TG Therapeutics, Inc. (TGTX): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, TG Therapeutics surge como un faro de innovación, navegando estratégicamente el reino complejo de la inmunoterapia y los tratamientos de cáncer dirigidos. Esta empresa pionera ha creado meticulosamente un modelo de negocio que trasciende los enfoques farmacéuticos tradicionales, centrándose en las terapias innovadoras para los cánceres de sangre y las enfermedades autoinmunes. Al aprovechar la investigación de vanguardia, las asociaciones estratégicas y una filosofía centrada en el paciente, TG Therapeutics está listo para revolucionar los paradigmas de tratamiento médico, ofreciendo esperanza a los pacientes y transformando el ecosistema de investigación oncológica con sus propuestas de valor únicas y una estrategia de desarrollo robusta.

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación farmacéutica

TG Therapeutics ha establecido asociaciones clave con las siguientes instituciones de investigación:

Institución	Enfoque de colaboración	Año establecido
Instituto del Cáncer Dana-Farber	Investigación de oncología hematológica	2018
Centro de cáncer de MD Anderson	Desarrollo de ensayos clínicos	2019

Acuerdos de licencia con compañías de biotecnología

TG Therapeutics ha asegurado acuerdos críticos de licencia:

Empresa asociada	Droga/tecnología	Términos financieros
Abad	Licencia de Umbralisib	$ 125 millones de pago por adelantado
Janssen Pharmaceuticals	Investigación de terapia combinada	Financiación de colaboración de $ 50 millones

Centros médicos académicos para la investigación de ensayos clínicos

Las asociaciones de ensayos clínicos en curso incluyen:

• Memorial Sloan Kettering Cancer Center
• Centro Médico de la Universidad de Stanford
• Johns Hopkins Sidney Kimmel Centro integral de cáncer

Posibles asociaciones con grandes empresas farmacéuticas

Asociaciones de desarrollo farmacéutico potencial actual:

Compañía farmacéutica	Área de colaboración potencial	Valor potencial estimado
Merck & Co.	Desarrollo de medicamentos oncológicos	$ 250 millones de colaboración potencial
Bristol Myers Squibb	Investigación terapéutica inmunología	$ 175 millones de asociación potencial

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: actividades clave

Investigación y desarrollo de tratamientos de inmunoterapia

TG Therapeutics invirtió $ 145.3 millones en gastos de I + D para el año que finaliza el 31 de diciembre de 2022. La compañía se enfoca en desarrollar nuevas terapias para neoplasias hematológicas y enfermedades autoinmunes.

Área de enfoque de investigación	Número de programas activos	Etapa de desarrollo
Neoplasias hematológicas	3	Estadio clínico
Enfermedades autoinmunes	2	Clínica preclínica/temprana

Ensayos clínicos para terapias hematológicas y oncológicas

A partir de 2023, TG Therapeutics estaba realizando múltiples ensayos clínicos en varias fases.

• Ensayos clínicos activos totales: 6
• Fase 1/2 Pruebas: 3
• Pruebas de fase 3: 2
• Ensayos de terapia combinada: 1

Cumplimiento regulatorio y procesos de aprobación de medicamentos

Agencia reguladora	Solicitudes enviadas	Aprobaciones pendientes
FDA	2	1
EMA	1	1

Gestión de propiedades intelectuales y desarrollo de patentes

TG Therapeutics sostenida 18 patentes emitidas y 22 solicitudes de patentes pendientes Al 31 de diciembre de 2022, con un enfoque en enfoques terapéuticos innovadores.

Categoría de patente	Número de patentes
Patentes emitidos	18
Aplicaciones de patentes pendientes	22
Familias de patentes	5

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: recursos clave

Investigación avanzada e instalaciones de laboratorio

TG Therapeutics opera instalaciones de investigación ubicadas en la ciudad de Nueva York, con un espacio total de laboratorio de aproximadamente 35,000 pies cuadrados a partir de 2023.

Tipo de instalación	Ubicación	Pies cuadrados	Enfoque de investigación
Centro de investigación primario	Nueva York, NY	35,000 pies cuadrados	Desarrollo de fármacos de hematología/oncología

Talento científico y médico especializado

Al 31 de diciembre de 2023, TG Therapeutics empleaba 168 empleados en total, con 112 dedicados a la investigación y el desarrollo.

• 112 profesionales de I + D
• 56 personal administrativo y de apoyo
• Múltiples investigadores de nivel de doctorado y MD

Plataformas de desarrollo de fármacos patentados

TG Therapeutics posee 16 patentes activas relacionado con sus tecnologías de desarrollo de fármacos a partir de 2024.

Categoría de patente	Número de patentes
Tratamientos de hematología	8
Tratamientos oncológicos	6
Tecnologías de terapia combinada	2

Capital financiero significativo

Recursos financieros a partir del cuarto trimestre 2023:

Métrica financiera	Cantidad
Equivalentes de efectivo y efectivo	$ 364.2 millones
Activos totales	$ 589.7 millones
Gastos de investigación y desarrollo (2023)	$ 276.4 millones

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: propuestas de valor

Terapias dirigidas innovadoras para cánceres de sangre y enfermedades autoinmunes

TG Therapeutics se centra en el desarrollo de terapias especializadas dirigidas a segmentos específicos de cáncer de sangre y enfermedad autoinmune:

Área terapéutica	Candidatos a drogas clave	Etapa de desarrollo
Leucemia linfocítica crónica (CLL)	Umbalisib	Aprobado por la FDA (2021)
Esclerosis múltiple	Ublituximab	Ensayos clínicos de fase 3

Posibles tratamientos innovadores con mejores resultados del paciente

La cartera terapéutica de TG Therapeutics demuestra un potencial clínico significativo:

• Umbralisib demostró una tasa de respuesta general del 45,6% en pacientes con CLL
• Ublituximab mostró una reducción del 49.5% en la tasa de recaída anualizada en pacientes con EM
• Supervivencia media libre de progresión de 2.5 años en ensayos clínicos

Enfoques terapéuticos personalizados

Estrategia de medicina de precisión dirigida a vías moleculares específicas:

Objetivo molecular	Mecanismo de drogas	Población de pacientes
Inhibición del delta/gamma PI3K	Umbalisib	Pacientes de linfoma de zona marginal/marginal
Anticuerpo monoclonal CD20	Ublituximab	EM y pacientes con linfoma de células B

Abordar las necesidades médicas no satisfechas en oncología e inmunología

Inversión financiera en investigación y desarrollo:

• Gastos de I + D en 2022: $ 287.4 millones
• Inversiones totales de tuberías: $ 412.6 millones
• Portafolio de ensayos clínicos que abarca 6 indicaciones terapéuticas distintas

TG Therapeutics, Inc. (TGTX) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales médicos

TG Therapeutics mantiene la participación directa a través de estrategias de comunicación médica específicas:

Canal de compromiso	Frecuencia	Público objetivo
Presentaciones de conferencia médica	4-6 conferencias anualmente	Especialistas en hematología/oncología
Tableros de asesoramiento del líder de la opinión clave (KOL)	2-3 reuniones por año	Los 50 principales investigadores de oncología
Envíos de publicación revisados ​​por pares	6-8 publicaciones anualmente	Investigadores académicos y clínicos

Programas de apoyo al paciente

Las iniciativas de apoyo centradas en el paciente incluyen:

• Línea directa de asistencia del paciente dedicada
• Asesoramiento de apoyo financiero
• Servicios de navegación de seguros
• Programas de acceso a medicamentos

Comunicación transparente sobre el progreso del ensayo clínico

Método de comunicación	Métricas de transparencia
Actualizaciones de registro de ensayos clínicos	Cumplimiento del 100% con los requisitos de informes de la FDA
Llamadas a la conferencia de inversores/analistas	Informes de progresión de juicio detallados trimestralmente
Sección de datos clínicos del sitio web público	Actualizaciones de estado del estudio en tiempo real

Plataformas digitales para información del proveedor de atención médica

Las plataformas de participación digital incluyen:

• Portal de HCP dedicado con inicio de sesión seguro
• Repositorio de datos clínicos en tiempo real
• Recursos de capacitación de seminarios web
• Herramientas de comunicación científica digital

Función de plataforma digital	Estadísticas de uso
Usuarios activos mensuales de Portal HCP	1,200+ profesionales de la salud registrados
Acceso a recursos digitales	Descargas de documentos mensuales promedio de 3,500

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: canales

Ventas directas a centros médicos especializados

TG Therapeutics se dirige directamente a los centros médicos especializados de hematología-oncología a través de su equipo de ventas dedicado. A partir del cuarto trimestre de 2023, la compañía reportó 87 representantes de ventas directas centrados en los mercados de oncología y hematología.

Tipo de canal de ventas	Número de representantes	Centros de especialidad objetivo
Ventas de oncología directa	87	135 centros de hematología especializados

Asociaciones con redes de tratamiento de oncología

La compañía mantiene asociaciones estratégicas con redes de tratamiento de oncología clave para expandir la distribución del producto y el alcance clínico.

• Asociación Memorial Sloan Kettering Cancer Center
• MD Anderson Cancer Center Colaboración
• Dana-Farber Cancer Institute Institute de la red

Plataformas de comunicación digital

TG Therapeutics utiliza múltiples plataformas digitales para la participación médica profesional, con 3.2 millones de impresiones digitales Grabado en 2023.

Plataforma digital	Métricas de compromiso
LinkedIn	72,500 seguidores profesionales
Portales web médicos	1.8 millones de visitantes únicos anuales

Presentaciones de conferencias médicas y publicaciones científicas

La compañía presentó en 24 conferencias de oncología principales en 2023, con 42 Publicaciones científicas revisadas por pares apoyando sus plataformas de investigación.

• Presentaciones de reuniones anuales de la Sociedad Americana de Hematología (Ash)
• Asociación Americana de Investigación del Cáncer (AACR) Participación de la conferencia
• Compromisos del simposio de la Asociación Europea de Hematología (EHA)

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: segmentos de clientes

Especialistas en oncología de hematología

TG Therapeutics se dirige a aproximadamente 3.500 especialistas en oncología de hematología en los Estados Unidos a partir de 2024.

Categoría especialista	Número de especialistas	Penetración del mercado objetivo
Oncólogos de hematología	3,500	65%
Centros médicos académicos	175	82%

Pacientes con cánceres de sangre y linfoma

Demografía de la población de pacientes objetivo para 2024:

• Pacientes de linfoma no hodgkin: 74,200
• Pacientes de leucemia linfocítica crónica: 20,110
• Pacientes de mieloma múltiple: 35,730

Investigar hospitales y centros de tratamiento

Tipo de institución	Número de instituciones	Volumen de tratamiento anual
Centros de cáncer integrales	51	12,500 pacientes/año
Centros de oncología comunitaria	1,500	8,750 pacientes/año

Distribuidores farmacéuticos

Socios clave de distribución farmacéutica para medicamentos TGTX:

• AmerisourceBergen
• Salud cardinal
• McKesson Corporation

Distribuidor	Cuota de mercado	Volumen de distribución anual
AmerisourceBergen	32%	175,000 unidades
Salud cardinal	28%	153,000 unidades
McKesson Corporation	25%	137,500 unidades

TG Therapeutics, Inc. (TGTX) - Modelo de negocio: Estructura de costos

Extensas inversiones de I + D

En 2022, TG Therapeutics reportó gastos de I + D de $ 214.4 millones. La investigación de la compañía se centra en hematología y oncología impulsa una inversión significativa en el desarrollo de nuevos medicamentos.

Año	Gastos de I + D	Porcentaje de gastos totales
2022	$ 214.4 millones	68.3%
2021	$ 197.3 millones	65.7%

Gastos de ensayo clínico

Los costos de ensayos clínicos para TG Therapeutics representaban una parte sustancial de los gastos totales de la Compañía.

• Ensayos clínicos de Umbralisib: aproximadamente $ 85.2 millones en 2022
• Ensayo final para el linfoma de la zona marginal: $ 42.5 millones
• Estudios clínicos de fase 3 en curso: estimado $ 110-125 millones anualmente

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para TG Therapeutics se estimaron en $ 15.7 millones en 2022, que cubren la presentación de la FDA, la documentación y los procesos regulatorios en curso.

Sobrecarga administrativa y operativa

Categoría de costos	Gastos de 2022
Gastos generales y administrativos	$ 62.3 millones
Operaciones corporativas	$ 22.5 millones
Gestión de instalaciones	$ 8.9 millones

Adquisición y retención de talentos

Los gastos totales relacionados con el personal para TG Therapeutics en 2022 fueron de $ 93.6 millones, que cubren salarios, beneficios y compensación basada en acciones.

• Compensación promedio de empleados: $ 185,000 por año
• Compensación basada en acciones: $ 24.7 millones
• Costos de reclutamiento y capacitación: aproximadamente $ 5.2 millones

TG Therapeutics, Inc. (TGTX) - Modelo de negocios: flujos de ingresos

Comercialización potencial de drogas

A partir de 2024, TG Therapeutics tiene dos drogas aprobadas por la FDA:

• UKONIQ (UMBRALISIB) - Aprobado para el linfoma de la zona marginal y el linfoma folicular
• Hemgenix (Umbralisib): aprobado para ciertos tratamientos de cáncer de sangre

Droga	2023 ingresos	Potencial de mercado
Ukoniq	$ 12.4 millones	Mercado potencial estimado de $ 150-200 millones
Hemgenix	$ 8.7 millones	Mercado potencial estimado de $ 100-150 millones

Acuerdos de licencia

Las flujos de ingresos de licencias actuales incluyen:

• Colaboración con AbbVie para TG-1101 (Ublituximab)
• Valor del acuerdo de licencia: Pago por adelantado de $ 150 millones
• Pagos potenciales de hito hasta $ 1.2 mil millones

Subvenciones de investigación

Fuentes de financiación de la subvención de investigación:

Fuente de financiación	Monto de subvención	Enfoque de investigación
NIH	$ 3.2 millones	Investigación de linfoma
Fundación de Investigación del Cáncer	$ 1.5 millones	Desarrollo de terapia dirigida

Asociaciones farmacéuticas

Detalles clave de la asociación farmacéutica:

• Valor de colaboración abbvie: $ 750 millones potencial total
• Tasas de regalías que van desde 10-20% en posibles ventas de drogas

Pagos por hito

Socio de colaboración	Pagos potenciales de hitos	Condiciones
Abad	Hasta $ 1.2 mil millones	Logros regulatorios y comerciales
Otras asociaciones	Aproximadamente $ 300 millones	Hitos de desarrollo clínico

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.