Why Is Multiple Sclerosis Focused TG Therapeutics Stock Trading Higher Today?

TG Therapeutics Inc TGTX reported preliminary BRIUMVI U.S. net product sales for Q4 and FY23.

TGTX expects BRIUMVI U.S. net product revenue of around $40 million for Q4 and $89 million for FY23.

The company projects a year-end 2023 cash position of about $215 million.

Outlook: TGTX sees BRIUMVI U.S. net product revenue of $41 million-$46 million in Q1 and $220 million-$260 million for FY24.

The company expects to achieve operating expenses of about $250 million in FY24.

In FY24, TGTX plans to start clinical development of subcutaneous BRIUMVI and commence a trial evaluating BRIUMVI in additional autoimmune diseases apart from Multiple Sclerosis (MS).

Also, the company aims to start a trial for evaluating azer-cel in autoimmune disease and present data from the ENHANCE Phase 3b CD20 switch trial at multiple conferences this year.

Yesterday, TGTX entered into a deal with Precision BioSciences, Inc. DTIL to acquire a worldwide license to Precision's Azercabtagene Zapreleucel (azer-cel), an allogeneic CD19 CAR T cell therapy program for autoimmune diseases and all other non-oncology indications.

As of Q3 FY23, the current cash position of TG Therapeutics stood at $229.2 million.

Price Action: TGTX shares are up 10.52% at $23.22 premarket on the last check Wednesday.