Financial Performance - Preliminary total revenue for Q4 2024 is approximately $57.6 million, up from $35.8 million in Q4 2023, representing a 60% increase[6] - Net product sales for Q4 2024 are expected to be $46.5 million, compared to $29.5 million for the same period in 2023, marking a 57% increase[6] - TAVALISSE net product sales reached $31.0 million in Q4 2024, an increase from $25.7 million in Q4 2023, reflecting a 21% growth[6] - Rigel anticipates total revenue for 2025 to be between $200 million and $210 million, with expectations of positive net income for the year[12] - TAVALISSE surpassed $100 million in net product sales for the full year 2024, reporting $104.8 million[10] - Contract revenues from collaborations for Q4 2024 are expected to be approximately $11.1 million, including a $4.0 million upfront payment from Dr. Reddy's Laboratories[10] - Rigel expects to report cash, cash equivalents, and short-term investments of approximately $77.3 million as of December 31, 2024, compared to $56.9 million at the end of 2023[10] Clinical Development - The Phase 1b study of R289 in lower-risk MDS continues to enroll patients, with promising initial safety and efficacy data published[3] - Rigel plans to initiate a Phase 2 clinical study in recurrent glioma in 2025[12] - The study of R289 in lower-risk MDS will provide safety and efficacy data[23] Strategic Partnerships - Rigel entered into an exclusive license agreement with Dr. Reddy's for REZLIDHIA, with potential future milestone payments of up to $36.0 million[10] - The company is focused on enhancing its partnering and collaboration efforts[23] Future Outlook - The company anticipates expected commercial and financial results for Q4 2024 and the year ended December 31, 2024[23] - Projected financial performance and outlook for 2025 includes growth in the commercial portfolio and hematology and oncology pipeline[23] Risks and Challenges - Risks associated with the commercialization and marketing of fostamatinib, olutasidenib, and pralsetinib are acknowledged[23] - Potential adverse decisions from regulatory authorities regarding fostamatinib, pralsetinib, or olutasidenib are highlighted as risks[23] - Clinical trials may not predict real-world results, which poses a risk to future performance[23] - The company does not undertake any obligation to update forward-looking statements unless required by law[23]

Revenue and Sales Performance - Total revenues for 2024 were $179.3 million, an increase of 53.4% compared to $116.9 million in 2023[580]. - Net product sales of TAVALISSE reached $104.8 million in 2024, a 12% increase from $93.7 million in 2023[582]. - REZLIDHIA net product sales surged by 118% to $23.0 million in 2024, up from $10.6 million in 2023[582]. - GAVRETO generated $17.1 million in net product sales following its commercialization in June 2024[582]. - Contract revenues from collaborations totaled $34.4 million in 2024, a significant increase of 199.5% from $11.5 million in 2023[583]. - Product sales, net, increased to $144.902 million in 2024, up 38.9% from $104.294 million in 2023[655]. - The company reported gross product sales of $209.9 million for 2024, an increase from $147.1 million in 2023[737]. - McKesson Corporation accounted for 45% of total net product sales in 2024, up from 43% in 2023[738]. Financial Position and Cash Flow - As of December 31, 2024, the company had approximately $77.3 million in cash, cash equivalents, and short-term investments, an increase from $56.9 million in 2023[606]. - Net cash provided by operating activities in 2024 was $31,471,000, a significant increase compared to a net cash used of $5,743,000 in 2023[608][609]. - Total current assets increased to $135.1 million as of December 31, 2024, compared to $99.3 million in 2023, driven by increases in cash and cash equivalents and accounts receivable[652]. - The company has a total of $160.7 million in liabilities as of December 31, 2024, up from $145.9 million in 2023[652]. - Cash and cash equivalents at the end of 2024 were $56.746 million, up from $32.786 million at the end of 2023[664]. - Operating activities generated net cash of $31.471 million in 2024, compared to a cash outflow of $5.743 million in 2023[664]. Expenses and Costs - The cost of product sales increased to $18.6 million in 2024, up from $7.1 million in 2023, primarily due to increased royalty expenses and amortization of intangible assets[586]. - Research and development expenses decreased to $23.4 million in 2024, down from $24.5 million in 2023, mainly due to reduced personnel and consulting costs[588]. - Selling, general and administrative expenses increased to $113,059,000 in 2024, up 6.9% from $105,741,000 in 2023, primarily due to increased personnel-related costs and commercial activities[599][601]. - Total costs and expenses decreased to $155.086 million in 2024 from $137.373 million in 2023, reflecting improved operational efficiency[655]. Income and Earnings - Net income for 2024 was $17.485 million, a turnaround from a net loss of $25.091 million in 2023[658]. - Basic and diluted net income per share for 2024 was $0.99, compared to a loss of $1.44 per share in 2023[655]. - The provision for income taxes for 2024 was $881,000, related to foreign withholding tax and state taxes, compared to no provision in 2023[605]. Collaboration Agreements and Future Payments - Future contingent payments under existing collaboration agreements could total approximately $1.5 billion if all potential product candidates achieve specified events[614]. - The company has collaboration agreements with multiple partners, including Lilly, Grifols, and Kissei, for various drug developments[739]. - The company received a non-refundable upfront cash payment of $125.0 million from Lilly as part of their collaboration agreement[745]. - The company received a $30.0 million upfront payment from Grifols under the commercialization license agreement, with potential total milestones of $297.5 million[753]. - The company received a $10.0 million upfront payment from Kissei for the olutasidenib license agreement, with potential additional payments of up to $152.5 million[756]. Research and Development - The company continues to advance the development of R289, a dual IRAK 1/4 inhibitor, in a Phase 1b study for lower-risk MDS patients[570]. - Strategic collaborations are ongoing with MDACC and CONNECT to evaluate olutasidenib in AML and other hematologic cancers[571]. - Research and development expenses for 2024 were $23.380 million, slightly down from $24.522 million in 2023[655]. - Research and development expenses include costs for scientific personnel wages, supplies, and payments to clinical research partners, with accruals based on contractual activities[722][723]. Stock and Equity - The company executed a 1-for-10 reverse stock split effective June 27, 2024, adjusting share amounts retroactively in the financial statements[674]. - The company’s total stockholders' equity improved to $3.3 million as of December 31, 2024, compared to a deficit of $28.6 million in 2023[652]. Liabilities and Obligations - The company has a Credit Agreement with MidCap providing for a $60 million term loan credit facility, fully funded as of December 31, 2024[618]. - The outstanding principal amount of the loan from MidCap was $60.0 million as of December 31, 2024, with $7.5 million due within the next 12 months[631]. - The company has a contractual obligation related to a third-party contract manufacturer for TAVALISSE, potentially subject to cancellation fees amounting to approximately $24.1 million, with $6.8 million due within one year and $9.3 million due within two to three years[625]. - The company recorded net liabilities for product sales allowances and discounts of $26.4 million as of December 31, 2024, reflecting adjustments for estimated government-mandated and privately-negotiated rebates and chargebacks[646].

