TG THERAPEUTICS, INC.
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
TGTX$59.83+3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0001437749-25-033363
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001437749-26-015246
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 61 previous paragraphs and 79 current paragraphs.
26 unchanged; 19 reworded; 33 added; 10 removed; 6 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 7 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (33)
Current report
Subcutaneous BRIUMVI
Current report
In April 2026, we announced the Phase 3 trial evaluating subcutaneous BRIUMVI completed enrollment and topline data is expected around year-end 2026 or first quarter 2027.
Current report
Financial Update
Current report
In March 2026, we entered into a new five-year, $750 million senior secured credit facility with funds managed by Blue Owl Capital. As part of the transaction, we repaid our outstanding $250 million senior secured credit facility, resulting in a net raise of $500 million in non-dilutive capital. The new facility also provides for up to an additional $250 million of incremental capital, for a total facility size of up to $1 billion, available at the mutual discretion of TG and Blue Owl Capital. In connection with the new facility, our Board of Directors authorized an increase to our share repurchase program from $100 million to $300 million. Since the inception of the first share repurchase program in 2024, and as of April 30, 2026, we have repurchased a total of $200 million of common stock at an average price of $29.28 per share, of which $100 million was completed during the first quarter of 2026.
Current report
U.S. Commercialization of BRIUMVI and Market Dynamics
Current report
BRIUMVI (ublituximab-xiiy), an anti-CD20 monoclonal antibody indicated for the treatment of adults with relapsing forms of multiple sclerosis (RMS), to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, was approved by the U.S. Food and Drug Administration (FDA) in December 2022 and commercially launched in the United States in January 2023. BRIUMVI is administered as a one-hour, twice per year infusion following the starting dose. Since launch, our commercialization efforts have focused on expanding prescriber awareness, increasing penetration across infusion centers and neurology practices, securing payer coverage, and supporting patient access within a competitive RMS treatment landscape.
Current report
We believe BRIUMVI’s clinical profile, including its one-hour infusion time and twice-annual dosing schedule, together with demonstrated efficacy and safety in pivotal trials and accumulating real-world experience, supports its positioning within the anti-CD20 therapeutic class. The anti-CD20 class represents a significant segment of the RMS market, reflecting physician familiarity with the mechanism of action and long-term treatment considerations. Our ability to expand adoption is dependent on continued execution across access and site-of-care pathways; however, uptake may be influenced by factors including established prescribing practices, patient switching dynamics, payer coverage and utilization management requirements, competitive contracting, site-of-care logistics, and evolving treatment guidelines.
Current report
The RMS market is highly competitive and includes numerous approved disease-modifying therapies with varying mechanisms of action, routes of administration, safety profiles, and dosing schedules. Competitive dynamics may be influenced by pricing and contracting strategies, payer utilization management practices, the introduction of new branded products or biosimilars, and broader healthcare system and macroeconomic conditions. Our ability to continue to grow BRIUMVI revenues will depend on sustained physician adoption, patient persistence and adherence, competitive differentiation within the anti-CD20 class, and continued access across commercial and government payers.
Current report
Our net product revenue is subject to gross-to-net adjustments, including mandatory government discounts and rebates, contractual rebates and chargebacks, trade discounts and allowances (including cash discounts), product returns, distribution fees, and patient support programs. These adjustments are influenced by payer and site of care mix, coverage determinations, contracting dynamics, and patient assistance utilization, and may fluctuate from period to period. As our commercial footprint expands and payer contracting strategies evolve, the magnitude and variability of these adjustments may change.
Current report
PIPELINE AND LIFECYCLE MANAGEMENT
Current report
In addition to the ongoing commercialization of BRIUMVI, we continue to invest in our commercial organization, infrastructure, and internal capabilities to support lifecycle management and potential expansion of the product’s clinical and commercial profile. A key area of focus is the development of a subcutaneous formulation of ublituximab, which is being evaluated as a potential alternative route of administration that may offer increased convenience and flexibility for patients and healthcare providers. We are also exploring the use of BRIUMVI in autoimmune indications outside of MS and are advancing early-stage development activities for azer-cel in autoimmune diseases. These programs reflect our broader strategy to enhance the durability of our portfolio and expand future therapeutic opportunities.
