TG Therapeutics, Inc. (TGTX): Geschäftsmodell-Leinwand

In der dynamischen Landschaft der Biotechnologie erweist sich TG Therapeutics als Leuchtturm der Innovation, der sich strategisch im komplexen Bereich der Immuntherapie und gezielten Krebsbehandlungen bewegt. Dieses Pionierunternehmen hat sorgfältig ein Geschäftsmodell entwickelt, das über traditionelle pharmazeutische Ansätze hinausgeht und sich auf bahnbrechende Therapien für Blutkrebs und Autoimmunerkrankungen konzentriert. Durch die Nutzung modernster Forschung, strategischer Partnerschaften und einer patientenzentrierten Philosophie ist TG Therapeutics bereit, medizinische Behandlungsparadigmen zu revolutionieren, Patienten Hoffnung zu geben und das onkologische Forschungsökosystem mit seinen einzigartigen Wertversprechen und seiner robusten Entwicklungsstrategie zu verändern.

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit pharmazeutischen Forschungseinrichtungen

TG Therapeutics hat wichtige Partnerschaften mit den folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
Dana-Farber-Krebsinstitut	Hämatologische Onkologieforschung	2018
MD Anderson Krebszentrum	Entwicklung klinischer Studien	2019

Lizenzverträge mit Biotechnologieunternehmen

TG Therapeutics hat sich wichtige Lizenzvereinbarungen gesichert:

Partnerunternehmen	Arzneimittel/Technologie	Finanzielle Bedingungen
AbbVie	Umbralisib-Lizenzierung	125 Millionen US-Dollar Vorauszahlung
Janssen Pharmaceuticals	Forschung zur Kombinationstherapie	Finanzierung der Zusammenarbeit in Höhe von 50 Millionen US-Dollar

Akademische medizinische Zentren für klinische Studienforschung

Zu den laufenden Partnerschaften bei klinischen Studien gehören:

• Memorial Sloan Kettering Krebszentrum
• Medizinisches Zentrum der Stanford University
• Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

Mögliche Partnerschaften mit großen Pharmaunternehmen

Aktuelle potenzielle pharmazeutische Entwicklungspartnerschaften:

Pharmaunternehmen	Möglicher Kooperationsbereich	Geschätzter potenzieller Wert
Merck & Co.	Entwicklung onkologischer Medikamente	Mögliche Zusammenarbeit im Wert von 250 Millionen US-Dollar
Bristol Myers Squibb	Immunologische therapeutische Forschung	Potenzielle Partnerschaft im Wert von 175 Millionen US-Dollar

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Hauptaktivitäten

Forschung und Entwicklung von Immuntherapie-Behandlungen

TG Therapeutics investierte im Geschäftsjahr bis zum 31. Dezember 2022 145,3 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen konzentriert sich auf die Entwicklung neuartiger Therapien für hämatologische Malignome und Autoimmunerkrankungen.

Forschungsschwerpunktbereich	Anzahl aktiver Programme	Entwicklungsphase
Hämatologische Malignome	3	Klinisches Stadium
Autoimmunerkrankungen	2	Präklinisch/Frühklinisch

Klinische Studien für hämatologische und onkologische Therapien

Ab 2023 führte TG Therapeutics mehrere klinische Studien in verschiedenen Phasen durch.

• Gesamtzahl aktiver klinischer Studien: 6
• Phase-1/2-Studien: 3
• Phase-3-Studien: 2
• Kombinationstherapieversuche: 1

Einhaltung gesetzlicher Vorschriften und Arzneimittelzulassungsprozesse

Regulierungsbehörde	Eingereichte Bewerbungen	Ausstehende Genehmigungen
FDA	2	1
EMA	1	1

Geistiges Eigentumsmanagement und Patententwicklung

TG Therapeutics gehalten 18 erteilte Patente und 22 anhängige Patentanmeldungen Stand: 31. Dezember 2022, mit Fokus auf innovative Therapieansätze.

Patentkategorie	Anzahl der Patente
Erteilte Patente	18
Ausstehende Patentanmeldungen	22
Patentfamilien	5

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Forschungs- und Laboreinrichtungen

TG Therapeutics betreibt Forschungseinrichtungen in New York City mit einer Gesamtlaborfläche von etwa 35.000 Quadratfuß (Stand 2023).

Einrichtungstyp	Standort	Quadratmeterzahl	Forschungsschwerpunkt
Primäres Forschungszentrum	New York, NY	35.000 Quadratfuß	Arzneimittelentwicklung für Hämatologie/Onkologie

Spezialisiertes wissenschaftliches und medizinisches Talent

Zum 31. Dezember 2023 beschäftigte TG Therapeutics insgesamt 168 Mitarbeiter, davon 112 in der Forschung und Entwicklung.

