Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 1-32639 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,400,000,000 | ||
Entity Common Stock, Shares Outstanding | 154,420,772 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | New York, NY | ||
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 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 |
Current assets: | ||
Cash and cash equivalents | $ 92,933 | $ 102,304 |
Short-term investment securities | 124,575 | 59,374 |
Accounts receivable, net | 51,093 | 0 |
Inventories | 39,823 | 0 |
Prepaid research and development | 4,183 | 4,237 |
Other current assets | 5,336 | 2,359 |
Total current assets | 317,943 | 168,274 |
Restricted cash | 1,285 | 1,273 |
Long-term investment securities | 0 | 12,404 |
Right of use assets | 8,050 | 8,888 |
Leasehold interest, net | 1,415 | 1,627 |
Equipment, net | 95 | 307 |
Goodwill | 799 | 799 |
Total assets | 329,587 | 193,572 |
Current liabilities: | ||
Accounts payable and accrued expenses | 38,471 | 42,019 |
Other current liabilities | 1,631 | 1,169 |
Lease liability – current portion | 1,446 | 1,581 |
Accrued compensation | 12,172 | 8,432 |
Total current liabilities | 53,720 | 53,201 |
Deferred revenue | 6,016 | 305 |
Loan payable | 100,118 | 71,135 |
Lease liability – non-current | 9,231 | 10,344 |
Total liabilities | 169,085 | 134,985 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value per share (175,000,000 shares authorized, 151,465,598 and 146,426,697 shares issued, 151,424,289 and 146,385,388 shares outstanding at December 31, 2023 and December 31, 2022, respectively | 151 | 146 |
Additional paid-in capital | 1,674,946 | 1,585,708 |
Treasury stock, at cost, 41,309 shares at December 31, 2023 and December 31, 2022 | (234) | (234) |
Accumulated deficit | (1,514,361) | (1,527,033) |
Total stockholders’ equity | 160,502 | 58,587 |
Total liabilities and stockholders’ equity | $ 329,587 | $ 193,572 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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) | 151,465,598 | 146,426,697 |
Common stock, shares outstanding (in shares) | 151,424,289 | 146,385,388 |
Treasury Stock, Common, Shares (in shares) | 41,309 | 41,309 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Revenue | $ 233,662 | $ 2,785 | $ 6,689 |
Costs and expenses: | |||
Cost of revenue | 14,131 | 265 | 790 |
Research and development: | |||
Noncash compensation | 13,010 | 13,224 | 24,047 |
Other research and development | 63,182 | 112,128 | 198,532 |
Total research and development | 76,192 | 125,352 | 222,579 |
Selling, general and administrative: | |||
Noncash compensation | 24,923 | 5,961 | 37,227 |
Other selling, general and administrative | 97,783 | 64,046 | 90,863 |
Total selling, general and administrative | 122,706 | 70,007 | 128,090 |
Total costs and expenses | 213,029 | 195,624 | 351,459 |
Operating income (loss) | 20,633 | (192,839) | (344,770) |
Other expense (income): | |||
Interest expense | 12,615 | 10,191 | 5,638 |
Other income | (5,044) | (4,695) | (2,307) |
Total other expense (income), net | 7,571 | 5,496 | 3,331 |
Net income (loss) before taxes | 13,062 | (198,335) | (348,101) |
Income taxes | 390 | 0 | 0 |
Net income (loss) | $ 12,672 | $ (198,335) | $ (348,101) |
Net income (loss) per common share: | |||
Basic (in dollars per share) | $ 0.09 | $ (1.46) | $ (2.63) |
Diluted (in dollars per share) | $ 0.09 | $ (1.46) | $ (2.63) |
Weighted-average shares outstanding: | |||
Basic (in shares) | 141,955,112 | 135,411,258 | 132,222,753 |
Diluted (in shares) | 148,508,465 | 135,411,258 | 132,222,753 |
Product [Member] | |||
Revenue: | |||
Revenue | $ 92,005 | $ 2,633 | $ 6,537 |
License [Member] | |||
Revenue: | |||
Revenue | $ 141,657 | $ 152 | $ 152 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | At the Market Offerings [Member] Common Stock [Member] | At the Market Offerings [Member] Additional Paid-in Capital [Member] | At the Market Offerings [Member] Treasury Stock, Common [Member] | At the Market Offerings [Member] Retained Earnings [Member] | At the Market Offerings [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 140,617,606 | 41,309 | ||||||||
Balance at Dec. 31, 2020 | $ 141 | $ 1,500,040 | $ (234) | $ (980,597) | $ 519,350 | |||||
Issuance of common stock in connection with exercise of options (in shares) | 52,694 | 0 | 52,694 | |||||||
Issuance of common stock in connection with exercise of options | 216 | $ 0 | 0 | $ 216 | ||||||
Issuance of restricted stock (in shares) | 2,738,974 | 0 | ||||||||
Issuance of restricted stock | $ 2 | (2) | $ 0 | 0 | 0 | |||||
Warrants issued with debt financing | $ 0 | 2,195 | $ 0 | 0 | 2,195 | |||||
Forfeiture of restricted stock (in shares) | (189,231) | 0 | ||||||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | |||||||
Offering Costs Paid | $ (100) | $ 0 | (204) | 0 | 0 | (204) | ||||
Issuance of common stock (in shares) | 72,000 | 0 | ||||||||
Issuance of common stock | $ 2,423 | $ 0 | $ 0 | 2,423 | ||||||
Compensation in respect of restricted stock granted to employees, directors and consultants | 0 | 61,274 | 0 | 0 | 61,274 | |||||
Net income (loss) | $ 0 | 0 | $ 0 | (348,101) | (348,101) | |||||
Forfeiture of restricted stock (in shares) | 189,231 | 0 | ||||||||
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) | 142,409 | 0 | 142,409 | |||||||
Issuance of common stock in connection with exercise of options | 584 | $ 0 | 0 | $ 584 | ||||||
Issuance of restricted stock (in shares) | 5,179,201 | 0 | ||||||||
Issuance of restricted stock | $ 5 | (5) | $ 0 | 0 | 0 | |||||
Forfeiture of restricted stock (in shares) | (2,186,956) | 0 | ||||||||
Forfeiture of restricted stock | 2 | 0 | ||||||||
Compensation in respect of restricted stock granted to employees, directors and consultants | $ 0 | 19,185 | $ 0 | 0 | 19,185 | |||||
Net income (loss) | 0 | 0 | $ 0 | (198,335) | (198,335) | |||||
Forfeiture of restricted stock | $ (2) | |||||||||
Forfeiture of restricted stock (in shares) | 2,186,956 | 0 | ||||||||
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 | 0 | 246,156 | |||||||
Issuance of common stock in connection with exercise of options | 1,534 | $ 0 | 0 | $ 1,534 | ||||||
Issuance of restricted stock (in shares) | 3,620,237 | 0 | ||||||||
Issuance of restricted stock | $ 4 | (4) | $ 0 | 0 | 0 | |||||
Forfeiture of restricted stock (in shares) | (213,192) | 0 | ||||||||
Forfeiture of restricted stock | $ 0 | 0 | ||||||||
Offering Costs Paid | (800) | |||||||||
Issuance of common stock (in shares) | 1,385,700 | 0 | ||||||||
Issuance of common stock | $ 46,295 | $ 0 | $ 0 | $ 46,296 | 1 | |||||
Compensation in respect of restricted stock granted to employees, directors and consultants | 0 | 40,818 | $ 0 | 0 | 40,818 | |||||
Net income (loss) | $ 0 | 0 | $ 0 | 12,672 | 12,672 | |||||
Forfeiture of restricted stock (in shares) | 213,192 | 0 | ||||||||
Warrants issued with debt financing | $ 0 | 595 | $ 0 | 0 | 595 | |||||
Balance (in shares) at Dec. 31, 2023 | 151,465,598 | 41,309 | ||||||||
Balance at Dec. 31, 2023 | $ 151 | $ 1,674,946 | $ (234) | $ (1,514,361) | $ 160,502 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
At the Market Offerings [Member] | ||
Offering costs | $ 800 | $ 100 |
Offering costs | $ 204 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | $ 12,672 | $ (198,335) | $ (348,101) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||
Noncash stock compensation expense | 37,933 | 19,185 | 61,274 |
Depreciation and amortization | 211 | 303 | 282 |
Amortization of premium (discount) on investment securities | (2,236) | (331) | 517 |
Amortization of debt issuance costs | 2,378 | 1,844 | 1,080 |
Amortization of leasehold interest | 212 | 212 | 212 |
Noncash change in lease liability and right of use asset | 1,963 | 2,715 | 1,896 |
Change in fair value of notes payable | 113 | (116) | (578) |
Changes in assets and liabilities: | |||
Increase in inventory | (36,938) | 0 | 0 |
Decrease (increase) in other current assets | (2,831) | 8,181 | (8,508) |
Decrease (increase) in accounts receivable | (51,093) | 1,389 | (1,389) |
(Decrease) increase in accounts payable and accrued expenses | 192 | (11,010) | 15,991 |
Decrease in lease liabilities | (2,375) | (2,332) | (2,012) |
Increase (decrease) in other current liabilities | 2,675 | 2,277 | (16,146) |
Increase (decrease) in deferred revenue | 5,711 | (152) | (152) |
Net cash used in operating activities | (31,413) | (176,170) | (295,634) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Proceeds from maturity of short-term securities | 96,229 | 87,275 | 55,600 |
Investment in held-to-maturity securities | (146,880) | (107,274) | (55,531) |
Purchases of PPE | 0 | (14) | (401) |