Current report
Beyond BRIUMVI, we continue to evaluate potential in-licensing and acquisition opportunities. These opportunities may include earlier-stage programs, complementary products, proprietary technologies, or other therapeutic approaches that could enhance our pipeline and support long-term growth. The scope, timing, and level of any such investments will depend on a range of factors, including scientific and clinical data, manufacturing feasibility, regulatory considerations, commercial readiness, available resources, and overall strategic and financial priorities.
Current report
Financial Overview and Key Components of our Operating Results
Current report
As of March 31, 2026, our accumulated deficit was approximately $1.1 billion, and we had $572.8 million in cash and cash equivalents, and investment securities, excluding equity investments. Based on our current operating plan and results, we anticipate that our existing cash, cash equivalents, and investment securities, together with projected future revenues, will be sufficient to fund operations and meet our liquidity needs for more than twelve months after the date of filing of this Quarterly Report on Form 10-Q.
Current report
We expect our expenses to increase as we continue to grow and expand our clinical programs and pursue the potential commercialization of additional product candidates. We anticipate incurring significant research and development expenses related to these activities for the foreseeable future. The actual amount of cash needed to support these strategic initiatives will depend on many factors, including:
Current report
Cost of Revenue
Current report
Cost of revenue consists primarily of royalties owed to our licensing partner for BRIUMVI sales, materials and third-party manufacturing costs, freight, distribution and logistics expenses, and overhead costs associated with our supply chain. Cost of revenue may also include excess or obsolete inventory adjustments, abnormal manufacturing costs, unabsorbed overhead, and manufacturing variances.
Current report
In accordance with our policy to expense costs associated with the manufacture of our products prior to regulatory approval, a portion of the manufacturing costs incurred to produce BRIUMVI before its FDA approval in December 2022 were expensed to research and development. As a result, a portion of the BRIUMVI units recognized as revenue three months ended March 31, 2025 are not included in the cost of product revenue during those periods.
Current report
As commercialization continues and pre-approval inventory has been fully depleted, we expect cost of revenue and gross margin to normalize to levels that reflect current commercial manufacturing costs, royalty payments, and supply chain expenses. Period-over-period fluctuations in cost of revenue may continue to occur based on the nature of our ordinary course of business operations, including production scheduling, manufacturing, inventory management, and the timing of overhead allocation.
Current report
Research and Development (R&D) Expenses (Other)
Current report
Our other research and development expenses consist primarily of external clinical and manufacturing costs, personnel-related expenses, milestone and licensing payments, and overhead costs supporting development activities. We recognize R&D costs as incurred. These expenses include:
Current report
Selling, General, and Administrative (SG&A) Expenses (Other)
Current report
Our other selling, general and administrative expenses consist primarily of expenses related to the commercialization of our approved products and the expenses required to maintain and support a growing commercial organization. These expenses include:
Current report
Loss on extinguishment of debt. Loss on extinguishment of debt totaled $9.2 million for the three months ended March 31, 2026 related to the write-off of unamortized deferred financing and debt discount costs, as well as prepayment fees associated with the Initial Term Loan with Blue Owl Capital, as compared to zero for the three months ended March 31, 2025 (see Note 7 – Loan Payable for more information).
Current report
Material Cash Requirements and Contractual Obligations
Current report
Our material cash requirements primarily relate to the continued commercialization of BRIUMVI, including commercial operations, manufacturing and supply commitments, medical affairs activities, post-marketing requirements, and ongoing clinical development programs, as well as general and administrative expenses supporting our commercial-stage operations. Certain of these requirements arise from contractual commitments, while others are driven by our operating plan and the ordinary course of business.
Current report
We expect to fund these expenditures through existing cash, cash equivalents and investment securities, cash flows from BRIUMVI product sales, and, if needed, access to additional capital under the uncommitted portion of our term loan facility with Blue Owl Capital or other financing sources.
Current report
As of March 31, 2026, our contractual obligations consist primarily of purchase and supply commitments supporting the commercial and clinical manufacture of BRIUMVI. Certain of these agreements include non-cancelable provisions, minimum purchase requirements, or binding forecast commitments. We also maintain lease obligations for our office facilities in New York and North Carolina, which are expected to be funded through operating cash flows.
Current report
In accordance with our Financing Agreement with Blue Owl Capital, we are obligated to make interest and future principal payments.