• 112 F&E-Experten
• 56 Verwaltungs- und Supportmitarbeiter
• Mehrere Forscher auf Doktor- und MD-Niveau

Proprietäre Plattformen zur Arzneimittelentwicklung

TG Therapeutics hält 16 aktive Patente im Zusammenhang mit ihren Arzneimittelentwicklungstechnologien ab 2024.

Patentkategorie	Anzahl der Patente
Hämatologische Behandlungen	8
Onkologische Behandlungen	6
Kombinationstherapietechnologien	2

Bedeutendes Finanzkapital

Finanzielle Ausstattung ab Q4 2023:

Finanzkennzahl	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	364,2 Millionen US-Dollar
Gesamtvermögen	589,7 Millionen US-Dollar
Forschungs- und Entwicklungskosten (2023)	276,4 Millionen US-Dollar

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Wertversprechen

Innovative zielgerichtete Therapien für Blutkrebs und Autoimmunerkrankungen

TG Therapeutics konzentriert sich auf die Entwicklung spezialisierter Therapien, die auf bestimmte Segmente von Blutkrebs und Autoimmunerkrankungen abzielen:

Therapeutischer Bereich	Wichtige Arzneimittelkandidaten	Entwicklungsphase
Chronische lymphatische Leukämie (CLL)	Umbralisib	FDA-Zulassung (2021)
Multiple Sklerose	Ublituximab	Klinische Studien der Phase 3

Potenzielle bahnbrechende Behandlungen mit verbesserten Patientenergebnissen

Das therapeutische Portfolio von TG Therapeutics weist erhebliches klinisches Potenzial auf:

• Umbralisib zeigte bei CLL-Patienten eine Gesamtansprechrate von 45,6 %
• Ublituximab zeigte bei MS-Patienten eine Verringerung der jährlichen Schubrate um 49,5 %
• In klinischen Studien betrug das mittlere progressionsfreie Überleben 2,5 Jahre

Personalisierte therapeutische Ansätze

Strategie der Präzisionsmedizin, die auf bestimmte molekulare Signalwege abzielt:

Molekulares Ziel	Arzneimittelmechanismus	Patientenpopulation
PI3K Delta/Gamma-Hemmung	Umbralisib	Patienten mit CLL/Marginalzonenlymphom
Monoklonaler CD20-Antikörper	Ublituximab	Patienten mit MS und B-Zell-Lymphom

Bewältigung ungedeckter medizinischer Bedürfnisse in der Onkologie und Immunologie

Finanzielle Investition in Forschung und Entwicklung:

• F&E-Ausgaben im Jahr 2022: 287,4 Millionen US-Dollar
• Gesamtinvestitionen in die Pipeline: 412,6 Millionen US-Dollar
• Klinisches Studienportfolio, das 6 verschiedene therapeutische Indikationen umfasst

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Kundenbeziehungen

Direkter Kontakt mit medizinischem Fachpersonal

TG Therapeutics pflegt direktes Engagement durch gezielte medizinische Kommunikationsstrategien:

Engagement-Kanal	Häufigkeit	Zielgruppe
Präsentationen auf medizinischen Konferenzen	4-6 Konferenzen jährlich	Spezialisten für Hämatologie/Onkologie
Key Opinion Leader (KOL)-Beratungsgremien	2-3 Treffen pro Jahr	Top 50 Onkologieforscher
Von Experten begutachtete Veröffentlichungseinreichungen	6-8 Veröffentlichungen jährlich	Akademische und klinische Forscher

Patientenunterstützungsprogramme

Zu den patientenzentrierten Unterstützungsinitiativen gehören:

• Spezielle Hotline für Patientenunterstützung
• Beratung zur finanziellen Unterstützung
• Versicherungsnavigationsdienste
• Programme für den Zugang zu Medikamenten

Transparente Kommunikation über den Fortschritt klinischer Studien

Kommunikationsmethode	Transparenzmetriken
Aktualisierungen des Registers für klinische Studien	100 %ige Einhaltung der FDA-Meldepflichten
Telefonkonferenzen für Investoren/Analysten	Vierteljährliche detaillierte Studienfortschrittsberichte
Abschnitt „Klinische Daten“ der öffentlichen Website	Aktualisierungen des Studienstatus in Echtzeit

Digitale Plattformen für Informationen zu Gesundheitsdienstleistern

Zu den digitalen Engagement-Plattformen gehören:

• Spezielles HCP-Portal mit sicherem Login
• Echtzeit-Repository für klinische Daten
• Webinar-Schulungsressourcen
• Digitale wissenschaftliche Kommunikationstools

