TG THERAPEUTICS, INC.
TGTX · Pharmaceutical Preparations · 153.1M shares · +9%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$38M (gross $150K, SBC $38M)
Reference price $32.57 · est. market cap ~$5.0B — last insider sale, 2025-11-24 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B83Commercial-stage B-cell franchise built on approved, fast-growing BRIUMVI, now profitable with top-decile returns but meaningful single-product concentration.
Strengths
- Strong returns: ROA 42% (98.7th pct), ROE 69% (89.6th pct), operating margin 20% (89.8th pct) with revenue +87% (81.7th pct)
- BRIUMVI backed by two positive pivotal Phase 3 trials (ULTIMATE I & II, p≤0.0022) vs active comparator; long runway (41 quarters)
- Expanding lifecycle (subcutaneous ublituximab, ENHANCE dosing, azer-cel, MG) and a completed buyback
Risks
- Heavy single-product dependence on BRIUMVI in a competitive anti-CD20 RMS market
- Net margin (72.6%) is flattered by tax/one-off items; FCF still slightly negative
- Legacy umbralisib/U2 oncology programs were terminated/withdrawn
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-25.0M)
- Strong balance sheetStrong balance sheet — $259M cash & investments, ~41 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +3 more (as of 2026-03-31)
- Trial readout soonUpcoming trial readout ~2026-10-31 — PHASE3 · Relapsing Multiple Sclerosis
- AccumulatingInstitutional holders rose 9→10 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
83.7%
Operating margin
20.0%
Net margin
72.6%
Return on equity
69.0%
Return on assets
42.1%
ROIC
10.9%
Revenue growth (QoQ)
6.4%
Debt / equity
0.4×
Net debt / EBITDA
-0.1×
Current ratio
4.1×
Free cash flow
-$25M
EBITDA
$123M
Tangible book value
$648M
Cash & investments
$259M
Cash runway
41q
Stock comp / revenue
10.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-01-29 | Charney Laurence N | Gift | 13K | — |
| 2026-01-28 | Charney Laurence N | Gift | 30K | — |
| 2026-01-08 | WEISS MICHAEL S | Grant | 622K | — |
| 2026-01-08 | Power Sean A | Grant | 90K | — |
| 2025-11-24 | Echelard Yann | Sell | 5.0K | $32.57 |
| 2025-11-05 | WEISS MICHAEL S | Gift | 3.9M | — |
| 2025-11-05 | WEISS MICHAEL S | Gift | 804K | — |
| 2025-09-11 | Lonial Sagar | Sell | 21K | $32.24 |
| 2025-06-13 | Echelard Yann | Sell | 10K | $36.94 |
| 2025-06-12 | Charney Laurence N | Grant | 21K | — |
| 2025-06-12 | Echelard Yann | Grant | 15K | — |
| 2025-06-12 | Hoberman Kenneth | Grant | 15K | — |
| 2025-06-12 | HUME DANIEL | Grant | 15K | — |
| 2025-06-12 | Lonial Sagar | Grant | 15K | — |
| 2025-03-17 | HUME DANIEL | Gift | 62K | — |
| 2025-03-10 | Charney Laurence N | Gift | 6.0K | — |
| 2025-01-29 | WEISS MICHAEL S | Grant | 750K | — |
| 2025-01-29 | Power Sean A | Grant | 88K | — |
| 2025-01-06 | Power Sean A | Sell | 10K | $28.53 |
| 2025-01-03 | Power Sean A | Sell | 11K | $30.29 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06433765 ↗ | A Study Evaluating the Effect of BRIUMVI® (Ublituximab) on Pregnancy and Infant Outcomes in Participants With Multiple Sclerosis (MS) Multiple Sclerosis | — | Recruiting | 2035-03-31 |
| NCT04130997 ↗ | An Extension Study of Ublituximab in Participants With Relapsing Multiple Sclerosis Relapsing Multiple Sclerosis (RMS) | PHASE3 | Active Not Recruiting | 2032-05-31 |
| NCT06433752 ↗ | A Study Evaluating the Real World Experience of Participants Treated With BRIUMVI® (Ublituximab-xiiy) for Relapsing Multiple Sclerosis (RMS) Relapsing Multiple Sclerosis, Multiple Sclerosis | — | Recruiting | 2032-04-01 |
| NCT06680037 ↗ | A Study to Assess the Safety and Clinical Activity of Azer-cel in Participants With B-cell Mediated Autoimmune Disorders B-cell Mediated Autoimmune Disorders | PHASE1 | Recruiting | 2027-12-01 |
| NCT05877963 ↗ | Study to Evaluate Safety, Efficacy and Pharmacokinetics (PK) of a Modified Regimen of Ublituximab Relapsing Multiple Sclerosis | PHASE3 | Recruiting | 2027-12-01 |
| NCT07211633 ↗ | A Study to Evaluate the Pharmacokinetics, Pharmacodynamics, Safety, Radiological and Clinical Effects of Subcutaneous Ublituximab in Participants With Relapsing Multiple Sclerosis (RMS) Relapsing Multiple Sclerosis | PHASE3 | Active Not Recruiting | 2026-10-31 |