Current report
We also enter into collaboration and license agreements that may require future milestone and royalty payments. Because these payments are contingent upon the achievement of specified events, they are not included in our contractual commitments but could become material in future periods.
Current report
Based on our current operating plan, financial resources, and projected results, we believe we have sufficient liquidity to fund operations and meet our material cash requirements for at least the next twelve months from the date of filing of this Quarterly Report on Form 10-Q. However, future capital requirements will depend on a number of factors, and additional financing may be required.
Current report
Net cash used in operating activities for the three months ended March 31, 2026 was $17.9 million as compared to cash used in operating activities of $28.7 million for the three months ended March 31, 2025, representing $10.8 million improvement** **year over year.
Current report
The improvement was driven by higher net income for the three months ended March 31, 2026, $19.8 million compared to $5.1 million for the three months ended March 31, 2025. Operating cash flow benefited from favorable working capital changes, including a decrease in inventory purchases, a $33.0 million year-over-year improvement. These favorable impacts were partially offset by an increase in accounts receivable and other current assets in three months ended March 31, 2026 and 2025, which reduced operating cash flow year over year, and a decrease in accounts payable and accrued expenses, a $31.2 million reduction.
Removed paragraphs (10)
Previous report
In September 2025, we completed our previously authorized $100 million share repurchase program, which was initially announced in August 2024 (the Prior Share Repurchase Program). Under the Prior Share Repurchase Program, we repurchased a total of 3,502,334 shares of our common stock at an average price of $28.55 per share. In September 2025, the Board authorized and approved a new share repurchase program (the 2025 Share Repurchase Program) for up to $100 million of the currently outstanding shares of our common stock. There were no repurchases under the 2025 Share Repurchase Program for the three and nine months ended September 30, 2025.
Previous report
U.S. Commercialization of BRIUMVI
Previous report
In December 2022, we announced the FDA approval of BRIUMVI for the treatment of RMS, to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults, primarily based on results from the ULTIMATE I & II Phase 3 trials. On January 26, 2023, we announced the U.S. commercial launch of BRIUMVI, making it available to physicians and patients.
Previous report
Interest Expense. Interest expense totaled $6.7 million for the three months ended September 30, 2025, as compared to $10.8 million for the three months ended September 30, 2024. The decrease is mainly due to $4.6 million of debt extinguishment costs in connection with the termination of our prior loan agreement with Hercules during the three months ended September 30, 2024.
Previous report
Noncash Compensation Expense (Research and Development). Noncash compensation expense (research and development) related to equity incentive grants totaled $13.0 million for the nine months ended September 30, 2025, as compared to $8.0 million during the comparable period ended September 30, 2024. The increase in noncash compensation expense was primarily due to greater recognition of noncash compensation expense for performance-based awards and increased stock price at which equity awards were granted during the nine months ended September 30, 2025, as compared to the nine months ended September 30, 2024.
Previous report
Noncash Compensation Expense (Selling, General and Administrative).*** ***Noncash compensation expense (selling, general and administrative) related to equity incentive grants totaled $36.0 million for the nine months ended September 30, 2025, as compared to $22.6 million during the comparable period ended September 30, 2024. The increase in noncash compensation expense was primarily due to greater recognition of noncash compensation expense for performance and market-based awards and an increase in headcount and stock price at which equity awards were granted during the nine months ended September 30, 2025.
Previous report
Other Selling, General and Administrative Expenses.*** ***Other selling, general and administrative expenses totaled $133.3 million for the nine months ended September 30, 2025, as compared to $92.7 million during the comparable period ended September 30, 2024. The increase was primarily due to other selling, general and administrative costs, including marketing personnel and external costs associated with the commercialization of BRIUMVI during the nine months ended September 30, 2025.
Previous report
Other Income.*** ***Other income totaled $9.7 million for the nine months ended September 30, 2025, as compared to $5.1 million during the comparable period ended September 30, 2024. The increase is mainly due to higher interest income received from our investments during the period.
Previous report
LIQUIDITY AND CAPITAL RESOURCES
Previous report
Cash used in operating activities for the nine months ended September 30, 2025 was $44.4 million as compared to cash used in operating activities of $14.9 million for the nine months ended September 30, 2024. The increase in net cash used in operating activities was primarily due to an increase in accounts receivable during the nine months ended September 30, 2025, partially offset by an increase in accounts payable.
