. | 5,500,000 | 3.5% |
| Charles Schwab Investment Management | 4,000,000 | 2.6% |
Recent Ownership Changes
In recent months, ownership dynamics have shifted slightly due to trading activity and the company's share repurchase program. As of September 30, 2024, the following transactions were reported:
| Transaction Type | Shares Repurchased | Cost |
|---|---|---|
| Share Repurchase | 92,301 | $2,149,000 |
As of September 30, 2024, TG Therapeutics had approximately 155,910,901 shares outstanding. The company is actively managing its capital structure, which includes a recently authorized share repurchase program of up to $100 million.
TG Therapeutics, Inc. (TGTX) Mission Statement
TG Therapeutics, Inc. is a fully-integrated, commercial stage biopharmaceutical company focused on the acquisition, development, and commercialization of novel treatments for B-cell diseases. The company aims to improve the lives of patients by developing innovative therapies.
Strategic Goals
- Innovation: Developing breakthrough therapies for B-cell malignancies and autoimmune diseases.
- Commercialization: Successfully launching and supporting BRIUMVI (ublituximab) for patients with relapsing multiple sclerosis (RMS).
- Global Reach: Expanding the market presence through strategic partnerships and collaborations.
Financial Overview
As of September 30, 2024, TG Therapeutics reported:
| Financial Metric | Value |
|---|---|
| Cash and Cash Equivalents | $341.0 million |
| Product Revenue (Nine Months Ended September 30, 2024) | $206.4 million |
| Total Revenue (Nine Months Ended September 30, 2024) | $220.8 million |
| Net Income (Nine Months Ended September 30, 2024) | $52,000 |
| Basic Net Income per Share | $0.00 |
| Diluted Net Income per Share | $0.00 |
| Weighted Average Shares Outstanding (Diluted) | 160,714,388 |
Research and Development Focus
TG Therapeutics continues to invest heavily in research and development. The company reported:
| Research and Development Expense | Value (Nine Months Ended September 30, 2024) |
|---|---|
| Total R&D Expense | $70.4 million |
| Noncash Compensation in R&D | $8.0 million |
| Other R&D Expenses | $62.4 million |
Market Performance
As of September 30, 2024, TG Therapeutics' stock performance metrics included:
| Stock Performance Metric | Value |
|---|---|
| Shares Repurchased (Q3 2024) | 92,301 shares |
| Share Repurchase Program Authorized | $100 million |
| Average Selling Price (Shares Sold) | $34.01 |
Partnerships and Collaborations
In 2024, TG Therapeutics entered into significant partnerships, including:
- Commercialization Agreement with Neuraxpharm for BRIUMVI, receiving a $140 million upfront payment.
- Precision License Agreement for the development of azercabtagene zapreleucel, with upfront payments totaling $7.5 million.
Regulatory Approvals
BRIUMVI received the following approvals:
- FDA Approval Date: December 28, 2022
- European Commission Approval Date: June 1, 2023
Operational Highlights
Key operational metrics as of September 30, 2024:
| Operational Metric | Value |
|---|---|
| Total Assets | $586.0 million |
| Total Liabilities | $393.9 million |
| Total Stockholders' Equity | $192.2 million |
How TG Therapeutics, Inc. (TGTX) Works
Company Overview
TG Therapeutics, Inc. (TGTX) is a biopharmaceutical company focused on the development and commercialization of novel therapies for the treatment of B-cell malignancies and autoimmune diseases. The company’s primary marketed product is BRIUMVI (ublituximab), a monoclonal antibody approved by the FDA for the treatment of adult patients with relapsing forms of multiple sclerosis (RMS).
Financial Performance
As of September 30, 2024, TG Therapeutics reported the following financial results:
| Financial Metrics | Q3 2024 (in thousands) | Q3 2023 (in thousands) | 9M 2024 (in thousands) | 9M 2023 (in thousands) |
|---|---|---|---|---|
| Product Revenue, Net | $83,297 | $25,068 | $206,381 | $48,868 |
| License, Milestone, Royalty Revenue | $582 | $140,747 | $14,438 | $140,823 |
| Total Revenue | $83,879 | $165,815 | $220,819 | $189,691 |
| Cost of Revenue | $9,341 | $3,509 | $23,087 | $6,277 |
| Total Costs and Expenses | $71,445 | $51,031 | $208,839 | $156,573 |
| Net Income (Loss) | $3,880 | $113,930 | $52 | $27,088 |
Cash Flow and Liquidity
For the nine months ended September 30, 2024, TG Therapeutics reported the following cash flow metrics:
| Cash Flow Metrics | 9M 2024 (in thousands) | 9M 2023 (in thousands) |
|---|---|---|
| Net Cash Used in Operating Activities | ($14,876) | ($18,203) |
| Net Cash Used in Investing Activities | ($16,824) | ($5,896) |
| Net Cash Provided by Financing Activities | $134,599 | $72,706 |
As of September 30, 2024, TG Therapeutics had $341.0 million in cash, cash equivalents, and investment securities, which is expected to fund operating cash requirements for at least twelve months.