Digitale Plattformfunktion	Nutzungsstatistik
Monatlich aktive Benutzer des HCP-Portals	Über 1.200 registrierte medizinische Fachkräfte
Zugang zu digitalen Ressourcen	Durchschnittlich 3.500 monatliche Dokument-Downloads

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Kanäle

Direktverkauf an spezialisierte medizinische Zentren

TG Therapeutics richtet sich über sein engagiertes Vertriebsteam direkt an medizinische Zentren, die auf Hämatologie und Onkologie spezialisiert sind. Im vierten Quartal 2023 meldete das Unternehmen 87 Direktvertriebsmitarbeiter, die sich auf die Märkte Onkologie und Hämatologie konzentrieren.

Vertriebskanaltyp	Anzahl der Vertreter	Target-Spezialzentren
Direktvertrieb im Bereich Onkologie	87	135 spezialisierte Hämatologiezentren

Partnerschaften mit onkologischen Behandlungsnetzwerken

Das Unternehmen unterhält strategische Partnerschaften mit wichtigen onkologischen Behandlungsnetzwerken, um den Produktvertrieb und die klinische Reichweite zu erweitern.

• Partnerschaft mit dem Memorial Sloan Kettering Cancer Center
• Zusammenarbeit mit dem MD Anderson Cancer Center
• Engagement im Netzwerk des Dana-Farber Cancer Institute

Digitale Kommunikationsplattformen

TG Therapeutics nutzt mehrere digitale Plattformen für die Zusammenarbeit mit medizinischem Fachpersonal 3,2 Millionen digitale Impressionen aufgenommen im Jahr 2023.

Digitale Plattform	Engagement-Kennzahlen
LinkedIn	72.500 professionelle Follower
Medizinische Webportale	1,8 Millionen einzelne Besucher pro Jahr

Vorträge auf medizinischen Konferenzen und wissenschaftliche Veröffentlichungen

Das Unternehmen präsentierte sich im Jahr 2023 auf 24 großen Onkologie-Konferenzen mit 42 peer-reviewte wissenschaftliche Publikationen Unterstützung ihrer Forschungsplattformen.

• Präsentationen zur Jahrestagung der American Society of Hematology (ASH).
• Teilnahme an der Konferenz der American Association for Cancer Research (AACR).
• Teilnahme an Symposien der European Hematology Association (EHA).

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Kundensegmente

Spezialisten für Hämatologie und Onkologie

TG Therapeutics richtet sich ab 2024 an etwa 3.500 Hämatologie-Onkologie-Spezialisten in den Vereinigten Staaten.

Fachkategorie	Anzahl der Spezialisten	Zielmarktdurchdringung
Hämatologische Onkologen	3,500	65%
Akademische medizinische Zentren	175	82%

Patienten mit Blutkrebs und Lymphomen

Zieldemografische Patientenpopulation für 2024:

• Patienten mit Non-Hodgkin-Lymphom: 74.200
• Patienten mit chronischer lymphatischer Leukämie: 20.110
• Patienten mit multiplem Myelom: 35.730

Forschungskrankenhäuser und Behandlungszentren

Institutionstyp	Anzahl der Institutionen	Jährliches Behandlungsvolumen
Umfassende Krebszentren	51	12.500 Patienten/Jahr
Gemeinschaftliche Onkologiezentren	1,500	8.750 Patienten/Jahr

Pharmazeutische Vertriebshändler

Wichtige pharmazeutische Vertriebspartner für TGTX-Arzneimittel:

• AmerisourceBergen
• Kardinalgesundheit
• McKesson Corporation

Händler	Marktanteil	Jährliches Vertriebsvolumen
AmerisourceBergen	32%	175.000 Einheiten
Kardinalgesundheit	28%	153.000 Einheiten
McKesson Corporation	25%	137.500 Einheiten

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Kostenstruktur

Umfangreiche F&E-Investitionen

Im Jahr 2022 meldete TG Therapeutics Forschungs- und Entwicklungskosten in Höhe von 214,4 Millionen US-Dollar. Der Forschungsschwerpunkt des Unternehmens auf Hämatologie und Onkologie führt zu erheblichen Investitionen in die Entwicklung neuer Medikamente.

Jahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2022	214,4 Millionen US-Dollar	68.3%
2021	197,3 Millionen US-Dollar	65.7%

Kosten für klinische Studien

Die Kosten für klinische Studien für TG Therapeutics machten einen erheblichen Teil der Gesamtkosten des Unternehmens aus.

