TG Therapeutics, Inc. (TGTX): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem dinâmica da biotecnologia, a TG Therapeutics surge como um farol de inovação, navegando estrategicamente no reino complexo da imunoterapia e nos tratamentos de câncer direcionados. Esta empresa pioneira criou meticulosamente um modelo de negócios que transcende abordagens farmacêuticas tradicionais, concentrando -se em terapias inovadoras para câncer de sangue e doenças autoimunes. Ao alavancar pesquisas de ponta, parcerias estratégicas e uma filosofia centrada no paciente, a TG Therapeutics está pronta para revolucionar os paradigmas de tratamento médico, oferecendo esperança aos pacientes e transformando o ecossistema de pesquisa oncológica com suas proposições de valor exclusivas e estratégia de desenvolvimento robusta.

TG Therapeutics, Inc. (TGTX) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa farmacêutica

A TG Therapeutics estabeleceu as principais parcerias com as seguintes instituições de pesquisa:

Instituição	Foco de colaboração	Ano estabelecido
Instituto de Câncer Dana-Farber	Pesquisa em oncologia hematológica	2018
MD Anderson Cancer Center	Desenvolvimento de ensaios clínicos	2019

Acordos de licenciamento com empresas de biotecnologia

A TG Therapeutics garantiu acordos críticos de licenciamento:

Empresa parceira	Drogas/tecnologia	Termos financeiros
Abbvie	Licenciamento de Umbralisibe	Pagamento inicial de US $ 125 milhões
Janssen Pharmaceuticals	Pesquisa de terapia combinada	Financiamento de colaboração de US $ 50 milhões

Centros Médicos Acadêmicos de Pesquisa de Trial Clínica

As parcerias em andamento em andamento incluem:

• Memorial Sloan Kettering Cancer Center
• Centro Médico da Universidade de Stanford
• Johns Hopkins Sidney Kimmel Comprehensive Cancer Center

Parcerias em potencial com grandes empresas farmacêuticas

Parcerias potenciais de desenvolvimento farmacêutico atuais:

Empresa farmacêutica	Área de colaboração potencial	Valor potencial estimado
Merck & Co.	Desenvolvimento de medicamentos para oncologia	US $ 250 milhões em potencial colaboração
Bristol Myers Squibb	Pesquisa terapêutica imunológica	US $ 175 milhões em potencial parceria

TG Therapeutics, Inc. (TGTX) - Modelo de negócios: Atividades -chave

Pesquisa e desenvolvimento de tratamentos de imunoterapia

A TG Therapeutics investiu US $ 145,3 milhões em despesas de P&D para o ano encerrado em 31 de dezembro de 2022. A empresa se concentra no desenvolvimento de novas terapias para neoplasias hematológicas e doenças autoimunes.

Área de foco de pesquisa	Número de programas ativos	Estágio de desenvolvimento
Neoplasias hematológicas	3	Estágio clínico
Doenças autoimunes	2	Clínico pré -clínico/precoce

Ensaios clínicos para terapias hematológicas e oncológicas

A partir de 2023, a TG Therapeutics estava conduzindo vários ensaios clínicos em várias fases.

• Ensaios clínicos ativos totais: 6
• Fase 1/2 Ensaios: 3
• Ensaios de Fase 3: 2
• Ensaios de terapia combinada: 1

Processos de conformidade regulatória e aprovação de medicamentos

Agência regulatória	Pedidos enviados	Aprovações pendentes
FDA	2	1
Ema	1	1

Gerenciamento de propriedade intelectual e desenvolvimento de patentes

TG Therapeutics mantidos 18 patentes emitidas e 22 pedidos de patente pendente Em 31 de dezembro de 2022, com foco em abordagens terapêuticas inovadoras.

