TG Therapeutics, Inc. (NASDAQ: TGTX) reported a -15.4% movement in its stock price, which is now trading at $17.77 per share. The company issued a press release providing preliminary fourth quarter and full year 2023 net product revenue, as well as anticipated milestones for 2024. The company announced unaudited preliminary U.S. net product revenue for Briumvi® for the fourth quarter and full year ended December 31, 2023, along with financial guidance and development milestones for 2024.
Michael S. Weiss, Chairman and Chief Executive Officer of TG Therapeutics, commented on the company's outlook, stating, "We are excited to share our preliminary fourth quarter and year-end U.S. Briumivi net product revenue. As we head into 2024, we have our sights set on achieving revenue and expense targets and have built an ambitious plan to potentially expand the utility of Briumvi into new indications and for use as a subcutaneous injection. We are also excited to expand our R&D program with the recent licensing of Azer-cel, an allogeneic CD19 CAR T therapy which we believe has the potential to become a meaningful therapy to treat various autoimmune disorders."
The press release detailed that the preliminary U.S. Briumvi net product revenue for the fourth quarter of 2023 is expected to be approximately $40 million and $89 million for the full year of 2023. The company also disclosed a year-end 2023 cash position of approximately $215 million.
Looking ahead to 2024, the company provided guidance for Briumvi U.S. net product revenue targets of approximately $41-$46 million for the first quarter and $220-$260 million for the full year. Additionally, TG Therapeutics anticipates commencing a trial evaluating Briumvi in additional autoimmune diseases outside of multiple sclerosis, as well as commencing a trial evaluating Azer-cel in autoimmune disease, among other milestones.
TG Therapeutics also disclosed that it recently entered into a license agreement with Precision Biosciences, Inc., granting the company certain exclusive and non-exclusive license rights to develop, manufacture, and commercialize Precision's allogeneic CAR T therapy Azer-cel for the treatment of autoimmune and other non-oncology diseases and conditions.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (k) | $152 | $152 | $152 | $6,689 | $2,785 | $2,785 |
| Revenue Growth | n/a | 0.0% | 0.0% | 4300.66% | -58.36% | 0.0% |
| Operating Margins | -114736% | -111220% | -179996% | -5154% | -6923% | -680% |
| Net Margins | -114133% | -113731% | -183803% | -5204% | -7122% | -6307% |
| Net Income (k) | -$173,482 | -$172,871 | -$279,381 | -$348,101 | -$198,335 | -$175,654 |
| Net Interest Expense (k) | $857 | -$3,816 | $6,329 | $5,638 | $10,191 | $13,046 |
| Depreciation & Amort. (k) | $88 | $100 | $158 | $282 | $303 | $246 |
| Earnings Per Share | $75466813.0 | $88368844.0 | $115333693.0 | -$2.63 | -$1.46 | -$0.28 |
| EPS Growth | n/a | 17.1% | 30.51% | -100.0% | 44.49% | 80.82% |
| Diluted Shares (k) | 75,466,813 | 88,368,844 | 115,334 | 132,223 | 135,411 | 155,872 |
| Capital Expenditures | $90 | $131 | $357 | $401 | $14 | $7 |
| Current Ratio | 2.03 | 1.77 | 6.99 | 5.06 | 3.16 | 5.53 |
| Total Debt (k) | $67 | $28,970 | $29,895 | $67,763 | $71,135 | $98,908 |
