TG Therapeutics(TGTX) - 2024 Q2 - Quarterly Results

Revenue Growth - Second quarter 2024 U.S. BRIUMVI net revenue reached $72.6 million, representing over 350% growth compared to the second quarter of 2023[3] - Full year 2024 U.S. BRIUMVI net revenue guidance raised to approximately $290 - $300 million, up from the previous guidance of $270 - $290 million[5] - Total product revenue for the six months ended June 30, 2024, was approximately $123.1 million, compared to $23.8 million for the same period in 2023[5] - Total revenue for Q2 2024 reached $73.466 million, a significant increase from $16.074 million in Q2 2023, representing a growth of 357%[25] - Product revenue for Q2 2024 was $72.596 million, compared to $16.036 million in the same quarter last year, marking an increase of 353%[25] Patient Prescriptions - Approximately 5,850 new patient prescriptions for BRIUMVI received since launch, with over 1,400 prescriptions in the second quarter of 2024[3] Financial Performance - Net income for the second quarter 2024 was $6.9 million, a significant improvement from a net loss of $(47.6) million in the same quarter of 2023[5] - The company reported a net income of $6.879 million for Q2 2024, a turnaround from a net loss of $47.610 million in Q2 2023[25] - Operating income for Q2 2024 was $8.816 million, compared to an operating loss of $44.674 million in the same quarter last year[25] - Total costs and expenses for Q2 2024 were $64.650 million, slightly higher than $60.748 million in Q2 2023[25] Research and Development - R&D expenses for the second quarter 2024 were approximately $17.6 million, a decrease from $28.1 million in the same quarter of 2023[5] - Initiated a phase 1 clinical trial for subcutaneous ublituximab in RMS patients, with first patients now treated[3] - Received FDA IND clearance for azer-cel, an allogeneic CD19 CAR-T therapy, for patients with progressive MS[3] Financial Position - Established a $250 million credit facility to repay $107 million in existing debt and fund a share repurchase program of up to $100 million[4] - Cash, cash equivalents, and investment securities stood at $217.252 million as of June 30, 2024, compared to $217.508 million at the end of 2023[25] - Total assets increased to $401.207 million as of June 30, 2024, up from $329.587 million at the end of 2023[25] Product Development and Commercialization - The company has received FDA approval for BRIUMVI® (ublituximab-xiiy) for treating adult patients with relapsing forms of multiple sclerosis[21] - TG Therapeutics anticipates ongoing commercialization and availability of BRIUMVI in the U.S. and Europe, with expectations for future revenue growth[22] - The company is focused on developing its pipeline products, including subcutaneous BRIUMVI and trials for other autoimmune diseases[22]