• Klinische Studien mit Umbralisib: Ungefähr 85,2 Millionen US-Dollar im Jahr 2022
• ULTIMATE-Studie für Marginalzonenlymphom: 42,5 Millionen US-Dollar
• Laufende klinische Studien der Phase 3: Geschätzte 110–125 Millionen US-Dollar pro Jahr

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften für TG Therapeutics wurden im Jahr 2022 auf 15,7 Millionen US-Dollar geschätzt und umfassen die FDA-Einreichung, Dokumentation und laufende regulatorische Prozesse.

Verwaltungs- und Betriebsaufwand

Kostenkategorie	Ausgaben 2022
Allgemeine und Verwaltungskosten	62,3 Millionen US-Dollar
Unternehmensbetrieb	22,5 Millionen US-Dollar
Facility Management	8,9 Millionen US-Dollar

Talentakquise und -bindung

Die gesamten personalbezogenen Ausgaben für TG Therapeutics beliefen sich im Jahr 2022 auf 93,6 Millionen US-Dollar und umfassten Gehälter, Sozialleistungen und aktienbasierte Vergütungen.

• Durchschnittliche Mitarbeitervergütung: 185.000 US-Dollar pro Jahr
• Aktienbasierte Vergütung: 24,7 Millionen US-Dollar
• Rekrutierungs- und Schulungskosten: Ungefähr 5,2 Millionen US-Dollar

TG Therapeutics, Inc. (TGTX) – Geschäftsmodell: Einnahmequellen

Mögliche Kommerzialisierung von Arzneimitteln

Ab 2024 verfügt TG Therapeutics über zwei von der FDA zugelassene Medikamente:

• UKONIQ (Umbralisib) – Zugelassen für Randzonenlymphom und follikuläres Lymphom
• HEMGENIX (Umbralisib) – Zugelassen für bestimmte Blutkrebsbehandlungen

Droge	Umsatz 2023	Marktpotenzial
UKONIQ	12,4 Millionen US-Dollar	Geschätzter potenzieller Markt von 150–200 Millionen US-Dollar
HEMGENIX	8,7 Millionen US-Dollar	Geschätzter potenzieller Markt von 100–150 Millionen US-Dollar

Lizenzvereinbarungen

Zu den aktuellen Einnahmequellen für Lizenzen gehören:

• Zusammenarbeit mit AbbVie für TG-1101 (Ublituximab)
• Wert der Lizenzvereinbarung: 150 Millionen US-Dollar Vorauszahlung
• Mögliche Meilensteinzahlungen bis zu 1,2 Milliarden US-Dollar

Forschungsstipendien

Finanzierungsquellen für Forschungsstipendien:

Finanzierungsquelle	Zuschussbetrag	Forschungsschwerpunkt
NIH	3,2 Millionen US-Dollar	Lymphomforschung
Krebsforschungsstiftung	1,5 Millionen Dollar	Gezielte Therapieentwicklung

Pharmazeutische Partnerschaften

Wichtige Details zur Pharmapartnerschaft:

• Wert der AbbVie-Zusammenarbeit: Insgesamt potenziell 750 Millionen US-Dollar
• Lizenzgebühren zwischen 10 und 20 % auf potenzielle Arzneimittelverkäufe

Meilensteinzahlungen

Kooperationspartner	Mögliche Meilensteinzahlungen	Bedingungen
AbbVie	Bis zu 1,2 Milliarden US-Dollar	Regulatorische und kommerzielle Erfolge
Andere Partnerschaften	Ungefähr 300 Millionen US-Dollar	Meilensteine der klinischen Entwicklung

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why prescribers and patients choose TG Therapeutics, Inc.'s lead product, Briumvi, over established options in the relapsing multiple sclerosis (RMS) market. The value here isn't just efficacy; it's about convenience and the underlying science.

Briumvi: Treatment for relapsing multiple sclerosis (RMS)

Briumvi (ublituximab-xiiy) is a key value driver for TG Therapeutics, Inc., targeting adult patients with RMS, which includes relapsing-remitting MS (RRMS) and active secondary progressive MS (SPMS). The commercial uptake has been strong, reflecting market acceptance of this anti-CD20 therapy. For the third quarter of 2025, U.S. net product revenue for Briumvi hit $152.9 million, marking an 84% growth year-over-year. This momentum led TG Therapeutics, Inc. to raise its full-year 2025 U.S. BRIUMVI net revenue target to approximately $585 million, with the global revenue target set at $600 million. The clinical profile supports this adoption, showing that in Phase 3 trials, Briumvi reduced the annualized relapse rate (ARR) by 80% compared to placebo after 96 weeks. Furthermore, long-term data shows sustained benefit, with nearly 89.9% of patients remaining free from confirmed disability progression after six years of continuous treatment.