Core Insights - Rigel Pharmaceuticals reported significant financial growth in 2024, achieving record net product sales of $144.9 million, a 39% increase from 2023, and generating a full-year net income of over $17 million for the first time [2][11][16] - The company anticipates total revenue for 2025 to be between $200 million and $210 million, with expectations of positive net income while funding clinical development programs [18] Financial Performance - Fourth quarter 2024 total revenue was approximately $57.6 million, including $31.0 million from TAVALISSE, $7.4 million from REZLIDHIA, and $8.1 million from GAVRETO [3][11] - For the full year 2024, total revenues reached approximately $179.3 million, with TAVALISSE net product sales growing 12% to $104.8 million and REZLIDHIA net product sales increasing 118% to $23.0 million [14][15] - The company reported a net income of $14.3 million for Q4 2024, compared to a net income of $0.7 million in Q4 2023, and a full-year net income of $17.5 million compared to a net loss of $25.1 million in 2023 [13][16] Product Sales and Market Expansion - TAVALISSE, REZLIDHIA, and GAVRETO showed strong commercial performance with record bottles shipped in Q4 2024 [4][11] - TAVALISSE net product sales grew 21% in Q4 2024 compared to Q4 2023, while REZLIDHIA sales surged 92% in the same period [11][12] - Rigel's partner Kissei received regulatory approval for TAVALISSE in South Korea, leading to a $3 million milestone payment for Rigel [5][6] Clinical Development - R289, a dual IRAK1/4 inhibitor, received Fast Track and Orphan Drug designations from the FDA for treating lower-risk MDS, with ongoing Phase 1b clinical studies showing promising preliminary efficacy [10][12] - Rigel is advancing olutasidenib in various studies, including a Phase 2 study for recurrent glioma and collaborations with the University of Texas MD Anderson Cancer Center [10][12] Cash Position and Future Outlook - As of December 31, 2024, Rigel had cash, cash equivalents, and short-term investments of $77.3 million, up from $61.1 million at the end of Q3 2024 [17][34] - The company expects to maintain a strong cash position while advancing its clinical development programs in 2025 [18]

Core Viewpoint - Rigel Pharmaceuticals is expected to report strong earnings for Q4 and full-year 2024, with significant growth in product sales and positive guidance for 2025 [1][6][19]. Financial Performance - The Zacks Consensus Estimate for Q4 2024 sales is $57.57 million, with earnings per share (EPS) expected at 42 cents [1]. - The EPS estimate for 2024 has increased from 17 cents to 22 cents over the past 60 days, while the 2025 EPS estimate has risen from 92 cents to $1.05 [1][2]. - Rigel's total revenues for Q4 2024 are projected to be $57.6 million, up from $35.8 million in the same period last year [6]. Product Sales - Tavalisse is expected to generate quarterly net product sales of $31.0 million, contributing significantly to Rigel's revenue growth [6]. - The company anticipates net product sales of $7.4 million from Rezlidhia and $8.1 million from Gavreto [8][9]. - Total revenues for 2024 are expected to reach $179.3 million, including net product sales of $144.9 million and contract revenues of $34.4 million [11]. Market Position and Valuation - Rigel's shares have increased by 50.6% over the past year, contrasting with a 13.4% decline in the industry [12]. - The current price/sales ratio for Rigel is 1.86x forward sales, lower than its historical mean of 2.37x but higher than the drug industry average of 1.64x [13]. Growth Outlook - Rigel expects total revenues of approximately $200-$210 million in 2025, with product sales projected between $185-$192 million [16]. - The company anticipates achieving positive net income in 2025 while continuing to fund clinical development programs [16]. - Rigel's pipeline includes promising candidates, with R289 receiving Orphan Drug and Fast Track designations for the treatment of myelodysplastic syndromes [17][18].

Core Viewpoint - Rigel Pharmaceuticals, Inc. will report its fourth quarter and full year 2024 financial results on March 4, 2025, followed by a live conference call to discuss the results and business updates [1]. Company Information - Rigel Pharmaceuticals, Inc. is a biotechnology company focused on discovering and developing novel therapies for patients with hematologic disorders and cancer, founded in 1996 and based in South San Francisco, California [3]. - The company is listed on Nasdaq under the ticker symbol RIGL [1]. Conference Call Details - The live conference call can be accessed by dialing 877-407-3088 for domestic participants and 201-389-0927 for international participants [2]. - The conference call will also be webcast live and available for replay for 90 days after the call on the company's website [2].

Core Viewpoint - Rigel Pharmaceuticals, Inc. (RIGL) has demonstrated significant stock performance, with a 41.4% increase over the past year, contrasting with a 13.4% decline in the biotechnology industry, driven by strong sales of its leading drug Tavalisse and progress in its drug pipeline [1][2]. Group 1: Product Performance - Tavalisse, Rigel's first approved product, generated $104.8 million in net product sales in 2024 and is the only approved oral SYK inhibitor for chronic immune thrombocytopenia (ITP) [3][4]. - Rigel's second FDA-approved product, Rezlidhia, is aimed at treating relapsed or refractory acute myeloid leukemia (AML) and has been licensed from Forma with exclusive worldwide rights [5]. - The company added Gavreto to its portfolio in 2024, which became commercially available in June and contributed positively to the company's revenue [8]. Group 2: Pipeline Development - Rigel is advancing its pipeline, with R289 receiving Orphan Drug designation for myelodysplastic syndromes (MDS) and undergoing a phase Ib study [10]. - The FDA has granted Fast Track designation for R289, and Rigel is also conducting a phase Ib/II trial combining Rezlidhia with other therapies for mIDH1 AML [11]. Group 3: Financial Outlook - Rigel anticipates total revenues of approximately $200-$210 million in 2025, with product sales expected to be around $185-$192 million, and projects positive net income for the year [12]. - The Zacks Consensus Estimate for 2024 earnings per share (EPS) has increased to 22 cents from 17 cents, while the estimate for 2025 has risen to $1.05 from $0.92 [14]. Group 4: Valuation and Market Position - RIGL shares currently trade at a price/sales ratio of 1.74x forward sales, lower than its historical mean of 2.38x but higher than the industry average of 1.64x [13]. - The company is viewed positively due to its strong performance in 2024 and optimistic guidance for 2025, suggesting potential for further growth [16][17].

Shares of Rigel Pharmaceuticals (RIGL) have gained 24.6% over the past four weeks to close the last trading session at $21.65, but there could still be a solid upside left in the stock if short-term price targets of Wall Street analysts are any indication. Going by the price targets, the mean estimate of $30.50 indicates a potential upside of 40.9%.The average comprises six short-term price targets ranging from a low of $14 to a high of $57, with a standard deviation of $17.85. While the lowest estimate ind ...

First patient enrolled in NIH/NHLBI-sponsored Phase 1 Study of fostamatinib, Rigel's oral SYK inhibitorSOUTH SAN FRANCISCO, Calif., Jan. 22, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today announced the first patient has been enrolled in a Phase 1 study evaluating the safety and tolerability of escalating doses of fostamatinib, the company's oral spleen tyrosine kinase (SYK) inhibitor, in patients with sickle cell disease (SCD). The study is being sponsored by the National Heart, Lung, ...

Rigel Pharmaceuticals (RIGL) closed the last trading session at $17.35, gaining 0.8% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $30.50 indicates a 75.8% upside potential.The mean estimate comprises six short-term price targets with a standard deviation of $17.85. While the lowest estimate of $14 indicates a 19.3% decline from the current price level, the most optimistic analys ...

Rigel Pharmaceuticals (RIGL) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.Individual inve ...