Net cash used in investing activities | (50,651) | (20,013) | (332) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of loan payable | 0 | (975) | (30,000) |
Proceeds from sale of common stock, net | 46,296 | 0 | 2,219 |
Proceeds from exercise of options | 1,534 | 584 | 216 |
Proceeds from debt financings | 25,000 | 0 | 70,000 |
Financing costs paid | (125) | 0 | (1,016) |
Net cash provided by (used in) financing activities | 72,705 | (391) | 41,419 |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (9,359) | (196,574) | (254,547) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 103,577 | 300,151 | 554,698 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 94,218 | 103,577 | 300,151 |
Reconciliation to amounts on condensed consolidated balance sheets: | |||
Cash and cash equivalents | 92,933 | 102,304 | 298,887 |
Restricted cash | 1,285 | 1,273 | 1,264 |
Total cash, cash equivalents and restricted cash | 94,218 | 103,577 | 300,151 |
Cash paid for: | |||
Interest | 8,771 | 5,445 | 3,466 |
Deferred Financing Costs | 1,238 | 0 | 0 |
Warrants issued with debt financing | $ 595 | $ 0 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Securities Trading Plans of Directors and Executive Officers During the three December 31, 2023, none 10b5 1 408 1 10b5 1 408 10b5 1 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | TG, Company, we, us and our refer to TG Therapeutics, Inc. and our subsidiaries. NOTE 1 ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 U.S. 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, as well as approval by the European Commission (EC) and the Medicines and Healthcare Products Regulatory Agency (MHRA) for BRIUMVI to treat adult patients with RMS who have active disease defined by clinical or imaging features in Europe and the United Kingdom, respectively. We also actively evaluate complementary products, technologies and companies for in-licensing, partnership, acquisition and/or investment opportunities. LIQUIDITY AND CAPITAL RESOURCES Historically, we have incurred operating losses since our inception; however, the Company experienced a net profit during the twelve December 31, 2023 third 2023 2 may December 31, 2023, Our major sources of cash have been proceeds from private placements and public offerings of equity securities, from our loan and security agreements executed with Hercules Capital, Inc. (Hercules) (see Note 7 2 December 31 2023, first January 2023. November 2023. may not may As of December 31, 2023, December 31, 2023, twelve 10 not may Our common stock is quoted on the Nasdaq Capital Market and trades under the symbol “TGTX.” RECENTLY ISSUED ACCOUNTING STANDARDS Management does not not USE OF ESTIMATES The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the applicable reporting period. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue, accrued clinical trial expenses and stock-based compensation. Actual results could differ from those estimates. Such differences could be material to the financial statements. CASH AND CASH EQUIVALENTS We treat liquid investments with original maturities of less than three RESTRICTED CASH We record cash pledged or held in trust as restricted cash. As of December 31, 2023 2022 7 INVESTMENT SECURITIES Investment securities at December 31, 2023 2022 A decline in the market value of any investment security below cost that is deemed to be other than temporary, results in a reduction in the carrying amount to fair value. The impairment is charged to operations and a new cost basis for the security is established. Other-than-temporary impairment charges are included in interest and other income (expense), net. Dividend and interest income are recognized when earned. CREDIT RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalents and short-term investments with high-credit quality financial institutions. At times, such amounts may 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 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. Commercial Payer Rebates: The Company contracts with various private payer organizations, primarily insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of our product and contracted formulary status. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. 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 commercial products sold 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 December 31, 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 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). Optional Purchases: The Company’s arrangements may Other Revenue Revenue is also generated from service-based fees recognized for providing regulatory support and 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 December 31, 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. RESEARCH AND DEVELOPMENT COSTS Generally, research and development costs are expensed as incurred. Research and development expenses consist primarily of costs incurred to third third may Prepaid research and development in our consolidated balance sheets includes, among other things, costs related to agreements with CROs, certain costs to third December 31, 2023 December 31, 2022 INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. If the likelihood of realizing the deferred tax assets or liability is less than “more likely than not,” We, and our subsidiaries, file income tax returns in the U.S. federal jurisdiction and in various states. We have tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may 9 STOCK-BASED COMPENSATION The Company measures employee and non-employee stock-based compensation based on the grant date fair value of the stock-based compensation award. The Company grants stock options at exercise prices equal to the fair value of the Company’s common stock on the date of grant, based on observable market prices. The Company uses the Black-Scholes option-pricing model to measure the fair value of stock option awards. We recognize all stock-based payments to employees and non-employee directors (as compensation for service) as noncash compensation expense in the consolidated financial statements. Stock-based compensation expense recognized each period is based on the value of the portion of stock-based payment awards that is ultimately expected to vest during the period. Forfeitures are recognized as they occur. In addition, because some of the options, restricted stock and warrants issued to employees, consultants and other third 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 consolidated statement of operations, except for the year December 31, 2023, The following table summarizes our potentially dilutive securities at December 31, 2023, 2022 2021 December 31, 2023 2022 2021 Unvested restricted stock 8,139,037 7,232,254 10,532,029 Options 4,697,029 5,135,685 2,467,537 Warrants 312,272 262,100 262,100 Shares issuable upon note conversion 20,902 20,619 18,942 Total 13,169,240 12,650,658 13,280,608 The computation of basic and diluted earnings per share (EPS) is as follows: Year ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Net income (loss) 12,672 (198,335 ) (348,101 ) Weighted-average common shares outstanding 141,955,112 135,411,258 132,222,753 Dilutive effect of potential common shares 6,553,353 - - Weighted-average common shares outstanding assuming dilution 148,508,465 135,411,258 132,222,753 Net income (loss) per share - basic 0.09 (1.46 ) (2.63 ) Net income (loss) per share - diluted 0.09 (1.46 ) (2.63 ) LONG-LIVED ASSETS AND GOODWILL Long-lived assets are reviewed for potential impairment when circumstances indicate that the carrying value of long-lived tangible and intangible assets with finite lives may not Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not first not not LEASES All leases with a lease term greater than 12 12 not |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 As discussed in Note 1, 606. (in thousands) Year ended December 31, 2023 2022 2021 Total product revenue, net $ 92,005 2,633 6,537 License Revenue 140,153 152 152 Other Revenue 1,504 - - Total Revenue $ 233,662 $ 2,785 $ 6,689 Product revenue, net The following table presents our disaggregated revenue by product and geography for the periods presented: (in thousands) Year ended December 31, 2023 2022 2021 BRIUMVI U.S. $ 88,786 $ - $ - International 3,219 - - Worldwide $ 92,005 $ - $ - UKONIQ U.S. $ - $ 2,633 $ 6,537 International - - - Worldwide $ - $ 2,633 $ 6,537 Total product revenue, net U.S. $ 88,786 $ 2,633 $ 6,537 International 3,219 - - Worldwide $ 92,005 $ 2,633 $ 6,537 We began shipping BRIUMVI to our U.S. customers in January 2023. November 2023. May 31, 2022. During 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 