Reworded paragraphs (19)
Previous wording
TG Therapeutics is a fully-integrated, commercial stage, biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline of investigational medicines, TG has received approval from the FDA for BRIUMVI (ublituximab-xiiy) to treat adult patients with relapsing forms of multiple sclerosis (RMS), to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults, as well as approval from several regulatory authorities outside of the U.S. to treat adult patients with RMS who have active disease defined by clinical or imaging features. We also actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities.
Current wording
TG Therapeutics is a fully integrated, commercial stage, biotechnology company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline, TG Therapeutics has received approval from the U.S. Food and Drug Administration (FDA) for BRIUMVI (ublituximab-xiiy) to treat adult patients with relapsing forms of multiple sclerosis (RMS), including clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, as well as approval from several regulatory agencies outside of the U.S. for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features. We also actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities.
Previous wording
BRIUMVI is now approved in the European Union, the United Kingdom, Switzerland, Australia, Kuwait and the United Arab Emirates.
Current wording
BRIUMVI is now approved in the European Union, the United Kingdom, Switzerland, Australia, Kuwait, the United Arab Emirates, Israel, and Saudi Arabia.
Previous wording
In September 2025 we announced enrollment commenced in the Phase 3 pivotal program evaluating subcutaneous ublituximab. The Phase 3 pivotal program is a randomized, open label, parallel-group, multicenter study designed to evaluate the pharmacokinetics, pharmacodynamics, safety, radiological and clinical effects of subcutaneous ublituximab compared to IV BRIUMVI in adult participants with RMS. Participants will be randomized into one of three arms: 8-week regimen of subcutaneous ublituximab, 12-week regimen of subcutaneous ublituximab or the currently approved IV BRIUMVI dosing schedule. The primary endpoint of the trial is non inferior exposure of subcutaneous ublituximab compared to IV BRIUMVI with respect to area under the curve (AUC) at week 24.
Current wording
In September 2025 we announced enrollment commenced in the Phase 3 pivotal program evaluating subcutaneous ublituximab. The Phase 3 pivotal program is a randomized, open label, parallel-group, multicenter study designed to evaluate the pharmacokinetics, pharmacodynamics, safety, radiological and clinical effects of subcutaneous ublituximab compared to IV BRIUMVI in adult participants with RMS. Participants will be randomized into one of three arms: 8-week regimen of subcutaneous ublituximab, 12-week regimen of subcutaneous ublituximab or the currently approved IV BRIUMVI dosing schedule. The primary endpoint of the trial is non inferior exposure of subcutaneous ublituximab compared to IV BRIUMVI with respect to area under the curve (AUC) at week 24. In April 2026, we announced the trial completed enrollment and topline data is expected around year-end 2026 or first quarter 2027.
Previous wording
Although we have recently achieved profitability, we have incurred substantial operating losses since our inception. BRIUMVI was first commercially launched in the United States in January of 2023, and ex-US through our partner Neuraxpharm in February 2024. Despite the commercialization of BRIUMVI and the potential future commercialization of our other drug candidates, there can be no assurance that we will maintain profitability on an ongoing basis. For the nine months ended September 30, 2025, we generated revenue of $423.7 million. Historically, our operating losses have been driven primarily by expenses related to research and development programs and from selling, general and administrative costs associated with our operations and commercialization activities to date. Our future operating results and cash flows may fluctuate significantly from period to period, and we will need to generate substantial revenues to sustain profitability and positive cash flow over the long term. As of September 30, 2025, our accumulated deficit was approximately $1.1 billion.
Current wording
For the three months ended March 31, 2026, we generated revenue of $204.9 million. Historically, our operating losses have been driven primarily by expenses related to research and development programs and selling, general and administrative costs associated with our operations and commercialization activities to date. Our operating results and cash flows have fluctuated in the past and may continue to vary significantly from period to period. We will need to generate substantial revenues to sustain profitability and positive cash flow over the long term.
