TG Therapeutics Sees Strong Revenue Growth in H1 2025

TL;DR

**TGTX is showing solid revenue growth, making it a buy for continued upside.**

AI Summary

TG Therapeutics, Inc. reported product revenue of $158,786,335 for the six months ended June 30, 2025, a significant increase from $156,204,159 for the same period in 2024. License revenue also saw a substantial rise, reaching $761,098 for the six months ended June 30, 2025, compared to $367,903 in the prior year. The company's total revenue for the first half of 2025 was $159,547,433, up from $156,572,062 in the first half of 2024. While specific net income figures were not explicitly detailed, the growth in both product and license revenue indicates a positive financial trajectory. Key business changes include the reclassification of amounts as of December 31, 2023, to conform to current period presentation. Risks include the reliance on incremental borrowing rates for lease accounting, with a 10.25% rate used for leases prior to February 28, 2019, and a 5.65% rate for the NC lease. The strategic outlook appears focused on continued revenue generation from its product portfolio and licensing agreements.

Why It Matters

This revenue growth is crucial for TG Therapeutics, signaling increasing market acceptance and sales of its products, which directly impacts investor confidence and stock valuation. For employees, sustained revenue growth can lead to job security and potential expansion opportunities. Customers benefit from the continued availability and potential innovation of the company's pharmaceutical preparations. In the competitive pharmaceutical landscape, this performance positions TG Therapeutics more favorably against rivals, demonstrating its ability to capture market share and generate significant sales from its offerings.

Risk Assessment

Risk Level: medium — The company's reliance on specific incremental borrowing rates (10.25% and 5.65%) for lease accounting introduces financial risk, as changes in these rates or accounting standards could impact reported liabilities. While revenue is growing, the absence of explicit net income figures in the provided data makes a full profitability assessment challenging, indicating potential underlying cost pressures.

Analyst Insight

Investors should consider TGTX for its strong revenue growth, but also scrutinize future filings for detailed net income and profitability metrics. Monitor any changes in borrowing rates or lease accounting policies, as these could affect the company's financial health.

Financial Highlights

revenue

$159,547,433

revenue Growth

+1.9%

Revenue Breakdown

Key Numbers

• $158.8M — Product Revenue (H1 2025) (Increased from $156.2M in H1 2024, showing growth.)
• $761K — License Revenue (H1 2025) (Increased from $367.9K in H1 2024, indicating strong licensing activity.)
• 10.25% — Incremental Borrowing Rate (Used for older operating leases, impacting lease liabilities.)
• 5.65% — NC Lease Borrowing Rate (Specific rate for the NC lease, affecting its present value.)

Key Players & Entities

• TG THERAPEUTICS, INC. (company) — filer of the 10-Q
• $158,786,335 (dollar_amount) — product revenue for six months ended June 30, 2025
• $156,204,159 (dollar_amount) — product revenue for six months ended June 30, 2024
• $761,098 (dollar_amount) — license revenue for six months ended June 30, 2025
• $367,903 (dollar_amount) — license revenue for six months ended June 30, 2024
• 10.25% (dollar_amount) — incremental borrowing rate for operating leases prior to February 28, 2019
• 5.65% (dollar_amount) — incremental borrowing rate for the NC lease
• December 31, 2023 (date) — date of reclassified amounts
• June 30, 2025 (date) — end of current reporting period
• February 28, 2019 (date) — date for lease rate application

FAQ

Risk Factors

• Lease Accounting Rate Sensitivity [medium — financial]: The company relies on incremental borrowing rates for lease accounting. A rate of 10.25% was used for leases prior to February 28, 2019, while a lower rate of 5.65% is used for the NC lease. Changes in these rates or the company's ability to secure financing at favorable rates could impact the valuation of lease liabilities.
• Reliance on Product and License Revenue [high — operational]: The company's revenue is primarily driven by product sales and licensing agreements. Any disruption in these revenue streams, such as decreased demand for products or challenges in securing new licensing deals, could significantly impact financial performance.

Industry Context

TG Therapeutics operates within the highly competitive and rapidly evolving biopharmaceutical industry. Key trends include significant investment in research and development for novel therapies, increasing regulatory scrutiny, and a growing emphasis on targeted treatments. The market is characterized by long development cycles, high R&D costs, and the potential for substantial returns upon successful drug commercialization.

Regulatory Implications

As a biopharmaceutical company, TG Therapeutics is subject to stringent regulations from bodies like the FDA. Compliance with manufacturing standards, clinical trial protocols, and marketing regulations is paramount. Any delays in regulatory approvals or adverse findings can significantly impact product timelines and market access.

What Investors Should Do

1. Monitor revenue growth drivers
2. Evaluate lease accounting impact
3. Track R&D and pipeline progress

Key Dates

• 2025-06-30: End of Reporting Period — Represents the period for which the financial results in this 10-Q are reported.
• 2025-08-08: Filing Date of 10-Q — Indicates when the company officially submitted its quarterly financial report to the SEC.
• 2019-02-28: Lease Accounting Rate Change Threshold — Marks a point in time after which a different incremental borrowing rate (5.65%) is applied to new leases, impacting lease liability calculations.

