TG Therapeutics, Inc. (TGTX): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, TG Therapeutics apparaît comme un phare de l'innovation, naviguant stratégiquement dans le domaine complexe de l'immunothérapie et des traitements ciblés du cancer. Cette entreprise pionnière a méticuleusement conçu un modèle commercial qui transcende les approches pharmaceutiques traditionnelles, en se concentrant sur les thérapies révolutionnaires des cancers du sang et des maladies auto-immunes. En tirant parti des recherches de pointe, des partenariats stratégiques et une philosophie centrée sur le patient, TG Therapeutics est sur le point de révolutionner les paradigmes de traitement médical, d'offrir de l'espoir aux patients et de transformer l'écosystème de recherche oncologique avec ses propositions de valeur uniques et sa stratégie de développement robuste.

TG Therapeutics, Inc. (TGTX) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des institutions de recherche pharmaceutique

TG Therapeutics a établi des partenariats clés avec les institutions de recherche suivantes:

Institution	Focus de la collaboration	Année établie
Dana-Farber Cancer Institute	Recherche hématologique en oncologie	2018
MD Anderson Cancer Center	Développement d'essais cliniques	2019

Accords de licence avec des sociétés de biotechnologie

TG Therapeutics a obtenu des accords de licence critiques:

Entreprise partenaire	Médicament / technologie	Conditions financières
Abbvie	Licence Umbrasib	Paiement initial de 125 millions de dollars
Janssen Pharmaceuticals	Recherche de thérapie combinée	Financement de collaboration de 50 millions de dollars

Centres médicaux académiques pour la recherche sur les essais cliniques

Les partenariats d'essais cliniques en cours comprennent:

• Memorial Sloan Kettering Cancer Center
• Centre médical de l'Université de Stanford
• Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

Partenariats potentiels avec de grandes entreprises pharmaceutiques

Partenariats potentiels actuels de développement pharmaceutique:

Entreprise pharmaceutique	Zone de collaboration potentielle	Valeur potentielle estimée
Miserrer & Co.	Développement de médicaments en oncologie	Collaboration potentielle de 250 millions de dollars
Bristol Myers Squibb	Recherche thérapeutique immunologique	175 millions de dollars de partenariat potentiel

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: activités clés

Recherche et développement de traitements d'immunothérapie

TG Therapeutics a investi 145,3 millions de dollars dans les dépenses de R&D pour l'année se terminant le 31 décembre 2022. La société se concentre sur le développement de nouvelles thérapies pour les tumeurs malignes hématologiques et les maladies auto-immunes.

Domaine de mise au point de recherche	Nombre de programmes actifs	Étape de développement
Tumeurs malignes hématologiques	3	Étape clinique
Maladies auto-immunes	2	Préclinique / Clinique précoce

Essais cliniques pour les thérapies hématologiques et oncologiques

En 2023, TG Therapeutics effectuait plusieurs essais cliniques à différentes phases.

• Essais cliniques actifs totaux: 6
• Essais de phase 1/2: 3
• Essais de phase 3: 2
• Essais de thérapie combinée: 1

Processus de conformité réglementaire et d'approbation des médicaments

Agence de réglementation	Demandes soumises	Approbations en attente
FDA	2	1
Ema	1	1

Gestion de la propriété intellectuelle et développement des brevets

TG Thérapeutique tenue 18 brevets délivrés et 22 demandes de brevet en instance Au 31 décembre 2022, en mettant l'accent sur les approches thérapeutiques innovantes.

Catégorie de brevet	Nombre de brevets
Brevets délivrés	18
Demandes de brevet en instance	22
Familles de brevets	5

TG Therapeutics, Inc. (TGTX) - Modèle commercial: Ressources clés

Recherche avancée et installations de laboratoire

TG Therapeutics exploite des installations de recherche situées à New York, avec un espace de laboratoire total d'environ 35 000 pieds carrés en 2023.

Type d'installation	Emplacement	En pieds carrés	Focus de recherche
Centre de recherche primaire	New York, NY	35 000 pieds carrés	Développement d'hématologie / oncologie

Talent scientifique et médical spécialisé

Au 31 décembre 2023, TG Therapeutics a employé 168 employés au total, avec 112 dédiés à la recherche et au développement.

• 112 professionnels de la R&D
• 56 Personnel administratif et de soutien
• Rechercheurs de niveaux de doctorat et de MD multiples

Plateformes de développement de médicaments propriétaires

TG Therapeutics tient 16 brevets actifs liés à leurs technologies de développement de médicaments en 2024.