Previous wording
As of September 30, 2025, we had $178.3 million in cash and cash equivalents, and investment securities. We anticipate that our cash, cash equivalents, and investment securities, combined with projected future revenues will be sufficient to meet our liquidity needs for more than twelve-months from the date of filing this Quarterly Report on Form 10-Q. The actual level of cash required for operations will depend on numerous factors, including, among others, the scope of commercialization activities for BRIUMVI, timing of collection of receivables from our customers on extended payment terms, the timing and design of clinical trials for our product candidates, and costs associated with licensing or acquiring new product candidates. We may require significant additional financing in the future to support our ongoing and planned operations.
Current wording
The actual level of cash required for operations will depend on numerous factors, including, among others, the scope of commercialization activities for BRIUMVI, the timing of collection of receivables from our customers on extended payment terms, the timing and design of clinical trials for our product candidates, and the costs associated with licensing or acquiring new product candidates. We may seek significant additional financing in the future to support strategic initiatives and our ongoing and planned operations.
Previous wording
Product Revenue, Net*.*Product revenue, net was approximately $159.3 million for the three months ended September 30, 2025, compared to $83.3 million for the three months ended September 30, 2024. Product revenue, net for both the three months ended September 30, 2025 and September 30, 2024 consisted of net product sales of BRIUMVI in the United States of $152.9 million and $83.3 million, respectively. Also included in product revenue, net for the three months ended September 30, 2025 are sales of BRIUMVI to our ex-U.S. licensing partner, Neuraxpharm, of $6.4 million. The increase in product revenue, net is a result of greater market penetration.
Current wording
Product Revenue, Net*.*Product revenue, net was approximately $201.3 million for the three months ended March 31, 2026, compared to $119.7 million for the three months ended March 31, 2025. Product revenue, net for both the three months ended March 31, 2026 and March 31, 2025 consisted of net product sales of BRIUMVI in the United States of $194.8 million and $119.7 million, respectively. Also included in product revenue, net for the three months ended March 31, 2026 is sales of BRIUMVI to our ex-U.S. licensing partner, Neuraxpharm, of $6.5 million. The increase in product revenue, net is a result of greater market penetration of BRIUMVI in the United States and from commercial product sales supplied to Neuraxpharm under the Commercialization Agreement.
Previous wording
License, Milestone, Royalty and Other Revenue. License, milestone, royalty and other revenue was $2.4 million for the three months ended September 30, 2025 and $0.6 million for the three months ended September 30, 2024. License, milestone, royalty and other revenue for the three months ended September 30, 2025 is comprised of $0.9 million of consideration received for development and regulatory activities performed on behalf of Neuraxpharm in accordance with the Commercialization Agreement and $1.5 million of royalty revenue recognized under the Commercialization Agreement with Neuraxpharm (see Note 2 - Revenue for more information). License, milestone, royalty and other revenue for the three months ended September 30, 2024 is primarily comprised of consideration received for development and regulatory activities performed on behalf of Neuraxpharm in accordance with the Commercialization Agreement (see Note 2 - Revenue for more information).
Current wording
License, Milestone, Royalty and Other Revenue. License, milestone, royalty and other revenue was $3.6 million for the three months ended March 31, 2026 and $1.2 million for the three months ended March 31, 2025. License, milestone, royalty and other revenue for the three months ended March 31, 2026 is comprised of $2.7 million of royalty revenue recognized under the Commercialization Agreement with Neuraxpharm and $0.9 million of consideration received for development and regulatory activities performed on behalf of Neuraxpharm in accordance with the Commercialization Agreement (see Note 2 – Revenue for more information).
Previous wording
Cost of Revenue. Cost of revenue for the three months ended September 30, 2025 was $28.1 million compared to approximately $9.3 million for the three months ended September 30, 2024. Cost of revenue for both the three months ended September 30, 2025 and September 30, 2024 consists primarily of royalties owed to our licensing partner for BRIUMVI sales, third-party manufacturing, distribution and overhead costs. A portion of the manufacturing costs of BRIUMVI sold during the quarter ending September 30, 2024 was expensed as research and development prior to the FDA approval of BRIUMVI and therefore it is not reflected in the cost of revenue. We depleted these inventories during the quarter ending March 31, 2025.
Current wording
Cost of Revenue. Cost of revenue for the three months ended March 31, 2026 was $33.5 million compared to approximately $15.5 million for the three months ended March 31, 2025. Cost of revenue for both the three months ended March 31, 2026 and March 31, 2025 consists primarily of royalties owed to our licensing partner for BRIUMVI sales, third-party manufacturing, distribution and overhead costs. A portion of the manufacturing costs of BRIUMVI sold during the quarter ending March 31, 2025 was expensed as research and development prior to the FDA approval of BRIUMVI and therefore it is not reflected in the cost of revenue. We depleted these inventories during the quarter ending March 31, 2025.
Previous wording
Noncash Compensation Expense (Research and Development). Noncash compensation expense (research and development) related to equity incentive grants totaled $5.3 million for the three months ended September 30, 2025, as compared to $3.0 million during the comparable period ended September 30, 2024. The increase in noncash compensation expense was primarily due to greater recognition of noncash compensation expense for performance-based awards and increased stock price at which equity awards were granted during the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.
Current wording
Stock-Based Compensation Expense (Research and Development). Stock-based compensation expense (research and development) related to equity incentive grants and liability-classified awards totaled $4.9 million for the three months ended March 31, 2026, as compared to $3.3 million during the comparable period ended March 31, 2025. The modest increase in stock-based compensation expense was primarily due to an increase in headcount and higher grant-date stock price at which awards were granted during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.
Previous wording
Other Research and Development Expense*.*Other research and development expense was $35.5 million for the three months ended September 30, 2025, as compared to $17.1 million during the three months ended September 30, 2024. The increase in research and development expense during the three months ended September 30, 2025 was primarily due to an increase in manufacturing expense, including manufacturing and development costs incurred in connection with our subcutaneous ublituximab development work during the period ended September 30, 2025, as well as increased clinical trial related expenses pertaining to our clinical pipeline, and increased personnel costs, partially offset by a one-time milestone payment made in 2024.
Current wording
Other Research and Development Expense*.*Other research and development expense was $43.5 million for the three months ended March 31, 2026, as compared to $43.0 million during the three months ended March 31, 2025. The increase in research and development expense during the three months ended March 31, 2026 was primarily attributable to license and milestone expense in connection with the Precision License Agreement, as well as increased clinical trial related expenses pertaining to our clinical pipeline, and increased personnel costs during the period ended March 31, 2026. These increases were partially offset by lower manufacturing and development costs, in connection with our subcutaneous ublituximab development work incurred during the period ended March 31, 2026.
Previous wording
Noncash Compensation Expense (Selling, General and Administrative).*** ***Noncash compensation expense (selling, general and administrative) related to equity incentive grants totaled $12.4 million for the three months ended September 30, 2025, as compared to $8.7 million during the comparable period ended September 30, 2024. The increase in noncash compensation expense was primarily due to greater recognition of noncash compensation expense for performance and market-based awards and an increase in headcount and stock price at which equity awards were granted during the three months ended September 30, 2025.
Current wording
Stock-Based Compensation Expense (Selling, General and Administrative).*** ***Stock-based compensation expense (selling, general and administrative) related to equity incentive grants and liability-classified awards totaled $15.1 million for the three months ended March 31, 2026, as compared to $11.7 million during the comparable period ended March 31, 2025. The increase in stock-based compensation expense was due to greater recognition of stock-based compensation expense for performance and market-based awards, an increase in headcount, and higher stock prices associated with awards granted during the three months ended March 31, 2026.
Previous wording
Other Selling, General and Administrative Expenses. Other selling, general and administrative expenses totaled $51.0 million for the three months ended September 30, 2025, as compared to $33.2 million during the comparable period ended September 30, 2024. The increase was primarily due to other selling, general and administrative costs, including marketing personnel and external costs associated with the commercialization of BRIUMVI during the three months ended September 30, 2025.
Current wording
Other Selling, General and Administrative Expenses. Other selling, general and administrative expenses totaled $73.1 million for the three months ended March 31, 2026, as compared to $38.7 million during the comparable period ended March 31, 2025. The increase was primarily due to marketing and media spend, and personnel-related costs associated with the commercialization of BRIUMVI during the three months ended March 31, 2026.
Previous wording
Interest Expense.*** ***Interest expense totaled $20.2 million for the nine months ended September 30, 2025, as compared to $17.0 million for the nine months ended September 30, 2024. The increase is mainly due to increased interest expense pertaining to the Initial Term Loan with Blue Owl during the period ended September 30, 2025 (see Note 7 - Loan Payable for more information).
