TG Therapeutics at Jefferies Conference: Strategic Market Moves

On Wednesday, 04 June 2025, TG Therapeutics (NASDAQ:TGTX) presented at the Jefferies Global Healthcare Conference 2025. CEO Mac Weiss outlined the company’s ambitious strategy to dominate the CD20 MS market with its product BREONVI. While the company is focusing on revenue growth and market share, it also faces challenges in patient awareness and competition.

Key Takeaways

• TG Therapeutics aims to become the leading market share holder in the CD20 MS market.
• BREONVI’s market strategy includes competitive pricing and an experienced commercial team.
• Revenue is expected to rise significantly, with a focus on top-line growth over immediate profitability.
• The company is developing a SubQ version of BREONVI to offer less frequent dosing options.
• TG Therapeutics is actively buying back shares and exploring potential acquisitions.

Financial Results

• Revenue for TG Therapeutics is projected to increase from $310 million last year to $560 million this year.
• Operating expenses (OpEx) will rise incrementally, driven by the SubQ program and enhanced IV programs.
• Profitability is not the immediate focus, as the company prioritizes revenue growth.

Operational Updates

• TG Therapeutics is doubling its commercial team to target key clinicians and increase market penetration.
• A direct-to-consumer campaign aims to boost patient awareness of BREONVI, currently at mid-30% compared to competitors at over 70%.
• The company is running a pivotal trial for a combined dose regimen, with results expected by mid-2026.

Future Outlook

• TG Therapeutics is developing a SubQ formulation of BREONVI, with potential filing in the first half of 2027 and approval by mid-2028.
• The SubQ study will explore dosing every two or three months, aiming to compete in the current SubQ market.
• The company is open to exploring indications outside of MS, such as MG, though these are not expected to significantly impact OpEx soon.

Q&A Highlights

• Mac Weiss emphasized the importance of improving patient choice and experience in the MS treatment landscape.
• He reiterated the company’s commitment to becoming the number one market share holder in the CD20 market.
• The CEO highlighted the strategic importance of providing competition in the SubQ space.

For more detailed insights, readers are encouraged to refer to the full transcript below.

Full transcript - Jefferies Global Healthcare Conference 2025:

Roger, Conference Host, Jefferies: To twenty twenty five Jefferies Global Healthcare Conference after lunch break and then we have it’s my pleasure to have the fireside chat with our next printing company, TG Therapeutics CEO, Mac Weiss.

Mac Weiss, CEO, TG Therapeutics: Thanks, Roger. Great to see you.

Roger, Conference Host, Jefferies: Excellent. Alright. Another year. So, but, I think the TG story is getting better and better every year and then every quarter. So, I think, given the focus almost now is exclusively the CD20 MS story, obviously you have on the pipeline, we’re going to touch that later on, but that’s a key focus for most of the investor and the TG as well.

Can we just take a step back just to reflect how the CD20 MS market is becoming now and then how this will evolve in the future considering we have a couple of moving piece in terms of IV versus inject, not the IV versus sub q, and then maybe some of the, you have a new regimen coming, and maybe some of the other MOA upcoming.

Mac Weiss, CEO, TG Therapeutics: Yeah, sure. So, yeah, the CD20 market right now in terms of, I guess dynamic and overall market share, right, is the leading treatment for MS patients. Dynamic market share continues to creep up, so we feel like we’re going to continue to see that in terms of all the CD20s will benefit from any shifts as we move forward. And I think that’s probably just a function of as more and more newly trained MS clinicians get into the field, they are definitely more likely to treat with an intent to give the highest efficacy early. And that’s most of them I’d say most, if not close to all the major KOLs feel that way.

But there’s still a contingent of folks out there, established neurologists, general neurologists, who aren’t using CV20s yet. So that’s still going to expand again. So as these younger generations are being trained and growing into the field, you’re going to see a bigger portion of patients go on to CV20s. So I think CD20s are in a great position as a whole. And then in terms of just the IV to sub q distinction, right now there are well, there’s two sub cues available.

One is what we a true sub cue product, something that an individual can take at home. It’s an auto injector. And it’s what one would expect of a subcu product in the year 20025 and beyond. So that one is there. And they are capturing all of the true sub q business, right?

So they currently have a monopoly in that area. And I would say that they’ve grown well into that spot. And SubQ is growing and has grown. It may be slowing now, but it’s grown. It’s about 35% to 40% of all new starts.