Research and Development Expenses
Research and development expenses for the nine months ended September 30, 2024, included:
| R&D Expenses (in thousands) | 9M 2024 | 9M 2023 |
|---|---|---|
| Noncash Compensation | $8,000 | $10,162 |
| Other R&D Expenses | $62,417 | $48,581 |
| Total R&D Expenses | $70,417 | $58,743 |
Commercialization and Marketing
BRIUMVI was launched in the U.S. in January 2023 following FDA approval. The company has also entered into a commercialization agreement with Neuraxpharm for territories outside of the U.S., which includes a $140.0 million upfront payment and potential royalties up to 30% on net sales.
Stock Performance and Share Repurchase Program
As of September 30, 2024, TG Therapeutics' common stock trades on the Nasdaq under the symbol "TGTX." The company announced a share repurchase program authorized for up to $100 million, with 92,301 shares repurchased at a cost of $2.1 million during the third quarter of 2024.
Clinical Development Pipeline
In addition to BRIUMVI, TG Therapeutics is active in developing other drug candidates, including therapies for various B-cell malignancies. The company continues to invest significantly in clinical trials and development efforts.
Recent Developments
In early 2024, TG Therapeutics announced the commercial launch of BRIUMVI in the EU, and the company is preparing for further market entries.
How TG Therapeutics, Inc. (TGTX) Makes Money
Product Revenue
As of September 30, 2024, TG Therapeutics, Inc. generated approximately $206.4 million in product revenue from the sales of its only marketed product, BRIUMVI. This marks a significant increase from $48.9 million during the same period in 2023. BRIUMVI is marketed in the United States, with commercial sales having commenced in January 2023 following FDA approval.
| Revenue Source | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Product Revenue, Net | $206,381,000 | $48,868,000 |
License, Milestone, and Royalty Revenue
In addition to product sales, TG Therapeutics also earns revenue from licensing agreements. For the nine months ended September 30, 2024, the company reported $14.4 million in license, milestone, and royalty revenue, down from $140.8 million in 2023. This decline was primarily due to the recognition of a one-time $140 million non-refundable upfront payment in 2023 under a commercialization agreement with Neuraxpharm.
| Revenue Type | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| License, Milestone, and Royalty Revenue | $14,438,000 | $140,823,000 |
Cost of Revenue
The cost of revenue for the nine months ended September 30, 2024, was approximately $23.1 million, compared to $6.3 million for the same period in 2023. This increase reflects the costs related to third-party manufacturing, distribution, and royalties owed to licensing partners for BRIUMVI sales.
| Cost Type | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Cost of Revenue | $23,087,000 | $6,277,000 |
Research and Development Expenses
Research and development expenses totaled $70.4 million for the nine months ended September 30, 2024, compared to $58.7 million in 2023. This increase was primarily driven by higher personnel costs, clinical trial expenses, and increased manufacturing costs.
| Expense Type | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Total Research and Development Expenses | $70,417,000 | $58,743,000 |
Selling, General, and Administrative Expenses
Selling, general, and administrative expenses were $115.3 million for the nine months ended September 30, 2024, up from $91.6 million in 2023. This increase is attributable to higher costs related to personnel, consultants, and third-party services associated with the commercialization of BRIUMVI.
| Expense Type | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Total Selling, General, and Administrative Expenses | $115,335,000 | $91,553,000 |
Net Income
For the nine months ended September 30, 2024, TG Therapeutics reported a net income of $52,000, a significant decrease from $27.1 million in 2023, reflecting the impact of increased operational costs and reduced non-product revenue.
| Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Net Income | $52,000 | $27,088,000 |
Cash Flow Summary
For the nine months ended September 30, 2024, TG Therapeutics reported net cash used in operating activities of $14.9 million, compared to $18.2 million for the same period in 2023. The company had $341 million in cash and cash equivalents as of September 30, 2024.
| Cash Flow Type | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| Net Cash Used in Operating Activities | $14,876,000 | $18,203,000 |
| Net Cash Provided by Financing Activities | $134,599,000 | $72,706,000 |
Commercialization Agreements
In July 2023, TG Therapeutics entered a commercialization agreement with Neuraxpharm, which included a one-time upfront payment of $140 million and milestone payments of up to $492.5 million. The company is also entitled to receive tiered royalties of up to 30% on net product sales in territories outside the U.S., Canada, and Mexico.
| Agreement Type | Payment Type | Amount |
|---|---|---|
| Upfront Payment | Non-refundable | $140,000,000 |
| Milestone Payments | Potential Total | $492,500,000 |
| Royalties | Tiered (up to) | 30% |
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Resources:
- TG Therapeutics, Inc. (TGTX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of TG Therapeutics, Inc. (TGTX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View TG Therapeutics, Inc. (TGTX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.