TG Therapeutics Soars on Revenue Growth, Tax Benefit

TL;DR

**TGTX is finally turning the corner with massive revenue growth and a huge tax benefit, making it a strong buy.**

AI Summary

TG Therapeutics, Inc. reported a significant increase in net income for the nine months ended September 30, 2025, reaching $424.142 million, a substantial rise from $0.052 million in the same period of 2024. This was primarily driven by a robust increase in product revenue, net, which grew to $417.815 million for the nine months ended September 30, 2025, up from $206.381 million in the prior year. The company also recognized a substantial income tax benefit of $361.845 million for the nine months ended September 30, 2025, compared to an expense of $0.089 million in 2024. Operating income for the nine months increased to $72.830 million from $11.980 million year-over-year. Total assets grew to $1,025.024 million as of September 30, 2025, from $577.690 million at December 31, 2024, largely due to increases in accounts receivable, net, to $265.384 million and the recognition of deferred tax assets of $366.627 million. Cash and cash equivalents, however, decreased to $74.081 million from $179.894 million over the same period, indicating significant operational investments despite strong revenue growth. The company's accumulated deficit improved significantly, reducing from $(1,529.194) million at December 31, 2024, to $(1,105.052) million at September 30, 2025.

Why It Matters

This filing reveals TG Therapeutics' strong financial turnaround, driven by impressive product revenue growth and a significant income tax benefit, which is crucial for investor confidence. The substantial increase in net income and reduction in accumulated deficit could signal a more stable financial future, potentially attracting new institutional investors and improving the company's competitive standing in the biopharmaceutical market, especially with its key product BRIUMVI. For employees, this financial health could mean greater job security and potential for growth. Customers may benefit from continued investment in product development and commercialization. The broader market will watch to see if this growth trajectory is sustainable, particularly given the competitive landscape in multiple sclerosis treatments.

Risk Assessment

Risk Level: medium — While TG Therapeutics shows strong financial improvement with a net income of $424.142 million for the nine months ended September 30, 2025, and significant product revenue growth, the company still carries a substantial accumulated deficit of $(1,105.052) million. Additionally, cash and cash equivalents decreased from $179.894 million to $74.081 million, indicating ongoing cash burn despite profitability, which could necessitate future capital raises as highlighted in their 'Need for Additional Capital' risk factor.

Analyst Insight

Investors should closely monitor TG Therapeutics' continued product revenue growth and cash flow management in upcoming quarters. The significant income tax benefit is a one-time boost, so sustainable profitability will depend on maintaining sales momentum for BRIUMVI and managing operating expenses effectively. Consider this a potential long-term hold if revenue growth persists and cash burn stabilizes.

Financial Highlights

debt To Equity

0.69

revenue

$423.713M

operating Margin

17.6%

total Assets

$1,025.024M

total Debt

$252.648M

net Income

$424.142M

eps

N/A

gross Margin

77.4%

cash Position

$74.081M

revenue Growth

+91.9%

Revenue Breakdown

Key Numbers

• $417.815M — Product Revenue, Net (Increased from $206.381M in 2024 for the nine months, showing strong commercialization.)
• $424.142M — Net Income (Significant increase from $0.052M in 2024 for the nine months, indicating profitability.)
• $361.845M — Income Tax Benefit (Major contributor to net income for the nine months ended September 30, 2025.)
• $72.830M — Operating Income (Increased from $11.980M in 2024 for the nine months, reflecting improved operational efficiency.)
• $1,025.024M — Total Assets (Increased from $577.690M at December 31, 2024, indicating balance sheet growth.)
• $74.081M — Cash and Cash Equivalents (Decreased from $179.894M at December 31, 2024, suggesting cash utilization despite revenue growth.)
• $265.384M — Accounts Receivable, Net (Increased from $129.185M at December 31, 2024, reflecting higher sales.)
• $366.627M — Deferred Tax Assets (New asset recognized as of September 30, 2025, contributing to total assets.)
• $(1,105.052)M — Accumulated Deficit (Reduced from $(1,529.194)M at December 31, 2024, indicating progress towards sustained profitability.)
• 158,759,451 — Shares Outstanding (As of October 31, 2025, relevant for per-share metrics.)