And I think that’s a function of, one, academic centers and insurance companies forcing site of care away from the IV centers at these major academic centers, which are extremely expensive. When they give infusions in the community centers, they’re very efficient at what they do. In the hospitals, they’re very inefficient and they charge I won’t say they’re inefficient, they just charge. They might be efficient, but they just charge incredible sums. In many cases, they charge more for the actual infusion than the drug costs.

So that’s been an issue. So in a lot of academic centers, you’ll see them moving toward the sub q self administered at home product. And then, you know, I think the folks who have developed and marketed that drug have done a pretty good job of engaging with neurologists who don’t use c d 20s, who are willing to write prescriptions for that drug. So I think there’s a nice market. I think it’s going to continue to grow.

But I think, overall, the IV will maintain its position as the leading mode of delivery of CD20s. But we’ll see. I think either way, as you’ll I’m sure we’ll get to, TG is is hedged or should be hedged. I can’t promise it, but we should be hedged.

Roger, Conference Host, Jefferies: Yeah. Yeah. We’re definitely gonna talk about beyond the TG’s product in a moment. Maybe just to, you know, wrap up the the whole market dynamic. What’s your expectation for the future c e 20 MS, this class for MS?

Because some of the investors worry about this class is shrinking, which I don’t believe so. We get some, you know, sales analysis. It seems to continue to grow, but in terms of patient number, right? So, how we think about in the future, you think that, as you mentioned, maybe young doctor coming to practice, they were more comfortable using CD20 as a B cell depletion therapy. And then, how you think about the overall CD20 and then how you think about split between IV and the subcu because you mentioned the IV using the IV is still gonna be leading segment.

But, you know, just give me some numbers and we can be satisfied.

Mac Weiss, CEO, TG Therapeutics: Some numbers. Yeah. Well, like I said, I don’t know that I have numbers other than Right now, it’s about sixty five

Roger, Conference Host, Jefferies: Sixty five.

Mac Weiss, CEO, TG Therapeutics: 30 five, maybe sixty, forty. You know, again, it’s hard to get the exact numbers, but split. And again, I think there’s probably some continued growth on the subcu side. But again, I think IV will maintain its position. Think overall, it’s a great the IV is a great product profile.

You don’t have to worry about compliance. You get to see the patient. They get eyes on I was just at CMSC talking about these very issues. Again, some people are really so committed to the IV. Again, they want to make sure the patient gets the drug.

They want to see the patient. Want quota was eyes on the patient. Some people, they give them the sub q and they never see them again. And that concerns them because they don’t know what’s happening, if they’re being compliant, if they’re having problems. If they have a major problem, I’m sure they’ll show up.

But if they’re having issues that are not fully manifesting in clinical symptoms, they could be having issues that they’re not aware of. So I think there’s always going to be a very strong pull toward the IV side. But like I said, there’s plenty of forces that are working toward this sub q.

Roger, Conference Host, Jefferies: And then I think that the overall CD20 market, right now, I believe it’s around like 55 of the new the entire kind of MS patient using CD20. So you think this trend going to continue into the patient numbers continue to grow?

Mac Weiss, CEO, TG Therapeutics: Yeah. I mean, look, we think it’s somewhere between 5055% dynamic market share. So that’s a new start for CD20. I think it’s still less on an overall basis. Again, that just over time, the overall market share will catch up to the dynamic market share, but it does take years for that to occur.

But for the moment, yes, we think dynamic share, new starts, about 50%, fifty five % will go on to CD20. And that’s up from when we started, which was very close to 50 or upward. We’re approaching 50. So it’s creeping up. Again, I don’t see it going down.

I don’t see any factors on the horizon in terms of need for high efficacy treatments, convenience, scope of how CD20s operate, that there’s nothing on the horizon that would usurp that position. And like I said, as more and more newly trained clinicians come into the marketplace and they’re all trained on high efficacy first, You know, the the choices are limited. Tysabri still is a great option, but other than that, it’s it’s c d twenties.

Roger, Conference Host, Jefferies: Yeah.

Mac Weiss, CEO, TG Therapeutics: Right? And so, you know, it’s a doctor patient decision, but I continue to believe that the c d 20 class will grow in in dynamic share.

Roger, Conference Host, Jefferies: Any other mechanism outside of c d twenty can you think potentially can change the dynamic market share for c d twenty? Like, you know, we we see BTK data, you know, seems that no longer be a used to be a overhang, but seems that no longer that scary. But any other mechanism you keep eye on?

