TG Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>TG Therapeutics, Inc. filed its Q1 2024 10-Q report detailing financial performance and corporate history.</b>

AI Summary

TG THERAPEUTICS, INC. (TGTX) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. TG Therapeutics, Inc. reported financial results for the quarter ended March 31, 2024. The company's previous name was Manhattan Pharmaceuticals Inc. before a name change on March 10, 2003. TG Therapeutics, Inc. was formerly known as Atlantic Technology Ventures Inc. and Atlantic Pharmaceuticals Inc. The filing includes financial data for the periods ending March 31, 2024, and December 31, 2023. The company's business address is 2 Gansevoort Street, 9th Floor, New York, NY 10014.

Why It Matters

For investors and stakeholders tracking TG THERAPEUTICS, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of TG Therapeutics, Inc., crucial for understanding its current operational and financial standing. The historical company name changes indicate a significant evolution or restructuring of the entity over time, which may be relevant for long-term investors tracking corporate development.

Risk Assessment

Risk Level: low — TG THERAPEUTICS, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for revenue growth and net income trends, particularly in relation to product sales and licensing agreements.

Key Numbers

• 175,000,000 — Shares Outstanding (approx.) (As of March 31, 2024)
• 154,607,052 — Total Assets (As of March 31, 2024)
• 151,465,598 — Total Assets (As of December 31, 2023)
• 10.25% — Incremental Borrowing Rate (For operating leases prior to Feb 28, 2019)
• 5.65% — Incremental Borrowing Rate (For NC lease)

Key Players & Entities

• TG THERAPEUTICS, INC. (company) — Filer name
• MANHATTAN PHARMACEUTICALS INC (company) — Former company name
• ATLANTIC TECHNOLOGY VENTURES INC (company) — Former company name
• ATLANTIC PHARMACEUTICALS INC (company) — Former company name
• 2024-03-31 (date) — Reporting period end date
• 2024-05-06 (date) — Filing date
• 2023-12-31 (date) — Prior period end date
• 10.25% (percentage) — Incremental borrowing rate for operating leases

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a comprehensive update on the company's financial performance and condition during the preceding quarter.)

Incremental Borrowing Rate

The rate at which a company could borrow funds on a collateralized basis over an extended period. (Used in lease accounting to determine the present value of lease payments, impacting the balance sheet.)

Key Financial Figures

• $0.001 — Exchange Name Common Stock, par value $0.001 TGTX Nasdaq Capital Market Indicat

Filing Documents

• tgtx20240331_10q.htm (10-Q) — 1320KB
• ex_642567.htm (EX-31.1) — 12KB
• ex_642568.htm (EX-31.2) — 12KB
• ex_642569.htm (EX-32.1) — 6KB
• ex_642570.htm (EX-32.2) — 6KB
• 0001437749-24-014849.txt (&nbsp;) — 5747KB
• tgtx-20240331.xsd (EX-101.SCH) — 55KB
• tgtx-20240331_cal.xml (EX-101.CAL) — 40KB
• tgtx-20240331_def.xml (EX-101.DEF) — 385KB
• tgtx-20240331_lab.xml (EX-101.LAB) — 333KB
• tgtx-20240331_pre.xml (EX-101.PRE) — 408KB
• tgtx20240331_10q_htm.xml (XML) — 646KB

Financial Statements

Financial Statements: 6 Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations (unaudited) 7 Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) 8 Condensed Consolidated Statements of Cash Flows (unaudited) 9 Notes to Condensed Consolidated Financial Statements (unaudited) 10 Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4

Controls and Procedures

Controls and Procedures 35 PART II OTHER INFORMATION 35 Item 1

Legal Proceedings

Legal Proceedings 35 Item 1A

Risk Factors

Risk Factors 36 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 81 Item 3 Defaults of Senior Securities 81 Item 4 Mine Safety Disclosures 81 Item 5 Other Information 81 Item 6 Exhibits 82 2 Table of Contents SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed in this report, including matters discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended (the Securities Act), and the Securities Exchange Act of 1934, as amended (the Exchange Act), and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "seek," "should," "target," "will," "would" or the negative of these words or other comparable terminology, although not all forward-looking statements contain these identifying words. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements. In addition, with respect to all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements about: our ability to obtain and maintain regulatory approvals for our product candidates, including TG-1701, TG-1801, and azercabtagene zapreleucel (azer-cel), as well as any other p

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TG Therapeutics, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) March 31, December 31, 2024 2023 (Unaudited) (Note 1) Assets Current assets: Cash and cash equivalents $ 75,477 $ 92,933 Short-term investment securities 134,308 124,575 Accounts receivable, net 64,982 51,093 Inventories 77,719 39,823 Prepaid research and development and other current assets 8,095 9,519 Total current assets 360,581 317,943 Restricted cash 1,289 1,285 Long-term investment securities 1,320 — Right of use assets 7,906 8,050 Leasehold interest, net 1,362 1,415 Equipment, net 66 95 Goodwill 799 799 Total assets $ 373,323 $ 329,587 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 87,266 $ 38,471 Other current liabilities 4,064 1,479 Lease liability – current portion 1,383 1,446 Deferred revenue - current portion 3,373 152 Accrued compensation 3,598 12,172 Total current liabilities 99,684 53,720 Deferred revenue, non-current portion 3,244 6,016 Loan payable – non-current 101,326 100,118 Lease liability – non-current 8,960 9,231 Total liabilities 213,214 169,085 Commitments and contingencies Stockholders' equity: Common stock, $ 0.001 par value per share ( 175,000,000 shares authorized, 154,607,052 and 151,465,598 shares issued, 154,565,743 and 151,424,289 shares outstanding at March 31, 2024 and December 31, 2023, respectively) 155 151 Additional paid-in capital 1,685,256 1,674,946 Treasury stock, at cost, 41,309 shares at March 31, 2024 and December 31, 2023 ( 234 ) ( 234 ) Accumulated deficit ( 1,525,068 ) ( 1,514,361 ) Total stockholders' equity 160,109 160,502 Total liabilities and stockholders' equity $ 373,323 $ 329,587 The accompanying notes are an integral part of the condensed consolidated financial statements. 6 Table of Contents TG Therapeutics

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View this 10-Q filing on SEC EDGAR