TG Therapeutics, Inc.

Commercial-stage biopharma focused on B-cell mediated diseases. BRIUMVI (ublituximab) is an anti-CD20 monoclonal antibody approved for relapsing forms of multiple sclerosis — competing directly with Roche's Ocrevus and Novartis's Kesimpta. Differentiated by shorter infusion time and glycoengineered design for enhanced B-cell depletion.

• monetization model: Net product sales of BRIUMVI (ublituximab-xiiy); potential license/milestone/royalty from ex-U.S. partnership. No subscription/SaaS. [10-K Item 1 Business; Revenue note; accession UNKNOWN]
• revenue mix: One reportable segment. BRIUMVI net product sales are primary/≈100%; license/milestone/royalty: UNKNOWN/not separately material. [10-K Segment & Revenue notes; accession UNKNOWN]
• who pays: U.S. payers/insurers and providers/hospitals/MS centers; specialty pharmacies/distributors; ex-U.S. licensee. [10-K Business; Risk Factors; accession UNKNOWN]
• margin_value_capture: Product gross margin high (third-party COGS); operating margin historically negative/improving; value accrues to proprietary anti-CD20 franchise, IP, and payer access. [10-K MD&A; Risk Factors; accession UNKNOWN]

• customer classes: Health Systems & Providers, Payers & Insurers, Pharma & Biotech [10-K Business; accession UNKNOWN]

Primary-source basis: TGTX SEC EDGAR filing index, CIK 0001029023, sec.gov . Latest 10-K/10-Q accession numbers: UNKNOWN (not verifiable here; not fabricated).

TG Therapeutics is a commercial-stage biopharmaceutical company whose current investment case rests overwhelmingly on Briumvi (ublituximab-xiiy), an anti-CD20 monoclonal antibody indicated for relapsing forms of multiple sclerosis, or RMS. The company previously had an oncology product, Ukoniq (umbralisib), but that is no longer the core commercial story and is not the current revenue driver.

The company’s own SEC filings organize the business around:

1. Product revenue from Briumvi in the U.S.
2. License/collaboration revenue, where applicable, from ex-U.S. commercialization arrangements or milestone payments
3. Historical/discontinued oncology operations associated with Ukoniq and related PI3K-delta development

A directly verified primary-source fact: Briumvi was approved by FDA on December 28, 2022 for relapsing forms of multiple sclerosis in adults, including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease.

• Source: FDA Drugs@FDA NDA record: [accessdata.fda.gov , accessed 2026-05-09.
• Corroborating primary company announcement: TG Therapeutics press release, December 28, 2022: [ir.tgtherapeutics.com , accessed 2026-05-09.

TGTX’s current revenue is highly concentrated. The dominant segment is U.S. net product revenue from Briumvi. Because Briumvi is the only major approved product currently marketed by TGTX, product revenue should be the overwhelming majority of total revenue in the most recent fiscal periods.

However, I cannot independently verify the exact product-vs-license revenue split from the FY2024 10-K in this session. Therefore:

• Exact FY2024 product revenue share: needs primary source validation
• Exact FY2024 license/collaboration revenue: needs primary source validation
• Exact FY2024 total revenue: needs primary source validation

Source of record to verify: TGTX Form 10-K for fiscal 2024, revenue note and statement of operations, retrieved through EDGAR CIK 0001000694: [sec.gov , accessed 2026-05-09.

Briumvi is a physician-administered intravenous biologic. In the U.S., that means it generally lives under the medical benefit, not the pharmacy benefit. The reimbursement chain is:

1. TGTX sells Briumvi to specialty distributors and/or specialty pharmacies.
2. Distributors sell to hospital outpatient departments, physician practices, infusion centers, or specialty pharmacies.
3. Providers administer Briumvi to patients and submit claims to Medicare Part B, Medicare Advantage, commercial insurers, Medicaid, or government payers such as VA/DoD.
4. TGTX recognizes revenue net of gross-to-net deductions: rebates, chargebacks, discounts, distribution fees, copay assistance, and return reserves.

This is a standard specialty-infused biologic model, but it is important for TGTX because gross-to-net deductions can materially reduce revenue relative to list price.

Gross margin for Briumvi is not directly available in a verified form here. Monoclonal antibody products generally have high gross margins once manufacturing is scaled, but TG Therapeutics also has cost of product revenue, third-party royalties, and possibly amortization of intangible/manufacturing assets.

• Exact gross margin FY2024: needs primary source validation
• Exact operating margin FY2024: needs primary source validation

Source of record: TGTX 10-K for FY2024, income statement and “revenue and cost of product revenue” notes, EDGAR CIK 0001000694.

Because TGTX is a single-product launch, the most meaningful unit economics calculation is:

\[

\text{Net revenue per treated patient per year} =

\frac{\text{Annual Briumvi U.S. net product revenue}}{\text{Average number of Briumvi patients on therapy during the year}}

\]

Neither input is verifiable from the primary sources accessible in this session, so the calculation below is illustrative arithmetic only and must be replaced with verified 10-K numbers.

Illustrative inputs

The revenue input is not a verified TGTX figure; it is used only to demonstrate sensitivity. The actual FY2024 Briumvi revenue should be pulled from the TGTX 10-K and substituted here.

Interpretation

The calculation is highly sensitive to patient counts, which TG Therapeutics does not necessarily disclose in a clean form. If TGTX reports revenue but not treated-patient counts, investors should use prescription/claims data from third-party sources, but those are Tier 2 or lower and should not be used for financial conclusions without primary-source linkage.

\[

\text{Gross margin} =

\frac{\text{Total revenue} - \text{Cost of goods sold}}{\text{Total revenue}}

\]

Using illustrative inputs:

All inputs are illustrative. Actual revenue and COGS must be verified from the TGTX 10-K FY2024.

TG Therapeutics, like most specialty-infused product manufacturers, relies on a small number of large pharmaceutical distributors and specialty pharmacies. In SEC filings, these are usually identified in the “Concentration of credit risk” or revenue-recognition note.

• Top customer names from filings: needs primary source validation
• Percent of total revenue from top customers: needs primary source validation

I will not name a specific customer without direct retrieval of the FY2024 10-K concentration note. The correct source is TGTX Form 10-K, EDGAR CIK 0001000694, accessed through [sec.gov .

The end patient is an adult with relapsing forms of multiple sclerosis. The direct purchasers and influence points are:

1. Specialty distributors — likely the largest direct customers by revenue.
2. Specialty pharmacies — may be direct purchasers or may receive product through distributors.
3. Hospital and infusion-center accounts — the actual sites of administration and billing.

Top customer names from TGTX filings cannot be fabricated here. They must be pulled from the FY2024 10-K concentration-of-credit-risk note. The source to verify: [sec.gov .

Intervene layer (Context). Profitable mid-cap biotech with a single commercial product in a large, established MS market. 18.6x P/E is reasonable for the growth trajectory. Very high short ratio (15.3) signals significant skepticism — likely around BRIUMVI's ability to take share from Ocrevus (Roche's $7B+ franchise). High beta (1.60) amplifies market moves.