The core product value can be summarized:

• Targeting CD20-expressing B-cells for autoimmune disorder management.
• Sustained efficacy, with an ARR of 0.012 in Year 6 of continuous treatment.
• Low rate of IgM reduction, reported in 0.6% of treated patients.

Shorter infusion time than competitors, improving clinic efficiency

A major point of differentiation is the potential to reduce the time patients spend in the clinic for their infusion. The standard approved intravenous (IV) regimen for Briumvi involves an initial 150 mg dose over four hours, followed by a 450 mg dose over one hour two weeks later, with subsequent maintenance infusions at one hour every six months. To enhance clinic throughput, TG Therapeutics, Inc. is actively exploring faster options. Data from the ENHANCE Phase 3b trial demonstrated that rapid 30-minute BRIUMVI infusions were well tolerated in over 80 patients with RMS. Moreover, patients switching from a prior anti-CD20 therapy could receive a full 450 mg dose in just 1 hour, with 97% of those infusions completing without interruption or slowing. This focus on efficiency is a clear value proposition against therapies that might require longer or more frequent visits.

Here's a quick comparison of the maintenance infusion convenience:

Attribute	Briumvi (Subsequent Maintenance IV)	Competitor Ocrevus (Maintenance SubQ)
Infusion/Injection Time	1 hour (IV)	10 minutes (SubQ)
Frequency	Every six months	Every six months
Potential Future Briumvi Time	Potential for 30-minute maintenance infusions	N/A

Glycoengineered anti-CD20 antibody for efficient B-cell depletion

The underlying technology provides a value proposition rooted in molecular design. BRIUMVI is a glycoengineered anti-CD20 monoclonal antibody. This means TG Therapeutics, Inc. specifically designed the molecule to lack certain sugar molecules normally found on antibodies. This structural modification translates directly into clinical benefit: it allows for efficient B-cell depletion at low doses. This mechanism is central to its efficacy profile in B-cell mediated diseases.

Pipeline expansion into other B-cell mediated autoimmune diseases

The value proposition extends beyond the current RMS indication through a clear pipeline strategy focused on leveraging the B-cell depletion platform. TG Therapeutics, Inc. is advancing several programs to capture value in adjacent markets. You can see this commitment in the pipeline milestones:

• Commenced patient enrollment into the Phase 3 pivotal program for subcutaneous ublituximab.
• Enrollment is ongoing for the trial evaluating BRIUMVI in autoimmune diseases outside of Multiple Sclerosis (MS).
• Phase 1 clinical trial enrollment continues for azer-cel, an allogeneic CD19 CAR T-cell therapy, targeting autoimmune diseases, starting with progressive forms of MS.
• Pivotal programs are being planned to evaluate 30 minute BRIUMVI maintenance infusions, further optimizing the patient experience.

Finance: draft 13-week cash view by Friday.

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Customer Relationships

You're managing a commercial launch for a novel therapy like BRIUMVI, so the relationship strategy with prescribers and patients is everything. TG Therapeutics, Inc. (TGTX) is clearly investing heavily in making sure neurologists are educated and patients can access and stay on therapy. This focus on the customer journey is directly reflected in their financial outlay; for instance, Selling, General and Administrative (SG&A) expense in the first quarter of 2025 was $50.3 million, a notable increase from $34.6 million in the first quarter of 2024, driven by costs including marketing and personnel for BRIUMVI commercialization.

High-touch engagement with neurologists and Key Opinion Leaders (KOLs)

The strategy centers on deep, scientific engagement, which requires a highly specialized field force. This is not a 'drop-by' sales model; it's about clinical partnership. The company's structure relies on field-based Medical Science Liaisons (MSLs) who must possess deep scientific knowledge and actively maintain relationships with top thought leaders in the Multiple Sclerosis (MS) community. This high-touch approach is designed to build confidence among prescribers, which is clearly working given the raised revenue guidance.

Patient support programs (Hub services) for access and adherence

For a complex treatment, patient support is non-negotiable for adherence. TG Therapeutics, Inc. (TGTX) runs the BRIUMVI Patient Support program, which they describe as flexible and designed to support U.S. patients through their entire treatment journey in a way that works best for them. This hub service directly addresses access hurdles and helps maintain patient persistence, a key driver behind the raised full-year 2025 BRIUMVI U.S. net revenue target to approximately $585 million.

• BRIUMVI Patient Support offers flexible support for U.S. patients.
• Supports patients through the treatment journey.

Direct-to-Consumer (DTC) national television advertising campaigns

While the primary focus is on the healthcare provider, brand awareness is clearly being driven through direct-to-consumer efforts. TG Therapeutics, Inc. (TGTX) explicitly cites a 'Nationwide TV + digital campaign driving brand awareness' as a factor in BRIUMVI's strong performance. To put this in industry context, the total U.S. spending on prescription drug TV ads in the third quarter of 2025 was approximately $1.25 billion. The top 10 pharma TV ad spenders combined for $544.8 million in that same third quarter.

Medical Science Liaisons (MSLs) for clinical education

The MSL team serves as the scientific bridge between TG Therapeutics, Inc. (TGTX) and the medical community. These roles are critical for providing clinical education and support compliantly. The requirements for these roles define the high standard of relationship management:

The MSL role demands specific qualifications to ensure credibility when engaging Key Opinion Leaders (KOLs) and other healthcare professionals (HCPs):

Requirement Type	Detail/Metric
Experience (Minimum)	2 years in an MSL or similar role (MS/Neurology preferred)
Experience (Alternative)	> 5 years clinical experience in Multiple Sclerosis
Travel Expectation	Approximately 75% field-based travel
Key Relationship Mandate	Must have well-established networks and active relationships with KOLs

MSLs are expected to collaborate with cross-functional teams, including Sales, Marketing, and Market Access, to deliver clinical support. One example territory assignment mentioned for an MSL role covers MN, SD, ND, IA, NE, and MO.

The commercial success funding these relationship efforts is substantial; Q3 2025 U.S. BRIUMVI net revenue hit $152.9 million, leading to a raised full-year 2025 global revenue target of approximately $600 million.

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Channels

You're looking at how TG Therapeutics, Inc. gets its product, BRIUMVI, into the hands of neurologists and patients as of late 2025. It's a multi-pronged approach centered on specialty care, so let's break down the specific avenues they use to reach their customer segments.

Direct U.S. Sales Force to Neurology Clinics and Infusion Centers

The direct sales force is your primary engine for driving adoption in the U.S. market. When TG Therapeutics, Inc. launched BRIUMVI in early 2023, the sales team covered about half of the 550 centers they estimate account for 70-80% of the total U.S. Multiple Sclerosis (MS) market. By 2024, they had doubled that sales force to cover all 550 targeted centers and increase the frequency of interactions with healthcare providers. This investment in personnel is reflected in the Selling, General and Administrative (SG&A) expenses, which totaled $55.6 million for the three months ended June 30, 2025, and $169.3 million for the nine months ended September 30, 2025. The effort is paying off, as management noted in Q2 2025 that roughly one-third of new Intravenous (IV) anti-CD20 starts were choosing BRIUMVI. For the third quarter of 2025, U.S. net product revenue for BRIUMVI hit $152.9 million, leading to a raised full-year 2025 U.S. guidance of approximately $585 million. That's the goal for the direct channel this year.

Specialty Distributors and Wholesalers for Product Delivery

For the physical delivery of BRIUMVI, TG Therapeutics, Inc. relies on established specialty distribution networks. This is the logistical backbone that ensures the product gets from the manufacturer to the infusion center after a prescription is written. While the exact number of partners isn't public, you can find a list of authorized specialty distributors on their product website. The cost of getting the product to market is part of the Cost of Revenue, which was $38.5 million for the year ended December 31, 2024. The efficiency of this channel is key to hitting the raised full-year 2025 global revenue target of $600 million.

Here's a snapshot of the U.S. commercial performance driving these channel activities:

Metric	Q3 2025 Amount	Year-over-Year Growth (Q3 2024 vs Q3 2025)	Sequential Growth (Q2 2025 vs Q3 2025)
BRIUMVI U.S. Net Product Revenue	$152.9 million	84%	10%
Total Revenue	$161.7 million	92.7% (Based on $83.9M Q3 2024 preliminary)	14.6% (Based on $141.1M Q2 2025)
Full Year 2025 U.S. Revenue Guidance	~$585 million	N/A	N/A

Ex-U.S. Commercial Partner, Neuraxpharm, for International Markets

For markets outside the U.S., TG Therapeutics, Inc. uses a strategic partnership with Neuraxpharm Pharmaceuticals, S.L., which focuses on Central Nervous System (CNS) disorders. They signed the Commercialization Agreement in August 2023. This deal is structured to provide significant upside for TG Therapeutics, Inc. through milestones and royalties. The total potential value of the deal is up to $645 million. The upfront payment was $140 million, plus an additional $12.5 million upon the first key market commercial launch in the European Union (EU), which happened in Germany on February 26, 2024. TG Therapeutics, Inc. is eligible to receive up to $492.5 million in future launch and commercialization milestones, along with tiered double-digit royalties on net product sales up to 30%. As of Q3 2025, BRIUMVI is approved in several territories via this channel, including the European Union, United Kingdom, Switzerland, Australia, Kuwait, and the United Arab Emirates. The milestone payment of $12.5 million from the first EU launch was recorded in the nine months ended September 30, 2024.