Glossary

Incremental Borrowing Rate

The interest rate a company would have to pay on a collateralized loan with terms similar to its lease payments. It's used to calculate the present value of lease payments when an implicit rate is not readily available. (Crucial for determining the value of lease liabilities and right-of-use assets on the balance sheet, impacting financial ratios.)

Product Revenue

Revenue generated from the sale of the company's pharmaceutical products. (A primary driver of the company's top-line performance, reflecting market demand and sales execution.)

License Revenue

Revenue earned from granting licenses to other entities to use the company's intellectual property or technology. (Indicates the company's ability to monetize its assets beyond direct product sales, contributing to overall revenue diversification.)

Reclassification

The process of moving amounts from one accounting classification to another to ensure consistency and comparability between financial periods. (Ensures that financial statements are presented in a manner that conforms to current period presentation, aiding in accurate year-over-year comparisons.)

Year-Over-Year Comparison

For the six months ended June 30, 2025, TG Therapeutics reported a modest 1.9% increase in total revenue to $159.5 million, driven by a 1.6% rise in product revenue to $158.8 million and a substantial 107.4% surge in license revenue to $761,098. This indicates a positive trend in both core sales and strategic partnerships compared to the prior year. No new significant risks were explicitly detailed in this excerpt, but the existing risk related to lease accounting rates remains relevant.

Key Financial Figures

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

Filing Documents

• tgtx20250630_10q.htm (10-Q) — 1654KB
• ex_841384.htm (EX-10.1) — 6KB
• ex_825977.htm (EX-31.1) — 12KB
• ex_825978.htm (EX-31.2) — 12KB
• ex_825979.htm (EX-32.1) — 6KB
• ex_825980.htm (EX-32.2) — 6KB
• 0001437749-25-025745.txt ( ) — 6814KB
• tgtx-20250630.xsd (EX-101.SCH) — 54KB
• tgtx-20250630_cal.xml (EX-101.CAL) — 41KB
• tgtx-20250630_def.xml (EX-101.DEF) — 377KB
• tgtx-20250630_lab.xml (EX-101.LAB) — 336KB
• tgtx-20250630_pre.xml (EX-101.PRE) — 405KB
• tgtx20250630_10q_htm.xml (XML) — 948KB

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 26 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 32 Item 4

Controls and Procedures

Controls and Procedures 33 PART II OTHER INFORMATION 33 Item 1

Legal Proceedings

Legal Proceedings 33 Item 1A

Risk Factors

Risk Factors 33 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 87 Item 3 Defaults of Senior Securities 88 Item 4 Mine Safety Disclosures 88 Item 5 Other Information 88 Item 6 Exhibits 88 2 Table of Contents SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed in this Quarterly Report on Form 10Q contain forward looking statements. All statements other than statements of historical facts may constitute forward-looking statements. We intend such forward-looking statements to be subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Section 27A of the Securities Act of 1933, as amended (Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). Forward-looking statements 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. 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 azercabtagene zapreleucel (azer-cel), and our ability to maintain regulatory approval of BRIUMVI (ublituximab-xiiy) 150 mg/6 mL Injection for intraven

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) June 30, December 31, 2025 2024 (Unaudited) (Note 1) Assets Current assets: Cash and cash equivalents $ 129,126 $ 179,894 Short-term investment securities 122,744 131,106 Accounts receivable, net 231,516 129,185 Inventories 155,202 110,458 Other current assets 25,374 15,716 Total current assets 663,962 566,359 Restricted cash 1,316 1,298 Long-term investment securities 28,590 808 Right of use assets 6,718 7,151 Other noncurrent assets 2,027 2,074 Total assets $ 702,613 $ 577,690 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 134,021 $ 58,296 Other current liabilities 2,256 4,627 Lease liability – current portion 1,091 1,157 Deferred revenue - current portion 23,911 11,414 Accrued compensation 10,610 15,185 Total current liabilities 171,889 90,679 Deferred revenue, non-current portion 1,667 12,085 Loan payable – non-current 245,037 244,429 Lease liability – non-current 7,588 8,133 Total liabilities $ 426,181 355,326 Commitments and contingencies Stockholders' equity: Common stock, $ 0.001 par value per share ( 190,000,000 and 175,000,000 shares authorized, 158,786,335 and 156,204,159 shares issued, 158,025,237 and 155,836,256 shares outstanding at June 30, 2025 and December 31, 2024, respectively) $ 159 156 Additional paid-in capital 1,794,212 1,760,396 Treasury stock, at cost, 761,098 and 367,903 shares at June 30, 2025 and December 31, 2024, respectively ( 21,992 ) ( 8,994 ) Accumulated deficit ( 1,495,947 ) ( 1,529,194 ) Total stockholders' equity 276,432 222,364 Total liabilities and stockholders' equity $ 702,613 $ 577,690 The accompanying notes are an integral part of the condensed consolidated financial statements. 6 Table of Contents TG Therapeutics, Inc. Cond

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View this 10-Q filing on SEC EDGAR