TG THERAPEUTICS, INC.
For the period ended Jun 30, 2026. Filed Aug 5, 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.
Jun 30, 2026 · Filed Aug 5, 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 2026-03-31; filed 2026-05-06.
0001437749-26-015246
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001437749-26-025955
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 79 previous paragraphs and 101 current paragraphs.
50 unchanged; 24 reworded; 18 added; 4 removed; 1 previous and 9 current paragraphs rearranged.
Tables are not compared: 7 previous and 20 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 (18)
Current report
ENHANCE Phase 3 Trial in RMS
Current report
In May 2026, we announced positive topline results from the Phase 3 ENHANCE trial, a randomized, double-blind study evaluating a consolidated single infusion regimen for initiation of BRIUMVI® (ublituximab-xiiy) in adults with relapsing forms of multiple sclerosis (RMS). The trial met its primary endpoint, demonstrating bioequivalent drug exposure between the currently approved BRIUMVI initiation infusion dosing regimen of 150 mg on Day 1 and 450 mg on Day 15 and a consolidated single 600 mg infusion on Day 1, eliminating the need for a Day 15 infusion.
Current report
Subcutaneous BRIUMVI in RMS
Current report
In June 2026, we announced positive pharmacokinetic (PK), pharmacodynamic (PD), safety, and tolerability data from the Phase 1 clinical trial evaluating subcutaneous formulation of ublituximab (the active agent in BRIUMVI®). The PK and PD data from the Phase 1 clinical trial support quarterly subcutaneous BRIUMVI dosing regimen which is currently under evaluation in the fully enrolled Phase 3 trial. Topline data from the Phase 3 trial is expected around year-end 2026 or first quarter 2027.
Current report
BRIUMVI in Myasthenia Gravis
Current report
In June 2026, we announced positive topline data from our Phase 1 clinical trial for BRIUMVI in patients with myasthenia gravis (MG) and the initiation of a Phase 2 clinical trial evaluating BRIUMVI as a maintenance therapy following induction with efgartigimod in adult patients with MG.
Current report
BRIUMVI in Schizophrenia
Current report
In July 2026, we announced the initiation of a Phase 2 clinical trial evaluating BRIUMVI in adults with treatment-resistant schizophrenia.
Current report
In June 2026, we announced positive PK, PD, safety, and tolerability data from a Phase 1 clinical trial evaluating a high-concentration (400 mg/2 mL) subcutaneous ublituximab as compared to IV BRIUMVI. Over 100 patients had been treated in the trial, including more than 80 patients who received subcutaneous BRIUMVI across multiple dose levels (50 mg – 400 mg) in single and multiple dose cohorts. More than 225 subcutaneous injections of BRIUMVI were administered, of which over 75% were 400 mg (2 mL) injections. Key data highlights included:
Current report
Bioavailability/Pharmacokinetics (Drug Exposure):
Current report
Pharmacodynamics (Biologic Activity):
Current report
Safety & Tolerability:
Current report
In June 2026, we announced positive topline data from an ongoing Phase 1 clinical trial evaluating subcutaneous BRIUMVI in patients with AChR-antibody-positive MG. 11 patients were treated across cohorts that demonstrated subcutaneous BRIUMVI exposure at least equivalent to the approved IV BRIUMVI regimen. Key data highlights included:
Current report
Cost of Revenue. Cost of revenue for the three months ended June 30, 2026 was $41.2 million compared to approximately $18.9 million for the three months ended June 30, 2025. Cost of revenue for both periods consisted primarily of royalties owed to our licensing partner for BRIUMVI sales, as well as third-party manufacturing, distribution and overhead costs. The increase was primarily driven by growth in BRIUMVI U.S. sales volume and sales to our ex-U.S. licensing partner, Neuraxpharm, during the three months ended June 30, 2026. There were no sales to Neuraxpharm during the three months ended June 30, 2025. Gross margin on BRIUMVI U.S. net product revenue remained approximately 87% during the three months ended June 30, 2026. Total gross margin was approximately 83%, reflecting the impact of sales to Neuraxpharm and other revenue sources, which carry different margins than BRIUMVI U.S. net product revenue.
Current report
Cost of Revenue. Cost of revenue for the six months ended June 30, 2026 was $74.7 million compared to approximately $34.5 million for the six months ended June 30, 2025. Cost of revenue for both periods consisted primarily of royalties owed to our licensing partner for BRIUMVI sales, as well as third-party manufacturing, distribution and overhead costs. The increase was primarily driven by growth in BRIUMVI U.S. sales volume and sales to our ex-U.S. licensing partner, Neuraxpharm, during the six months ended June 30, 2026. There were no sales to Neuraxpharm during the six months ended June 30, 2025. Gross margin on BRIUMVI U.S. net product revenue remained approximately 87% during the six months ended June 30, 2026. Total gross margin was approximately 83%, reflecting the impact of sales to Neuraxpharm and other revenue sources, which carry different margins than BRIUMVI U.S. net product revenue.