Catégorie de brevet	Nombre de brevets
Traitements d'hématologie	8
Traitements en oncologie	6
Technologies de thérapie combinée	2

Capital financier important

Ressources financières au quatrième trimestre 2023:

Métrique financière	Montant
Equivalents en espèces et en espèces	364,2 millions de dollars
Actif total	589,7 millions de dollars
Frais de recherche et de développement (2023)	276,4 millions de dollars

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées innovantes pour les cancers du sang et les maladies auto-immunes

TG Therapeutics se concentre sur le développement de thérapies spécialisées ciblant un cancer du sang spécifique et des segments de maladies auto-immunes:

Zone thérapeutique	Candidats à la drogue clés	Étape de développement
Leucémie lymphocytaire chronique (LLC)	Ombralisib	Approuvé par la FDA (2021)
Sclérose en plaques	Ublituximab	Essais cliniques de phase 3

Traitements de percés potentiels avec des résultats améliorés pour les patients

Le portefeuille thérapeutique de TG Therapeutics présente un potentiel clinique important:

• Umbrasib a démontré 45,6% de taux de réponse global chez les patients atteints de LLC
• Ublituximab a montré une réduction de 49,5% du taux de rechute annualisé chez les patients atteints de SEP
• Survie médiane sans progression de 2,5 ans dans les essais cliniques

Approches thérapeutiques personnalisées

Stratégie de médecine de précision ciblant des voies moléculaires spécifiques:

Cible moléculaire	Mécanisme de médicament	Population de patients
Inhibition du delta / gamma PI3K	Ombralisib	Patientes de lymphome de la zone marginale / marginale
Anticorps monoclonal CD20	Ublituximab	Patients atteints de lymphome SEP et B

Répondre aux besoins médicaux non satisfaits en oncologie et immunologie

Investissement financier dans la recherche et le développement:

• Dépenses de R&D en 2022: 287,4 millions de dollars
• Investissements totaux de pipeline: 412,6 millions de dollars
• Portefeuille d'essais cliniques couvrant 6 indications thérapeutiques distinctes

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

TG Therapeutics maintient l'engagement direct grâce à des stratégies de communication médicale ciblées:

Canal de fiançailles	Fréquence	Public cible
Présentations de la conférence médicale	4-6 conférences par an	Spécialistes de l'hématologie / oncologie
Boards consultatifs du leader d'opinion (KOL)	2-3 réunions par an	Top 50 chercheurs en oncologie
Souvances de publication évaluées par des pairs	6-8 publications par an	Chercheurs universitaires et cliniques

Programmes de soutien aux patients

Les initiatives de soutien centrées sur le patient comprennent:

• Hotline d'aide aux patients dévoués
• Conseil de soutien financier
• Services de navigation d'assurance
• Programmes d'accès aux médicaments

Communication transparente sur les progrès des essais cliniques

Méthode de communication	Métriques de transparence
Mises à jour du registre des essais cliniques	100% de conformité aux exigences de déclaration de la FDA
Conférences d'investisseurs / analystes	Rapports de progression des essais détaillés trimestriels
Section de données cliniques du site Web public	Mises à jour de l'état de l'étude en temps réel

Plateformes numériques pour les informations sur les prestataires de soins de santé

Les plateformes d'engagement numérique comprennent:

• Portail HCP dédié avec une connexion sécurisée
• Référentiel de données cliniques en temps réel
• Ressources de formation du webinaire
• Outils de communication scientifique numérique

Fonctionnalité de plate-forme numérique	Statistiques d'utilisation
Portail HCP utilisateurs actifs mensuels	1 200 professionnels de la santé enregistrés
Accès aux ressources numériques	Téléchargements de documents mensuels moyens moyens de 3 500

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: canaux

Ventes directes vers des centres médicaux spécialisés

TG Therapeutics cible directement les centres médicaux spécialisés de l'hématologie-oncologie par le biais de son équipe de vente dédiée. Au quatrième trimestre 2023, la société a déclaré 87 représentants des ventes directes axées sur les marchés de l'oncologie et de l'hématologie.

Type de canal de vente	Nombre de représentants	Cibler les centres de spécialité
Ventes d'oncologie directes	87	135 centres d'hématologie spécialisés

Partenariats avec les réseaux de traitement en oncologie

La société maintient des partenariats stratégiques avec les principaux réseaux de traitement en oncologie pour étendre la distribution des produits et la portée clinique.

• Memorial Sloan Kettering Cancer Center Partnership
• Collaboration MD Anderson Cancer Center
• Dana-Farber Cancer Institute Network Engagement

Plateformes de communication numérique

TG Therapeutics utilise plusieurs plateformes numériques pour l'engagement professionnel médical, avec 3,2 millions d'impressions numériques Enregistré en 2023.

Plate-forme numérique	Métriques d'engagement
Liendin	72 500 abonnés professionnels
Portails Web médicaux	1,8 million de visiteurs uniques annuels

Présentations de la conférence médicale et publications scientifiques

La société a présenté 24 principales conférences en oncologie en 2023, avec 42 publications scientifiques évaluées par des pairs soutenir leurs plateformes de recherche.

• Présentations de réunions annuelles de l'American Society of Hematology (ASH)
• American Association for Cancer Research (AACR) Conférence Participation
• European Hematology Association (EHA) Symposium Engagements

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: segments de clientèle

Spécialistes en oncologie d'hématologie

TG Therapeutics cible environ 3 500 spécialistes en oncologie d'hématologie aux États-Unis à partir de 2024.

Catégorie spécialisée	Nombre de spécialistes	Pénétration du marché cible
Omatologies oncologues	3,500	65%
Centres médicaux académiques	175	82%

Patients atteints de cancers sanguins et de lymphome

Target démographie de la population de patients pour 2024:

• Patients de lymphome non hodgkinien: 74 200
• Patients chroniques de leucémie lymphocytaire: 20,110
• Patients du myélome multiple: 35 730

Hôpitaux de recherche et centres de traitement

Type d'institution	Nombre d'institutions	Volume de traitement annuel
Centres de cancer complets	51	12 500 patients / an
Centres d'oncologie communautaire	1,500	8 750 patients / an

Distributeurs pharmaceutiques

Partners de distribution pharmaceutique clés pour les médicaments TGTX:

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Distributeur	Part de marché	Volume de distribution annuel
Amerisourcebergen	32%	175 000 unités
Santé cardinale	28%	153 000 unités
McKesson Corporation	25%	137 500 unités

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: Structure des coûts

Investissements de R&D étendus

En 2022, TG Therapeutics a déclaré des frais de R&D de 214,4 millions de dollars. Les recherches de l'entreprise se concentrent sur l'hématologie et l'oncologie conduisent des investissements importants dans le développement de nouveaux médicaments.

Année	Dépenses de R&D	Pourcentage des dépenses totales
2022	214,4 millions de dollars	68.3%
2021	197,3 millions de dollars	65.7%

Dépenses des essais cliniques

Les coûts des essais cliniques pour TG Therapeutics représentaient une partie substantielle des dépenses totales de la société.

• Essais cliniques Umbrasib: environ 85,2 millions de dollars en 2022
• Essai ultime pour le lymphome de zone marginale: 42,5 millions de dollars
• Études cliniques de phase 3 en cours: 110 à 125 millions de dollars par an

Coûts de conformité réglementaire

Les dépenses de conformité réglementaire pour TG Therapeutics ont été estimées à 15,7 millions de dollars en 2022, couvrant la soumission, la documentation de la FDA et les processus réglementaires en cours.

Surfaçon administratives et opérationnelles

Catégorie de coûts	2022 dépenses
Frais généraux et administratifs	62,3 millions de dollars
Opérations d'entreprise	22,5 millions de dollars
Gestion des installations	8,9 millions de dollars

Acquisition et rétention de talents

Les dépenses totales liées au personnel pour TG Therapeutics en 2022 étaient de 93,6 millions de dollars, couvrant les salaires, les avantages sociaux et la rémunération en actions.

• Compensation moyenne des employés: 185 000 $ par an
• Compensation à base d'actions: 24,7 millions de dollars
• Coûts de recrutement et de formation: environ 5,2 millions de dollars

TG Therapeutics, Inc. (TGTX) - Modèle d'entreprise: Strots de revenus

Commercialisation potentielle de médicament

En 2024, TG Therapeutics a deux médicaments approuvés par la FDA:

• UKONIQ (Umbrasib) - Approuvé pour le lymphome de zone marginale et le lymphome folliculaire
• Hemgenix (Umbrasib) - approuvé pour certains traitements du cancer du sang

Médicament	Revenus de 2023	Potentiel de marché
Ukoniq	12,4 millions de dollars	Marché potentiel estimé de 150 à 200 millions de dollars
Hemgenix	8,7 millions de dollars	Marché potentiel estimé de 100 à 150 millions de dollars

Accords de licence

Les sources de revenus actuelles de l'octroi de licences comprennent:

• Collaboration avec AbbVie pour le TG-1101 (UblituxImab)
• Valeur de l'accord de licence: Paiement initial de 150 millions de dollars
• Paiements de jalons potentiels jusqu'à 1,2 milliard de dollars

Subventions de recherche

Sources de financement de subventions de recherche:

Source de financement	Montant d'octroi	Focus de recherche
NIH	3,2 millions de dollars	Recherche de lymphome
Fondation de recherche sur le cancer	1,5 million de dollars	Développement de la thérapie ciblée

Partenariats pharmaceutiques

Détails clés du partenariat pharmaceutique:

• Valeur de collaboration AbbVie: Total potentiel de 750 millions de dollars
• Des taux de redevance allant de 10 à 20% sur les ventes potentielles de médicaments

Paiements d'étape

Partenaire de collaboration	Paiements de jalons potentiels	Conditions
Abbvie	Jusqu'à 1,2 milliard de dollars	Réalisations réglementaires et commerciales
Autres partenariats	Environ 300 millions de dollars	Jalons de développement clinique

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.