Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 01, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001001316 | |
Entity Registrant Name | TG THERAPEUTICS, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-32639 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 36-3898269 | |
Entity Address, Address Line One | 3020 Carrington Mill Blvd, Suite 475 | |
Entity Address, City or Town | Morrisville | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27560 | |
City Area Code | 212 | |
Local Phone Number | 554-4484 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | TGTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 151,410,073 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 150,902 | $ 102,304 |
Short-term investment securities | 78,257 | 59,374 |
Accounts receivable, net | 39,320 | 0 |
Inventories | 33,553 | 0 |
Prepaid research and development | 5,001 | 4,237 |
Other current assets | 12,081 | 2,359 |
Total current assets | 319,114 | 168,274 |
Restricted cash | 1,282 | 1,273 |
Long-term investment securities | 0 | 12,404 |
Right of use assets | 8,271 | 8,888 |
Leasehold interest, net | 1,468 | 1,627 |
Equipment, net | 133 | 307 |
Goodwill | 799 | 799 |
Total assets | 331,067 | 193,572 |
Current liabilities: | ||
Accounts payable and accrued expenses | 39,741 | 42,019 |
Other current liabilities | 1,217 | 1,017 |
Lease liability – current portion | 1,479 | 1,581 |
Deferred revenue - current portion | 6,903 | 152 |
Accrued compensation | 8,338 | 8,432 |
Total current liabilities | 57,678 | 53,201 |
Deferred revenue, non-current portion | 190 | 305 |
Loan payable – non-current | 98,908 | 71,135 |
Lease liability – non-current | 9,522 | 10,344 |
Total liabilities | 166,298 | 134,985 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value per share (175,000,000 shares authorized, 151,490,731 and 146,426,697 shares issued, 151,449,422 and 146,385,388 shares outstanding at September 30, 2023 and December 31, 2022, respectively) | 151 | 146 |
Additional paid-in capital | 1,664,797 | 1,585,708 |
Treasury stock, at cost, 41,309 shares at September 30, 2023 and December 31, 2022 | (234) | (234) |
Accumulated deficit | (1,499,945) | (1,527,033) |
Total stockholders’ equity | 164,769 | 58,587 |
Total liabilities and stockholders’ equity | $ 331,067 | $ 193,572 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 175,000,000 | 175,000,000 |
Common stock, shares issued (in shares) | 151,490,731 | 146,426,697 |
Common stock, shares outstanding (in shares) | 151,449,422 | 146,385,388 |
Treasury Stock, Common, Shares (in shares) | 41,309 | 41,309 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue: | ||||
Revenue | $ 165,815 | $ 94 | $ 189,691 | $ 2,705 |
Costs and expenses: | ||||
Cost of revenue | 3,509 | 2 | 6,277 | 262 |
Research and development: | ||||
Noncash compensation | 2,915 | 3,249 | 10,162 | 7,471 |
Other research and development | 11,838 | 17,552 | 48,581 | 88,246 |
Total research and development | 14,753 | 20,801 | 58,743 | 95,717 |
Selling, general and administrative: | ||||
Noncash compensation | 6,269 | 3,740 | 18,386 | 663 |
Other selling, general and administrative | 26,500 | 10,514 | 73,167 | 46,840 |
Total selling, general and administrative | 32,769 | 14,254 | 91,553 | 47,503 |
Total costs and expenses | 51,031 | 35,057 | 156,573 | 143,482 |
Operating income (loss) | 114,784 | (34,963) | 33,118 | (140,777) |
Other expense (income): | ||||
Interest expense | 3,713 | 1,648 | 10,184 | 7,329 |
Other income | (2,859) | (793) | (4,154) | (2,765) |
Total other expense (income), net | 854 | 855 | 6,030 | 4,564 |
Net income (loss) | $ 113,930 | $ (35,818) | $ 27,088 | $ (145,341) |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.8 | $ (0.26) | $ 0.19 | $ (1.08) |
Diluted (in dollars per share) | $ 0.73 | $ (0.26) | $ 0.19 | $ (1.08) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 142,871,227 | 135,327,035 | 141,571,785 | 134,839,207 |
Diluted (in shares) | 155,871,749 | 135,327,035 | 145,952,913 | 134,839,207 |
Product [Member] | ||||
Revenue: | ||||
Revenue | $ 25,068 | $ 56 | $ 48,868 | $ 2,591 |
License [Member] | ||||
Revenue: | ||||
Revenue | $ 140,747 | $ 38 | $ 140,823 | $ 114 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 143,292,043 | 41,309 | |||
Balance at Dec. 31, 2021 | $ 143 | $ 1,565,942 | $ (234) | $ (1,328,698) | $ 237,153 |
Issuance of common stock in connection with exercise of options (in shares) | 30,411 | 0 | |||
Issuance of common stock in connection with exercise of options | 125 | $ 0 | 0 | 125 | |
Issuance of restricted stock (in shares) | 1,852,626 | 0 | |||
Issuance of restricted stock | $ 2 | (2) | $ 0 | 0 | 0 |
Forfeiture of restricted stock (in shares) | (591,746) | 0 | |||
Forfeiture of restricted stock | $ 0 | 0 | 0 | ||
Compensation in respect of restricted stock granted to employees, directors and consultants | $ 0 | 2,121 | 0 | 0 | 2,121 |
Net income (loss) | $ 0 | 0 | 0 | (69,013) | (69,013) |
Forfeiture of restricted stock | $ 0 | 0 | 0 | ||
Balance (in shares) at Mar. 31, 2022 | 144,583,334 | 41,309 | |||
Balance at Mar. 31, 2022 | $ 145 | 1,568,186 | $ (234) | (1,397,711) | 170,386 |
Balance (in shares) at Dec. 31, 2021 | 143,292,043 | 41,309 | |||
Balance at Dec. 31, 2021 | $ 143 | 1,565,942 | $ (234) | (1,328,698) | 237,153 |
Net income (loss) | (145,341) | ||||
Balance (in shares) at Sep. 30, 2022 | 145,399,144 | 41,309 | |||
Balance at Sep. 30, 2022 | $ 145 | 1,574,609 | $ (234) | (1,474,039) | 100,481 |
Balance (in shares) at Mar. 31, 2022 | 144,583,334 | 41,309 | |||
Balance at Mar. 31, 2022 | $ 145 | 1,568,186 | $ (234) | (1,397,711) | 170,386 |
Issuance of common stock in connection with exercise of options (in shares) | 33,044 | 0 | |||
Issuance of common stock in connection with exercise of options | 135 | $ 0 | 0 | 135 | |
Issuance of restricted stock (in shares) | 1,830,320 | 0 | |||
Issuance of restricted stock | $ 2 | (2) | $ 0 | 0 | 0 |
Forfeiture of restricted stock (in shares) | (1,248,640) | 0 | |||
Forfeiture of restricted stock | $ 2 | 1 | 1 | ||
Compensation in respect of restricted stock granted to employees, directors and consultants | 0 | (975) | $ 0 | 0 | (975) |
Net income (loss) | 0 | 0 | $ 0 | (40,510) | (40,510) |
Forfeiture of restricted stock | $ (2) | (1) | (1) | ||
Balance (in shares) at Jun. 30, 2022 | 145,198,058 | 41,309 | |||
Balance at Jun. 30, 2022 | $ 145 | 1,567,345 | $ (234) | (1,438,221) | 129,035 |
Issuance of common stock in connection with exercise of options (in shares) | 67,152 | 0 | |||
Issuance of common stock in connection with exercise of options | 275 | $ 0 | 0 | 275 | |
Issuance of restricted stock (in shares) | 368,660 | 0 | |||
Issuance of restricted stock | $ 1 | 0 | $ 0 | 0 | 1 |
Forfeiture of restricted stock (in shares) | (234,726) | 0 | |||
Forfeiture of restricted stock | $ 1 | 1 | |||
Compensation in respect of restricted stock granted to employees, directors and consultants | 0 | 6,989 | $ 0 | 0 | 6,989 |
Net income (loss) | 0 | 0 | $ 0 | (35,818) | (35,818) |
Forfeiture of restricted stock | $ (1) | (1) | |||
Balance (in shares) at Sep. 30, 2022 | 145,399,144 | 41,309 | |||
Balance at Sep. 30, 2022 | $ 145 | 1,574,609 | $ (234) | (1,474,039) | 100,481 |
Balance (in shares) at Dec. 31, 2022 | 146,426,697 | 41,309 | |||
Balance at Dec. 31, 2022 | $ 146 | 1,585,708 | $ (234) | (1,527,033) | 58,587 |
Issuance of common stock in connection with exercise of options (in shares) | 66,701 | 0 | |||
Issuance of common stock in connection with exercise of options | 363 | $ 0 | 0 | 363 | |
Issuance of restricted stock (in shares) | 3,017,736 | 0 | |||
Issuance of restricted stock | $ 3 | (3) | $ 0 | 0 | 0 |
Forfeiture of restricted stock (in shares) | (73,787) | 0 | |||
Forfeiture of restricted stock | 0 | $ 0 | 0 | 0 | |
Compensation in respect of restricted stock granted to employees, directors and consultants | $ 0 | 7,120 | 0 | 0 | 7,120 |
Net income (loss) | $ 0 | 0 | 0 | (39,232) | (39,232) |
Forfeiture of restricted stock | 0 | $ 0 | 0 | 0 | |
Balance (in shares) at Mar. 31, 2023 | 149,437,347 | 41,309 | |||
Balance at Mar. 31, 2023 | $ 149 | 1,593,783 | $ (234) | (1,566,265) | 27,433 |
Warrants issued with debt financing | $ 0 | 595 | $ 0 | 0 | 595 |
