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TG Therapeutics Inc (TGTX -0.50%)
Q3Â 2019 Earnings Call
Nov 12, 2019, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Greetings. Welcome to TG Therapeutics Third Quarter 2019 Financial Results and Business Update Call. [Operator Instructions]. And a brief question-and-answer session will follow the formal presentation.
[Operator Instructions]
At this time, I will turn the call over to Jenna Bosco. Jenna, you may now begin.
Jenna Bosco -- Senior Vice President, Corporate Communications
Thank you. Good morning and welcome to our conference call regarding TG Therapeutics' third quarter 2019 financial results and business update. I am Jenna Bosco, TG's Senior Vice President of Corporate Communications, and I welcome you to our conference call today.
Following our Safe Harbor statement, Sean Power, TG's Chief Financial Officer, will provide a brief overview of our financial results and then turn the call over to Michael Weiss, the Company's Executive Chairman and Chief Executive Officer who will provide an update on the ongoing development of our lead compounds, ublituximab and umbralisib, as well as an overview of our overall company standing.
Before we begin, I would like to remind everyone that many remarks we make about our future expectations, plans, and prospects constitute forward-looking statements for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. TG cautions that these forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from those indicated. Factors that may affect TG Therapeutics' operations include various risk factors that can be found in our SEC filings. This conference call is being recorded for audio rebroadcast on TG's website, www.tgtherapeutics.com, where it will be available for the next 30 days. All participants on this call will be on a listen-only mode.
Now I would like to turn the call over to Sean Power, our Chief Financial Officer, to briefly discuss the financial results for the third quarter of 2019 as well as Che company's overall financial condition.
Sean A. Power -- Chief Financial Officer
Thank you, Jenna. And thanks everyone for joining us. As I'm sure you've all now seen, our financial results were released this morning and can be viewed on the Investors & Media section of our website. Our net loss for the third quarter of 2019, excluding non-cash items, was approximately $59.9 million, with a GAAP net loss for this quarter of $61.9 million, or $0.69 per share, compared to a net loss of $34 million or $0.43 per share during the comparable quarter in 2018. Included in this quarter's net loss was an increase in manufacturing and CMC expenses of approximately $27 million. These costs relate primarily to manufacturing expenses associated with Phase 3 development and in preparation for commercialization. And we've been able to secure favorable payment terms on the bolus of these expenses, deferring payment of these costs for up to one year.
Offsetting increases in manufacturing expenses has been the continued decrease in clinical trial expenses, $3.8 million in the quarter, which we expect will continue into 2020. All in all, for the quarter, we saw a cash burn of approximately $33 million. With the bulk of our manufacturing costs now behind us and with our clinical costs continuing to decrease, we expect our cash burn to be in the $25 million to $30 million per quarter range. Accordingly, with a pro forma cash position as of September 30th of approximately $96 million, which includes approximately $24 million raised under our ATM facility subsequent to the end of the quarter, and our future availability under the ATM we believe our cash will be sufficient to fund our operations into the fourth quarter of 2020, and importantly, through our near-term milestones of Phase 3 readouts for UNITY-CLL and MS, which we I believe should be significant value-creating inflection points for the Company.
With that, I will now turn the call over to Mike Weiss, our Executive Chairman and CEO.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Great. Thanks, Sean, and thank you, Jenna, and thanks everyone for joining us this morning. Seeing as we were just on a call a few weeks ago, we're going to try to keep this one relatively short. I thought I'd start off by focusing on the ASH abstracts that were released last week, I'll provide a little bit of color and context around those presentations, and then touch on some of this year's major accomplishments and conclude after the Q&A with some upcoming goals and catalysts for the Company.
So to start, let's talk about the two presentations at ASH that we announced last week. First is an oral presentation on the triple combination of umbralisib, our PI3K delta and CK1-epsilon inhibitor, and ublituximab, our glycoengineered anti-CD20 monoclonal antibody, which together we refer to as U2. So U2 plus venetoclax in patients with relapsed or refractory chronic lymphocytic leukemia, also CLL. This is a Phase 1/2 study was designed with the intent to assess whether U2 plus venetoclax could potentially drive deep and durable responses in a fixed timeframe of treatment. For example, in this study, 12 months and then stop treatment if you achieve MRD negative in the bone marrow.