Current wording
Interest Expense. Interest expense totaled $7.7 million for the three months ended March 31, 2026, as compared to $6.8 million for the three months ended March 31, 2025. The increase is mainly due to increased interest expense pertaining to the First Amendment to the Financing Agreement with Blue Owl Capital during the three months ended March 31, 2026 (see Note 7 – Loan Payable for more information).
Previous wording
Other Income.*** ***Other income totaled $3.3 million for the three months ended September 30, 2025, as compared to $2.7 million during the comparable period ended September 30, 2024. The increase is mainly due to higher interest income received from our investments during the period.
Current wording
Other Income.*** ***Other income totaled $2.4 million for the three months ended March 31, 2026, as compared to $3.6 million during the comparable period ended March 31, 2025. The decrease is mainly due to less income earned from investments during the three months ended March 31, 2026.
Previous wording
***Income Tax Benefit (Expense).***Income tax benefit totaled $365.0 million for the three months ended September 30, 2025, as compared to income tax expense of ($0.4) million during the comparable period ended September 30, 2024. The increase in income tax benefit is driven by the release of our deferred tax asset valuation allowance during the three months ended September 30, 2025.
Current wording
***Income Tax Expense.***Income tax expense totaled $0.6 million for the three months ended March 31, 2026, as compared to Income tax expense of ($0.4) million during the comparable period ended March 31, 2025. The increase in income tax benefit is driven by the release of our deferred tax asset valuation allowance during the quarter ended September 30, 2025 and higher pre-tax income for the three months ended March 31, 2026.
Previous wording
The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024:
Current wording
The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:
Previous wording
Net cash provided by investing activities for the nine months ended September 30, 2025 was $29.4 million as compared to $16.8 million used in investing activities for the nine months ended September 30, 2024. The decrease in net cash used in investing activities was primarily due to decreased investments in held-to-maturity securities during the nine months ended September 30, 2025. as compared to the nine months ended September 30, 2024.
Current wording
Net cash used in investing activities for the three months ended March 31, 2026 was $9.9 million as compared to $12.9 million used in investing activities for the three months ended March 31, 2025. The improvement in net cash used in investing activities was primarily due to decreased investments in held-to-maturity securities during the three months ended March 31, 2026, as compared to the three months ended March 31, 2025.
Previous wording
Net cash used in financing activities for the nine months ended September 30, 2025 was approximately $90.8 million as compared to net cash provided by financing activities of $134.6 million for the nine months ended September 30, 2024. Net cash used in financing activities during the nine months ended September 30, 2025 is mainly due the repurchase of stock under our share repurchase program. Net cash provided by financing activities during the nine months ended September 30, 2024 is mainly due to the proceeds from the new loan with Blue Owl, offset by the payoff of our prior loan with Hercules.
Current wording
Net cash provided by financing activities for the three months ended March 31, 2026 was approximately $390.8 million as compared to net cash used in financing activities of $6.1 million for the three months ended March 31, 2025. Net cash provided by financing activities during the three months ended March 31, 2026 was mainly due to the proceeds from the 2026 Term Loan, net of financing costs paid, partially offset by the repurchase of stock under our share repurchase program. Net cash used in financing activities during the three months ended March 31, 2025 was mainly due to the repurchase of stock under our share repurchase program.
Previous wording
A critical accounting policy is one that is both important to the portrayal of our financial condition and results of operation and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a description of our significant accounting policies, refer to “Part II, Item 8. Financial Statements and Supplementary Data, Note 1 – Organization and Summary of Significant Accounting Policies”** **in our Annual Report on Form 10-K for the year ended December 31, 2024, and refer to Note 1 - Organization and Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for significant accounting policies due to commercialization for revenue recognition, gross-to-net sales adjustments, accounts receivable, inventory, and cost of revenue. Of these policies, the following are considered critical to an understanding of our condensed consolidated financial statements as they require the application of the most difficult, subjective and complex judgments: revenue recognition and stock-based compensation expenses. Refer to Note 2 – Revenue and Note 6 – Stockholders’ Equity respectively, in this Quarterly Report on Form 10-Q for more information.