Balance (in shares) at Dec. 31, 2022 | 146,426,697 | 41,309 | |||
Balance at Dec. 31, 2022 | $ 146 | 1,585,708 | $ (234) | (1,527,033) | $ 58,587 |
Issuance of common stock in connection with exercise of options (in shares) | 246,156 | ||||
Net income (loss) | $ 27,088 | ||||
Balance (in shares) at Sep. 30, 2023 | 151,490,731 | 41,309 | |||
Balance at Sep. 30, 2023 | $ 151 | 1,664,797 | $ (234) | (1,499,945) | 164,769 |
Balance (in shares) at Mar. 31, 2023 | 149,437,347 | 41,309 | |||
Balance at Mar. 31, 2023 | $ 149 | 1,593,783 | $ (234) | (1,566,265) | 27,433 |
Issuance of common stock in connection with exercise of options (in shares) | 76,955 | 0 | |||
Issuance of common stock in connection with exercise of options | 751 | $ 0 | 0 | 751 | |
Issuance of restricted stock (in shares) | 95,000 | 0 | |||
Issuance of restricted stock | $ 0 | 0 | 0 | ||
Forfeiture of restricted stock (in shares) | (25,679) | ||||
Compensation in respect of restricted stock granted to employees, directors and consultants | $ 0 | 13,582 | 0 | 0 | 13,582 |
Net income (loss) | $ 0 | 0 | $ 0 | (47,610) | (47,610) |
Balance (in shares) at Jun. 30, 2023 | 150,969,323 | 41,309 | |||
Balance at Jun. 30, 2023 | $ 151 | 1,654,411 | $ (234) | (1,613,875) | 40,453 |
Issuance of common stock in public offering (net of offering costs of $0.8 million) (in shares) | 1,385,700 | 0 | |||
Issuance of common stock in public offering (net of offering costs of $0.8 million) | $ 2 | 46,295 | $ 0 | 0 | 46,297 |
Issuance of common stock in connection with exercise of options (in shares) | 102,500 | 0 | |||
Issuance of common stock in connection with exercise of options | 420 | $ 0 | 0 | 420 | |
Issuance of restricted stock (in shares) | 457,501 | 0 | |||
Issuance of restricted stock | $ 0 | 0 | 0 | ||
Forfeiture of restricted stock (in shares) | (38,593) | 0 | |||
Compensation in respect of restricted stock granted to employees, directors and consultants | 0 | $ 0 | 9,966 | 9,966 | |
Net income (loss) | 0 | $ 113,930 | 0 | 113,930 | |
Balance (in shares) at Sep. 30, 2023 | 151,490,731 | 41,309 | |||
Balance at Sep. 30, 2023 | $ 151 | $ 1,664,797 | $ (234) | $ (1,499,945) | $ 164,769 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) $ in Millions | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Offering costs | $ 0.8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 27,088 | $ (145,341) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Noncash stock compensation expense | 28,548 | 8,134 |
Depreciation and amortization | 173 | 230 |
Amortization of premium (discount) on investment securities | (704) | (172) |
Amortization of debt issuance costs | 1,739 | 1,383 |
Amortization of leasehold interest | 159 | 159 |
Noncash change in lease liability and right of use asset | 1,473 | 2,205 |
Change in fair value of notes payable | (71) | (241) |
Changes in assets and liabilities: | ||
Increase in inventory | (31,432) | 0 |
(Increase) decrease in other current assets | (10,365) | 7,842 |
(Increase) decrease in accounts receivable | (39,320) | 1,389 |
Decrease in accounts payable and accrued expenses | (2,372) | (27,436) |
Decrease in lease liabilities | (1,780) | (1,741) |
Increase in other current liabilities | 2,024 | 1,403 |
Increase (decrease) in deferred revenue | 6,637 | (114) |
Net cash used in operating activities | (18,203) | (152,300) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Proceeds from maturity of short-term securities | 72,551 | 67,005 |
Investment in held-to-maturity securities | (78,447) | (103,276) |
Purchases of PPE | 0 | (11) |
Net cash used in investing activities | (5,896) | (36,282) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Payment of loan payable | 0 | (975) |
Issuance of common stock, net | 46,297 | 0 |
Proceeds from exercise of options | 1,534 | 535 |
Proceeds from debt financings | 25,000 | 0 |
Financing costs paid | (125) | 0 |
Net cash provided by (used in) financing activities | 72,706 | (440) |
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 48,607 | (189,022) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 103,577 | 300,151 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 152,184 | 111,129 |
Reconciliation to amounts on condensed consolidated balance sheets: | ||
Cash and cash equivalents | 150,902 | 109,860 |
Restricted Cash | 1,282 | 1,269 |
Total cash, cash equivalents and restricted cash | 152,184 | 111,129 |
Cash paid for: | ||
Interest | 6,338 | 3,908 |
NONCASH TRANSACTIONS | ||
Deferred financing costs | 1,238 | 0 |
Warrants issued with debt financing | $ 595 | $ 0 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1 Description of Business TG Therapeutics is a fully-integrated, commercial stage, biopharmaceutical company focused on the acquisition, development and commercialization of novel treatments for B-cell diseases. In addition to a research pipeline including several investigational medicines, TG has received approval from the United States Food and Drug Administration (FDA) for BRIUMVI (ublituximab-xiiy) for the treatment of adult patients with relapsing forms of multiple sclerosis (RMS), to include clinically isolated syndrome, relapsing-remitting disease, and active secondary progressive disease, in adults. TG has also received approval for BRIUMVI by the European Commission (EC) in the European Union (EU), and the Medicines and Healthcare Products Regulatory Agency (MHRA) in the United Kingdom (UK), for the treatment of adult patients with RMS who have active disease defined by clinical or imaging features. TG continues to actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities. . Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP), for interim financial information and with the instructions to Quarterly Report on Form 10 10 X may not 10 December 31, 2022 December 31, 2022 three nine September 30, 2023 not may In December 2018, Liquidity and Capital Resources Historically, we have incurred operating losses since our inception; however, the Company experienced a net profit during the three nine September 30, 2023 $140.0 third 2023 2 may September 30, 2023 Our major sources of cash have been proceeds from private placement and public offering of equity securities, from our loan and security agreements executed with Hercules Capital, Inc. (Hercules) (see Note 7 2 September 30, 2023 first January 2023. may not may As of September 30, 2023 twelve . The actual amount of cash that we will need to operate is subject to many factors, including, but not may Our common stock is quoted on the Nasdaq Capital Market and trades under the symbol “TGTX.” Summary of Significant Accounting Policies Our significant accounting policies are described in Note 1 2022 10 nine September 30, 2023 not not Revenue Recognition Pursuant to Topic 606, 606 five At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Product Revenue, Net - The Company recognizes product revenues, net of variable consideration related to certain allowances and accruals, when the customer takes control of the product, which is typically upon delivery to the customer. Product revenue is recorded at the net sales price, or transaction price. The Company records product revenue reserves, which are classified as a reduction in product revenues, to account for the components of variable consideration. Variable consideration includes the following components, which are described below: chargebacks, government rebates, trade discounts and allowances, product returns, and co-payment assistance. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is expected to be settled with a credit against the Company’s customer account) or a liability (if the amount is expected to be settled with a cash payment). The Company’s estimates of reserves established for variable consideration are calculated based upon a consistent application of the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. These estimates reflect the Company’s current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may not may Chargebacks: Chargebacks for discounts represent the Company’s estimated obligations resulting from contractual commitments to sell product to qualified healthcare providers and government agencies at prices lower than the list prices charged to the customers who directly purchase the product from the Company. The customers charge the Company for the difference between what the customers pay the Company for the product and the customers’ ultimate contractually committed or government required lower selling price to the qualified healthcare providers. Government Rebates: Government rebates consist of Medicare, Tricare, and Medicaid rebates. These reserves are recorded in the same period the related revenue is recognized. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom it will owe a rebate under the Medicare Part D program. Trade Discounts and Allowances: The Company provides its customers with discounts that are explicitly stated in the contracts and are recorded in the period the related product revenue is recognized. In addition, the Company also receives sales order management, inventory management, and data services from its customers in exchange for certain fees. Product Returns: Consistent with industry practice, the Company generally offers customers a limited right of return for product that has been purchased from the Company. The Company estimates the amount of its product sales that may Subject to certain limitations, the Company’s return policy allows for eligible returns of BRIUMVI for credit under the following circumstances: ● receipt of damaged product; ● shipment errors that were a result of an error by the Company; ● expired product that is returned during the period beginning three six ● product subject to a recall; and ● product that the Company, at its sole discretion, has specified can be returned for credit. As of September 30, 2023 not Co-Payment Assistance Programs: Co-payment assistance is provided to qualified patients with commercial insurance, whereby the Company may License Agreements The Company generates revenue from license or similar agreements with pharmaceutical companies for the development and commercialization of certain products. Such agreements may may Licenses of intellectual property: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the license as revenue upon transfer of control of the license. All other promised goods or services in the agreement are evaluated to determine if they are distinct. If they are not Milestone payments: Contingent milestones at contract inception are estimated at the amount which is not not not may not Sales-based royalties: For arrangements that include sales-based royalties and a license of intellectual property that is deemed to be the predominant item to which the royalties relate, revenue is recognized at the later of when the related sales occur or when the performance obligation to which some or all of the royalties have been allocated has been satisfied (or partially satisfied). Other Revenue Revenue is also generated from service-based fees recognized for providing regulatory support & development services to customers. Service fee revenue is recognized overtime as the services are transferred to the customer. Deferred Product Revenue When consideration is received, or such consideration is unconditionally due, from a customer prior to the Company completing its performance obligation to the customer under the terms of a contract, a contract liability is recorded as deferred revenue. Deferred revenues expected to be recognized as revenue within the 12 not 12 Accounts Receivable In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns and chargebacks. Our contracts with customers have standard payment terms. We analyze accounts that are past due for collectability, and regularly evaluate the creditworthiness of our customers so that we can properly assess and respond to changes in their credit profiles. As of September 30, 2023 not Cost of Revenue Cost of revenue consists primarily of third may not Inventory Inventories are stated at the lower of cost or estimated net realizable value with cost based on the first first Prior to the approval of BRIUMVI, all manufacturing and other potential costs related to the commercial launch of BRIUMVI were expensed to research and development expense in the period incurred. Net Income (Loss) Per Common Share Basic net income (loss) per share of our common stock is calculated by dividing net income (loss) applicable to the common stock by the weighted-average number of our common stock outstanding for the period. Diluted net income (loss) per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options, and restricted stock, which would result in the issuance of incremental shares of common stock. The impact of these items is anti-dilutive during periods of net loss. Therefore, basic and diluted net income (loss) per share were the same for all periods presented in the unaudited condensed consolidated statement of operations, except for the three nine September 30, 2023, . The following table summarizes our potentially dilutive securities at September 30, 2023 2022 As of September 30, 2023 2022 Unvested restricted stock 8,454,545 10,901,797 Options 4,697,029 5,153,737 Warrants 312,272 262,100 Shares issuable upon note conversion 20,646 20,135 Total 13,484,492 16,337,769 The computation of basic and diluted EPS is as follows: Three months ended Nine months ended September 30, September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Net income (loss) 113,930 (35,818) 27,088 (145,341) Weighted-average common shares outstanding 142,871,227 135,327,035 141,571,785 134,839,207 Dilutive effect of potential common shares 13,000,522 - 4,381,128 - Weighted-average common shares outstanding assuming dilution 155,871,749 135,327,035 145,952,913 134,839,207 Net income (loss) per share - basic 0.80 (0.26) 0.19 (1.08) Net income (loss) per share - diluted 0.73 (0.26) 0.19 (1.08) |
Note 2 - Net Product Revenue
Note 2 - Net Product Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 Product revenue, net For the three nine September 30, 2023 January 2023. three nine September 30, 2022 May 31, 2022. As of September 30, 2023 License Agreements Neuraxpharm Commercialization Agreement On July 28, 2023, In consideration for entering the Commercialization Agreement, the Company received a non-refundable upfront payment of $140.0 million. The Company will also receive tiered double-digit royalties up to 30% on net product sales in the Territory and is eligible to receive sales-based or other milestone payments totaling up to $505.0 million. The consideration for the supply of BRIUMVI is reimbursement of cost plus a reasonable overhead, which the Company has determined approximates the price that a customer in the Territory would be willing to pay for these goods. The Company evaluated the Commercialization Agreement under ASC 606 three The License to the Company’s intellectual property represents a distinct performance obligation, therefore, the $140 million non-refundable upfront payment related to this performance obligation was recognized as License Revenue in the third 2023. The Development and Regulatory Activities performance obligation is satisfied over time because Neuraxpharm simultaneously receives and consumes the benefits provided by the Company’s performance of the services. Therefore, revenue is recognized as the activities are completed by the Company. For the three nine September 30, 2023, The performance obligation related to the Supply of Licensed Product is met when control of the product passes to Neuraxpharm. The consideration received from Neuraxpharm for the supply of BRIUMVI will be recognized by the Company as a component of product revenue, net. As of September 30, 2023, not September 30, 2023, may The remaining forms of consideration are variable because they are dependent on the achievement of sales-based or other milestones. The Company evaluated the constraint on variable consideration and concluded that the milestone payments are highly dependent on factors outside of the Company’s control. Therefore, at contract inception, the milestones are not not not No three nine September 30, 2023. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 Our investments as of September 30, 2023 December 31, 2022 The following tables summarize our investment securities at September 30, 2023 December 31, 2022 September 30, 2023 Amortized Gross Gross cost, as unrealized unrealized Estimated (in thousands) adjusted holding gains holding losses fair value Short-term investments: Obligations of domestic governmental agencies (maturing between October 2023 and March 2024) (held-to-maturity) $ 78,257 $ 10 $ 243 $ 78,024 Total short-term investment securities $ 78,257 $ 10 $ 243 $ 78,024 December 31, 2022 Amortized Gross Gross cost, as unrealized unrealized Estimated adjusted holding gains holding losses fair value Short-term investments: Obligations of domestic governmental agencies (maturing between January 2023 and December 2023) (held-to-maturity) $ 59,374 $ — $ 1,053 $ 58,321 Long-term investments: Obligations of domestic governmental agencies (maturing between January 2024 and February 2024) (held-to-maturity) 12,404 — 429 11,975 Total short-term and long-term investment securities $ 71,778 $ — $ 1,482 $ 70,296 |