A few exciting and interesting tidbits in this abstract included that U2 alone was highly active with an overall response rate of 85%, 11 of 13 patients, after three cycles of therapy, and this is again prior to the introduction of venetoclax. We start with a U2 alone induction, and these are patients who were heavily pretreated, relapsed/refractory CLL patients, including a number of whom that were refractory to ibrutinib. Following cycle three, venetoclax was introduced to the study and all nine patients that had at least seven cycles of follow up at the time of the ASH abstract submission had a complete or partial response to the three-drug combination. As importantly, of the five patients with 12 cycles of follow-up at the time of the ASH abstract submission, all of them had achieved undetectable minimal residual disease in the peripheral blood and four or five of those patients had achieved undetectable MRD in the bone marrow and were able to stop treatment at the end of cycle 12.
While these are small patient numbers, these results appear to represent a substantial improvement over existing therapy. We look forward to the presentation of additional data from this study at ASH, including additional patients through the longer -- and patients through longer follow up to confirm these dramatic effects. This data will be presented at ASH by Dr. Paul Barr, Director of the Clinical Trial Center at Wilmot Cancer Institute at the University of Rochester.
Additionally, we have already begun enrolling in what we hope will be a registration-directed Phase 2 single-arm study called the ULTRA-V study, which looks at the combination of U2 plus venetoclax in both relapsed refractory and treatment-naive CLL patients. This study is being led by Dr. Richard Furman. He is the Director of the CLL Research Center at Weill Cornell Medicine here in New York City.
The second abstract accepted for a poster presentation is the Phase 1 study of TG-1701, our novel BTK inhibitor, as a single agent and in combination with U2 for patients with a variety of relapsed/refractory B-cell malignancies. As you may recall, we have previously studied the triple combination of U2 plus a ibrutinib where we demonstrated a 100% response rate in patients with CLL and marginal zone lymphoma, with a well-tolerated safety profile. The promising results seen in the U2 plus ibrutinib study, which was published in Lancet Haematology motivated us to move our proprietary once-daily BTK inhibitor into triple combination studies as rapidly as possible. The ASH abstract includes the first-ever clinical data on our BTK inhibitor, TG-1701, and includes data from the single-agent cohort as well as the triple combination cohort with U2.
Responses have been seen at all dose levels and all patients treated in the triple combination at the lowest dose have achieved a response at the first assessment, including a complete response in a patient with follicular lymphoma and two partial responses, one in a patient with follicular lymphoma and one in a patient with marginal zone lymphoma. This study is particularly important to us at TG as it represents a significant step forward in our mission to develop novel combination therapies to those patients in need. This is the first triple combination study conducted where all the agents are proprietary TG drug candidates.
Needless to say, we are excited for the ASH meeting in Orlando next month. Both of these trials will come into better focus when we have the UNITY-CLL pivotal data. But please understand that we are conducting today, the studies that will hopefully enable a strategy that puts U2 in a position to use both as U2 alone and also on top of BTKs and venetoclax to optimize those treatments. Neither BTKs nor venetoclax alone are the solution. Our belief is that U2 makes these treatments better and should enhance the number of patients that get long-term durable remissions, so patients can stop therapy. That is the goal of all this work.
With that, it's probably a good time to transition to the UNITY-CLL study, as much of the excitement of these two abstracts hinges on a positive UNITY-CLL outcome. As a reminder, the UNITY-CLL trial is a randomized Phase 3 study of U2 compared to an active control arm of a combination of a chemotherapy and an anti-CD20 monoclonal antibody in patients with both treatment-naive, as well as relapsed refractory chronic lymphocytic leukemia. The primary endpoint for this trial is progression-free survival. As we've said previously, we hope to have results from this study around year-end or into the first quarter of next year. However, as this is an event-driven trial, it is challenging to precisely predict the timing of completion. We remain extremely optimistic about the study and the prospects for a successful PFS outcome.
Before I transition to a quick highlight-reel of what we've accomplished this year so far, let me also remind everyone that in addition to the UNITY-CLL Phase 3 data, we have another large Phase 3 program reading out in 2020. That, of course, is our ULTIMATE 1 and 2 Phase 3 trials in relapsing forms of multiple sclerosis. These are two independent Phase 3 trials comparing ublituximab to oral teriflunomide. The primary endpoint for each study is annualized relapse rate, following 96 weeks of treatment and designed to support submission for full approval of ublituximab in relapsing forms of MS.
