XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.26.1

Note 6 - Stock Based Compensation | 6 Months Ended
--- | ---
Jun. 30, 2026
Notes to Financial Statements |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 6 - STOCK BASED COMPENSATION Preferred Stock The Company’s 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 the Company’s common stock, issuable in one or more series. Upon issuance, the Company may determine the rights, preferences, privileges and restrictions thereof. These rights, preferences, and privileges could include dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences, sinking fund terms and the number of shares constituting any series or the designation of such series, any or all of which may be greater than the rights of common stock. Common Stock The Company amended and restated certificate of incorporation authorizes the issuance of up to 190,000,000 shares of $0.001 par value common stock. On August 8, 2025, the Company filed an automatic “shelf registration” statement on Form S-3 (the 2025 WKSI Shelf) as a “well-known" issuer” (WKSI) as defined in Rule 405 under the Securities Act of 1933, as amended. The 2025 WKSI Shelf was declared effective upon filing and registers an unlimited amount of debt securities, equity securities, or other securities that the Company may issue and sell from time to time. Accordingly, the 2022 ATM with Cantor Fitzgerald & Co. and B. Riley Securities, Inc. has expired. The Company may offer and sell securities registered under the 2025 WKSI Shelf in one or more offerings, from time to time, depending on market conditions and its capital needs. The Company may also file additional registration statements in the future to maintain financing flexibility in support of its operations. Share Repurchase Program and Treasury Stock In August 2024, the Company’s Board of Directors (the Board) authorized a share repurchase program (the Prior Share Repurchase Program) pursuant to which the Company could repurchase up to $100 million of its outstanding common stock. In September 2025, the Company announced the completion of the Prior Share Repurchase Program. Under the Prior Share Repurchase Program, the Company repurchased an aggregate of 3,502,334 shares of common stock at an average price of $28.55 per share. In September 2025, the Board authorized and approved a new share repurchase program (the 2025 Share Repurchase Program) for up to $100 million of the currently outstanding shares of the Company’s common stock. Under the 2025 Share Repurchase Program, the Company intends to repurchase shares through open market purchases, privately-negotiated transactions, or other methods in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act. The 2025 Share Repurchase Program does not have a fixed expiration date, may be suspended or discontinued at any time, and does not obligate the Company to acquire any particular amount of its common stock. In March 2026, the Board authorized and approved an increase to the 2025 Share Repurchase Program from $100 million to $300 million. As of June 30, 2026, the Company had repurchased approximately $100.0 million of common stock under the 2025 Share Repurchase Program at an average price of $30.44 per share. As of June 30, 2026, 6,871,546 shares of common stock are being held in Treasury, at a cost of approximately $200.2 million, representing the fair market value on the date the shares were surrendered to the Company, mainly as part of the Prior Share Repurchase Program and the 2025 Share Repurchase Program. Equity Incentive Plans The TG Therapeutics, Inc. Amended and Restated 2012 Incentive Plan (the 2012 Incentive Plan) was approved by stockholders in June 2020. As of June 30, 2026, 2,976,163 shares of restricted stock and 1,863,656 options were outstanding, and no additional shares were available to be issued under the 2012 Incentive Plan. The TG Therapeutics, Inc. 2022 Incentive Plan (the 2022 Incentive Plan) was approved by stockholders in June 2022 with 17,000,000 shares available to be issued, and was amended to increase the shares available to be issued from 17,000,000 to 22,000,000 in June 2025 (the 2022 Incentive Plan Amendment). As of June 30, 2026, 8,244,761 shares of restricted stock and 2,196,500 options were outstanding, and 41,625 Stock Tracking Units (STUs) were reserved, leaving up to an additional 5,653,450 shares available to be issued under the 2022 Incentive Plan. The 2022 Incentive Plan is currently the Company’s only active incentive plan. The Company’s equity incentive plan includes both equity and liability-classified awards granted to employees and directors. Restricted Stock The following table summarizes the activity for restricted stock for the six months ended June 30, 2026 and 2025:
|  | Restricted Stock |
|  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |
Restricted stock awards outstanding, beginning of year |  |  | 12,011,881 |  |  |  | 11,843,586 |
Changes during the year: |  |  |  |  |  |  |  |
Granted |  |  | 1,047,977 |  |  |  | 2,723,646 |
Vested |  |  | (1,746,031 | ) |  |  | (1,604,013 | )
Expired or Forfeited |  |  | (92,903 | ) |  |  | (193,120 | )
Restricted stock awards outstanding, end of period |  |  | 11,220,924 |  |  |  | 12,770,099 |
