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

TG Therapeutics Inc (NASDAQ: 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. (NASDAQ: 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.