Company evaluated the Commercialization Agreement under ASC 606 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 2023. The Development and Regulatory Activities also represent a distinct performance obligation and are 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. During 2023 The arrangement also provides Neuraxpharm with the right to make optional purchases of BRIUMVI (the “Supply of Licensed Product”). These optional purchases are accounted for as a separate contract when the right to purchase BRIUMVI is exercised. The consideration for optional purchases of BRIUMVI by Neuraxpharm approximates the price that a customer in the Territory would be willing to pay for these goods. The performance obligation related to the Supply of Licensed Product is satisfied when control of the product passes to Neuraxpharm. The consideration received from Neuraxpharm for the supply of BRIUMVI is recognized by the Company as a component of product revenue, net. As of December 31, 2023, not December 31, 2023, 2023 December 31, 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 2023. |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 INVESTMENT SECURITIES Our investments as of December 31, 2023 2022 The following tables summarize our investment securities at December 31, 2023 2022 December 31, 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 January 2024 June 2024 $ 124,575 $ 30 $ 53 $ 124,552 Total short-term investment securities $ 124,575 $ 30 $ 53 $ 124,552 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 December 2023 $ 59,374 $ — $ 1,053 $ 58,321 Long-term investments: Obligations of domestic governmental agencies (maturing between January 2024 February 2024 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 | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 INVENTORY The following table presents our inventory as of December 31, 2023 ( December 31, 2023 Raw Materials $ 6,582 Work in Process 31,243 Finished Goods 1,999 Total Inventory $ 39,824 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 December 31,2023, December 28, 2022, No 2022, not December 31, 2022 December 30, 2023 not |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 5 FAIR VALUE MEASUREMENTS We measure certain financial assets and liabilities at fair value on a recurring basis in the 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 following tables provide the fair value measurements of applicable financial liabilities as of December 31, 2023 2022 Financial liabilities at fair value as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total 5% Notes $ — $ — $ 357 $ 357 Total $ — $ — $ 357 $ 357 Financial liabilities at fair value as of December 31, 2022 Level 1 Level 2 Level 3 Total 5% Notes $ — $ — $ 243 $ 243 Total $ — $ — $ 243 $ 243 The Level 3 5% The Company’s financial instruments include cash, cash equivalents consisting of money market funds, accounts receivable, accounts payable and loan payable. As of December 31, 2023 2022, We have no 1 2 3 5% 3 December 31, 2023 2022 (in thousands) Balance at January 1, 2022 360 Interest accrued on face value of 5 1,073 Change in fair value of Level 3 liabilities (1,190 ) Balance at December 31, 2022 $ 243 Interest accrued on face value of 5 1,133 Change in fair value of Level 3 liabilities (1,019 ) Balance at December 31, 2023 $ 357 The change in the fair value of the Level 3 |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 6 STOCKHOLDERS 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 Stockholder Rights Plan On July 18, 2014, July 18, 2014 Accordingly, the Board of Directors declared a distribution of one July 28, 2014, one one 1/1,000 one one one ten may not The Rights Agreement was approved by our Board of Directors on July 18, 2014. ten 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 5, 2019, 3 2019 405 2019 September 2019. 2019 2020 2020 2020 2020 2020 November 2020, 2021 2021 2021 2020 During the year ended December 31, 2021, 2021 On September 2, 2022, 3 2022 405 2022 September 2022. 2022 2022 2022 2022 2022 2022 2022 2021 During the year ended December 31, 2023, 2022 2022 may 2022 may Treasury Stock As of December 31, 2023 2022 Equity Incentive Plans The TG Therapeutics, Inc. 2022 2022 June 2022 not may December 31, 2023 2022 The TG Therapeutics, Inc. Amended and Restated 2012 2012 June 2020. December 31, 2023 2012 2022 Total stock-based compensation expense included in the consolidated statements of operations was $37.9 million, $19.2 million and $61.3 million during the years ended December 31, 2023, 2022 2021, December 31, 2023. Stock Options The estimated fair value of the options granted in the years ended December 31, 2023, 2022 2021 December 31, 2023, 2022 2021 Weighted- average Weighted- contractual Number of average term Aggregate shares exercise price (in years) intrinsic value Outstanding at January 1, 2021 2,526,166 6.99 8.10 $ 115,472,832 Granted — $ — Exercised (52,694 ) 4.10 Forfeited (5,935 ) 4.10 Expired — — Outstanding at December 31, 2021 2,467,537 $ 7.06 6.99 $ 29,503,551 Granted 2,975,000 7.00 Exercised (142,409 ) 4.10 Forfeited (164,443 ) 7.84 Expired — — Outstanding at December 31, 2022 5,135,685 $ 7.10 5.09 $ 25,064,799 Granted — — Exercised (246,156 ) 6.08 Forfeited (192,500 ) 11.30 Expired — — Outstanding at December 31, 2023 4,697,029 $ 6.98 4.10 $ 47,607,209 Exercisable at December 31, 2023 2,133,273 $ 6.60 4.72 $ 22,518,984 Total expense associated with stock options was approximately $3.9 million, $3.3 million and $2.9 million during the years ended December 31, 2023, 2022 2021 December 31, 2023 December 31, 2023 not December 31, 2023 The fair value of the Company’s option awards granted in each of the following years were estimated using the assumptions below: Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Volatility N/A 88.37 - 89.67 % N/A Expected term (in years) N/A 3.13 - 4.0 N/A Risk-free rate N/A 2.99 - 3.35 % N/A Expected dividend yield N/A — % N/A Restricted Stock Certain employees, directors and consultants have been awarded restricted stock. The restricted stock vesting consists of milestone and time-based vesting. The following table summarizes restricted share activity for the years ended December 31, 2023, 2022 2021 Weighted-average grant date fair Number of shares value Outstanding at January 1, 2021 10,785,034 13.38 Granted 2,738,974 39.49 Vested (1,302,737 ) 18.14 Forfeited (189,231 ) 21.80 Outstanding at December 31, 2021 12,032,040 18.67 Granted 5,179,201 12.75 Vested (6,291,999 ) 11.28 Forfeited (2,186,956 ) 22.44 Outstanding at December 31, 2022 8,732,286 16.12 Granted 3,620,237 13.77 Vested (2,500,263 ) 11.98 Forfeited (213,192 ) 12.14 Outstanding at December 31, 2023 9,639,068 $ 17.05 Total compensation expense associated with restricted stock grants was $34.1 million, $15.8 million and $58.4 million during the years ended December 31, 2023, 2022 2021 December 31, 2023 not December 31, 2023 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 not |
Note 7 - Loan Payable
Note 7 - Loan Payable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE 7 LOAN PAYABLE 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 December 31, 2023, The First Amendment also contains warrant coverage of 2.95% of each advance amount funded. A warrant (the Warrant) was issued by the Company to Hercules to purchase 115,042 shares of common stock with an exercise price of $17.95 for the initial amount funded at the Closing Date. The Warrant shall be exercisable for seven may 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 Amended Loan Agreement, as amended) 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 Amended Term Loan in accordance with ASC 470 50, no third December 31, 2023. The Company estimated the fair value of the Warrant using the Black-Scholes model based on the following key assumptions: The First Amendment The Amended Loan Agreement The Loan Agreement Exercise price $ 14.70 $ 17.95 $ 4.08 Common share price on date of issuance $ 15.04 $ 19.35 $ 6.80 Volatility 0.88 % 184.40 % 195.90 % Risk-free interest rate 3.6 % 1.4 % 2.6 % Expected dividend yield — % — % — % Contractual term (in years) 7.00 7.00 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 $2.4 million, $1.8 million and $1.1 million for the years ended December 31, 2023, 2022 2021 December 31, 2023 The loan payable as of December 31, 2023 2022 December 31, December 31, (in thousands) 2023 2022 Loan payable $ 95,000 $ 70,000 Add: Accreted Liability of final payment fee 10,230 6,667 105,230 76,667 Less: unamortized debt issuance costs (5,112 ) (5,532 ) 100,118 71,135 Less: principal payments — — Total loan payable 100,118 71,135 Less: current portion — — Loan payable non-current $ 100,118 $ 71,135 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 8 LEASES In October 2014, April 2016, third 2016. January 1, 2019, December 31, 2023 five Also, in connection with this lease, in October 2014 April 2018 In October 2019, five In October 2021, five February 2022, April 2022. Operating lease cost was $2.2 million, $2.7 million and $2.2 million for the years ended December 31, 2023, 2022 2021, As of December 31, 2023 December 31, 2023 The balance sheet classification of lease liabilities was as follows: December 31, December 31, (in thousands) 2023 2022 Liabilities Lease liability current portion $ 1,446 $ 1,581 Lease liability non-current 9,231 10,344 Total lease liability $ 10,677 $ 11,925 As of December 31, 2023 Operating leases 2024 $ 2,388 2025 2,100 2026 2,080 2027 1,913 2028 1,827 After 2028 4,715 Total lease payments 15,023 Less: interest (4,346 ) Present value of lease liabilities(*) $ 10,677 (*) As our leases do not February 28, 2019, December 31, 2021. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 INCOME TAXES We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. In determining the need for a valuation allowance, management reviews both positive and negative evidence, including current and historical results of operations, future income projections and the overall prospects of our business. Based upon management's assessment of all available evidence, we believe that it is more-likely-than- not not December 31, 2023 2022 The Tax Cuts and Jobs Act of 2017 174. 174 December 31, 2021, 174 5 15 December 31, 2023 The Inflation Reduction Act of 2022 August 16, 2022. December 31, 2022. 15% $1 not As of December 31, 2023 2040. 2017 not 1986 may 382 1986, may 382 1986, may may The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 2022 (in thousands) 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 316,962 $ 303,729 Research and development credit 45,806 42,031 Noncash compensation 12,275 10,325 Disallowed interest 3,328 3,882 Capitalized R&D Expenses 36,613 39,411 Other 3,333 985 Deferred tax asset, excluding valuation allowance 418,317 400,363 Less valuation allowance (418,317 ) (400,363 ) Net deferred tax assets $ — $ — There was approximately $0.4 million of current income tax expense for the year ended December 31, 2023 December 31, 2023, 2022 2021 For the year ended December 31, (in thousands) 2023 2022 2021 Loss before income taxes, as reported in the consolidated statements of operations $ 13,062 $ (198,335 ) $ (348,101 ) Computed “expected” tax benefit $ 2,743 $ (41,650 ) $ (73,101 ) Increase (decrease) in income taxes resulting from: Expected benefit from state and local taxes 111 (7,242 ) (3,445 ) Research and development credits (3,430 ) (6,389 ) (8,337 ) Officer Compensation Limitation 1,167 4,391 439 Other (179 ) 374 428 Stock options (12,445 ) 17,599 (6,726 ) Change in state tax rates (5,531 ) - - Change in the balance of the valuation allowance for deferred tax assets 17,954 32,917 90,742 $ 390 $ — $ — We file income tax returns in the U.S federal and various state and local jurisdictions. With certain exceptions, the Company is no 2020. The Company would recognize interest and penalties, if any, to uncertain tax position in income tax expense in the statement of operations. There was no 2023 not twelve |
Note 10 - License Agreements
Note 10 - License Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
License Agreement Disclosure [Text Block] | NOTE 10 LICENSE AGREEMENTS BRIUMVI (Ublituximab) In January 2012, December 31, 2023 December 31, 2023 LFB Group is eligible to receive future payments of approximately $6.0 million, upon our successful achievement of certain regulatory milestones, in addition to royalty payments on net sales of ublituximab at a royalty rate in the 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 December 31, 2023, December 31, 2023, In November 2012, An upfront payment of $2.0 million, which was received in December 2012, first December 31, 2023, 2022 2021 December 31, 2023 2022 We may In July 2023, one 2 first two TG- 1701: In January 2018, 1701 SHR1459 EBI1459 TG1702 SHR1266 EBI1266 July 2020, TG- 1801: CD47/anti CD19 In June 2018, first CD47/anti CD19 1801 1701 2 1801, UKONIQ (umbralisib) On September 22, 2014, 1202 December 31, 2023 Under the terms of the TGR 1202 December 31, 2021, May 2022 December 31, 2023, zero December 31, 2023, no not TG- 1501: In March 2015, L1 June 2019 March 2020. December 31, 2023, 2022 2021 L1. |
Note 11 - Related Party Transac
Note 11 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 11 RELATED PARTY TRANSACTIONS In July 2015, December 31, 2023, 2022 2021 In March 2015, L1 May 2016, Please refer to Note 8 10 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 12 COMMITMENTS AND CONTINGENCIES As of December 31, 2023 Less than More than Payment due by period (in thousands) Total 1 year 1-3 years 3-5 years 5 years Contractual obligations Operating leases $ 15,023 $ 2,388 $ 4,180 $ 3,740 $ 4,715 Long-term debt 100,403 — 100,403 — — Total $ 115,426 $ 2,388 $ 104,583 $ 3,740 $ 4,715 Leases See Note 8 December 31, 2023, 2022 2021 Future minimum lease commitments as of December 31, 2023 July 31, 2031. December 31, 2023 Loan Payable See Note 7 |
Note 13 - Subsequent Event
Note 13 - Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13 Subsequent Events Precision Bio On January 7, 2024, ) ( ), ( ) ). Pursuant to the Precision License Agreement, the Company will make an upfront payment to Precision of $7.5 million, consisting of (i) $5.25 million in cash and (ii) $2.25 million, as an equity investment, for the purchase of 2,920,816 shares of Precision’s common stock at a price of $0.77 per share. Within 12 100% 30 30 ) 100% 30 ten first Ex-U.S. BRIUMVI Launch On February 26, 2024, first |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
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 twelve December 31, 2023 third 2023 2 may December 31, 2023, Our major sources of cash have been proceeds from private placements and public offerings of equity securities, from our loan and security agreements executed with Hercules Capital, Inc. (Hercules) (see Note 7 2 December 31 2023, first January 2023. November 2023. may not may As of December 31, 2023, December 31, 2023, twelve 10 not may Our common stock is quoted on the Nasdaq Capital Market and trades under the symbol “TGTX.” |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENTLY ISSUED ACCOUNTING STANDARDS Management does not not |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the applicable reporting period. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue, accrued clinical trial expenses and stock-based compensation. Actual results could differ from those estimates. Such differences could be material to the financial statements. |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH AND CASH EQUIVALENTS We treat liquid investments with original maturities of less than three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | RESTRICTED CASH We record cash pledged or held in trust as restricted cash. As of December 31, 2023 2022 7 |
Marketable Securities, Policy [Policy Text Block] | INVESTMENT SECURITIES Investment securities at December 31, 2023 2022 A decline in the market value of any investment security below cost that is deemed to be other than temporary, results in a reduction in the carrying amount to fair value. The impairment is charged to operations and a new cost basis for the security is established. Other-than-temporary impairment charges are included in interest and other income (expense), net. Dividend and interest income are recognized when earned. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CREDIT RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and short-term investments. The Company maintains its cash and cash equivalents and short-term investments with high-credit quality financial institutions. At times, such amounts may |