Current report
Stock-Based Compensation Expense (Research and Development). Stock-based compensation expense (research and development) related to equity incentive grants and liability-classified awards totaled $12.9 million for the six months ended June 30, 2026, as compared to $7.6 million during the comparable period ended June 30, 2025. The increase in stock-based compensation expense was primarily due to the mark to market impact on stock tracking units, greater recognition of stock-based compensation expense for performance and market-based awards, and an increase in headcount during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025.
Current report
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 $34.9 million for the six months ended June 30, 2026, as compared to $23.7 million during the comparable period ended June 30, 2025. The increase in stock-based compensation expense was primarily due to the mark-to-market impact on stock trading units, greater recognition of stock-based compensation expense for performance and market-based awards, and an increase in headcount during the six months ended June 30, 2026.
Current report
Other Income.*** ***Other income totaled $7.5 million for the six months ended June 30, 2026, as compared to $6.4 million during the comparable period ended June 30, 2025. The increase is mainly due to more income earned from investments during the six months ended June 30, 2026.
Removed paragraphs (4)
Previous report
Subcutaneous BRIUMVI
Previous report
Financial Update
Previous 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.
Previous report
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.
Reworded paragraphs (24)
Previous wording
We currently license worldwide development and commercial rights, subject to certain limited geographical restrictions, for all of our products under development. The following table summarizes the current clinical trial status for our lead drug candidates as of March 2026.
Current wording
We currently license worldwide development and commercial rights, subject to certain limited geographical restrictions, for all of our products under development. The following table summarizes select ongoing and planned clinical development programs for our lead drug candidates as of July 2026.
Previous wording
BRIUMVI is an anti-CD20 monoclonal antibody that can be administered to adults with RMS in a one-hour infusion every 24 weeks, following the starting dose. BRIUMVI received approval from the FDA primarily based on results from the ULTIMATE I and ULTIMATE II Phase 3 trials. Each trial was an independent global, randomized, multi-center, double-blinded, double-dummy, active-controlled study comparing the efficacy and safety/tolerability of BRIUMVI (450mg dose administered by one-hour intravenous infusion every 6 months, following a day 1 infusion of 150mg over four hours and a day 15 infusion of 450mg over one hour) versus teriflunomide (14mg oral tablets taken once daily) in subjects with RMS.
Current wording
BRIUMVI is an anti-CD20 monoclonal antibody that can be administered to adults with RMS in a one-hour infusion every 24 weeks, following the starting dose. BRIUMVI received approval from the FDA primarily based on results from the ULTIMATE I and ULTIMATE II Phase 3 trials. Each trial was an independent global, randomized, multi-center, double-blinded, double-dummy, active-controlled study comparing the efficacy and safety/tolerability of BRIUMVI (450mg dose administered by one-hour intravenous infusion every 6 months, following a day 1 infusion of 150mg over four hours and a day 15 infusion of 450mg over one hour) versus teriflunomide (14mg oral tablets taken once daily) in adult subjects with RMS.
Previous wording
BRIUMVI is now approved in the European Union, the United Kingdom, Switzerland, Australia, Kuwait, the United Arab Emirates, Israel, and Saudi Arabia.
Current wording
BRIUMVI is now approved in the European Union, the United Kingdom, Switzerland, Australia, Kuwait, the United Arab Emirates, Israel, Saudi Arabia and Brazil.
Previous wording
In January 2025, we announced the first patients with myasthenia gravis (MG) have been enrolled in a clinical trial evaluating ublituximab.
Current wording
In January 2025, we announced the first patients with myasthenia gravis (MG) had been enrolled in a clinical trial evaluating subcutaneous ublituximab.
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. In April 2026, we announced the trial completed enrollment and topline data is expected around year-end 2026 or first quarter 2027.
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 were 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 to demonstrate non-inferior exposure of subcutaneous ublituximab compared to IV BRIUMVI as measured by 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
Azer-cel is an allogeneic (off-the-shelf) CD19-directed CAR T cell therapy under development by us for autoimmune diseases. Made from donor-derived T cells modified using a proprietary ARCUS genome editing technology, azer-cel recognizes the well characterized B-cell surface protein CD19, an important and validated target in several B-cell cancers and autoimmune diseases. Azer-cel is designed to minimize graft-versus-host disease (GvHD), a significant complication associated with other donor-derived, cell-based therapies. In August 2024, we announced FDA clearance of the IND for azer-cel for the treatment of progressive forms of MS. In August 2025, we announced the first patient with progressive multiple sclerosis has been dosed with azer-cel in a Phase 1 trial.