These trials are being conducted under Special Protocol Assessment with the FDA and have been fully enrolled for over a year now. We are targeting top line data from these trials in the middle to second half of next year. For sure, exciting times ahead for TG, but let's not forget, all the progress we've made already this year.
Let me finish my prepared remarks with a little recap of the -- with the major achievements for the first three quarters of 2019. Early in the year, we announced that our registration directed UNITY-NHL studies marginal zone lymphoma cohort met its primary endpoint, and we received a breakthrough designation from the FDA for this indication. Soon thereafter, we presented preliminary positive data at a few important medical conferences demonstrating an approximately 50% overall response rate and approximately a 20% complete response rate for umbralisib as a monotherapy, with what appeared to be a well-tolerated safety profile.
Later, we announced that we met with the FDA to discuss a marginal zone lymphoma filing and after such meeting, we announced our intention to target the commencement of a rolling NDA submission around year-end. Then we announced that with almost four years of follow up, our GENUINE study demonstrated that ublituximab in combination with ibrutinib improved progression-free survival over ibrutinib monotherapy in patients with high-risk relapsed refractory CLL. Despite recent approvals, this patient population remains a high unmet medical need. We're preparing to share the data with the FDA and present this data at a future medical conference.
And finally, just two short weeks ago, we announced that the follicular lymphoma cohort from our UNITY-NHL study also met its primary endpoint of overall response rate. The follicular lymphoma cohort was designed to replicate the successful accelerated approval pathways taken by other PI3K deltas. Overall response for the approved PI3K deltas has ranged from 42% to 59%, and our target range for success was 40% to 50%. We plan to discuss these results with the FDA with a goal of initiating an accelerated approval filing for follicular lymphoma in 2020.
2019 is an exciting year for us and we plan to keep the momentum going into 2020, which we believe will be a transformational year for our company with two substantial pivotal data readouts for our UNITY-CLL and ULTIMATE MS Phase 2 trials and our transition into a commercial organization with the potential approval of umbralisib for marginal zone lymphoma before year-end.
With that, I'd like to turn the call over to the conference operator to begin the Q&A session, following which I'll return to make some concluding remarks.
Questions and Answers:
Operator
Thank you. We'll now be conducting a question-and-answer session. [Operator Instructions] Thank you. The first question comes from the line of Matt Kaplan with Ladenburg Thalmann.
Ladenburg Thalmann. Please proceed with your questions.
Matt Kaplan -- Ladenburg Thalmann -- Analyst
Hi. Thanks for taking my questions and congrats on the progress during the quarter.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Thanks, Matt.
Matt Kaplan -- Ladenburg Thalmann -- Analyst
And Mike, can you just give us some added detail with respect to next steps for the UNITY-NHL cohorts for marginal zone and follicular lymphoma with respect to preparing and filing potential NDAs for those two indications for umbralisib?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. Yeah, sure. So as we've discussed previously, with respect to marginal zone lymphoma, we've already met with the FDA. We feel like we have a good plan for filing the NDA and the plan -- our current plan is to get a rolling submission started for marginal zone lymphoma around year-end. It should take about three months or so to get that filing complete.
And then with respect to follicular lymphoma, as you know, we've just received that data. Our current thinking is perhaps we can squeeze that one into the marginal zone filing. It will depend on timing. It will depend on FDA's interest in that kind of a combined filing. So some things to think about. And then if it does not go into the marginal zone filing, which again we think is a less likely scenario, it will be a stand-alone filing in 2020, or it would be combined with the filing for CLL-based on the UNITY-CLL data, assuming that's positive. So we've got a few options for how we would get the follicular on file, but they're all good options. We just got to figure out which one makes the most sense.
Matt Kaplan -- Ladenburg Thalmann -- Analyst
Okay, very good. And then in terms of with the near-term I guess regulatory filings and kind of I guess turning over the card for UNITY-CLL, can you give us a sense in terms of your commercial preparations for I guess umbralisib and U2 as well?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Yeah. So as I think most everyone knows, who by now has been following the Company, we hired Adam Waldman to be the Chief Commercial Officer. He has been busy building his team. He has got a great team he's put together, a number of additional Celgene alum and others from other large companies. So the team is coming together. They're building the plan. I think we're getting into position I think probably in the early part of next year. We'll finally roll Adam out and let him personally tell everyone about his great plans for commercialization. But he is working actively on building the team. Like I said, he has put together a great team and they're all building together a great launch plan.