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 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. Commercial Payer Rebates: The Company contracts with various private payer organizations, primarily insurance companies and pharmacy benefit managers, for the payment of rebates with respect to utilization of our product and contracted formulary status. The Company estimates these rebates and records such estimates in the same period the related revenue is recognized, resulting in a reduction of product revenue and the establishment of a current liability. 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 commercial products sold 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 December 31, 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 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). Optional Purchases: The Company’s arrangements may Other Revenue Revenue is also generated from service-based fees recognized for providing regulatory support and 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 December 31, 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. |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS Generally, research and development costs are expensed as incurred. Research and development expenses consist primarily of costs incurred to third third may Prepaid research and development in our consolidated balance sheets includes, among other things, costs related to agreements with CROs, certain costs to third December 31, 2023 December 31, 2022 |
Income Tax, Policy [Policy Text Block] | INCOME TAXES Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. If the likelihood of realizing the deferred tax assets or liability is less than “more likely than not,” We, and our subsidiaries, file income tax returns in the U.S. federal jurisdiction and in various states. We have tax net operating loss carryforwards that are subject to examination for a number of years beyond the year in which they were generated for tax purposes. Since a portion of these net operating loss carryforwards may 9 |
Share-Based Payment Arrangement [Policy Text Block] | STOCK-BASED COMPENSATION The Company measures employee and non-employee stock-based compensation based on the grant date fair value of the stock-based compensation award. The Company grants stock options at exercise prices equal to the fair value of the Company’s common stock on the date of grant, based on observable market prices. The Company uses the Black-Scholes option-pricing model to measure the fair value of stock option awards. We recognize all stock-based payments to employees and non-employee directors (as compensation for service) as noncash compensation expense in the consolidated financial statements. Stock-based compensation expense recognized each period is based on the value of the portion of stock-based payment awards that is ultimately expected to vest during the period. Forfeitures are recognized as they occur. In addition, because some of the options, restricted stock and warrants issued to employees, consultants and other third |
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 consolidated statement of operations, except for the year December 31, 2023, The following table summarizes our potentially dilutive securities at December 31, 2023, 2022 2021 December 31, 2023 2022 2021 Unvested restricted stock 8,139,037 7,232,254 10,532,029 Options 4,697,029 5,135,685 2,467,537 Warrants 312,272 262,100 262,100 Shares issuable upon note conversion 20,902 20,619 18,942 Total 13,169,240 12,650,658 13,280,608 The computation of basic and diluted earnings per share (EPS) is as follows: Year ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Net income (loss) 12,672 (198,335 ) (348,101 ) Weighted-average common shares outstanding 141,955,112 135,411,258 132,222,753 Dilutive effect of potential common shares 6,553,353 - - Weighted-average common shares outstanding assuming dilution 148,508,465 135,411,258 132,222,753 Net income (loss) per share - basic 0.09 (1.46 ) (2.63 ) Net income (loss) per share - diluted 0.09 (1.46 ) (2.63 ) |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | LONG-LIVED ASSETS AND GOODWILL Long-lived assets are reviewed for potential impairment when circumstances indicate that the carrying value of long-lived tangible and intangible assets with finite lives may not Goodwill results from excess consideration in a business combination over the fair value of identifiable net assets acquired. Goodwill is not first not not |
Leases [Policy Text Block] | LEASES All leases with a lease term greater than 12 12 not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2023 2022 2021 Unvested restricted stock 8,139,037 7,232,254 10,532,029 Options 4,697,029 5,135,685 2,467,537 Warrants 312,272 262,100 262,100 Shares issuable upon note conversion 20,902 20,619 18,942 Total 13,169,240 12,650,658 13,280,608 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended December 31, (in thousands, except share and per share data) 2023 2022 2021 Net income (loss) 12,672 (198,335 ) (348,101 ) Weighted-average common shares outstanding 141,955,112 135,411,258 132,222,753 Dilutive effect of potential common shares 6,553,353 - - Weighted-average common shares outstanding assuming dilution 148,508,465 135,411,258 132,222,753 Net income (loss) per share - basic 0.09 (1.46 ) (2.63 ) Net income (loss) per share - diluted 0.09 (1.46 ) (2.63 ) |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (in thousands) Year ended December 31, 2023 2022 2021 Total product revenue, net $ 92,005 2,633 6,537 License Revenue 140,153 152 152 Other Revenue 1,504 - - Total Revenue $ 233,662 $ 2,785 $ 6,689 |
Disaggregation of Revenue by Product and Geography [Table Text Block] | (in thousands) Year ended December 31, 2023 2022 2021 BRIUMVI U.S. $ 88,786 $ - $ - International 3,219 - - Worldwide $ 92,005 $ - $ - UKONIQ U.S. $ - $ 2,633 $ 6,537 International - - - Worldwide $ - $ 2,633 $ 6,537 Total product revenue, net U.S. $ 88,786 $ 2,633 $ 6,537 International 3,219 - - Worldwide $ 92,005 $ 2,633 $ 6,537 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | December 31, 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 January 2024 June 2024 $ 124,575 $ 30 $ 53 $ 124,552 Total short-term investment securities $ 124,575 $ 30 $ 53 $ 124,552 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 December 2023 $ 59,374 $ — $ 1,053 $ 58,321 Long-term investments: Obligations of domestic governmental agencies (maturing between January 2024 February 2024 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) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 Raw Materials $ 6,582 Work in Process 31,243 Finished Goods 1,999 Total Inventory $ 39,824 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block] | Financial liabilities at fair value as of December 31, 2023 (in thousands) Level 1 Level 2 Level 3 Total 5% Notes $ — $ — $ 357 $ 357 Total $ — $ — $ 357 $ 357 Financial liabilities at fair value as of December 31, 2022 Level 1 Level 2 Level 3 Total 5% Notes $ — $ — $ 243 $ 243 Total $ — $ — $ 243 $ 243 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (in thousands) Balance at January 1, 2022 360 Interest accrued on face value of 5 1,073 Change in fair value of Level 3 liabilities (1,190 ) Balance at December 31, 2022 $ 243 Interest accrued on face value of 5 1,133 Change in fair value of Level 3 liabilities (1,019 ) Balance at December 31, 2023 $ 357 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- average Weighted- contractual Number of average term Aggregate shares exercise price (in years) intrinsic value Outstanding at January 1, 2021 2,526,166 6.99 8.10 $ 115,472,832 Granted — $ — Exercised (52,694 ) 4.10 Forfeited (5,935 ) 4.10 Expired — — Outstanding at December 31, 2021 2,467,537 $ 7.06 6.99 $ 29,503,551 Granted 2,975,000 7.00 Exercised (142,409 ) 4.10 Forfeited (164,443 ) 7.84 Expired — — Outstanding at December 31, 2022 5,135,685 $ 7.10 5.09 $ 25,064,799 Granted — — Exercised (246,156 ) 6.08 Forfeited (192,500 ) 11.30 Expired — — Outstanding at December 31, 2023 4,697,029 $ 6.98 4.10 $ 47,607,209 Exercisable at December 31, 2023 2,133,273 $ 6.60 4.72 $ 22,518,984 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year Ended December 31, 2023 December 31, 2022 December 31, 2021 Volatility N/A 88.37 - 89.67 % N/A Expected term (in years) N/A 3.13 - 4.0 N/A Risk-free rate N/A 2.99 - 3.35 % N/A Expected dividend yield N/A — % N/A |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted-average grant date fair Number of shares value Outstanding at January 1, 2021 10,785,034 13.38 Granted 2,738,974 39.49 Vested (1,302,737 ) 18.14 Forfeited (189,231 ) 21.80 Outstanding at December 31, 2021 12,032,040 18.67 Granted 5,179,201 12.75 Vested (6,291,999 ) 11.28 Forfeited (2,186,956 ) 22.44 Outstanding at December 31, 2022 8,732,286 16.12 Granted 3,620,237 13.77 Vested (2,500,263 ) 11.98 Forfeited (213,192 ) 12.14 Outstanding at December 31, 2023 9,639,068 $ 17.05 |
Note 7 - Loan Payable (Tables)
Note 7 - Loan Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, December 31, (in thousands) 2023 2022 Loan payable $ 95,000 $ 70,000 Add: Accreted Liability of final payment fee 10,230 6,667 105,230 76,667 Less: unamortized debt issuance costs (5,112 ) (5,532 ) 100,118 71,135 Less: principal payments — — Total loan payable 100,118 71,135 Less: current portion — — Loan payable non-current $ 100,118 $ 71,135 |
