TG Therapeutics, Inc.

Greetings and welcome to the TG Therapeutics fourth quarter and year-end 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I would now like to turn the conference over to your host, Jenna Bosco, Chief Communication Officer. Please proceed.

Thank you. Welcome, everyone, and thank you for joining us this morning. I'm Jenna Bosco, and with me to discuss TG Therapeutics' fourth quarter and year-end 2025 financial results are Michael Weiss, our Chairman and Chief Executive Officer, Adam Waldman, our Chief Commercial Officer, and Sean Power, our Chief Financial Officer. Following our Safe Harbor statement, Mike will begin with an overview of our recent corporate developments. Adam will provide an update on our commercial efforts, and Sean will review our financial results before we open the call for Q&A. Before we begin, I'd like to remind everyone that today's discussion will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may include expectations regarding our future operating and financial performance, including sales trends, revenue guidance, projected milestones, development plans, and outlook for our marketed products. Please note that these statements are subject to risks and uncertainties that could cause our actual results to differ materially from those indicated. These risks are detailed in our SEC filings. Additionally, any forward-looking statements made today reflect our views only as of this date, and we disclaim any obligation to update or revise them. As a reminder, this conference call is being recorded and will be available for replay for the next 30 days on our corporate website at With that, I'll turn the call over to Mike Weiss, our CEO.

Thank you, Jenna. And good morning, everyone. And thank you for joining us today. 2025 was a defining year for TG Therapeutics. We didn't just grow, we scaled, we strengthened, and we demonstrated that pre-MV is becoming a foundational therapy in relapsing multiple sclerosis. Let's start with what matters most, performance. we delivered approximately $616 million in total global revenue, the vast majority of which came from $594 million of Briomvi U.S. net sales. And we capped the year with a strong fourth quarter of $183 million. That represents approximately 92% year-over-year growth and 20% sequential growth from Q4 over Q3. Those numbers reflect something simple. Physicians are choosing Briomvi, patients are staying on Briomvi, and confidence in the product continues to build. That confidence is reinforced by our six-year open-label extension data from Ultimate 1 and 2 presented at ECTROMS this past September. Nearly 90% of the patients were free from 24-week confirmed disability progression after six years of continuous treatment. Six years. And the relapse rate seen in the six-year Brown retreatment translates into one relapse occurring in every 83 years of treatment. And importantly, no new safety signals emerged. On the R&D front, we advanced our phase three enhanced study, evaluating consolidation of the day one and day 15 BrionB infusions into a single 600 milligram dose. Enrollment is complete. We expect top line data mid-year with the potential 2027 launch of this consolidated treatment schedule. If successful, this could meaningfully simplify the treatment experience. We believe effective therapies should not only work well, but be as convenient as possible for patients, which brings me to our subcutaneous program. We're developing a self-administered, at-home, subcubriumvy to be delivered via an auto-injector. Our Phase III study is evaluating two dosing schedules, every two months and quarterly administration. The trial is now approximately 75% enrolled, and we're targeting pivotal top-line data later this year or early next year, with a potential 2028 launch. We see this program as having significant commercial potential. The sub-Q portion of the anti-CD20 market is substantial, and being able to compete in this space, we believe, can nearly double our total addressable market opportunity. Beyond MS, we are actively advancing plans to explore Bionvi in additional autoimmune indications, including having treated a series of myasthenia sclerosis patients in a phase one study. And finally, Azercel. Our allogeneic anti-CD19 CAR T is being studied in patients with progressive MS. It's still early, but momentum is building. Our clinical trial sites are identifying patients quickly. In fact, demand is exceeding available trial slots. That tells us something important. There's a real unmet medical need. We look forward to sharing updates from this program later this year. Turning to some financials, I'll leave the details to Adam and Sean, but suffice to say, we expect to continue generating positive cash flow in 2026 and beyond, which gives us a rare financial flexibility within the biotech universe. We've been clear about our capital priorities. Invest to maximize the multi-billion dollar pre-MV opportunity. Expand the pipeline judiciously for sustained future growth. Repurchase shares when we believe TG is materially undervalued and otherwise allocate capital in ways that generate long-term returns. With respect to share buybacks, we completed our first $100 million share repurchase program, and the Board authorized an additional $100 million last year. At current levels, we view our shares as significantly undervalued relative to the cash flow profile we expect over the coming years, and we will not hesitate to act accordingly, including adding leverage to reduce our share count. And to be clear, we purchase shares to create long-term value, not for the optics. Before closing, I want to touch on something I'm personally very proud of. Many of you saw Christina Applegate launch NextNMS during Super Bowl 60. We are honored to partner with her on this platform. NextNMS is about honest, unfiltered conversations about life with MS, about difficult realities, about resilience beyond treatment decisions. We're not just commercializing BrionVee. We're building the MS company that shows up for patients beyond the prescription. To close, at TG, our mission remains simple. Deliver meaningful therapies, simplify treatment, create lasting value for patients and shareholders. I'll now turn the call over to Adam Wallman, our Chief Commercial Officer, for a detailed commercial update. Adam, go ahead.