Mac Weiss, CEO, TG Therapeutics: I mean, not that it’s near term. I mean, no.

Roger, Conference Host, Jefferies: Yep. Okay. Good. Alright. Let’s focus on Beyond Meat, right, because we Sure.

Overall market is important because Beyond Meat is a one of three player right now, right, so that’s why this market is important. So, for Beyond Meat, sales has continued to be outperformed people’s expectation. Honestly, when you launch it, there are a lot of the skepticism there, which is rightfully because it’s not easy to for a smaller company to compete two major farmer out there, which is you are very successfully capturing the dynamic market share. But you also made a very bold statement saying you’re gonna you wanna be the number one dynamic market share within the c d 20 market. So maybe just what are the key drivers so far having a pretty good sales trajectory?

And then, what are to eventually give you the potential to become the number one in the

Mac Weiss, CEO, TG Therapeutics: future? Sure. Yeah. So, yeah, I mean, look, everyone’s going to have goals, right? I mean, we want to be number one.

We didn’t get into this market to be number three. We’re starting out at number three, but we got in to be number one. And what what is it gonna take to get us there? I think we have all the elements. I think time is is is really the the last piece of it.

Right? So I always go back to the the three Ps, and then I’ll add the fourth P, which is product, process, people, and I’m going to add price also, right? So we’re priced as the lowest CD20, lowest branded, actually, treatment for MS. And then, so in terms of product, we believe we have the best product, right? I’m sure others might argue differently.

I don’t know how they could, but they could try. But we feel very confident that we’ve got a product that’s at least as good and we believe provides attributes that make it best in class. We brought in the best people, right? So if you want to market a drug, you need the right people. Adam, Jane, and team did a fantastic job in hiring people with think the average experience in MS was twelve years.

So unbelievable group of folks. And then you mix that with the right process. So our marketing strategy I helped create it. I think it was brilliant. I think the team has executed it brilliantly.

But it’s how you show up. It’s how you operate. In a competitive market, having the best product at the best price doesn’t always win the business. But if you have the best people and they show up in the right way, you have your chance of doing that. We put all the four pieces together.

We think it’s just time now before we’re number one.

Roger, Conference Host, Jefferies: Okay. Also at a time in which we take some patience to get there, you didn’t say next year you’re going to get number one.

Mac Weiss, CEO, TG Therapeutics: I did not.

Roger, Conference Host, Jefferies: Yeah, you did not.

Mac Weiss, CEO, TG Therapeutics: Although it’s possible. I did not say that though.

Roger, Conference Host, Jefferies: That’s another ambitious goal. Stretch

Mac Weiss, CEO, TG Therapeutics: Stretch goal, exactly. No, stretch goal category.

Roger, Conference Host, Jefferies: But we, you know, those four pieces absolutely, you know, very classical kind of to do the go to market strategy. So anything you want to do different today or further enhancement to be able to get there or something just, you know, take time to continue to execute, you know, in terms of your sales, the size of the team, and then you you recently say you may do some d t DTC or the digital. So anything like that, will be able to achieve the goal.

Mac Weiss, CEO, TG Therapeutics: Yeah. All of those are are part of the plan, right? So when we set up the plan, it was, target the most impactful clinicians first and then concentric circles widening wider and wider. And to do that, you need to add people when you do that, right? So we always had this vision of starting with small team that was focused on a certain group of clinicians, expanding the target list, expanding the group of people, expanding the target list, expanding the group of people.

So we’ve done that. I think we’ve probably doubled our commercial team since launch in a very strategic way. We’ve identified the territories, the centers, and people that we needed to be able to have connectivity with. And so that’s been working great, and we’ll continue to do so. So I think we’re getting close to a point where we’re I think we have the full team.

But I think there’s probably more because, again, as we get into the sub q, that will expand to another layer of potential neurologist. So I think we’re nearing the completion for the IV team build, although I think there’s probably a little more to go. I’m going to push for more, actually. We’ll see what the team says. But anyway, I think we’re in great shape there.

And then one of the the team if you look at the awareness of Breomni in the patient community, it’s good but not great, right? It’s probably in the mid-thirty percent range, give or take, whereas I would assume that Kasimpta and Ocrevus are going to be 70% plus. Right? But despite that, we’ve done an amazing job because the clinicians believe in the attributes of Breonvi and believe that it can help their patients. But what we do here, not infrequently, is that individuals will come in.