Note 4 - Inventory
Note 4 - Inventory | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 The following table presents our inventory as of September 30, 2023 September 30, 2023 Raw Materials $ 1,228 Work in Process 31,713 Finished Goods 612 Total Inventory $ 33,553 Inventory is stated at the lower of cost or net realizable value and consists of raw materials, work-in-process and finished goods. Cost is determined using a standard cost method, which approximates actual cost, and assumes a FIFO flow of goods. At September 30, 2023 December 28, 2022, not 2022, not December 31, 2022 September 30, 2023 not third |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5 We measure certain financial assets and liabilities at fair value on a recurring basis in the condensed consolidated financial statements. The fair value hierarchy ranks the quality and reliability of inputs, or assumptions, used in the determination of fair value and requires financial assets and liabilities carried at fair value to be classified and disclosed in one three ● Level 1 ● Level 2 1 ● Level 3 not At the time of our merger (we were then known as Manhattan Pharmaceuticals, Inc. (Manhattan)) with Ariston Pharmaceuticals, Inc. (Ariston) in March 2010, five 5% 5% no 5% The Company’s financial instruments include cash, cash equivalents consisting of money market funds, accounts receivable, accounts payable and loan payable. As of September 30, 2023 December 31, 2022 We have no 1 2 3 5% 3 nine September 30, 2023 (in thousands) Balance at December 31, 2022 243 Interest accrued on face value of 5 844 Change in fair value of Level 3 liabilities (915 ) Balance at September 30, 2023 $ 172 The change in the fair value of the Level 3 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 6 EQUITY Preferred Stock Our amended and restated certificate of incorporation authorizes the issuance of up to 10,000,000 shares of preferred stock, $0.001 par value, with rights senior to those of our common stock, issuable in one may Common Stock Our amended and restated certificate of incorporation authorizes the issuance of up to 175,000,000 shares of $0.001 par value common stock. On September 2, 2022, 3 2022 405 2022 September 2022. 2022 2022 2022 2022 2022 2022 During the nine September 30, 2023 2022 2022 may 2022 may Equity Incentive Plans The TG Therapeutics, Inc. 2022 2022 June 2022 not may September 30, 2023 2022 The TG Therapeutics, Inc. Amended and Restated 2012 2012 June 2020. September 30, 2023 2012 2022 Stock-based compensation expense included in the condensed consolidated statements of operations was $9.2 million and $7.0 million for the three September 30, 2023 2022, nine September 30, 2023 2022, $9.2 $28.5 three nine September 30, 2023, Stock Options and Restricted Stock The following table summarizes the activity for stock options and restricted stock for the nine September 30, 2023 Stock Options Restricted Stock Equity awards outstanding, beginning of year 5,135,685 8,732,286 Changes during the year: Granted — 3,570,237 Exercised or vested (246,156 ) (2,209,888 ) Expired or Forfeited (192,500 ) (138,059 ) Equity awards outstanding, end of period 4,697,029 9,954,576 As of September 30, 2023 not (in thousands) Stock Options Restricted Stock Unrecognized compensation cost $ 5,063 $ 36,978 Expected weighted-average period in years of compensation cost to be recognized 2.7 2.8 Warrants The Company’s only outstanding warrants are the warrants issued to Hercules as part of the Loan Agreement, the Amended Loan Agreement and the First Amendment (please refer to Note 7 7 not |
Note 7 - Loan Payable
Note 7 - Loan Payable | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7 On February 28, 2019 February 28, 2019 four first On December 30, 2021 ( first March 1, 2022 January 1, 2026, ( April 1, 2021 February 1, 2025 August 1, 2025 On March 31, 2023 ( 3A 2, 3 two 3B 3C 4 5 February 1, 2025 August 1, 2025, September 30, 2023, The First Amendment also contains warrant coverage of 2.95% of each advance amount funded. A warrant was issued by the Company to Hercules to purchase 50,172 shares of common stock with an exercise price of $14.70 for the amount funded pertaining to the Tranche 3A seven may In addition, the Company is required to pay a final payment fee equal to 5.95% of the aggregate principal amount of the Term Loan Advances (as defined in the Loan Agreement) plus 4.95% of the aggregate principal amount of all other advances. The Company may, first first The Company evaluated whether the First Amendment represented a debt modification or extinguishment of the Term Loan in accordance with ASC 470 50, no third nine September 30, 2023 The Company estimated the fair value of the First Amendment Warrant using the Black-Scholes model based on the following key assumptions: Amended Term Loan Exercise price $ 14.70 Common share price on date of issuance $ 15.04 Volatility 0.88 % Risk-free interest rate 3.6 % Expected dividend yield — % Contractual term (in years) 7.00 The Company incurred financing expenses of $2.0 million (including the fair value of the First Amendment Warrant) related to the First Amendment which are recorded as debt issuance costs and as an offset to loan payable on the Company’s consolidated balance sheet. The debt issuance costs are being amortized over the term of the debt using the straight-line method, which approximates the effective interest method, and will be included in interest expense in the Company’s consolidated statements of operations. Amortization of debt issuance costs was $0.6 million and $0.5 million for the three September 30, 2023, 2022, $1.7 $1.4 nine September 30, 2023 2022, September 30, 2022, September 30, 2023, The loan payable as of September 30, 2023 December 31, 2022 September 30, December 31, (in thousands) 2023 2022 Loan payable $ 95,000 $ 70,000 Add: Accreted Liability of final payment fee 9,659 6,667 104,659 76,667 Less: unamortized debt issuance costs (5,751 ) (5,532 ) 98,908 71,135 Less: principal payments — — Total loan payable 98,908 71,135 Less: current portion — — Loan payable non-current $ 98,908 $ 71,135 |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8 In October 2014, April 2016, third 2016. In October 2019, five October 2019, November 2019. nine September 30, 2023 In October 2021, five February 2022, April 2022. nine September 30, 2023 At January 1, 2019, September 30, 2023 8 two three nine September 30, 2023 2022 Three months ended Nine months ended September 30, September 30, September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 535 $ 1,062 $ 1,632 $ 2,100 Net lease cost $ 535 $ 1,062 $ 1,632 $ 2,100 As of September 30, 2023 nine September 30, 2023 September 30, December 31, (in thousands) 2023 2022 Liabilities Lease liability current portion $ 1,479 $ 1,581 Lease liability non-current 9,522 10,344 Total lease liability $ 11,001 $ 11,925 As of September 30, 2023 Operating (in thousands) leases Remainder of 2023 $ 594 2024 2,388 2025 2,100 2026 2,080 2027 1,913 After 2028 6,542 Total lease payments 15,617 Less: interest (4,616 ) Present value of lease liabilities(*) $ 11,001 (*) As our leases do not February 28, 2019, December 31, 2021. |
Note 9 - License Agreements
Note 9 - License Agreements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
License Agreement Disclosure [Text Block] | NOTE 9 BRIUMVI (Ublituximab) In January 2012, September 30, 2023 LFB Group is eligible to receive future payments of up to an aggregate of approximately $12.0 million upon our successful achievement of certain regulatory milestones, in addition to royalty payments on net sales of ublituximab at a royalty rate that escalates from mid-single digits to high-single digits. The license will terminate on a country-by-country basis upon the expiration of the last licensed patent right or 15 years after the first three nine September 30, 2023 September 30, 2023 In November 2012, An upfront payment of $2.0 million, which was received in December 2012, first three September 30, 2023 2022 nine September 30, 2023 2022. September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 We may In July 2023, one 2 first two UKONIQ (umbralisib) In September 2014, 50:50 September 30, 2023 Under the terms of the Umbralisib License, Rhizen is eligible to receive approval and sales-based milestone payments in the aggregate of approximately $175 million payable. Additionally, Rhizen receives tiered royalties that escalate from high single digits to low double digits on any net sales of umbralisib. During the year ended December 31, 2022, December 31, 2022, September 30, 2023 not |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 In July 2015, nine September 30, 2023 2022 Please refer to Note 8 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (GAAP), for interim financial information and with the instructions to Quarterly Report on Form 10 10 X may not 10 December 31, 2022 December 31, 2022 three nine September 30, 2023 not may In December 2018, |
Liquidity and Capital Resources Policy [Policy Text Block] | Liquidity and Capital Resources Historically, we have incurred operating losses since our inception; however, the Company experienced a net profit during the three nine September 30, 2023 $140.0 third 2023 2 may September 30, 2023 Our major sources of cash have been proceeds from private placement and public offering of equity securities, from our loan and security agreements executed with Hercules Capital, Inc. (Hercules) (see Note 7 2 September 30, 2023 first January 2023. may not may As of September 30, 2023 twelve . The actual amount of cash that we will need to operate is subject to many factors, including, but not may Our common stock is quoted on the Nasdaq Capital Market and trades under the symbol “TGTX.” |
Revenue [Policy Text Block] | Revenue Recognition Pursuant to Topic 606, 606 five At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when the performance obligation is satisfied. Product Revenue, Net - The Company recognizes product revenues, net of variable consideration related to certain allowances and accruals, when the customer takes control of the product, which is typically upon delivery to the customer. Product revenue is recorded at the net sales price, or transaction price. The Company records product revenue reserves, which are classified as a reduction in product revenues, to account for the components of variable consideration. Variable consideration includes the following components, which are described below: chargebacks, government rebates, trade discounts and allowances, product returns, and co-payment assistance. These reserves are based on estimates of the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is expected to be settled with a credit against the Company’s customer account) or a liability (if the amount is expected to be settled with a cash payment). The Company’s estimates of reserves established for variable consideration are calculated based upon a consistent application of the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts. These estimates reflect the Company’s current contractual and statutory requirements, specific known market events and trends, industry data, and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may not may Chargebacks: Chargebacks for discounts represent the Company’s estimated obligations resulting from contractual commitments to sell product to qualified healthcare providers and government agencies at prices lower than the list prices charged to the customers who directly purchase the product from the Company. The customers charge the Company for the difference between what the customers pay the Company for the product and the customers’ ultimate contractually committed or government required lower selling price to the qualified healthcare providers. Government Rebates: Government rebates consist of Medicare, Tricare, and Medicaid rebates. These reserves are recorded in the same period the related revenue is recognized. For Medicare, the Company also estimates the number of patients in the prescription drug coverage gap for whom it will owe a rebate under the Medicare Part D program. Trade Discounts and Allowances: The Company provides its customers with discounts that are explicitly stated in the contracts and are recorded in the period the related product revenue is recognized. In addition, the Company also receives sales order management, inventory management, and data services from its customers in exchange for certain fees. Product Returns: Consistent with industry practice, the Company generally offers customers a limited right of return for product that has been purchased from the Company. The Company estimates the amount of its product sales that may Subject to certain limitations, the Company’s return policy allows for eligible returns of BRIUMVI for credit under the following circumstances: ● receipt of damaged product; ● shipment errors that were a result of an error by the Company; ● expired product that is returned during the period beginning three six ● product subject to a recall; and ● product that the Company, at its sole discretion, has specified can be returned for credit. As of September 30, 2023 not Co-Payment Assistance Programs: Co-payment assistance is provided to qualified patients with commercial insurance, whereby the Company may License Agreements The Company generates revenue from license or similar agreements with pharmaceutical companies for the development and commercialization of certain products. Such agreements may may Licenses of intellectual property: If a license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the license as revenue upon transfer of control of the license. All other promised goods or services in the agreement are evaluated to determine if they are distinct. If they are not Milestone payments: Contingent milestones at contract inception are estimated at the amount which is not not not may not Sales-based royalties: For arrangements that include sales-based royalties and a license of intellectual property that is deemed to be the predominant item to which the royalties relate, revenue is recognized at the later of when the related sales occur or when the performance obligation to which some or all of the royalties have been allocated has been satisfied (or partially satisfied). Other Revenue Revenue is also generated from service-based fees recognized for providing regulatory support & development services to customers. Service fee revenue is recognized overtime as the services are transferred to the customer. Deferred Product Revenue When consideration is received, or such consideration is unconditionally due, from a customer prior to the Company completing its performance obligation to the customer under the terms of a contract, a contract liability is recorded as deferred revenue. Deferred revenues expected to be recognized as revenue within the 12 not 12 |
Receivable [Policy Text Block] | Accounts Receivable In general, accounts receivable consists of amounts due from customers, net of customer allowances for cash discounts, product returns and chargebacks. Our contracts with customers have standard payment terms. We analyze accounts that are past due for collectability, and regularly evaluate the creditworthiness of our customers so that we can properly assess and respond to changes in their credit profiles. As of September 30, 2023 not |
Cost of Goods and Service [Policy Text Block] | Cost of Revenue Cost of revenue consists primarily of third may not |
Inventory, Policy [Policy Text Block] | Inventory Inventories are stated at the lower of cost or estimated net realizable value with cost based on the first first Prior to the approval of BRIUMVI, all manufacturing and other potential costs related to the commercial launch of BRIUMVI were expensed to research and development expense in the period incurred. |
Earnings Per Share, Policy [Policy Text Block] | Net Income (Loss) Per Common Share Basic net income (loss) per share of our common stock is calculated by dividing net income (loss) applicable to the common stock by the weighted-average number of our common stock outstanding for the period. Diluted net income (loss) per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options, and restricted stock, which would result in the issuance of incremental shares of common stock. The impact of these items is anti-dilutive during periods of net loss. Therefore, basic and diluted net income (loss) per share were the same for all periods presented in the unaudited condensed consolidated statement of operations, except for the three nine September 30, 2023, . The following table summarizes our potentially dilutive securities at September 30, 2023 2022 As of September 30, 2023 2022 Unvested restricted stock 8,454,545 10,901,797 Options 4,697,029 5,153,737 Warrants 312,272 262,100 Shares issuable upon note conversion 20,646 20,135 Total 13,484,492 16,337,769 The computation of basic and diluted EPS is as follows: Three months ended Nine months ended September 30, September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Net income (loss) 113,930 (35,818) 27,088 (145,341) Weighted-average common shares outstanding 142,871,227 135,327,035 141,571,785 134,839,207 Dilutive effect of potential common shares 13,000,522 - 4,381,128 - Weighted-average common shares outstanding assuming dilution 155,871,749 135,327,035 145,952,913 134,839,207 Net income (loss) per share - basic 0.80 (0.26) 0.19 (1.08) Net income (loss) per share - diluted 0.73 (0.26) 0.19 (1.08) |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | As of September 30, 2023 2022 Unvested restricted stock 8,454,545 10,901,797 Options 4,697,029 5,153,737 Warrants 312,272 262,100 Shares issuable upon note conversion 20,646 20,135 Total 13,484,492 16,337,769 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Nine months ended September 30, September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Net income (loss) 113,930 (35,818) 27,088 (145,341) Weighted-average common shares outstanding 142,871,227 135,327,035 141,571,785 134,839,207 Dilutive effect of potential common shares 13,000,522 - 4,381,128 - Weighted-average common shares outstanding assuming dilution 155,871,749 135,327,035 145,952,913 134,839,207 Net income (loss) per share - basic 0.80 (0.26) 0.19 (1.08) Net income (loss) per share - diluted 0.73 (0.26) 0.19 (1.08) |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | September 30, 2023 Amortized Gross Gross cost, as unrealized unrealized Estimated (in thousands) adjusted holding gains holding losses fair value Short-term investments: Obligations of domestic governmental agencies (maturing between October 2023 and March 2024) (held-to-maturity) $ 78,257 $ 10 $ 243 $ 78,024 Total short-term investment securities $ 78,257 $ 10 $ 243 $ 78,024 December 31, 2022 Amortized Gross Gross cost, as unrealized unrealized Estimated adjusted holding gains holding losses fair value Short-term investments: Obligations of domestic governmental agencies (maturing between January 2023 and December 2023) (held-to-maturity) $ 59,374 $ — $ 1,053 $ 58,321 Long-term investments: Obligations of domestic governmental agencies (maturing between January 2024 and February 2024) (held-to-maturity) 12,404 — 429 11,975 Total short-term and long-term investment securities $ 71,778 $ — $ 1,482 $ 70,296 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 Raw Materials $ 1,228 Work in Process 31,713 Finished Goods 612 Total Inventory $ 33,553 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) Balance at December 31, 2022 243 Interest accrued on face value of 5 844 Change in fair value of Level 3 liabilities (915 ) Balance at September 30, 2023 $ 172 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Activity [Table Text Block] | Stock Options Restricted Stock Equity awards outstanding, beginning of year 5,135,685 8,732,286 Changes during the year: Granted — 3,570,237 Exercised or vested (246,156 ) (2,209,888 ) Expired or Forfeited (192,500 ) (138,059 ) Equity awards outstanding, end of period 4,697,029 9,954,576 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | (in thousands) Stock Options Restricted Stock Unrecognized compensation cost $ 5,063 $ 36,978 Expected weighted-average period in years of compensation cost to be recognized 2.7 2.8 |
Note 7 - Loan Payable (Tables)
Note 7 - Loan Payable (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Loan payable $ 95,000 $ 70,000 Add: Accreted Liability of final payment fee 9,659 6,667 104,659 76,667 Less: unamortized debt issuance costs (5,751 ) (5,532 ) 98,908 71,135 Less: principal payments — — Total loan payable 98,908 71,135 Less: current portion — — Loan payable non-current $ 98,908 $ 71,135 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Amended Term Loan Exercise price $ 14.70 Common share price on date of issuance $ 15.04 Volatility 0.88 % Risk-free interest rate 3.6 % Expected dividend yield — % Contractual term (in years) 7.00 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three months ended Nine months ended September 30, September 30, September 30, (in thousands) 2023 2022 2023 2022 Operating lease cost $ 535 $ 1,062 $ 1,632 $ 2,100 Net lease cost $ 535 $ 1,062 $ 1,632 $ 2,100 |
Schedule of Balance Sheet Classification of Operating Lease [Table Text Block] | September 30, December 31, (in thousands) 2023 2022 Liabilities Lease liability current portion $ 1,479 $ 1,581 Lease liability non-current 9,522 10,344 Total lease liability $ 11,001 $ 11,925 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating (in thousands) leases Remainder of 2023 $ 594 2024 2,388 2025 2,100 2026 2,080 2027 1,913 After 2028 6,542 Total lease payments 15,617 Less: interest (4,616 ) Present value of lease liabilities(*) $ 11,001 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jul. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Retained Earnings (Accumulated Deficit) | $ (1,499,945) | $ (1,499,945) | $ (1,527,033) | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 165,815 | $ 94 | 189,691 | $ 2,705 | ||
Cash, Cash Equivalents, and Short-Term Investments | 229,200 | 229,200 | ||||
Commercialization Agreement With Neuraxpharm [Member] | ||||||
License and Collaboration Agreements, One-time, Non-refundable Payment | $ 140,000 | $ 140,000 | ||||
Briumvi Ublituximab [Member] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 48,900 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities (Details) - shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Potentially dilutive securities excluded from calculation (in shares) | 13,484,492 | 16,337,769 |
Unvested Restricted Stock [Member] | ||
Potentially dilutive securities excluded from calculation (in shares) | 8,454,545 | 10,901,797 |
Share-Based Payment Arrangement, Option [Member] | ||
Potentially dilutive securities excluded from calculation (in shares) | 4,697,029 | 5,153,737 |
Warrant [Member] | ||
Potentially dilutive securities excluded from calculation (in shares) | 312,272 | 262,100 |
Convertible Debt Securities [Member] | ||
Potentially dilutive securities excluded from calculation (in shares) | 20,646 | 20,135 |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) | $ 113,930 | $ (47,610) | $ (39,232) | $ (35,818) | $ (40,510) | $ (69,013) | $ 27,088 | $ (145,341) |
Basic (in shares) | 142,871,227 | 135,327,035 | 141,571,785 | 134,839,207 | ||||
Dilutive effect of potential common shares (in shares) | 13,000,522 | 4,381,128 | ||||||
Weighted-average common shares outstanding assuming dilution (in shares) | 155,871,749 | 135,327,035 | 145,952,913 | 134,839,207 | ||||
Basic (in dollars per share) | $ 0.8 | $ (0.26) | $ 0.19 | $ (1.08) | ||||
Diluted (in dollars per share) | $ 0.73 | $ (0.26) | $ 0.19 | $ (1.08) |
Note 2 - Net Product Revenue (D
Note 2 - Net Product Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jul. 28, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Gross Net Accruals | $ 6,100 | $ 6,100 | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 165,815 | $ 94 | 189,691 | $ 2,705 | |
Royalty [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |||
Commercialization Agreement With Neuraxpharm [Member] | |||||
License and Collaboration Agreements, One-time, Non-refundable Payment | $ 140,000 | 140,000 | |||
Royalty Percentage on Net Product Sales | 30% | ||||
Revenue from Contract with Customer, Including Assessed Tax | 700 | 700 | |||
Consideration Receivable, Performance Obligation | 6,800 | 6,800 | |||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 6,800 | $ 6,800 | |||
Commercialization Agreement With Neuraxpharm [Member] | Maximum [Member] | |||||
Qualified Sales-based Milestone Revenue | $ 505,000 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Gross unrealized holding gains | $ 0 | |
Gross unrealized holding losses | 1,482 | |
Estimated fair value | $ 78,024 | 70,296 |
Amortized cost, as adjusted | 71,778 | |
Short-Term Investments [Member] | ||
Gross unrealized holding gains | 10 | |
Gross unrealized holding losses | 243 | |
Amortized cost, as adjusted | 78,257 | |
US Government Agencies Debt Securities [Member] | Short-Term Investments [Member] | ||
Gross unrealized holding gains | 10 | 0 |
Gross unrealized holding losses | 243 | 1,053 |
Estimated fair value | $ 78,024 | 58,321 |
Amortized cost, as adjusted | 59,374 | |
US Government Agencies Debt Securities [Member] | Short-Term Investments [Member] | Minimum [Member] | ||
Maturity date | Oct. 31, 2023 | |
US Government Agencies Debt Securities [Member] | Long Term Investments [Member] | ||
Gross unrealized holding gains | 0 | |
Gross unrealized holding losses | 429 | |
Estimated fair value | 11,975 | |
Amortized cost, as adjusted | $ 12,404 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Schedule of Investment Securities (Details) (Parentheticals) | 9 Months Ended |
Sep. 30, 2023 | |
US Government Agencies Debt Securities [Member] | Short-Term Investments [Member] | Minimum [Member] | |
Maturity date | Oct. 31, 2023 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Cost of Goods and Services Sold | $ 3,509 | $ 2 | $ 6,277 | $ 262 | |
Briumvi Ublituximab [Member] | |||||
Inventory Write-down | $ 0 | ||||
Cost of Goods and Services Sold | $ 0 |
Note 4 - Inventory - Schedule o
Note 4 - Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Raw Materials | $ 1,228 | |
Work in Process | 31,713 | |
Finished Goods | 612 | |
Total Inventory | $ 33,553 | $ 0 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - Manhattan and Ariston Pharmaceuticals Merger [Member] $ / shares in Units, $ in Millions | 1 Months Ended |
Mar. 31, 2010 USD ($) $ / shares | |
Notes Issued | $ | $ 15.5 |
Debt Instrument, Term (Year) | 5 years |
Debt Instrument, Interest Rate, Stated Percentage | 5% |
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 1,125 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Schedule of Change in Level Three Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance | $ 243 |
Interest accrued on face value of 5% Notes | 844 |
Change in fair value of Level 3 liabilities | (915) |
Balance | $ 172 |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurements - Schedule of Change in Level Three Fair Value (Details) (Parentheticals) | Sep. 30, 2023 |
Fair Value, Inputs, Level 3 [Member] | |
Interest rate | 5% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 02, 2022 | Jun. 30, 2022 | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | 10,000,000 | |||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | |||||
Common Stock, Shares Authorized (in shares) | 175,000,000 | 175,000,000 | 175,000,000 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Proceeds from Issuance of Common Stock | $ 46,297 | $ 0 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 4,697,029 | 4,697,029 | 5,135,685 | ||||
Share-Based Payment Arrangement, Expense | $ 9,200 | $ 7,000 | $ 28,500 | $ 8,100 | |||
Warrants to Purchase Common Stock, Loan agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 147,058 | 147,058 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 4.08 | $ 4.08 | |||||
Warrants to Purchase Common Stock, Amended Loan Agreement [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 115,042 | 115,042 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 17.95 | $ 17.95 | |||||
Warrants to Purchase Common Stock, First Amendment [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 50,172 | 50,172 | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 14.7 | $ 14.7 | |||||
Stock-based Compensation Expense Capitalized Into Inventory [Member] | |||||||
Share-Based Payment Arrangement, Expense | $ 800 | $ 2,100 | |||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 9,954,576 | 9,954,576 | 8,732,286 | ||||
The 2022 Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 17,000,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 2,272,500 | 2,272,500 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 8,742,674 | 8,742,674 | |||||
The 2022 Incentive Plan [Member] | Full Value Awards [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 10,000,000 | ||||||
The 2022 Incentive Plan [Member] | Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 4,856,672 | 4,856,672 | |||||
The 2012 Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 5,097,904 | 5,097,904 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 2,424,529 | 2,424,529 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | 0 | |||||
The 2022 ATM [Member] | |||||||
Common Stock, Commission Rate | 3% | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,385,700 | ||||||
Proceeds from Issuance of Common Stock | $ 47,100 | ||||||
Share Price (in dollars per share) | $ 34.01 | $ 34.01 | |||||
Proceeds from Issuance of Common Stock, Net | $ 46,300 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Summary of Activity for Stock Options and Restricted Stock (Details) | 9 Months Ended |
Sep. 30, 2023 shares | |
Equity awards outstanding, beginning of year (in shares) | 5,135,685 |
Granted (in shares) | 0 |
Exercised or vested (in shares) | (246,156) |
Expired or Forfeited (in shares) | (192,500) |
Equity awards outstanding, end of period (in shares) | 4,697,029 |
Restricted Stock [Member] | |
Equity awards outstanding, beginning of year (in shares) | 8,732,286 |
Granted (in shares) | 3,570,237 |
Exercised or vested (in shares) | (2,209,888) |
Expired or Forfeited (in shares) | (138,059) |
Equity awards outstanding, end of period (in shares) | 9,954,576 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Schedule of Compensation Cost Related to Unvested Awards (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Share-Based Payment Arrangement, Option [Member] | |
Unrecognized compensation cost | $ 5,063 |
Expected weighted-average period in years of compensation cost to be recognized (Year) | 2 years 8 months 12 days |
Restricted Stock [Member] | |
Unrecognized compensation cost | $ 36,978 |
Expected weighted-average period in years of compensation cost to be recognized (Year) | 2 years 9 months 18 days |
Note 7 - Loan Payable (Details
Note 7 - Loan Payable (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Mar. 31, 2023 | Dec. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Mar. 30, 2023 | Feb. 28, 2019 | |
Debt Instrument, Fee, Percentage of Aggregate Principle Amount | 4.95% | |||||||
Amortization of Debt Issuance Costs | $ 1,739 | $ 1,383 | ||||||
The First Amendment Warrant [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 50,172 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 14.7 | |||||||
Class of Warrant or Right, Term (Year) | 7 years | |||||||
Term Loan [Member] | ||||||||
Debt Instrument, First Advance Drawn | $ 30,000 | |||||||
Amended Term Loan [Member] | ||||||||
Debt Instrument, First Advance Drawn | $ 70,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.40% | |||||||
Paid-in-Kind Interest, Rate | 3.45% | |||||||
Amended Term Loan [Member] | Debt Instrument Prepayment Occurs Prior To First Anniversary Of First Amendment Effective Date [Member] | ||||||||
Debt Instrument, Prepayment Penalty, Percentage of Principle Amount Prepaid | 1.50% | |||||||
Amended Term Loan [Member] | Debt Instrument Prepayment Occurs On Or After First Anniversary Of First Amendment Effective Date [Member] | ||||||||
Debt Instrument, Prepayment Penalty, Percentage of Principle Amount Prepaid | 1% | |||||||
Amended Term Loan [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.15% | |||||||
The First Amendment Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.95% | |||||||
Paid-in-Kind Interest, Rate | 2.25% | |||||||
Debt Instrument, Tranche 3A | $ 25,000 | |||||||
Debt Instrument, Tranche 3, Remaining Balance | 20,000 | |||||||
Debt Instrument, Tranche 3B | 10,000 | |||||||
Debt Instrument, Tranche 3C | 10,000 | |||||||
Debt Instrument, Tranche 4 | 60,000 | $ 65,000 | ||||||
Debt Instrument, Tranche 5 | $ 25,000 | |||||||
Warrant Coverage Percentage | 2.95% | |||||||
Debt Issuance Costs, Net | $ 2,000 | |||||||
Amortization of Debt Issuance Costs | $ 600 | $ 500 | 1,700 | 1,400 | ||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 5,800 | $ 6,000 | $ 5,800 | $ 6,000 | ||||
The First Amendment Term Loan [Member] | Prime Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||||||
Term Loan Advances [Member] | ||||||||
Debt Instrument, Fee, Percentage of Aggregate Principle Amount | 5.95% | |||||||
Term Loan [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000 | |||||||
Amended Term Loan [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | |||||||
Line of Credit, Current | $ 7,800 |
Note 7 - Loan Payable - Schedul
Note 7 - Loan Payable - Schedule of Key Assumptions (Details) - The First Amendment Warrant [Member] | Sep. 30, 2023 |
Measurement Input, Exercise Price [Member] | |
Warrants and Rights Outstanding, Measurement Input | 14.7 |
Measurement Input, Share Price [Member] | |
Warrants and Rights Outstanding, Measurement Input | 15.04 |
Measurement Input, Price Volatility [Member] | |
Warrants and Rights Outstanding, Measurement Input | 0.88 |
Measurement Input, Risk Free Interest Rate [Member] | |
Warrants and Rights Outstanding, Measurement Input | 3.6 |
Measurement Input, Expected Dividend Rate [Member] | |
Warrants and Rights Outstanding, Measurement Input | 0 |
Measurement Input, Expected Term [Member] | |
Warrants and Rights Outstanding, Measurement Input | 7 |
Note 7 - Loan Payable - Sched_2
Note 7 - Loan Payable - Schedule of Loan Payble (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loan payable | $ 95,000 | $ 70,000 | |
Add: Accreted Liability of final payment fee | 9,659 | 6,667 | |
Long-Term Debt, Gross | 104,659 | 76,667 | |
Less: unamortized debt issuance costs | (5,751) | (5,532) | |
Long-term Debt, Before Repayments | 98,908 | 71,135 | |
Less: principal payments | 0 | 0 | |
Total loan payable | 98,908 | 71,135 | |
Less: current portion | 0 | 0 | |
Loan payable non-current | $ 98,908 | $ 71,135 | $ 71,135 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | 1 Months Ended | 9 Months Ended | |||||||
Oct. 31, 2021 USD ($) | Oct. 31, 2019 USD ($) | Oct. 31, 2014 USD ($) ft² | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Feb. 28, 2019 | Jan. 01, 2019 USD ($) | ||
Restricted Cash | $ 1,282 | $ 1,269 | |||||||
Operating Lease, Liability | 11,001 | [1] | $ 11,925 | ||||||
Operating Lease, Right-of-Use Asset | $ 8,271 | $ 8,888 | |||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | ||||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 6 years | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 9.99% | 10.25% | |||||||
Operating Lease, Payments | $ 1,800 | ||||||||
Minimum [Member] | |||||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | ||||||||
Maximum [Member] | |||||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 8 years | ||||||||
Leased Office Space [Member] | |||||||||
Operating Lease, Liability | $ 11,000 | $ 9,500 | |||||||
Operating Lease, Right-of-Use Asset | 8,300 | $ 8,100 | |||||||
The New Jersey Lease [Member] | |||||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||||||
Average Annual Rental Payments | $ 300 | ||||||||
Operating Lease, Expense | $ 200 | ||||||||
The North Carolina Lease [Member] | |||||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||||||||
Average Annual Rental Payments | $ 200 | ||||||||
Operating Lease, Expense | $ 100 | ||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.65% | ||||||||
Office Agreement with Fortress Biotech [Member] | |||||||||
Percentage of Occupancy | 45% | ||||||||
Area of Real Estate Property (Square Foot) | ft² | 24,000 | ||||||||
Lessee, Operating Lease, Term of Contract (Year) | 15 years | ||||||||
Average Annual Rental Payments | $ 1,800 | ||||||||
Office Agreement with Fortress Biotech [Member] | Deposit for Office Agreement [Member] | |||||||||
Restricted Cash | $ 1,300 | ||||||||
[1]As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease. |
Note 8 - Leases - Schedule of L
Note 8 - Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease cost | $ 535 | $ 1,062 | $ 1,632 | $ 2,100 |
Net lease cost | $ 535 | $ 1,062 | $ 1,632 | $ 2,100 |
Note 8 - Leases - Schedule of C
Note 8 - Leases - Schedule of Classification of Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Lease liability current portion | $ 1,479 | $ 1,581 | |
Lease liability non-current | 9,522 | 10,344 | |
Total lease liability | $ 11,001 | [1] | $ 11,925 |
[1]As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease. |
Note 8 - Leases - Schedule of_2
Note 8 - Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Remainder of 2023 | $ 594 | ||
2024 | 2,388 | ||
2025 | 2,100 | ||
2026 | 2,080 | ||
2027 | 1,913 | ||
After 2028 | 6,542 | ||
Total lease payments | 15,617 | ||
Less: interest | (4,616) | ||
Present value of lease liabilities(*) | $ 11,001 | [1] | $ 11,925 |
[1]As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease. |
Note 9 - License Agreements (De
Note 9 - License Agreements (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jul. 28, 2023 | Dec. 31, 2012 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Sep. 30, 2014 | Jan. 31, 2012 | |
Deferred Revenue, Current | $ 6,903,000 | $ 6,903,000 | $ 152,000 | ||||||
L F B License Agreement [Member] | |||||||||
License And Collaboration Agreement, Expenses Incurred | 31,000,000 | ||||||||
Royalty Expense | 2,400,000 | 4,800,000 | |||||||
Accrued Royalties | 2,400,000 | 2,400,000 | |||||||
L F B License Agreement [Member] | License Agreement Terms [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||
L F B License Agreement [Member] | Maximum [Member] | |||||||||
Additional Amount Receivable on Achievement of Pre-specified Milestones | $ 12,000,000 | ||||||||
Sublicense Agreement With Ildong Pharmaceutical Co [Member] | |||||||||
Additional Amount Receivable on Achievement of Pre-specified Milestones | $ 5,000,000 | ||||||||
Upfront Fee Received From Sub License | 2,000,000 | ||||||||
Income Tax Expense (Benefit) | $ 300,000 | ||||||||
License Revenue | 38,000 | $ 38,000 | 114,000 | $ 114,000 | |||||
Deferred Revenue | 300,000 | 300,000 | 500,000 | ||||||
Deferred Revenue, Current | 200,000 | 200,000 | 200,000 | ||||||
Sublicense Agreement With Ildong Pharmaceutical Co [Member] | License Agreement Terms [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||||
Commercialization Agreement With Neuraxpharm [Member] | |||||||||
Additional Amount Receivable on Achievement of Pre-specified Milestones | $ 492,500,000 | ||||||||
License and Collaboration Agreements, One-time, Non-refundable Payment | 140,000,000 | 140,000,000 | |||||||
Additional Payments Upon Key Market Commercial Launch | $ 12,500,000 | ||||||||
Royalty Percentage on Net Product Sales | 30% | ||||||||
Agreement Buyback Period (Year) | 2 years | ||||||||
The Umbralisib License [Member] | |||||||||
License And Collaboration Agreement, Expenses Incurred | 24,000,000 | ||||||||
Royalty Expense | 200,000 | ||||||||
Accrued Royalties | $ 0 | $ 0 | $ 3,000 | ||||||
Additional Amount Payable on Achievement of Pre-specified Milestones | $ 175,000,000 |
Note 10 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Costs and Expenses, Related Party | $ 0.7 | $ 0.6 |