| NCT06143514 ↗ | A Study Evaluating the Presence and Concentration of BRIUMVI™ (Ublituximab) in Breast Milk Relapsing Multiple Sclerosis | — | Recruiting | 2026-06-30 |
| NCT07577583 ↗ | Long-term Follow-up (LTFU) of Participants Who Received Azer-Cel B-cell Mediated Autoimmune Disorders | — | Not Yet Recruiting | 2039-12-01 |
| NCT07220252 ↗ | Study to Assess Effects of Ublituximab in Pediatric Participants With Relapsing Forms of Multiple Sclerosis Relapsing Multiple Sclerosis | PHASE2/PHASE3 | Not Yet Recruiting | 2030-01-01 |
| NCT07503873 ↗ | A Study to Evaluate Pharmacokinetics (PK) and Safety of Subcutaneous (SC) Ublituximab Administered at Various Injection Sites and Relative Bioavailability Via Autoinjector (AI) Versus Syringe Subcutaneously in Participants With Multiple Sclerosis (MS) Multiple Sclerosis | PHASE2 | Not Yet Recruiting | 2027-07-31 |
| NCT04806035 ↗ | Study of TG-1801 Alone or in Combination With Ublituximab in Subjects With B-Cell Lymphoma or Chronic Lymphocytic Leukemia CLL, SLL | PHASE1 | Terminated | 2024-06-12 |
| NCT03671590 ↗ | Study of TG-1701, an Irreversible Bruton's Tyrosine Kinase Inhibitor, in Patients With B-Cell Malignancies Non Hodgkin Lymphoma, Chronic Lymphocytic Leukemia | PHASE1 | Terminated | 2024-05-21 |
| NCT03804996 ↗ | Study of TG-1801 in Subjects With B-Cell Lymphoma B-Cell Lymphoma | PHASE1 | Completed | 2024-02-21 |
| NCT02612311 ↗ | Ublituximab + TGR-1202 Compared to Obinutuzumab + Chlorambucil in Participants With Untreated and Previously Treated Chronic Lymphocytic Leukemia Chronic Lymphocytic Leukemia | PHASE3 | Terminated | 2023-02-22 |
| NCT03801525 ↗ | Study to Assess the Efficacy and Safety of Ublituximab in Combination With Umbralisib and Venetoclax Compared to Ublituximab in Combination With Umbralisib in Subjects With CLL (ULTRA-V) Chronic Lymphocytic Leukemia, Small Lymphocytic Lymphoma | PHASE2/PHASE3 | Terminated | 2022-12-20 |
| NCT03381170 ↗ | An Extension of the TG1101-RMS201 Trial Relapsing Remitting Multiple Sclerosis | PHASE2 | Completed | 2022-11-11 |
| NCT02793583 ↗ | Study to Assess the Efficacy and Safety of Ublituximab + Umbralisib With or Without Bendamustine and Umbralisib Alone in Patients With Previously Treated Non-Hodgkins Lymphoma Diffuse Large B-Cell Lymphoma, Follicular Lymphoma | PHASE2/PHASE3 | Terminated | 2022-05-31 |
| NCT02656303 ↗ | A Study to Evaluate the Safety and Efficacy of Ublituximab in Combination With Umbralisib for Participants Previously Enrolled in Protocol UTX-TGR-304 Chronic Lymphocytic Leukemia | PHASE2 | Terminated | 2022-05-26 |
| NCT03379051 ↗ | Phase I/II Study of Venetoclax or Lenalidomide in Combination With Ublituximab and Umbralisib in Subjects With Relapsed or Refractory CLL/SLL and NHL Chronic Lymphocytic Leukemia, Non-Hodgkin Lymphoma | PHASE1/PHASE2 | Terminated | 2022-05-26 |
| NCT03207256 ↗ | Extension Trial of Ublituximab and TGR-1202 in Combination or as Single Agents in Subjects Currently Receiving Treatment on Ublituximab and/or TGR-1202 Trials Chronic Lymphocytic Leukemia, Non Hodgkin Lymphoma | PHASE2 | Terminated | 2022-05-25 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Supply chain
Customers (1)
- Neuraxpharm Pharmaceuticals, S.L.
Suppliers (0)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001437749-26-020491 ↗ |
| 8-K | 2026-06-03 | 2026-06-03 | 0001437749-26-019262 ↗ |
| 8-K | 2026-05-27 | 2026-05-27 | 0001437749-26-018586 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001437749-26-015246 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001437749-26-015013 ↗ |
| 8-K | 2026-03-20 | 2026-03-18 | 0001437749-26-009253 ↗ |
| 10-K | 2026-02-27 | 2025-12-31 | 0001437749-26-006133 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001437749-26-005733 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001437749-26-001194 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001437749-25-033363 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001437749-25-032658 ↗ |
| 10-Q | 2025-08-08 | 2025-06-30 | 0001437749-25-025745 ↗ |