Matt Kaplan -- Ladenburg Thalmann -- Analyst
Thanks for added detail and taking the questions.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Thanks, Matt.
Operator
The next question is from the line of Alethia Young with Cantor Fitzgerald. Please proceed with your question.
Li Watsek -- Cantor Fitzgerald Securities -- Analyst
Hey, good morning. This is Li on for Alethia. And we have a couple questions here. The first for the rolling submission for single-agent umbralisib in MZL around year-end, how much follow-up did the FDA asked for in order to file and how much follow-up do guys now? And then for the UNITY-CLL trial, obviously the PFS data is reading out around year-end or early 2020. Could you just remind us why you decided not to conduct an ORR analysis originally planned and instead to look at PFS readout?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. So on the rolling submission for marginal zone and the follow-up, we haven't disclosed the precise amount of follow-up required. But I could say that greater than 12 months of follow up would be required to make a filing in this area, and it's longer than that. So we are in the process of following patients. Indeed, probably the last piece that will go into that rolling submission will be the clinical data with the required follow-up. But again, we haven't disclosed it, but I think we should -- we've made it pretty clear that the rolling submission will be in, in some reasonable timeframe. After we get the rolling started, the completion should be done and the follow up that was requested by the FDA will be all in there.
Li Watsek -- Cantor Fitzgerald Securities -- Analyst
Okay, thanks. And for the UNITY-CLL trial?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. Yeah, so for UNITY-CLL, so you may recall the DSMB back in September '18 I guess it was decided that the data were not mature enough at that time to conduct the overall response analysis. That was based on their assessment that they could not I guess reliably consider it complete. And so if they couldn't feel it was completed, the data was not mature. So the net result was the DSMB looked at the maturity of the data, not the data itself and decided that they'd prefer to wait to do that analysis. At that point, we as a company, decided that there was probably no further use for overall response as the delay, if it was three, six, or etc., we'd be putting the overall response information too close to the progression-free survival information. And so we decided at that point to reserve. Having said that, at this point, then, the overall response has no value to us. The overall response was built into the trial, as a potential way to get an early filing in for accelerated approval. Once we decided to wait for progression-free survival, which is and was the primary endpoint for the trial, the relevance of overall response as a regulatory importance went away.
Li Watsek -- Cantor Fitzgerald Securities -- Analyst
Okay. Thank you for the additional color.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. No problem.
Operator
The next question is from the line of Ed White with H. C. Wainwright. Please proceed with your question.
Edward White -- H. C. Wainwright & Co. LLC -- Analyst
Hi, guys. Thanks for taking my questions. So first, congratulations on the 1701 data. Maybe you can give us the next steps in your thoughts or development for 1701.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. So we are super-excited about 1701. We're excited to present the data. What I think is probably most interesting initially about 1701 are the potential applications outside of CLL. So as you saw in the -- in the initial cohort of patients in the Phase 1 that were treated at the lowest dose with all patients responding, all three patients were indolent patients. So these are patients that are either follicular or marginal zone, again, two core areas for us, as everyone is now aware based on our umbralisib data as a monotherapy and UNITY-NHL.
So just to give a sense. This has and continues to be an iterative process. So in step one in indolent lymphoma, so follicular marginal zone. Step one has been, let's look at umbralisib monotherapy. Step two is we're looking at U2 in those same indications. And so we are well into enrollment into our hopefully what could be registration-directed U2 studies under the UNITY-NHL in marginal zone and follicular. And then the next step would be the layering the U2 plus BTK. So again, there is a step-wise process to build toward doubles and triple combination, and we think U2 plus 1701 can be a really exciting opportunity for patients within indolent lymphomas where again ibrutinib monotherapy in marginal zone is pretty good. It's about mid-40s response rate. It's much lower in follicular lymphoma and they through the report [Indecipherable] through the 20s. So again, the stand-alone BTK is not typically regarded as the right target for indolent lymphomas. But -- and then add-on program, we think there's real value there. For us, again, being able to develop our BTK -- next-generation BTK as a once-daily we think has some real advantages when combined with umbralisib which is a once-daily. Some of the newer BTK inhibitors that are coming into market are going to be twice a day, which you'd be surprised that twice a day is certainly less convenient for patients.