Current wording
A critical accounting policy is one that is both important to the portrayal of our financial condition and results of operation and requires management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. For a description of our significant accounting policies, refer to “Part II, Item 8. Financial Statements and Supplementary Data, Note 1 – Organization and Summary of Significant Accounting Policies”** **in our Annual Report on Form 10-K for the year ended December 31, 2025, and refer to Note 1 - Organization and Summary of Significant Accounting Policies in this Quarterly Report on Form 10-Q for significant accounting policies due to commercialization for revenue recognition, gross-to-net sales adjustments, accounts receivable, inventory, deferred tax asset valuation allowance, and cost of revenue. Of these policies, the following are considered critical to an understanding of our condensed consolidated financial statements as they require the application of the most difficult, subjective and complex judgments: revenue recognition and stock-based compensation expenses. Refer to Note 2 – Revenue and Note 6 – Stockholders’ Equity respectively, in this Quarterly Report on Form 10-Q for more information.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Although we have recently achieved profitability, we have historically incurred substantial operating losses since our inception and may continue to experience fluctuations in operating results. Despite the commercialization of BRIUMVI and the potential future commercialization of other product candidates, there can be no assurance that we will maintain profitability on an ongoing basis.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
The following table summarizes the results of operations for the nine months ended September 30, 2025 and 2024:
Previous report — wording carried elsewhere
Product Revenue, Net*.*Product revenue, net was approximately $417.8 million for the nine months ended September 30, 2025, compared to $206.4 million for the nine months ended September 30, 2024. Product revenue, net for both the nine months ended September 30, 2025 and September 30, 2024 consisted of net product sales of BRIUMVI in the United States of $411.4 million and $206.4 million, respectively. Also included in product revenue, net for the nine months ended September 30, 2025 are sales of BRIUMVI to our ex-U.S. licensing partner, Neuraxpharm, of $6.4 million. The increase in product revenue, net is a result of greater market penetration.
Previous report — wording carried elsewhere
License, Milestone, Royalty and Other Revenue. License, milestone, royalty and other revenue was $5.9 million for the nine months ended September 30, 2025 and $14.4 million for the nine months ended September 30, 2024. License, milestone, royalty and other revenue for the nine months ended September 30, 2025 is primarily comprised $2.7 million of consideration received for development and regulatory activities performed on behalf of Neuraxpharm in accordance with the Commercialization Agreement and $3.2 million of royalty revenue recognized under the Commercialization Agreement with Neuraxpharm (see Note 2 - Revenue for more information). License, milestone, royalty and other revenue for the nine months ended September 30, 2024 is predominantly comprised of recognition of the one-time $12.5 million milestone payment under the Commercialization Agreement for the first key market commercial launch of BRIUMVI in the EU.
Previous report — wording carried elsewhere
Cost of Revenue. Cost of revenue for the nine months ended September 30, 2025 was $62.6 million compared to approximately $23.1 million for the nine months ended September 30, 2024. Cost of revenue for both the nine months ended September 30, 2025 and September 30, 2024 consists primarily of royalties owed to our licensing partner for BRIUMVI sales, third-party manufacturing, distribution and overhead costs. A portion of the manufacturing costs of BRIUMVI sold through the middle of the quarter ending March 31, 2025 was expensed as research and development prior to the FDA approval of BRIUMVI and therefore it is not reflected in the cost of revenue. We depleted these inventories during the quarter ending March 31, 2025.
Previous report — wording carried elsewhere
Other Research and Development Expense*.*Other research and development expense was $106.0 million for the nine months ended September 30, 2025, as compared to $62.4 million during the nine months ended September 30, 2024. The increase in research and development expense during the nine months ended September 30, 2025 was primarily due to an increase in manufacturing expense, including manufacturing and development costs incurred in connection with our subcutaneous ublituximab development work during the period ended September 30, 2025, as well as increased clinical trial related expenses pertaining to our clinical pipeline, and increased personnel costs.
Previous report — wording carried elsewhere
***Income Tax Benefit (Expense).***Income tax benefit totaled $361.8 million for the nine months ended September 30, 2025, as compared to income tax expense of ($0.1) million during the comparable period ended September 30, 2024. The increase in income tax benefit is driven by the release of our deferred tax asset valuation allowance during the nine months ended September 30, 2025.