Rigel(US:RIGL)2025-03-04 21:05Revenue 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].