So that's part of how we're thinking about 1701. We also think that U2 plus 1701 in CLL is a great alternative to BTK therapy as a monotherapy. So, again, we've already shown that if you take ibrutinib and if you add U2 on top of it, you're going to get deeper responses. The CR rates go up. The MRD negative rates go up quite a bit. So we think that long term BTK plus U2 is going to be a very attractive treatment option. Pretty much any time you choose to use a BTK inhibitor, you're going to want to put U2 on top of that. Obviously we're driving toward our own triple combination where we'll have our own BTK. That way we can try to make it as affordable as possible when we put the three pieces together. And also we have the opportunity to build that combination in a way that optimizes the activity while minimizing the toxicity in the agents.
And again, all of the second-generation BTKs like the first-generation ibrutinib have the same pattern of AEs, whether -- we will find out soon whether they have them to a lesser degree, but for the moment, they all carry the same risk of AFib. They all carry a risk of bleeding. They all carry a risk of arthralgia. So there is a lot of room to improve the AE profile of the second-generation BTK. And by doing it in combination with U2, we think that affords us a lot of flexibility to create an optimum regimen. So that's what we're thinking. We think we have a lot of room to operate and creating a triple combination, the 1701.
Edward White -- H. C. Wainwright & Co. LLC -- Analyst
Great. Thanks, Mike. And then maybe just a question for Sean. So what is the current share count now when you include the fourth quarter ATM sales?
Sean A. Power -- Chief Financial Officer
It's right around $100 million, Ed.
Edward White -- H. C. Wainwright & Co. LLC -- Analyst
Okay. Okay. Thanks, Sean.
Operator
[Operator Instructions] The next question comes from the line of Chris Howerton with Jefferies. Please proceed with your questions.
Chris Howerton -- Jefferies LLC -- Analyst
Great. Thanks for taking the questions. So, Mike, maybe for the triple combination data at ASH, maybe you could help us just contextualize those data within the context of what competing therapies have shown and maybe what you hope to see in the current trial and what kind of the regulatory hurdle might be in terms of clinical relevance?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Sure. So when -- I guess, let's look at the triple therapy of U2 plus venetoclax. Published -- and recall these are patients that are in relapse. So these are relapsed/refractory CLL patients. The best data to date for any treatment regimen in relapsed-refractory patients is of approved agents of venetoclax plus rituximab. That data comes from the MURANO trial. The CR rate for that study was around 10% and the MRD negative rate in the peripheral blood was somewhere between 40% and 50%. So again, I think what we're seeing -- and that's 200-plus patients and this is a handful of patients, but we're seeing the potential emergence of a treatment regimen that can substantially outperform what exists today.
So we do think that this is a pretty significant potential improvement. We obviously need to put more patients on, which we are. We've got more patients coming through the Phase 1 that's been run by Dr. Paul Barr, and we also have the ULTRA-V study that's open and enrolling and we're looking for a nice number of patients there; I think somewhere close to a 100 patients. So, we're going to enhance that patient population and continue to see how that data evolves.
From a registration standpoint, I think in relapsed/refractory patients, again, the comparator out there is rituxan plus venetoclax. I've just described that data to you. Assuming that our data continues in the relapsed patients to perform the way it's performed in the first handful of patients, then we certainly would be comfortable -- at least having a conversation with the FDA about the usability of our collective data from the Phase 1 and Phase 2 for an accelerated approval. Again, that would be on the backdrop of a U2 already approval. It won't be possible unless U2 and the UNITY-CLL trial are positive, but once it is positive, I think that does enable us to have that conversation about this data set.
Chris Howerton -- Jefferies LLC -- Analyst
Sure. Okay, great. All right. And then maybe just another one for the GENUINE results. Obviously, positive PFS, but how should we think about that sitting into your CLL and I guess broader indolent lymphoma strategy?