They’ll have heard of one of the other drugs through DTC marketing. And the clinicians have asked us. They’ve asked us. They’ve said, look, it would help to have better awareness. So that’s a big goal for us to improve that awareness and grow it.

But again, I think testament to the team and the work that they’ve done in engaging with clinicians, despite the fact that it’s the least well known of the products, we’ve done an amazing job in capturing market share. So I think only good things can come from the DTC campaign. When we’ve started, we’ve been doing for the last six or nine months online DTC. We’ve just updated and expanded all of our materials. And obviously, we’ve just recently launched our first full scale, I’ll call it a TV commercial.

Yeah. Most of it is probably online anyway. Yeah. But we’re doing some, I know, I call it TV, whatever anyone calls it these days. No one watches it but me, apparently.

Roger, Conference Host, Jefferies: Yeah. Yeah. I I I think you told me to watch out for, you know, your TV on Netflix or whatever the the program you are targeting. Yeah.

Mac Weiss, CEO, TG Therapeutics: Exactly. Everyone, let me know when you get hit with a commercial because I assume you guys look up MS stuff. So if you don’t get hit with a commercial soon, let me know, and we’ll we’ll try to fix that. Awesome.

Roger, Conference Host, Jefferies: Okay. Good. So that’s your based on your current profile, which I agree you have some advantage over the current product, you know, put it for the IV side. But you are continuing to enhance the profile because you see some data from your enhanced trial to see, okay, if I combine the first, second dose as the initial patient and then even faster, right, while right now you are already one hour, true one hour infusion better than any other IV, and then you can even accelerate that into thirty minutes. You don’t see any issue with that.

So, tell us about that development timeline and the plan. And then, you know, based on your market research, how much you think this profile can attract more patients, helping you to get there for the number one?

Mac Weiss, CEO, TG Therapeutics: Yeah, so I agree. We’re not sitting still. Obviously, we’re doing everything, as you said, on the sales and marketing side. But the development and innovation continues and really with the goal of just making sure we can make the patient experience as good as possible. That is kind of the goal.

I mean, no one ever wants to be treated for a condition like MS, but if you can just make it easier or better, why not try? So yes, so we’re continuing to, we believe, improve upon the already quite easy to use Brionvi, which is right now, you come in on day one, you get a four hour infusion, you come back two weeks later for your one hour infusion. And it’s one hour infusions basically approximately every six months thereafter. So pretty straightforward and we think, as you said, no other IV infusion can be given like that. But we do hear from folks that coming back two weeks later is not the most convenient thing to do.

I mean, is common. Rituxan is dosed that way. Ogreviz is dosed that way. So it’s not uncommon, but it’s also not necessarily needed. So we’ve combined the doses.

We’re going to run that pivotal trial. We think that study gets up and running in the next month or two. Should be relatively short enrollment, call it six to nine months of enrollment. It’s a short endpoint, probably get to the endpoint by middle of next year, give or take. Don’t hold me to that exactly, but give or take middle of next year for that endpoint.

Then a filing, I mean, we think we can if it goes well and FDA does approve it, we think it could be in the label by the second half of ’twenty seven. So that would be a nice again, it is it also is good for the centers. The other thing, scheduling one infusion is hard enough for some of these centers. Scheduling at the same time two infusions, so fitting into the matrix on day one and then fifteen days later fitting into their matrix for the second infusion, It does pose some challenges. Mean, get it done.

It’s not like the end of the world. But it is a nice convenience for them not to have to do that as well. So it’s good for the patients, good for the centers. So we think that will be a nice addition. You asked me about market research.

Our market research says it’s definitely incrementally positive. Can’t give you the exact numbers. And market research is market research, so I don’t think those numbers are exact. But directionally, it appears that that convenience of just coming in on day one and not having to come back two weeks later is viewed very positively. The other thing we’re working on in terms of the IV experience is we’ve treated probably close to one hundred individuals now with a thirty minute Briohnvi infusion.

So that, too, is something that we’re working on what the pivotal trial needs to look like for that. So I can’t give you a timeline for that one yet. But similarly, again, thirty is apparently better than 60. Pretty straightforward, right? If you can give it in thirty minutes, we hear a lot of folks saying, look, if I could do it in thirty minutes, I could do it at lunch hour.