Warrant [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | The First Amendment The Amended Loan Agreement The Loan Agreement Exercise price $ 14.70 $ 17.95 $ 4.08 Common share price on date of issuance $ 15.04 $ 19.35 $ 6.80 Volatility 0.88 % 184.40 % 195.90 % Risk-free interest rate 3.6 % 1.4 % 2.6 % Expected dividend yield — % — % — % Contractual term (in years) 7.00 7.00 7.00 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Balance Sheet Classification of Operating Lease [Table Text Block] | December 31, December 31, (in thousands) 2023 2022 Liabilities Lease liability current portion $ 1,446 $ 1,581 Lease liability non-current 9,231 10,344 Total lease liability $ 10,677 $ 11,925 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating leases 2024 $ 2,388 2025 2,100 2026 2,080 2027 1,913 2028 1,827 After 2028 4,715 Total lease payments 15,023 Less: interest (4,346 ) Present value of lease liabilities(*) $ 10,677 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 316,962 $ 303,729 Research and development credit 45,806 42,031 Noncash compensation 12,275 10,325 Disallowed interest 3,328 3,882 Capitalized R&D Expenses 36,613 39,411 Other 3,333 985 Deferred tax asset, excluding valuation allowance 418,317 400,363 Less valuation allowance (418,317 ) (400,363 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | For the year ended December 31, (in thousands) 2023 2022 2021 Loss before income taxes, as reported in the consolidated statements of operations $ 13,062 $ (198,335 ) $ (348,101 ) Computed “expected” tax benefit $ 2,743 $ (41,650 ) $ (73,101 ) Increase (decrease) in income taxes resulting from: Expected benefit from state and local taxes 111 (7,242 ) (3,445 ) Research and development credits (3,430 ) (6,389 ) (8,337 ) Officer Compensation Limitation 1,167 4,391 439 Other (179 ) 374 428 Stock options (12,445 ) 17,599 (6,726 ) Change in state tax rates (5,531 ) - - Change in the balance of the valuation allowance for deferred tax assets 17,954 32,917 90,742 $ 390 $ — $ — |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Less than More than Payment due by period (in thousands) Total 1 year 1-3 years 3-5 years 5 years Contractual obligations Operating leases $ 15,023 $ 2,388 $ 4,180 $ 3,740 $ 4,715 Long-term debt 100,403 — 100,403 — — Total $ 115,426 $ 2,388 $ 104,583 $ 3,740 $ 4,715 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retained Earnings (Accumulated Deficit) | $ (1,514,361) | $ (1,527,033) | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 233,662 | 2,785 | $ 6,689 | |
Cash, Cash Equivalents, and Short-Term Investments | 217,500 | |||
Restricted Cash and Investments | 1,300 | |||
Prepaid Research and Development | 4,183 | $ 4,237 | ||
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 | 92,000 | |||
Proceeds From Sales Returns | $ 0 |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities (Details) - shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Potentially dilutive securities excluded from calculation (in shares) | 13,169,240 | 12,650,658 | 13,280,608 |
Unvested Restricted Stock [Member] | |||
Potentially dilutive securities excluded from calculation (in shares) | 8,139,037 | 7,232,254 | 10,532,029 |
Share-Based Payment Arrangement, Option [Member] | |||
Potentially dilutive securities excluded from calculation (in shares) | 4,697,029 | 5,135,685 | 2,467,537 |
Warrant [Member] | |||
Potentially dilutive securities excluded from calculation (in shares) | 312,272 | 262,100 | 262,100 |
Convertible Debt Securities [Member] | |||
Potentially dilutive securities excluded from calculation (in shares) | 20,902 | 20,619 | 18,942 |
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 | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ 12,672 | $ (198,335) | $ (348,101) |
Basic (in shares) | 141,955,112 | 135,411,258 | 132,222,753 |
Dilutive effect of potential common shares (in shares) | 6,553,353 | 0 | |
Weighted-average common shares outstanding assuming dilution (in shares) | 148,508,465 | 135,411,258 | 132,222,753 |
Basic (in dollars per share) | $ 0.09 | $ (1.46) | $ (2.63) |
Diluted (in dollars per share) | $ 0.09 | $ (1.46) | $ (2.63) |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 233,662 | $ 2,785 | $ 6,689 | |
Product [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,005 | $ 2,633 | $ 6,537 | |
Royalty [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | |||
Briumvi Ublituximab [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,000 | |||
Briumvi Ublituximab [Member] | Product [Member] | ||||
Gross Net Accruals | 9,200 | |||
Product Sales, Net Related to Performance Obligations | 3,200 | |||
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 | 1,500 | |||
Consideration Receivable, Performance Obligation | 1,900 | |||
Deferred Revenue | $ 5,900 | |||
Commercialization Agreement With Neuraxpharm [Member] | Maximum [Member] | ||||
Qualified Sales-based Milestone Revenue | $ 505,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 233,662 | $ 2,785 | $ 6,689 |
Product [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 92,005 | 2,633 | 6,537 |
License Revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 140,153 | 152 | 152 |
Other Revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,504 | $ 0 | $ 0 |
Note 2 - Revenue Recognition _2
Note 2 - Revenue Recognition - Disaggregation of Revenue By Product and Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue | $ 233,662 | $ 2,785 | $ 6,689 |
Product [Member] | |||
Revenue | 92,005 | 2,633 | 6,537 |
Briumvi Ublituximab [Member] | |||
Revenue | 92,000 | ||
UNITED STATES | Product [Member] | |||
Revenue | 88,786 | 2,633 | 6,537 |
UNITED STATES | Briumvi Ublituximab [Member] | Product [Member] | |||
Revenue | 88,786 | ||
UNITED STATES | Ukoniq [Member] | Product [Member] | |||
Revenue | 2,633 | 6,537 | |
International [Member] | Product [Member] | |||
Revenue | 3,219 | ||
International [Member] | Briumvi Ublituximab [Member] | Product [Member] | |||
Revenue | 3,219 | ||
Worldwide [Member] | Product [Member] | |||
Revenue | 92,005 | 2,633 | 6,537 |
Worldwide [Member] | Briumvi Ublituximab [Member] | Product [Member] | |||
Revenue | $ 92,005 | ||
Worldwide [Member] | Ukoniq [Member] | Product [Member] | |||
Revenue | $ 2,633 | $ 6,537 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities - Schedule of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost, as adjusted | $ 71,778 | |
Gross unrealized holding gains | 0 | |
Gross unrealized holding losses | 1,482 | |
Estimated fair value | 70,296 | |
US Government Agencies Debt Securities [Member] | ||
Amortized cost, as adjusted | $ 124,575 | |
Gross unrealized holding gains | 30 | |
Gross unrealized holding losses | 53 | |
Estimated fair value | 124,552 | |
US Government Agencies Debt Securities [Member] | Short-Term Investments [Member] | ||
Amortized cost, as adjusted | 124,575 | 59,374 |
Gross unrealized holding gains | 30 | 0 |
Gross unrealized holding losses | 53 | 1,053 |
Estimated fair value | $ 124,552 | 58,321 |
US Government Agencies Debt Securities [Member] | Long Term Investments [Member] | ||
Amortized cost, as adjusted | 12,404 | |
Gross unrealized holding losses | 429 | |
Estimated fair value | $ 11,975 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Schedule of Investment Securities (Details) (Parentheticals) - US Government Agencies Debt Securities [Member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-Term Investments [Member] | Minimum [Member] | ||
Maturity date | Jan. 01, 2024 | Jan. 01, 2023 |
Short-Term Investments [Member] | Maximum [Member] | ||
Maturity date | Jun. 30, 2024 | Dec. 31, 2023 |
Long Term Investments [Member] | Minimum [Member] | ||
Maturity date | Jan. 01, 2024 | |
Long Term Investments [Member] | Maximum [Member] | ||
Maturity date | Feb. 29, 2024 |
Note 4 - Inventory (Details Tex
Note 4 - Inventory (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Briumvi Ublituximab [Member] | |
Inventory Write-down | $ 0 |
Note 4 - Inventory - Schedule o
Note 4 - Inventory - Schedule of Inventory (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Raw Materials | $ 6,582 |
Work in Process | 31,243 |
Finished Goods | 1,999 |
Total Inventory | $ 39,824 |
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 Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
5% Notes | $ 357 | $ 243 |
Total | 357 | 243 |
Fair Value, Inputs, Level 1 [Member] | ||
5% Notes | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
5% Notes | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
5% Notes | 357 | 243 |
Total | $ 357 | $ 243 |
Note 5 - Fair Value Measureme_5
Note 5 - Fair Value Measurements - Schedule of Change in Level Three Fair Value (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 243 | $ 360 |
Interest accrued on face value of 5% Notes | 1,133 | 1,073 |
Change in fair value of Level 3 liabilities | (1,019) | (1,190) |
Balance | $ 357 | $ 243 |
Note 5 - Fair Value Measureme_6
Note 5 - Fair Value Measurements - Schedule of Change in Level Three Fair Value (Details) (Parentheticals) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 3 [Member] | ||
Interest rate | 5% | 5% |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 02, 2022 | Jun. 30, 2022 | Dec. 31, 2020 | Sep. 05, 2019 | Jul. 28, 2014 | |
Preferred Stock, Shares Authorized (in shares) | 10,000,000 | |||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Common Stock, Shares Authorized (in shares) | 175,000,000 | 175,000,000 | ||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||
Proceeds from Issuance of Common Stock | $ 46,296 | $ 0 | $ 2,219 | |||||
Treasury Stock, Common, Shares (in shares) | 41,309 | 41,309 | ||||||
Treasury Stock, Value | $ 200 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 4,697,029 | 5,135,685 | 2,467,537 | 2,526,166 | ||||
Share-Based Payment Arrangement, Expense | $ 37,900 | $ 19,200 | $ 61,300 | |||||
Share-Based Payment Arrangement, Noncash Expense | 37,933 | $ 19,185 | $ 61,274 | |||||
Stock-based Compensation Expense Capitalized Into Inventory [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 2,900 | |||||||
Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 9,639,068 | 8,732,286 | 12,032,040 | 10,785,034 | ||||
Share-Based Payment Arrangement, Noncash Expense | $ 34,100 | $ 15,800 | $ 58,400 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 27,800 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | |||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 0 | |||||||
Share-Based Payment Arrangement, Noncash Expense | 3,900 | $ 3,300 | $ 2,900 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 4,100 | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | |||||||
Milestone Based Restricted Stock [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 2,470,770 | |||||||
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 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 8,751,892 | |||||||
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) | 4,631,204 | |||||||
The 2012 Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 5,007,864 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 2,424,529 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||||||
The 2020 Atm [Member] | ||||||||
Common Stock, Commission Rate | 3% | |||||||
The 2021 Atm [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 72,000 | |||||||
Proceeds from Issuance of Common Stock | $ 2,500 | |||||||
Share Price (in dollars per share) | $ 34.25 | |||||||
Proceeds from Issuance of Common Stock, Net | $ 2,400 | |||||||
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 | |||||||
Proceeds from Issuance of Common Stock, Net | $ 46,300 | |||||||
Series A Junior Participating Preferred Stock [Member] | ||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Rights to Purchase Series A Junior Participating Preferred Stock [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 0.001 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 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 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 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 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 17.95 | |||||||
Warrants to Purchase Common Stock, First Amendment Loan Agreement [Member] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 50,172 | |||||||
Warrants to Purchase Common Stock, First Amendment [Member] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ 14.7 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options outstanding (in shares) | 5,135,685 | 2,467,537 | 2,526,166 | |
Options outstanding, weighted average exercise price (in dollars per share) | $ 7.1 | $ 7.06 | $ 6.99 | |
Options outstanding, weighted average remaining contractual term (Year) | 4 years 1 month 6 days | 5 years 1 month 2 days | 6 years 11 months 26 days | 8 years 1 month 6 days |
Options outstanding, aggregate intrinsic value | $ 47,607,209 | $ 25,064,799 | $ 29,503,551 | $ 115,472,832 |
Options granted (in shares) | 0 | 2,975,000 | 0 | |
Options granted, weighted average exercise price (in dollars per share) | $ 0 | $ 7 | $ 0 | |
Options exercised (in shares) | (246,156) | (142,409) | (52,694) | |
Options exercised, weighted average exercise price (in dollars per share) | $ 6.08 | $ 4.1 | $ 4.1 | |
Options forfeited (in shares) | (192,500) | (164,443) | (5,935) | |
Options forfeited, weighted average exercise price (in dollars per share) | $ 11.3 | $ 7.84 | $ 4.1 | |
Options expired (in shares) | 0 | 0 | 0 | |
Options expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Options expired, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | $ 0 | |
Options outstanding (in shares) | 4,697,029 | 5,135,685 | 2,467,537 | 2,526,166 |
Options outstanding, weighted average exercise price (in dollars per share) | $ 6.98 | $ 7.1 | $ 7.06 | $ 6.99 |
Options exercisable (in shares) | 2,133,273 | |||
Options exercisable, weighted average exercise price (in dollars per share) | $ 6.6 | |||
Options exercisable, weighted average remaining contractual term (Year) | 4 years 8 months 19 days | |||
Options exercisable, aggregate intrinsic value | $ 22,518,984 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity - Schedule of Fair Value Assumptions (Details) | Dec. 31, 2022 |
Minimum [Member] | |
Volatility | 88.37% |
Expected term (in years) (Year) | 3 years 1 month 17 days |
Risk-free rate | 2.99% |
Maximum [Member] | |
Volatility | 89.67% |
Expected term (in years) (Year) | 4 years |
Risk-free rate | 3.35% |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity - Schedule of Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Outstanding (in shares) | 8,732,286 | 12,032,040 | 10,785,034 |
Outstanding, weighted average grand date fair value (in dollars per share) | $ 16.12 | $ 18.67 | $ 13.38 |
Granted (in shares) | 3,620,237 | 5,179,201 | 2,738,974 |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.77 | $ 12.75 | $ 39.49 |
Vested (in shares) | (2,500,263) | (6,291,999) | (1,302,737) |
Vested, weighted average grant date fair value (in dollars per share) | $ 11.98 | $ 11.28 | $ 18.14 |
Forfeited (in shares) | (213,192) | (2,186,956) | (189,231) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 12.14 | $ 22.44 | $ 21.8 |
Outstanding (in shares) | 9,639,068 | 8,732,286 | 12,032,040 |
Outstanding, weighted average grand date fair value (in dollars per share) | $ 17.05 | $ 16.12 | $ 18.67 |
Note 7 - Loan Payable (Details
Note 7 - Loan Payable (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Mar. 30, 2023 | Feb. 28, 2019 | |
Debt Instrument, Fee, Percentage of Aggregate Principle Amount | 4.95% | |||||
Amortization of Debt Issuance Costs | $ 2,378 | $ 1,844 | $ 1,080 | |||
The First Amendment Warrant [Member] | ||||||
Warrant Coverage Percentage | 2.95% | |||||
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 | $ 17.95 | ||||
Class of Warrant or Right, Term (Year) | 7 years | 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 On Or After 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 Second 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 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 115,042 | |||||
Debt Issuance Costs, Net | $ 2,000 | |||||
Amortization of Debt Issuance Costs | $ 2,400 | $ 1,800 | $ 1,100 | |||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 5,100 | |||||
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] | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Measurement Input, Exercise Price [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 14.7 | 17.95 | 4.08 |
Measurement Input, Share Price [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 15.04 | 19.35 | 6.8 |
Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.0088 | 1.844 | 1.959 |
Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.036 | 0.014 | 0.026 |
Measurement Input, Expected Dividend Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0 | 0 | 0 |
Measurement Input, Expected Term [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 7 | 7 | 7 |
Note 7 - Loan Payable - Sched_2
Note 7 - Loan Payable - Schedule of Loan Payble (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loan payable | $ 95,000 | $ 70,000 |
Add: Accreted Liability of final payment fee | 10,230 | 6,667 |
Long-Term Debt, Gross | 105,230 | 76,667 |
Less: unamortized debt issuance costs | (5,112) | (5,532) |
Long-term Debt, Before Repayments | 100,118 | 71,135 |
Less: principal payments | 0 | 0 |
Total loan payable | 100,118 | 71,135 |
Less: current portion | 0 | 0 |
Loan payable non-current | $ 100,118 | $ 71,135 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2021 USD ($) | Oct. 31, 2019 USD ($) | Oct. 31, 2014 USD ($) ft² | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 28, 2019 | Jan. 01, 2019 USD ($) | Apr. 30, 2018 USD ($) | ||
Operating Lease, Right-of-Use Asset | $ 8,050 | $ 8,888 | ||||||||
Operating Lease, Liability | 10,677 | [1] | 11,925 | |||||||
Operating Lease, Cost | $ 2,200 | $ 2,700 | $ 2,200 | |||||||
Operating Lease, Weighted Average Discount Rate, Percent | 10.25% | |||||||||
The New Jersey Lease [Member] | ||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||||||||
Average Annual Rental Payments | $ 300 | |||||||||
The North Carolina Lease [Member] | ||||||||||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | |||||||||
Average Annual Rental Payments | $ 200 | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 5.65% | |||||||||
Minimum [Member] | ||||||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |||||||||
Maximum [Member] | ||||||||||
Lessee, Operating Lease, Remaining Lease Term (Year) | 8 years | |||||||||
Revision of Prior Period, Adjustment [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | $ 9,500 | |||||||||
Operating Lease, Liability | $ 8,100 | |||||||||
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 [Member] | ||||||||||
Operating Lease, Right-of-Use Asset | $ 8,100 | |||||||||
Operating Lease, Liability | $ 10,700 | |||||||||
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |||||||||
Long-Term Line of Credit | $ 600 | |||||||||
Additional Collateral, Aggregate Fair Value | $ 600 | |||||||||
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 9 months 18 days | |||||||||
Operating Lease, Weighted Average Discount Rate, Percent | 10% | |||||||||
Operating Lease, Payments, Use | $ 2,400 | |||||||||
[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 C
Note 8 - Leases - Schedule of Classification of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Lease liability current portion | $ 1,446 | $ 1,581 | |
Lease liability non-current | 9,231 | 10,344 | |
Total lease liability | $ 10,677 | [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 L
Note 8 - Leases - Schedule of Lease Liability Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
2024 | $ 2,388 | ||
2025 | 2,100 | ||
2026 | 2,080 | ||
2027 | 1,913 | ||
2028 | 1,827 | ||
After 2028 | 4,715 | ||
Total lease payments | 15,023 | ||
Less: interest | (4,346) | ||
Present value of lease liabilities(*) | $ 10,677 | [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 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Tax Assets, Valuation Allowance | $ 418,317 | $ 400,363 |
Current Income Tax Expense (Benefit) | $ 400 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Domestic Tax Authority [Member] | ||
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | $ 61,800 | |
Operating Loss Carryforwards | 1,400,000 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 45,800 | |
Domestic Tax Authority [Member] | Business Interest Expense Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 14,500 | |
Foreign Tax Authority [Member] | ||
Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | $ 13,900 |
Note 9 - Income Taxes - Schedul
Note 9 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Net operating loss carryforwards | $ 316,962 | $ 303,729 |
Research and development credit | 45,806 | 42,031 |
Noncash compensation | 12,275 | 10,325 |
Disallowed interest | 3,328 | 3,882 |
Capitalized R&D Expenses | 36,613 | 39,411 |
Other | 3,333 | 985 |
Deferred tax asset, excluding valuation allowance | 418,317 | 400,363 |
Less valuation allowance | (418,317) | (400,363) |
Net deferred tax assets | $ 0 | $ 0 |
Note 9 - Income Taxes - Sched_2
Note 9 - Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss before income taxes, as reported in the consolidated statements of operations | $ 13,062 | $ (198,335) | $ (348,101) |
Computed “expected” tax benefit | 2,743 | (41,650) | (73,101) |
Expected benefit from state and local taxes | 111 | (7,242) | (3,445) |
Research and development credits | 3,430 | 6,389 | 8,337 |
Officer Compensation Limitation | 1,167 | 4,391 | 439 |
Other | (179) | 374 | 428 |
Stock options | (12,445) | 17,599 | (6,726) |
Change in state tax rates | (5,531) | 0 | 0 |
Change in the balance of the valuation allowance for deferred tax assets | 17,954 | 32,917 | 90,742 |
Income Tax Expense (Benefit) | $ 390 | $ 0 | $ 0 |
Note 10 - License Agreements (D
Note 10 - License Agreements (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jul. 28, 2023 | Jul. 31, 2020 | Dec. 31, 2012 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2018 | Jan. 31, 2018 | Sep. 22, 2014 | Jan. 31, 2012 | |
Income Tax Expense (Benefit) | $ 390 | $ 0 | $ 0 | |||||||
Deferred Revenue | 300 | |||||||||
L F B License Agreement [Member] | ||||||||||
License And Collaboration Agreement, Expenses Incurred | 31,000 | |||||||||
Accounts Payable | 0 | |||||||||
Royalty Expense | 8,700 | |||||||||
Accrued Royalties | 3,900 | |||||||||
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 | $ 6,000 | |||||||||
Sublicense Agreement With Ildong Pharmaceutical Co [Member] | ||||||||||
Additional Amount Receivable on Achievement of Pre-specified Milestones | $ 5,000 | |||||||||
Upfront Fee Received From Sub License | 2,000 | |||||||||
Income Tax Expense (Benefit) | $ 300 | |||||||||
License Revenue | 200 | 200 | 200 | |||||||
Deferred Revenue | 500 | |||||||||
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 | |||||||||
License and Collaboration Agreements, One-time, Non-refundable Payment | 140,000 | 140,000 | ||||||||
Additional Payments Upon Key Market Commercial Launch | $ 12,500 | |||||||||
Royalty Percentage on Net Product Sales | 30% | |||||||||
Agreement Buyback Period (Year) | 2 years | |||||||||
TG 1701 [Member] | ||||||||||
Additional Amount Payable on Achievement of Pre-specified Milestones | $ 350,000 | |||||||||
TG 1701 [Member] | Hengrui [Member] | ||||||||||
Milestone Payments | $ 2,000 | |||||||||
TG 1801 [Member] | ||||||||||
Additional Amount Payable on Achievement of Pre-specified Milestones | $ 185,000 | |||||||||
The Umbralisib License [Member] | ||||||||||
License And Collaboration Agreement, Expenses Incurred | 24,000 | |||||||||
Royalty Expense | 0 | |||||||||
Additional Amount Payable on Achievement of Pre-specified Milestones | $ 175,000 | |||||||||
The Umbralisib License [Member] | Rhizen [Member] | ||||||||||
Milestone Payments | 12,000 | |||||||||
TG 1501 [Member] | ||||||||||
License And Collaboration Agreement, Expenses Incurred | $ 100 | $ 100 | $ 100 |
Note 11 - Related Party Trans_2
Note 11 - Related Party Transactions (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Costs and Expenses, Related Party | $ 0.9 | $ 1.3 | $ 0.9 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contractual Obligation | $ 115,426 | ||
Operating Lease, Expense | 2,200 | $ 2,700 | $ 2,200 |
Lessee, Operating Lease, Liability, to be Paid | $ 15,023 |
Note 12 - Commitments and Con_4
Note 12 - Commitments and Contingencies - Contractual Obligation, Fiscal Year Maturity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Lessee, Operating Lease, Liability, to be Paid | $ 15,023 |
Operating leases, year one | 2,388 |
Operating leases, year two and three | 4,180 |
Operating leases, year four and five | 3,740 |
Operating leases, after year five | 4,715 |
Long-term debt | 100,403 |
Long-term debt, year one | 0 |
Long-term debt, year two and three | 100,403 |
Long-term debt, year four and five | 0 |
Long-term debt, after year five | 0 |
Contractual Obligation | 115,426 |
Total, year one | 2,388 |
Total, year two and three | 104,583 |
Total, year four and five | 3,740 |
Total, after year five | $ 4,715 |
Note 13 - Subsequent Event (Det
Note 13 - Subsequent Event (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | Feb. 26, 2024 | Jan. 07, 2024 |
Precision License Agreement [Member] | ||
License Agreement, Amount Paid Upfront | $ 7,500 | |
License Agreement, Amount Paid Upfront, Cash | 5,250 | |
License Agreement, Amount Paid Upfront, Equity Investment | $ 2,250 | |
Investment Purchased Balance Price Per Share (in dollars per share) | $ 0.77 | |
License Agreement, Deferred Payment | $ 2,500 | |
License Agreement, Additional Milestone Payments | $ 288,000 | |
Precision License Agreement [Member] | Precision [Member] | ||
Investment Purchased Balance Shares (in shares) | 2,920,816 | |
Commercialization Agreement With Neuraxpharm [Member] | ||
Milestone Payments | $ 12,500 |