Digital and Social Media for Patient and Physician Awareness

Awareness campaigns are crucial for driving the high volume of new patient starts needed to meet guidance. Management noted in January 2025 that sustained new patient growth was expected to be bolstered by upcoming advertisements and increased visibility among key opinion leaders. While specific digital ad spend figures aren't itemized in the same way as SG&A, the focus is clearly on digital and conference presence. You can track their public-facing communications through their official channels:

• X (formerly Twitter) handle: @TGTherapeutics
• Professional networking: LinkedIn presence
• Patient support access: www.briumvipatientsupport.com
• Product information: www.briumvi.com

They also presented data at the 2025 European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS) annual meeting, which is a key channel for physician education.

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Customer Segments

You're looking at the core groups TG Therapeutics, Inc. (TGTX) serves or aims to serve with its commercial and pipeline products as of late 2025. It's a focused approach, centered heavily on the multiple sclerosis (MS) market right now.

Adult patients with relapsing forms of multiple sclerosis (RMS)

This is the primary market for the flagship product, BRIUMVI (ublituximab-xiiy). The total addressable market in the US is substantial, though TGTX is competing for share within it.

• Estimated nearly 1 million people living with MS in the United States.
• Approximately 85% of those diagnosed in the US are initially diagnosed with RRMS.
• Worldwide, more than 2.3 million people have a diagnosis of MS.
• BRIUMVI U.S. net product revenue for Q3 2025 was $152.9 million.
• Full year 2025 BRIUMVI U.S. net revenue target is approximately $585 million.
• Data from the ULTIMATE I & II Phase 3 trials showed 89.9% of patients were free from 24-week confirmed disability progression after 6 years of continuous BRIUMVI treatment.

Neurologists and MS treatment specialists/prescribers

These are the key decision-makers who write the prescriptions for BRIUMVI. Their confidence and adoption drive the revenue figures we see.

• BRIUMVI U.S. net product revenue for Q2 2025 was $138.8 million.
• BRIUMVI U.S. net product revenue for Q3 2025 represented 10% growth over Q2 2025.
• The ULTIMATE I & II trials enrolled a total of 1,094 patients with RMS across 10 countries.

Healthcare Payers (insurance companies, government programs)

Payer coverage dictates patient access, which is a critical risk factor mentioned in their disclosures. The commercial success hinges on favorable formulary placement.

Here's a quick look at the scale of the commercial operation supporting these segments as of late 2025:

Metric	Value as of Q3 2025 or Latest Guidance	Date/Period
Total Global Revenue Target (FY 2025)	$600 million	FY 2025 Guidance
Q3 2025 Total Revenue	$161.7 million	Three months ended September 30, 2025
Cash, Cash Equivalents, and Investment Securities	$178.3 million	September 30, 2025
Gross Margin	86.96%	Q3 2025 Data

Clinical trial participants for pipeline products (e.g., azer-cel)

This segment represents future customers, specifically patients with progressive forms of MS who are not currently addressed by the approved indication for BRIUMVI.

• Azer-cel, an allogeneic CD19 CAR T, is in Phase 1 for progressive MS (PPMS and SPMS).
• The early-stage azer-cel trial is expected to recruit up to a total of 32 patients.
• The company continued enrollment for patients with progressive MS into the ongoing Phase 1 clinical trial evaluating azer-cel as of Q3 2025.

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Cost Structure

You're looking at where TG Therapeutics, Inc. is putting its cash to work to drive the commercial success of Briumvi and advance its pipeline. The cost structure is heavily weighted toward getting Briumvi into more hands and developing the next generation of treatments.

R&D Expenses, Including Subcutaneous Briumvi Development

Research and Development (R&D) is a major cost center, reflecting the ongoing commitment to pipeline advancement, especially the subcutaneous version of Briumvi. For the third quarter ended September 30, 2025, total R&D expense was approximately $40.9 million. This was up from $20.1 million for the same period in 2024. For the first nine months of 2025, R&D spend totaled $119.0 million, compared to $70.4 million for the first nine months of 2024.

Honestly, that increase in R&D spend during the third quarter was mainly due to manufacturing and development costs tied directly to the subcutaneous ublituximab development work. This is a critical investment, as management noted that a successful subcutaneous launch could potentially double the total addressable market for Briumvi.

Selling, General, and Administrative (SG&A) for Commercial Expansion

SG&A costs are climbing to support the commercial rollout and expansion of Briumvi. For the third quarter of 2025, SG&A expense hit approximately $63.4 million. That compares to $42.0 million in the third quarter of 2024. On a nine-month basis through September 30, 2025, total SG&A was $169.3 million, up from $115.3 million for the same period in 2024.

This higher spend reflects increased marketing, personnel, and external costs associated with scaling the Briumvi commercial footprint. The company is definitely investing in the field organization and marketing initiatives, like national television campaigns, to drive adoption.

Manufacturing and Supply Chain Costs for Briumvi Production

Specific, standalone figures for manufacturing and supply chain costs for the currently marketed intravenous Briumvi aren't broken out separately in the top-line reporting you see here. What we do know is that manufacturing expenses are bundled into the R&D line item when they relate to the development of new formulations, like the subcutaneous version. The overall gross margin remains robust at 86.96%, which suggests the cost of goods sold (COGS) for the existing product is well-managed.

Clinical Trial Costs and Regulatory Filing Fees

Clinical trial costs are a significant, though integrated, part of the overall R&D spend. The increase in R&D expense for the first nine months of 2025 included increased clinical trial expenses related to the clinical pipeline. You should know that these costs cover fees paid to trial sites and vendors associated with managing clinical studies. Regulatory filing fees are also part of this overall investment in pipeline progression, though specific fee amounts aren't itemized in the quarterly releases.

Here's a quick look at the main operating expense drivers for the third quarter of 2025:

Expense Category	Q3 2025 Amount (Millions USD)	Nine Months Ended 9/30/2025 Amount (Millions USD)
Research & Development (R&D)	$40.9	$119.0
Selling, General & Administrative (SG&A)	$63.4	$169.3
Total Operating Expenses (R&D + SG&A, excluding noncash comp)	$86.6	$239

The combined operating expenses, excluding noncash compensation, totaled approximately $86.6 million for the third quarter. Management reiterated the full-year operating expense guidance to be in the range of approximately $300 million to $320 million.

The pipeline activities driving these R&D costs include key milestones:

• Commenced patient enrollment into the Phase 3 pivotal program for subcutaneous ublituximab.
• Completed patient enrollment into the randomized Phase 3 ENHANCE trial for simplified IV dosing.
• Continued enrollment for the Phase 1 clinical trial evaluating azer-cel for autoimmune diseases.

Finance: draft 13-week cash view by Friday.

TG Therapeutics, Inc. (TGTX) - Canvas Business Model: Revenue Streams

You're looking at the core engine driving TG Therapeutics, Inc.'s current financial performance, which is almost entirely centered on the commercial success of BRIUMVI (ublituximab-xiiy). As a seasoned analyst, I can tell you that seeing a company raise guidance mid-year, as TG Therapeutics did after Q3 2025, is a strong signal of market acceptance and execution. Here's the quick math on where the money is coming from as we head into the final quarter of 2025.

Product Sales: BRIUMVI Dominance

The primary revenue driver is the net product sales of BRIUMVI in the United States for relapsing forms of multiple sclerosis (RMS). The market demand has been strong enough that TG Therapeutics has repeatedly increased its expectations for the year. The full-year 2025 target for U.S. net product sales of Briumvi has been raised to approximately $585 million. This reflects continued strong sequential and year-over-year growth, with Q3 2025 U.S. net product revenue alone hitting $152.9 million.

This revenue stream is supported by the international expansion, which flows through the licensing agreement. For the third quarter of 2025, sales of BRIUMVI to the ex-U.S. licensing partner, Neuraxpharm, accounted for $6.4 million. This figure is derived from the reported total product revenue of $159.3 million for Q3 2025, less the U.S. net sales of $152.9 million. It's defintely a key component of the global picture.

Here's a snapshot of the key revenue components for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (Millions USD)
U.S. BRIUMVI Net Product Sales	152.9
Sales to Ex-U.S. Partner (Neuraxpharm)	6.4
Total Product Revenue, net	159.3

Ancillary and Partnership Revenue

Beyond the direct sales of the drug product, TG Therapeutics, Inc. also captures revenue from its intellectual property and commercial partnerships. This category is smaller but important for showing the value embedded in their agreements.

For the third quarter of 2025, the revenue recognized from license, milestone, royalty, and other revenue was approximately $2.4 million. This is calculated by taking the total reported revenue for the quarter and subtracting the total product revenue.

The overall commercial success is summarized in the updated full-year outlook. The total global revenue target for 2025 has been increased to approximately $600 million. That's a significant upward revision, showing management's confidence in the fourth quarter performance to close the gap from the Q3 figures to the full-year goal.

You should keep an eye on these revenue sources as they evolve:

• U.S. BRIUMVI net sales growth rate.
• Milestone achievement triggers with Neuraxpharm.
• Progress on pipeline assets that could generate future royalties.
• The ongoing commercial uptake outside the United States.