Current wording
Azer-cel is an allogeneic (off-the-shelf) CD19-directed CAR T cell therapy under development by us for autoimmune diseases. Made from donor-derived T cells modified using a proprietary ARCUS genome editing technology, azer-cel recognizes the well characterized B-cell surface protein CD19, an important and validated target in several B-cell cancers and autoimmune diseases. Azer-cel is designed to minimize graft-versus-host disease (GvHD), a significant complication associated with other donor-derived, cell-based therapies.
Previous 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.
Current wording
For the six months ended June 30, 2026, we generated revenue of $445.3 million and generated operating income and positive cash flows from operations. We will continue to invest in our research and development programs and in selling, general and administrative activities to support our commercialization efforts, while maintaining discipline around overall expense growth relative to revenue. 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 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 wording
As of June 30, 2026, our accumulated deficit was approximately $1.1 billion, and we had $612.3 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.
Previous 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.
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 do not currently expect to need to raise additional capital to fund our ongoing operations, but may from time to time seek additional financing to support strategic initiatives, including potential business development activities.
Previous 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.
Current wording
Product Revenue, Net*.*Product revenue, net was approximately $235.8 million for the three months ended June 30, 2026, compared to $138.8 million for the three months ended June 30, 2025. Product revenue, net for both the three months ended June 30, 2026 and June 30, 2025 consisted of net product sales of BRIUMVI in the United States of $227.7 million and $138.8 million, respectively. Also included in product revenue, net for the three months ended June 30, 2026 is sales of BRIUMVI to our ex-U.S. licensing partner, Neuraxpharm, of $8.1 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 $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).
Current wording
License, Milestone, Royalty and Other Revenue. License, milestone, royalty and other revenue was $4.5 million for the three months ended June 30, 2026 and $2.3 million for the three months ended June 30, 2025. License, milestone, royalty and other revenue for the three months ended June 30, 2026 is comprised of $3.6 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
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.
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 $8.1 million for the three months ended June 30, 2026, as compared to $4.3 million during the comparable period ended June 30, 2025. The increase in stock-based compensation expense for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, was primarily due to the mark-to-market impact on stock tracking units, an increase in headcount, and greater recognition of stock-based compensation expense for performance and market-based awards.
Previous 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.
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 $19.8 million for the three months ended June 30, 2026, as compared to $12.0 million during the comparable period ended June 30, 2025. The increase in stock-based compensation expense was primarily due to the mark-to-market impact on stock trading units, greater recognition of stock-based compensation expense for performance and market-based awards, and an increase in headcount during the three months ended June 30, 2026.
Previous 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.
Current wording
Other Selling, General and Administrative Expenses. Other selling, general and administrative expenses totaled $62.3 million for the three months ended June 30, 2026, as compared to $43.5 million during the comparable period ended June 30, 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 June 30, 2026.
Previous 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).
Current wording
Interest Expense. Interest expense totaled $16.6 million for the three months ended June 30, 2026, as compared to $6.7 million for the three months ended June 30, 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 June 30, 2026 (see Note 7 – Loan Payable for more information).
Previous 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.
Current wording
Other Income.*** ***Other income totaled $5.1 million for the three months ended June 30, 2026, as compared to $2.8 million during the comparable period ended June 30, 2025. The increase is mainly due to more income earned from investments during the three months ended June 30, 2026.
Previous 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.
Current wording
***Income Tax Expense.***Income tax expense totaled $2.5 million for the three months ended June 30, 2026, as compared to income tax expense of $2.7 million during the comparable period ended June 30, 2025. The decrease was primarily due to lower pre-tax income for the three months ended June 30, 2026, partially offset by a higher effective tax rate following the release of our deferred tax asset valuation allowance during the quarter ended September 30, 2025.
Previous 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.
Current wording
Other Research and Development Expense*.*Other research and development expense was $130.8 million for the six months ended June 30, 2026, as compared to $70.5 million during the six months ended June 30, 2025. The increase in research and development expense during the six months ended June 30, 2026 was primarily attributable to an increase in manufacturing expense in connection with our subcutaneous development work, as well as other R&D manufacturing activities, and increased clinical trial related expenses pertaining to our clinical pipeline during the period ended June 30, 2026.
Previous wording
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 wording
Loss on extinguishment of debt. Loss on extinguishment of debt totaled $9.2 million for the six months ended June 30, 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 six months ended June 30, 2025 (see Note 7 – Loan Payable for more information).
