TG Therapeutics, Inc. reported significant financial developments in its recent 10-Q filing for the third quarter of 2024. The company generated product revenue of $83.3 million for Q3 2024, a substantial increase from $25.1 million in Q3 2023. For the nine months ended September 30, 2024, product revenue reached $206.4 million, compared to $48.9 million for the same period in the previous year. However, total revenue for Q3 2024 was $83.9 million, down from $165.8 million in Q3 2023, primarily due to a decrease in license and milestone revenue, which fell from $140.7 million to $0.6 million year-over-year.

The company's total costs and expenses for Q3 2024 were $71.4 million, up from $51.0 million in Q3 2023. This increase was driven by higher research and development costs, which rose to $17.1 million from $11.8 million, and increased selling, general, and administrative expenses, which grew to $33.2 million from $26.5 million. As a result, TG Therapeutics reported an operating income of $12.4 million for Q3 2024, a significant decline from $114.8 million in Q3 2023. The net income for Q3 2024 was $3.9 million, a sharp decrease from $113.9 million in the same quarter of the previous year.

For the nine months ended September 30, 2024, the company reported a net income of $52,000, a decline from $27.1 million in the same period in 2023. The accumulated deficit as of September 30, 2024, stood at approximately $1.6 billion. The company’s cash and cash equivalents increased to $195.8 million from $92.9 million at the end of 2023, bolstered by financing activities, including a $250 million term loan secured in August 2024.

Strategically, TG Therapeutics has focused on the commercialization of its sole marketed product, BRIUMVI (ublituximab), which received FDA approval in December 2022 and has since been launched in the U.S. and Europe. The company entered a commercialization agreement with Neuraxpharm in July 2023, which included a $140 million upfront payment and potential milestone payments. Additionally, the company initiated a Phase 1 trial for a subcutaneous formulation of ublituximab in August 2024 and entered a license agreement with Precision BioSciences for the development of azer-cel in January 2024.

Despite these advancements, TG Therapeutics continues to face challenges, including significant ongoing research and development expenses and uncertainties regarding future profitability. The company has also identified a material weakness in its internal controls related to share-based payment awards, which it plans to address by implementing enhanced risk assessment procedures.