No one even needs to know that I even get the infusion if I do it in thirty minutes. So again, market research said incrementally positive directionally, the right direction for increasing sales and interest. I just personally, if we can make it better, whether it changes the market share or not, which I think it will, but if it doesn’t, it just makes the experience better. I think the giving patients the option you know, no one has to do it in thirty minutes. They could do it now.

No one has to do it all in one day if they want to do it in two days. You know, people have a variety of reasons why they may want to do one or the other. I think patient choice, making it as easy as we can, and letting them choose is important, which brings me to an extremely important next product, which is the SubQ. Yeah. Right?

So again, it’s all about trying to deliver to the patient what they want, right? So not everyone wants a sub q, not even the majority of people do, but there is a large minority of folks who do like taking it themselves with an auto injector at home when it’s convenient for them. And so we think that giving them another option know, right now, there’s a monopoly in the marketplace. There’s literally one product that owns the subcu market. How many times have you guys seen a monopoly work out great for the patient and not as well for the company?

Or is it the other way around, looks great for the company and maybe great for the patient but maybe not? So we think getting in there and providing competition will be critical and key. And we think, of course, all the attributes of Briohnvi that are available in the IV and have gotten a lot of people excited. I mean, it will simplify a lot of conversations. For anyone who is a Brionvi user and believes in Brionvi, if they wanted if the patient wants sub q, which is a question that’s asked to pretty much all patients when they come in the door, and they only have one option today, if you’re an IV Brionvi user and that patient walks in the door, I’d say more likely than not, they’re not going to get anything buffering on me at that point.

So we’ll see how it goes. But I do think it will add another product, more competition. And more competition, we’re trying to do something better in terms of less frequent dosing and we’ll see how that works out.

Roger, Conference Host, Jefferies: Excellent. Yeah, I do have a question for SubQ because you are moving ahead. But just to wrap up the IV that’s enhanced regimen, so you don’t have the detailed guidance for the timeline for the thirty minutes infusion. But should we assume similar timeframe for I mean, the structure, the pivotal study, like the combined dose for that? Shorter, you know, pivotal program?

Yeah,

Mac Weiss, CEO, TG Therapeutics: I mean, well, the endpoint will be short because it’s probably just a single dose trial. But honestly, I don’t have that design and we’re still working out the details, So, I don’t want to commit to too much at this point.

Roger, Conference Host, Jefferies: Okay, good. Alright. And then, let’s talk about the subcu because that’s one of the potentially even bigger impact to your portfolio because, know, as you said that this kind of enhanced regimen is incremental, but you are creating a new category for yourself for BREONV, right? So, and then my understanding is that you already have pretty confident you can do every other month’s dosing, which is half of the dose, the frequency compared to the current monopoly. Is that true?

And then what’s the relative rate and the development timeline for that? And then you when are we gonna start to see some data? Because people like to see some data.

Mac Weiss, CEO, TG Therapeutics: What do you mean? They don’t trust that I’m seeing the data? Come on, guys.

Roger, Conference Host, Jefferies: You give us a good example. That’s I I got you.

Mac Weiss, CEO, TG Therapeutics: Yeah. I I know the team is working to pull together, but they’re also actively, you know, working on adding more information and more data. So we’re we’re still gathering information as we come down to the wire. We’re doing a lot fast, as I’m sure you can imagine. I mean, it’s an important new potential product.

So right now, in terms of when data will be available, it’s either sometime in the second half of the year or sometime in the first half of next year. But in terms of getting the study up and running, again, all goes well, our goal is to get the study up and running in the next two months ish or so. It’s probably about a year for enrollment. And then give or take another six months for the auto injector bridging component of that, filing hopefully in first half middle of ’twenty seven, approval middle ’twenty eight kind of thing. I mean, again, super rough estimates.

We’ve got to get the study started. Once we get the study started, then we’ll we’ll know exactly where we are. But but, yeah, I mean and we’re still gathering data as we speak, and we’re we’re learning, you know, bits and pieces as we go. So we’re getting close. You know, probably, I think we have a quarterly call that will be, give or take, around late July, early August ish, right?

Is that typically when we do that? Yeah. So I think we’ll be in a better position then to have a more fulsome discussion about the plan. We’ve talked about, the study generally being, three arms. We’re gonna look at, q two months, and q three months.