Previous wording
The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:
Current wording
The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025:
Previous wording
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 wording
Net cash provided by operating activities for the six months ended June 30, 2026 was $21.4 million as compared to net cash used in operating activities of $21.3 million for the six months ended June 30, 2025, representing a $42.6 million improvement** **year over year.
Previous wording
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.
Current wording
The improvement was driven by higher non-cash adjustments to reconcile net income to net cash provided by operating activities and favorable working capital changes. Operating cash flow benefited from favorable working capital changes, including a decrease in other current assets as compared to an increase in the six months ended June 30, 2025, a $34.1 million improvement, a smaller increase in accounts receivable, a $6.4 million improvement, and a larger increase in accounts payable and accrued expenses, a $26.0 million improvement. These favorable impacts were partially offset by a larger increase in inventory purchases, a $37.4 million unfavorable year-over-year impact, and a decrease in income taxes payable, a $10.6 million unfavorable year-over-year impact.
Previous 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.
Current wording
Net cash used in investing activities for the six months ended June 30, 2026 was $8.8 million as compared to $16.9 million used in investing activities for the six months ended June 30, 2025. The improvement in net cash used in investing activities was primarily due to decreased investments in held-to-maturity securities during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, partially offset by decreased proceeds from maturity of held-to-maturity securities during the six months ended June 30, 2026.
Previous 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.
Current wording
Net cash provided by financing activities for the six months ended June 30, 2026 was approximately $390.9 million as compared to net cash used in financing activities of $12.5 million for the six months ended June 30, 2025. Net cash provided by financing activities during the six months ended June 30, 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 six months ended June 30, 2025 was mainly due to the repurchase of stock under our share repurchase program.
Rearranged current paragraphs (9)
Current report — wording carried from elsewhere
In August 2024, we announced FDA clearance of the IND for azer-cel for the treatment of progressive forms of MS.
Current report — wording carried from elsewhere
In August 2025, we announced the first patient with progressive multiple sclerosis had been dosed with azer-cel in a Phase 1 trial. The Phase 1 trial has now been expanded to include patients with other B-cell disorders.
Current report — wording carried from elsewhere
Other Research and Development Expense*.*Other research and development expense was $87.3 million for the three months ended June 30, 2026, as compared to $27.5 million during the three months ended June 30, 2025. The increase in research and development expense during the three months ended June 30, 2026 was primarily attributable to an increase in manufacturing expense in connection with our subcutaneous development work, as well as other R&D manufacturing activities.
Current report — wording carried from elsewhere
The following table summarizes the results of operations for the six months ended June 30, 2026 and 2025:
Current report — wording carried from elsewhere
Product Revenue, Net*.*Product revenue, net was approximately $437.1 million for the six months ended June 30, 2026, compared to $258.5 million for the six months ended June 30, 2025. Product revenue, net for both the six months ended June 30, 2026 and June 30, 2025 consisted of net product sales of BRIUMVI in the United States of $422.5 million and $258.5 million, respectively. Also included in product revenue, net for the six months ended June 30, 2026 is sales of BRIUMVI to our ex-U.S. licensing partner, Neuraxpharm, of $14.6 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.
Current report — wording carried from elsewhere
License, Milestone, Royalty and Other Revenue. License, milestone, royalty and other revenue was $8.1 million for the six months ended June 30, 2026 and $3.5 million for the six months ended June 30, 2025. License, milestone, royalty and other revenue for the six months ended June 30, 2026 is comprised of $6.3 million of royalty revenue recognized under the Commercialization Agreement with Neuraxpharm and $1.8 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).
Current report — wording carried from elsewhere
Other Selling, General and Administrative Expenses. Other selling, general and administrative expenses totaled $135.5 million for the six months ended June 30, 2026, as compared to $82.2 million during the comparable period ended June 30, 2025. The increase was primarily due to marketing and media spend, and personnel-related costs associated with the commercialization of BRIUMVI during the six months ended June 30, 2026.
Current report — wording carried from elsewhere
Interest Expense. Interest expense totaled $24.2 million for the six months ended June 30, 2026, as compared to $13.5 million for the six months ended June 30, 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 six months ended June 30, 2026 (see Note 7 – Loan Payable for more information).
Current report — wording carried from elsewhere
***Income Tax Expense.***Income tax expense totaled $3.0 million for the six months ended June 30, 2026, as compared to income tax expense of $3.1 million during the comparable period ended June 30, 2025. The decrease was primarily due to lower pre-tax income for the six months ended June 30, 2026, partially offset by a higher effective tax rate following the release of our deferred tax asset valuation allowance during the quarter ended September 30, 2025.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
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.