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Yeah. Look, I think it's another important piece of information showing that one of our drugs, in that case rituximab, can enhance ibrutinib in a challenging patient population. That group, particularly 17ps and the p53s continue to underperform all other patient populations when treated with BTK inhibitors. So the response rates are all quite good, but they tend to have a shorter progression-free survival. So the fact that you can add in a second-generation, highly ADCC CD20 and enhance PFS in those patients, is another very important piece of information for us and for patients and for physicians. That is in contract, I will note, to the studies that I have been run with rituxan plus ibrutinib where none of them have been able to show that rituxan has added anything on top of ibrutinib.
So, again, I think it's a -- these are all layers of importance we have. So we now have data showing that if you take rituximab alone and you put it with a BTK inhibitor, certainly in the high-risk patients, the BTK inhibitor is going to perform better. We've also shown that if you take umbralisib, and this is also published I believe in Lancet Oncology, if you take umbralisib, our PI3K delta, and combine it with BTK, in our case ibrutinib, you're going to also enhance the outcome for patients. You're going to get more patients into CRR and more patients with longer remissions.
And we have a third piece of information, which shows that if you take U2 for the combination of both of those and you add it on top of the BTK, again, ibrutinib in that case published in Lancet Haematology, again we showed that you can drive deeper responses, MRD negative in patients, and ideally that will lead to getting patients off therapy. So again, I think all of this is leading to ideally a place which we kind of alluded to in the prepared remarks that U2 is -- it's going to be a treatment option, assuming the UNITY-CLLs are positive, which we believe will be and its approved, U2 will be treatment option to be used on its own. And then we're building toward what could be better triple combinations using U2 plus BTKs U2 plus venetoclax.
So the utility of U2 is not just as U2 as a stand-alone basis, which we think is a -- will be a very important treatment option, particularly for patients in the community, particularly for patients who have already seen a BTK inhibitor, which again there is a pool of over 50,000 of those patients out there that are going to potentially come back into the system over the next five to 10 years for which U2 alone will be very interesting. But in upfront patients, as we start to think about driving toward deeper responses and getting patients off BTK inhibitors, i.e. don't want to stay on them, if you don't have to, for life and certainly you don't want to stay on them to progression. So layering something on top of the BTK inhibitor and that is your first choice, is going to be extremely important, and we think U2 could be an ideal partner for that. Again, we've got to do the clinical trials, which we're doing to build toward layering U2 on top of some of these other agents.
Chris Howerton -- Jefferies LLC -- Analyst
Got it, OK. Well, I really appreciate the extra color and congrats again on the quarter. Thank you.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Great. Thanks, Chris.
Operator
Thank you.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Okay.
Operator
Sorry. Please go ahead.
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Yeah, I'll go ahead. So let me, I guess, conclude the call by making some final remarks. I think I cut off the conference operator who was going to turn the call back over to me, which I'll just take it myself. So first, again, let me thank everyone for joining us on the call today. I'll do a quick final review on the key objectives and goals for the remainder of the year and into early next year and with regard to our pivotal programs.
So first and very excited in the short-term around the end of the year we should be initiating our first rolling NDA submission for patients with previously treated marginal zone lymphoma. Also around year-end and into the first quarter of '20, as we've just been discussing, we're hoping to have the top line announcement for our progression-free survival from the Phase 3 UNITY-CLL trial. We also plan to share the results from the follicular lymphoma cohort with the FDA again to determine the optimal filing approach, which we again just discussed. And then we're targeting top line data from the ULTIMATE Phase 3 trials in relapsing MS middle to the second half of 2020. And finally, if all goes well, we could see our first approval for umbralisib in marginal zone lymphoma by the year-end 2020.
So on behalf of all of us at TG, I'd like to thank our investigators and their patients for participating in our trials as well as our shareholders for their continued support. And thanks again everyone for joining us and have a great day.
Operator
[Operator Closing Remarks].
Duration: 37 minutes
Call participants:
Jenna Bosco -- Senior Vice President, Corporate Communications
Sean A. Power -- Chief Financial Officer
Michael S. Weiss -- Executive Chairman, President and Chief Executive Officer
Matt Kaplan -- Ladenburg Thalmann -- Analyst
Li Watsek -- Cantor Fitzgerald Securities -- Analyst
Edward White -- H. C. Wainwright & Co. LLC -- Analyst
Chris Howerton -- Jefferies LLC -- Analyst