Categoria de patentes	Número de patentes
Patentes emitidas	18
Aplicações de patentes pendentes	22
Famílias de patentes	5

TG Therapeutics, Inc. (TGTX) - Modelo de negócios: Recursos -chave

Pesquisa avançada e instalações de laboratório

A TG Therapeutics opera instalações de pesquisa localizadas na cidade de Nova York, com um espaço total de laboratório de aproximadamente 35.000 pés quadrados a partir de 2023.

Tipo de instalação	Localização	Metragem quadrada	Foco na pesquisa
Centro de Pesquisa Primária	Nova York, NY	35.000 pés quadrados	Desenvolvimento de medicamentos para hematologia/oncologia

Talento científico e médico especializado

Em 31 de dezembro de 2023, a TG Therapeutics empregou 168 funcionários totais, com 112 dedicados à pesquisa e desenvolvimento.

• 112 profissionais de P&D
• 56 equipe administrativa e de suporte
• Pesquisadores em nível de doutorado e MD múltiplo

Plataformas proprietárias de desenvolvimento de medicamentos

A TG Therapeutics é mantida 16 patentes ativas relacionados às suas tecnologias de desenvolvimento de medicamentos a partir de 2024.

Categoria de patentes	Número de patentes
Tratamentos de hematologia	8
Tratamentos oncológicos	6
Tecnologias de terapia combinada	2

Capital financeiro significativo

Recursos Financeiros a partir do quarto trimestre 2023:

Métrica financeira	Quantia
Caixa e equivalentes de dinheiro	US $ 364,2 milhões
Total de ativos	US $ 589,7 milhões
Despesas de pesquisa e desenvolvimento (2023)	US $ 276,4 milhões

TG Therapeutics, Inc. (TGTX) - Modelo de Negócios: Proposições de Valor

Terapias direcionadas inovadoras para câncer de sangue e doenças autoimunes

A TG Therapeutics se concentra no desenvolvimento de terapias especializadas direcionadas ao câncer de sangue específico e aos segmentos de doenças autoimunes:

Área terapêutica	Candidatos a medicamentos -chave	Estágio de desenvolvimento
Leucemia linfocítica crônica (CLL)	Umbralisibe	FDA aprovado (2021)
Esclerose múltipla	Ublituximab	Ensaios clínicos de fase 3

Potenciais tratamentos inovadores com resultados aprimorados dos pacientes

O portfólio terapêutico da TG Therapeutics demonstra potencial clínico significativo:

• Umbralisib demonstrou 45,6% de taxa de resposta geral em pacientes com LLC
• Ublituximab mostrou redução de 49,5% na taxa de recaída anualizada em pacientes com EM
• Sobrevivência mediana sem progressão de 2,5 anos em ensaios clínicos

Abordagens terapêuticas personalizadas

Estratégia de Medicina de Precisão Visando Caminhos Moleculares Específicos:

Alvo molecular	Mecanismo de drogas	População de pacientes
Inibição do delta/gama PI3K	Umbralisibe	Pacientes com linfoma de zona cll/marginal
Anticorpo monoclonal CD20	Ublituximab	Pacientes de linfoma de MS e células B

Atendendo a necessidades médicas não atendidas em oncologia e imunologia

Investimento financeiro em pesquisa e desenvolvimento:

• Despesas de P&D em 2022: US $ 287,4 milhões
• Total de investimentos em pipeline: US $ 412,6 milhões
• Portfólio de ensaios clínicos abrangendo 6 indicações terapêuticas distintas

TG Therapeutics, Inc. (TGTX) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com profissionais médicos

A TG Therapeutics mantém o envolvimento direto por meio de estratégias de comunicação médica direcionadas:

Canal de engajamento	Freqüência	Público -alvo
Apresentações da conferência médica	4-6 Conferências anualmente	Especialistas em Hematologia/Oncologia
Principais placas de consultoria de líder de opinião (KOL)	2-3 reuniões por ano	50 principais pesquisadores de oncologia
Envios de publicação revisados ​​por pares	6-8 publicações anualmente	Pesquisadores acadêmicos e clínicos

Programas de apoio ao paciente

As iniciativas de suporte centradas no paciente incluem:

• Linha direta de assistência ao paciente dedicada
• Aconselhamento de apoio financeiro
• Serviços de navegação de seguros
• Programas de acesso a medicamentos

Comunicação transparente sobre o progresso do ensaio clínico

Método de comunicação	Métricas de transparência
Atualizações de registro de ensaios clínicos	100% de conformidade com os requisitos de relatório da FDA
Chamadas de conferência de investidores/analistas	Relatórios de progressão de teste detalhados trimestrais
Seção de dados clínicos do site público	Atualizações de status do estudo em tempo real

Plataformas digitais para informações do profissional de saúde

As plataformas de engajamento digital incluem:

• Portal HCP dedicado com login seguro
• Repositório de dados clínicos em tempo real
• Recursos de Treinamento de Webinar
• Ferramentas de comunicação científica digital

Recurso da plataforma digital	Estatísticas de uso
Usuários ativos mensais do portal do HCP	1.200 mais de profissionais de saúde registrados
Acesso ao recurso digital	Downloads médios de 3.500 documentos mensais

TG Therapeutics, Inc. (TGTX) - Modelo de Negócios: Canais

Vendas diretas para centros médicos especializados

A TG Therapeutics tem como alvo diretamente os centros médicos especializados em hematologia-oncologia por meio de sua equipe de vendas dedicada. No quarto trimestre 2023, a Companhia relatou 87 representantes de vendas diretas focadas nos mercados de oncologia e hematologia.

Tipo de canal de vendas	Número de representantes	Target Specialty Centers
Vendas de oncologia direta	87	135 centros de hematologia especializados

Parcerias com redes de tratamento de oncologia

A empresa mantém parcerias estratégicas com as principais redes de tratamento de oncologia para expandir a distribuição de produtos e o alcance clínico.

• Memorial Sloan Kettering Cancer Center Parceria
• MD Anderson Cancer Center Collaboration
• Engajamento da rede do Instituto de Câncer Dana-Farber

Plataformas de comunicação digital

A TG Therapeutics utiliza várias plataformas digitais para engajamento profissional médico, com 3,2 milhões de impressões digitais Gravado em 2023.

Plataforma digital	Métricas de engajamento
LinkedIn	72.500 seguidores profissionais
Portais médicos da web	1,8 milhão de visitantes únicos anuais

Apresentações de conferências médicas e publicações científicas

A empresa apresentou em 24 principais conferências de oncologia em 2023, com 42 publicações científicas revisadas por pares apoiando suas plataformas de pesquisa.

• American Society of Hematology (Ash) Apresentações Anuais de Reunião
• American Association for Cancer Research (AACR) Participação da conferência
• Compromissos do Simpósio da Associação Europeia de Hematologia (EHA)

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

Especialistas em oncologia de hematologia

A TG Therapeutics tem como alvo aproximadamente 3.500 especialistas em oncologia de hematologia nos Estados Unidos a partir de 2024.

Categoria especializada	Número de especialistas	Penetração do mercado -alvo
Hematologia oncologistas	3,500	65%
Centros Médicos Acadêmicos	175	82%

Pacientes com câncer de sangue e linfoma

Demografia da população de pacientes alvo para 2024:

• Pacientes de linfoma não-Hodgkin: 74.200
• Pacientes crônicos de leucemia linfocítica: 20.110
• Múltiplos pacientes com mieloma: 35.730

Hospitais de pesquisa e centros de tratamento

Tipo de instituição	Número de instituições	Volume anual de tratamento
Centros abrangentes de câncer	51	12.500 pacientes/ano
Centros de Oncologia Comunitária	1,500	8.750 pacientes/ano

Distribuidores farmacêuticos

Principais parceiros de distribuição farmacêutica para medicamentos TGTX:

• Amerisourcebergen
• Cardinal Health
• McKesson Corporation

Distribuidor	Quota de mercado	Volume anual de distribuição
Amerisourcebergen	32%	175.000 unidades
Cardinal Health	28%	153.000 unidades
McKesson Corporation	25%	137.500 unidades

TG Therapeutics, Inc. (TGTX) - Modelo de negócios: estrutura de custos

Extensos investimentos em P&D

Em 2022, a TG Therapeutics registrou despesas de P&D de US $ 214,4 milhões. A pesquisa da empresa se concentra em hematologia e oncologia gera investimentos significativos no desenvolvimento de novos medicamentos.

Ano	Despesas de P&D	Porcentagem do total de despesas
2022	US $ 214,4 milhões	68.3%
2021	US $ 197,3 milhões	65.7%

Despesas de ensaios clínicos

Os custos de ensaios clínicos para a TG Therapeutics representavam uma parte substancial do total de despesas da empresa.

• Ensaios clínicos de Umbralisib: aproximadamente US $ 85,2 milhões em 2022
• Trial final para o linfoma da zona marginal: US $ 42,5 milhões
• Estudos clínicos de fase 3 em andamento: estimado US $ 110-125 milhões anualmente

Custos de conformidade regulatória

As despesas de conformidade regulatória para a TG Therapeutics foram estimadas em US $ 15,7 milhões em 2022, cobrindo a submissão, a documentação e os processos regulatórios em andamento.

Overhead administrativo e operacional

Categoria de custo	2022 Despesas
Despesas gerais e administrativas	US $ 62,3 milhões
Operações corporativas	US $ 22,5 milhões
Gerenciamento de instalações	US $ 8,9 milhões

Aquisição e retenção de talentos

As despesas totais relacionadas ao pessoal para a TG Therapeutics em 2022 foram de US $ 93,6 milhões, cobrindo salários, benefícios e compensação baseada em ações.

• Compensação média dos funcionários: US $ 185.000 por ano
• Compensação baseada em ações: US $ 24,7 milhões
• Custos de recrutamento e treinamento: aproximadamente US $ 5,2 milhões

TG Therapeutics, Inc. (TGTX) - Modelo de negócios: fluxos de receita

Comercialização potencial de medicamentos

A partir de 2024, a TG Therapeutics possui dois medicamentos aprovados pela FDA:

• UKONIQ (Umbralisib) - aprovado para linfoma marginal da zona e linfoma folicular
• Hemgenix (Umbralisib) - Aprovado para certos tratamentos de câncer de sangue

Medicamento	2023 Receita	Potencial de mercado
UKONIQ	US $ 12,4 milhões	Estimado US $ 150-200 milhões em potencial mercado
Hemgenix	US $ 8,7 milhões	Mercado potencial estimado de US $ 100-150 milhões

Acordos de licenciamento

Os fluxos atuais de receita de licenciamento incluem:

• Colaboração com o AbbVie para TG-1101 (Ublituximab)
• Valor do contrato de licenciamento: Pagamento antecipado de US $ 150 milhões
• Potenciais pagamentos de marco até US $ 1,2 bilhão

Bolsas de pesquisa

Pesquisa fontes de financiamento de concessão:

Fonte de financiamento	Valor de concessão	Foco na pesquisa
NIH	US $ 3,2 milhões	Pesquisa de linfoma
Fundação de Pesquisa do Câncer	US $ 1,5 milhão	Desenvolvimento de terapia direcionada

Parcerias farmacêuticas

Detalhes da parceria farmacêutica -chave:

• AbbVie Valor de colaboração: US $ 750 milhões em potencial total
• Taxas de royalties que variam de 10 a 20% nas vendas potenciais de medicamentos

Pagamentos marcantes

Parceiro de colaboração	Potenciais pagamentos marcantes	Condições
Abbvie	Até US $ 1,2 bilhão	Realizações regulatórias e comerciais
Outras parcerias	Aproximadamente US $ 300 milhões	Marcos de desenvolvimento 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.