These unvested shares are included in the Company's common shares issued and outstanding as reported on the condensed consolidated balance sheet. Total stock-based compensation expense related to restricted stock grants was $12.3 million and $16.0 million for the three months ended June 30, 2026 and 2025, respectively, net of $0.6 million and $1.0 million of expense capitalized into inventory during the respective periods. Total stock-based compensation expense related to restricted stock grants was $26.1 million and $30.5 million for the six months ended June 30, 2026 and 2025, respectively, net of $1.2 million and $2.0 million of expense capitalized into inventory during the respective periods. As of June 30, 2026, the Company had approximately $33.6 million of total unrecognized compensation expense related to unvested time-based restricted stock, expected to be recognized over a weighted-average period of 2.5 years. Milestone-based noncash compensation expense will be recognized if and when achievement of the related milestone becomes probable. Awards with market conditions are valued using advanced option-pricing models, such as a Monte Carlo simulation, with the effect of the market condition reflected in the grant-date fair value. Compensation expense for awards with market conditions is recognized over the requisite service period determined by the grant-date valuation, regardless of whether the market condition is ultimately satisfied As of June 30, 2026, the Company had approximately $20.7 million of total unrecognized compensation expense related to unvested milestone-based restricted stock. Of this amount, $1.9 million is expected to be recognized over a weighted-average period of 0.2 years, while the remaining $18.8 million will be recognized only if and when achievement of the applicable milestones become probable. As of June 30, 2026, the Company had approximately $47.6 million related to restricted stock with market conditions, expected to be recognized over a weighted-average period of 2.7 years. Stock Tracking Units (STUs) The Company grants stock tracking units (STUs), which are equity-linked compensation awards granted under the TG Therapeutics, Inc. 2022 Incentive Plan. Each STU represents the right to receive the value of one share of the Company’s common stock, either in cash or, for certain awards, in shares of stock. STUs may be either time-based awards or performance-based awards. STUs are accounted for as liability awards and are remeasured at fair value at each reporting date, with changes in fair value recognized as stock-based compensation expense in the condensed consolidated statements of operations. The fair value of STUs is based on the closing price of the Company’s common stock at each reporting date. Compensation expense for STUs is recognized over the requisite service period. For STUs with performance conditions, expense is recognized when it is probable that the performance condition will be achieved. The related liability is recorded within accrued compensation and is adjusted each reporting period until settlement. As of June 30, 2026, the Company had approximately 1,949,005 STUs outstanding. Stock-based compensation expense related to STUs was $15.3 million for the three months ended June 30, 2026, net of $0.7 million of expense capitalized into inventory. Stock-based compensation expense related to STUs was $21.4 million for the six months ended June 30, 2026, net of $0.9 million of expense capitalized into inventory. The expense recognized during the three and six months ended June 30, 2026 includes approximately $8.6 million attributable to the remeasurement of outstanding STUs to fair value based on the increase in the Company's closing stock price during the period. As of June 30, 2026, the Company had approximately $84.8 million of unrecognized compensation expense related to unvested STUs, expected to be recognized over a weighted-average period of 3.6 years. Stock Options: The following table summarizes the activity for stock options for the six months ended June 30, 2026 and 2025: ​
|  | Stock Options |
|  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |
Stock options outstanding, beginning of year |  |  | 4,204,816 |  |  |  | 4,470,216 |
Changes during the year: |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |
Exercised |  |  | (144,660 | ) |  |  | (51,650 | )
Expired or Forfeited |  |  | — |  |  |  | (56,250 | )
Stock options outstanding, end of period |  |  | 4,060,156 |  |  |  | 4,362,316 |
Total stock-based compensation expense associated with stock options was approximately $0.2 million and $0.4 million during the three months ended June 30, 2026 and 2025, respectively. Total stock-based compensation expense associated with stock options was approximately $0.4 million and $0.8 million during the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, there was approximately zero of total unrecognized compensation cost related to unvested time-based stock options, which is expected to be recognized over a weighted-average period of 0.1 years. As of June 30, 2026, stock options outstanding include options granted to both employees and non-employees which are both time-based and milestone-based. Stock-based compensation for milestone-based options will be recorded if and when a milestone becomes probable. Warrants As of June 30, 2026, the Company had outstanding warrants issued to Hercules Capital, Inc. (Hercules) to purchase 115,042 and 50,172 shares of its common stock with exercise prices of $17.95 and $14.70, respectively. The warrants were issued in connection with the Company’s prior loan agreement with Hercules, which has been repaid and terminated. These Warrants shall be exercisable for seven years from their date of issuance, and will expire on December 30, 2028 and March 31, 2030, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration