TG Therapeutics, Inc. reported net income of $23.38 million for the fiscal year ended December 31, 2024, a significant increase from the $12.67 million reported in 2023. This improvement is largely attributed to a substantial rise in net product revenue, reaching $313.7 million in 2024 compared to $92.0 million in 2023. This increase reflects the growing market penetration of BRIUMVI (ublituximab-xiiy), which launched in the U.S. in January 2023 following FDA approval. Conversely, license, milestone, royalty, and other revenue decreased to $15.3 million in 2024 from $141.7 million in 2023, primarily due to the one-time $140 million upfront payment received in 2023 under a commercialization agreement with Neuraxpharm.
Cost of revenue increased to $38.5 million in 2024 from $14.1 million in 2023, primarily due to increased BRIUMVI sales. Research and development expenses, excluding non-cash compensation, rose to $83.1 million in 2024 from $63.2 million in 2023, mainly driven by increased manufacturing and development costs for subcutaneous ublituximab and expenses related to a licensing agreement with Precision BioSciences. Selling, general, and administrative expenses, excluding non-cash compensation, also increased to $122.9 million in 2024 from $97.8 million in 2023, reflecting the costs associated with BRIUMVI's commercialization. Interest expense increased to $24.0 million in 2024 from $12.6 million in 2023, largely due to debt extinguishment costs and increased interest on a new term loan.
Significant strategic developments during the year included the FDA clearance of an Investigational New Drug Application for azer-cel (azercabtagene zapreleucel) in August 2024 for the treatment of progressive forms of multiple sclerosis, and the initiation of a Phase 1 clinical trial evaluating subcutaneous ublituximab in patients with RMS. In January 2025, the company announced plans to begin a pivotal program in 2025 evaluating subcutaneous ublituximab with an expected dosing frequency of at least every other month, and the enrollment of the first patients in a clinical trial evaluating ublituximab for myasthenia gravis. The company also entered into a commercialization agreement with Neuraxpharm for the ex-U.S. commercialization of BRIUMVI, receiving an upfront payment of $140 million and a further $12.5 million upon launch in Germany. BRIUMVI is now commercially available in several European Union countries and the United Kingdom.
As of February 25, 2025, TG Therapeutics employed 338 people. The company's financial statements indicate that the aggregate market value of voting common stock held by non-affiliates was approximately $2.5 billion as of June 30, 2024. The company's outlook anticipates that its cash and cash equivalents, combined with projected BRIUMVI revenues, will provide sufficient liquidity for over twelve months from the filing date of the 10-K. However, the filing also includes numerous risk factors related to commercialization, drug development, regulatory approvals, financial position, and intellectual property, which could materially affect future results.
About TG THERAPEUTICS, INC.
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