Again, that’s where we’re sitting today. I don’t wanna make any promises that that’s gonna be the final the final design. But we’re getting close, and everything is sort of pieces are coming together as we get to the end here to get started. So let me just say, let’s it’s the best I could do for the moment. We’ll have more information coming up soon.

But but we’re we’re excited about the product. We think the profile, as we’re seeing it today, looks quite good.

Roger, Conference Host, Jefferies: Yeah. I think every time we talk about this topic, seems the confidence level is a little bit higher because initially, you don’t even commit what’s a dosing frequency you see. Oh, let’s see if we can do every other month. Right? I think very clear now you’re confident about every other month.

Now, today, you say talk about every three months. Still not firm guidance, but that’s likely the direction you want to go after.

Mac Weiss, CEO, TG Therapeutics: Yeah, look, I mean, we would love to hit on a quarterly product. We think that it would be just a really nice addition to the armitarian of, the clinicians, and it’d be great for patients. But, you know, there’s a there’s a lot of variables that are coming together. So I’ll be cautiously optimistic. No promises yet on the program.

Mhmm. Let’s see where we are in August. I think we’ll have a a more fulsome update.

Roger, Conference Host, Jefferies: Awesome. Alright. Good. So I think last quarter, for some reasons, people start to take a look at your profitability and on the bottom line. You you give me some probably you talk with a lot of folks as well.

So, this is not necessarily your near term focus. So, just let us know how your current cash position versus your revenue and your OpEx in terms of the development cost? So how those couple of pieces sustain the long term growth for TG?

Mac Weiss, CEO, TG Therapeutics: Yeah. I mean, over time, my expectation is that the OpEx goes up incrementally. And hopefully, the revenues are gapping up, right? I mean, last year what did we do? Three ten?

Is it three ten last year? And this year, we’re saying what? $5.60? 5 60, right? So that’s a pretty good jump up.

Our expenses aren’t jumping up like that. Our expenses went up like 10% or 20%, right? So I think our expenses will go up. And it’s all also just a function of what we decide to do, right? So we’re going have expenses on the subcu that’s basically built in.

The expenses for all these enhanced programs is built in. We didn’t talk about it, but it’s our work on Acercell is built in. What’s not probably built in fully yet is things we do outside of MS with Priomvi. So we’ve talked a little bit about MG. We’ve only done a little bit there.

But I think conceptually, we get it. We’re getting more comfortable with it. We’re looking forward to seeing how the CD19 launches into that space. That will help us also decide what we may want to do. We’re looking at some other potential indications.

So I think but those are not, you know well, I guess, look, if if we go into a pivotal MG study, that’s gonna cost some amount of money, but it’s gonna be over two years. It’s it’s not gonna also dramatically change the overall opex. And then exploratory studies and a few other indications is also just not going to it’s going to add to the OpEx, but it’s not going to change it all that much. So, yeah, I mean, I think and then the wildcard is, look, we are always out there looking for potential opportunities. If we see something we like, for the most part, those will run through R and D.

If we acquire a product and then we have to spend money on the product, we’ve been super cautious about how we’ve done that. We’ve acquired one thing in the last bunch of years. And we didn’t spend a whole lot on it, but it’s moving along. So again, I think OpEx is a variable number, but again, it’s not going to gap up. The revenues will hopefully be continuing to gap up.

Roger, Conference Host, Jefferies: Yeah. Yeah. No. I think the near term forward will continue to be the driving the top line. And then, obviously, you are relatively disciplined on the spend side and just, you know, try to get more growth in the future.

Right?

Mac Weiss, CEO, TG Therapeutics: Yeah. Yeah. I mean, the to be honest, I haven’t yet looked at a bottom line number. It’s not on my radar screen. It’s not a number that I track.

If I don’t track it,

Roger, Conference Host, Jefferies: then

Mac Weiss, CEO, TG Therapeutics: we’re not working toward it. Right? So we’re working toward top line revenue growth and building the business that we want to build. And whatever drops to the bottom line and and and turns out to be profit, great. We’re also you know, we I’m pretty sure we’re buying shares almost every day.

Also, that’s part of how we’re spending our cash right now. So, you know, like I said, we’re it is not it is not a metric that I track today, and I don’t assume it’ll be a metric I track for the next several years.

Roger, Conference Host, Jefferies: Excellent. Thank you, Michael, with us this morning. Thanks, Roger.

Mac Weiss, CEO, TG Therapeutics: Appreciate it.

Roger, Conference Host, Jefferies: Thank you, everyone.

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