Key Players & Entities

• TG THERAPEUTICS, INC. (company) — Registrant
• BRIUMVI (ublituximab-xiiy) (company) — Key product for relapsing forms of multiple sclerosis (RMS)
• $417.815 million (dollar_amount) — Product revenue, net for nine months ended September 30, 2025
• $206.381 million (dollar_amount) — Product revenue, net for nine months ended September 30, 2024
• $424.142 million (dollar_amount) — Net income for nine months ended September 30, 2025
• $0.052 million (dollar_amount) — Net income for nine months ended September 30, 2024
• $361.845 million (dollar_amount) — Income tax benefit for nine months ended September 30, 2025
• $1,025.024 million (dollar_amount) — Total assets as of September 30, 2025
• $577.690 million (dollar_amount) — Total assets as of December 31, 2024
• $74.081 million (dollar_amount) — Cash and cash equivalents as of September 30, 2025

FAQ

Risk Factors

• Regulatory Approval and Maintenance [high — regulatory]: The company's ability to obtain and maintain regulatory approvals for its product candidates, including BRIUMVI for relapsing forms of multiple sclerosis (RMS), is critical. Delays or failures in obtaining or maintaining these approvals in the U.S. or other jurisdictions can materially impact commercialization efforts and future revenue.
• Commercialization Infrastructure [high — operational]: Successful market adoption and sales of BRIUMVI and other product candidates depend on the company's ability to adapt and expand its commercial infrastructure. Challenges in scaling this infrastructure within projected timeframes could hinder market penetration and revenue generation.
• Product Supply Chain [medium — operational]: Maintaining a reliable supply of products that meets market demand is essential. Disruptions in manufacturing or supply chain could lead to product shortages, impacting sales and customer relationships.
• Market Acceptance and Reimbursement [high — market]: The timing and success of commercialization are subject to market acceptance, pricing, and reimbursement levels for BRIUMVI and future products. Unfavorable market dynamics or reimbursement challenges can significantly affect sales performance.
• Clinical Trial Progress and Results [high — operational]: The initiation, timing, progress, and results of preclinical studies and clinical trials are key to advancing drug candidates. Any setbacks or negative outcomes in these trials could delay or halt development, impacting the company's pipeline and future prospects.
• Cash Burn and Funding Needs [medium — financial]: While revenue has increased, the company's cash and cash equivalents decreased from $179.894M to $74.081M, suggesting significant operational investments and cash utilization. Continued investment in R&D and commercialization may require future financing.
• Intellectual Property and Competition [medium — regulatory]: The company's ability to protect its intellectual property and navigate a competitive landscape is crucial. Infringement claims or the success of competitors could impact market share and profitability.

Industry Context

TG Therapeutics operates in the highly competitive biotechnology and pharmaceutical sector, focusing on the development of novel treatments for cancer and autoimmune diseases. The industry is characterized by long development cycles, significant R&D investment, stringent regulatory oversight, and the potential for high rewards upon successful drug commercialization. Key trends include the increasing focus on targeted therapies, immunotherapies, and personalized medicine.

Regulatory Implications

The company faces significant regulatory hurdles related to drug approval processes by agencies like the FDA. Maintaining compliance with evolving regulations, ensuring product safety and efficacy, and navigating post-market surveillance are critical. Any adverse regulatory actions or delays in approvals can severely impact market access and financial performance.

What Investors Should Do

1. Monitor BRIUMVI Commercialization
2. Analyze R&D Pipeline Progress
3. Assess Cash Burn and Funding Strategy
4. Evaluate Impact of Deferred Tax Assets

Key Dates

• 2025-09-30: End of Q3 2025 — Reported significant increase in net income and product revenue, with substantial growth in total assets and a reduction in accumulated deficit.
• 2025-10-31: Shares Outstanding Date — 158,759,451 shares outstanding, relevant for per-share calculations and market capitalization.
• 2024-12-31: End of Fiscal Year 2024 — Provided the comparative balance sheet figures for asset and liability growth analysis.
• 2024-09-30: End of Q3 2024 — Provided the comparative income statement figures showing a much lower net income and revenue base.

Glossary

Deferred Tax Assets

Represents potential future tax savings arising from temporary differences between accounting income and taxable income, or from tax loss carryforwards. These can be realized when the company generates future taxable income. (A significant new asset ($366.627M) recognized on the balance sheet, contributing to the increase in total assets and reflecting potential future tax benefits.)

Accumulated Deficit

The cumulative net losses of a company since its inception, minus any cumulative net profits. It represents the total loss that has not been offset by profits. (The company's accumulated deficit significantly reduced from $(1,529.194)M to $(1,105.052)M, indicating progress towards profitability.)

Product Revenue, Net

The revenue generated from the sale of the company's pharmaceutical products after deducting any returns, allowances, and discounts. (This was the primary driver of the substantial increase in total revenue and net income for the nine-month period.)

Income Tax Benefit

A reduction in income tax expense, often resulting from net operating losses, tax credits, or changes in deferred tax assets/liabilities. It increases net income. (A substantial $361.845M benefit significantly boosted net income for the nine months ended September 30, 2025.)

Treasury Stock

Shares of a company's own stock that have been repurchased from the open market. It is recorded at cost and reduces total stockholders' equity. (The company significantly increased its treasury stock holdings, from $8.994M to $100.234M, indicating share repurchases or other equity transactions.)

Operating Income

Profitability from a company's core business operations, calculated as revenue minus cost of goods sold and operating expenses (R&D, SG&A). (Showed strong growth from $11.980M to $72.830M, reflecting improved operational efficiency and profitability.)

Year-Over-Year Comparison

TG Therapeutics has demonstrated substantial year-over-year improvement in its financial performance. Product revenue, net, more than doubled to $417.815M for the nine months ended September 30, 2025, from $206.381M in the prior year, driving a significant increase in net income to $424.142M. Operating income also saw robust growth. While total assets have grown considerably, largely due to increased receivables and the recognition of deferred tax assets, cash and cash equivalents have decreased, indicating significant investment. The accumulated deficit has also shown improvement, moving closer to profitability.

Key Financial Figures

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

Filing Documents

• tgtx20250930_10q.htm (10-Q) — 1769KB
• ex_856461.htm (EX-31.1) — 12KB
• ex_856462.htm (EX-31.2) — 12KB
• ex_856463.htm (EX-32.1) — 6KB
• ex_856464.htm (EX-32.2) — 6KB
• 0001437749-25-033363.txt ( ) — 7152KB
• tgtx-20250930.xsd (EX-101.SCH) — 55KB
• tgtx-20250930_cal.xml (EX-101.CAL) — 43KB
• tgtx-20250930_def.xml (EX-101.DEF) — 396KB
• tgtx-20250930_lab.xml (EX-101.LAB) — 359KB
• tgtx-20250930_pre.xml (EX-101.PRE) — 425KB
• tgtx20250930_10q_htm.xml (XML) — 1001KB

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 23 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 28 Item 4

Controls and Procedures

Controls and Procedures 28 PART II OTHER INFORMATION 28 Item 1

Legal Proceedings

Legal Proceedings 28 Item 1A

Risk Factors

Risk Factors 28 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 66 Item 3 Defaults of Senior Securities 67 Item 4 Mine Safety Disclosures 67 Item 5 Other Information 67 Item 6 Exhibits 67 2 Table of Contents SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed in this Quarterly Report on Form 10-Q 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 regulatory approvals for our product candidates and our ability to maintain regulatory approval of BRIUMVI (ublituximab-xiiy) 150 mg/6 mL Injection for intravenous therapy for the treatment of relapsing forms of multiple

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) September 30, December 31, 2025 2024 (Unaudited) (Note 1) Assets Current assets: Cash and cash equivalents $ 74,081 $ 179,894 Short-term investment securities 57,501 131,106 Accounts receivable, net 265,384 129,185 Inventories 146,953 110,458 Other current assets 55,846 15,716 Total current assets 599,765 566,359 Restricted cash 1,329 1,298 Long-term investment securities 48,757 808 Right of use assets 6,501 7,151 Deferred tax assets 366,627 — Other noncurrent assets 2,045 2,074 Total assets $ 1,025,024 $ 577,690 Liabilities and stockholders' equity Current liabilities: Accounts payable and accrued expenses $ 112,336 $ 58,296 Other current liabilities 1,993 4,627 Lease liability – current portion 1,068 1,157 Deferred revenue - current portion 26,399 11,414 Accrued compensation 15,014 15,185 Total current liabilities 156,810 90,679 Deferred revenue, non-current portion 8,348 12,085 Loan payable – non-current 245,340 244,429 Lease liability – non-current 7,308 8,133 Total liabilities $ 417,806 $ 355,326 Commitments and contingencies Stockholders' equity: Common stock, $ 0.001 par value per share ( 190,000,000 and 175,000,000 shares authorized, 158,754,176 and 156,204,159 shares issued, 155,210,533 and 155,836,256 shares outstanding at September 30, 2025 and December 31, 2024, respectively) 159 156 Additional paid-in capital 1,812,345 1,760,396 Treasury stock, at cost, 3,543,643 and 367,903 shares at September 30, 2025 and December 31, 2024, respectively ( 100,234 ) ( 8,994 ) Accumulated deficit ( 1,105,052 ) ( 1,529,194 ) Total stockholders' equity 607,218 222,364 Total liabilities and stockholders' equity $ 1,025,024 $ 577,690 The accompanying notes are an integral part of the condensed consolidated financial statements.

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View this 10-Q filing on SEC EDGAR