Rigel(US:RIGL)2025-05-06 20:23Financial Performance - Total revenue for Q1 2025 was approximately $53.3 million, consisting of $43.6 million in net product sales and $9.8 million in contract revenues from collaborations[5]. - Net product sales increased by 68% compared to Q1 2024, driven by the expansion of the commercial portfolio, including TAVALISSE, GAVRETO, and REZLIDHIA[6]. - Rigel reported a net income of $11.4 million for Q1 2025, compared to a net loss of $8.2 million in the same period of 2024[10]. - The company anticipates total revenue for 2025 to be approximately $200 to $210 million, excluding $40 million in non-cash revenue expected in Q2 2025[13]. - Total revenues for Q1 2025 reached $53.333 million, a 80.5% increase from $29.534 million in Q1 2024[32]. - Product sales, net, amounted to $43.550 million, up from $26.003 million, reflecting a 67.8% year-over-year growth[32]. - Net income for Q1 2025 was $11.446 million, compared to a net loss of $8.247 million in Q1 2024, marking a significant turnaround[32]. - Basic net income per share increased to $0.64 from a loss of $0.47 per share in the same quarter last year[32]. Sales Performance - TAVALISSE net product sales were $28.5 million, a growth of 35% from $21.1 million in Q1 2024[8]. - GAVRETO net product sales were $9.0 million, having become commercially available in June 2024[8]. Expenses and Costs - Total costs and expenses for Q1 2025 were $40.6 million, an increase from $36.5 million in Q1 2024, primarily due to higher personnel and R&D costs[9]. - Research and development expenses rose to $8.436 million, up from $6.026 million, indicating continued investment in innovation[32]. - Cost of product sales increased to $4.409 million from $2.025 million, which is a 117.5% increase, reflecting higher sales volume[32]. - Selling, general and administrative expenses were $27.715 million, a slight decrease from $28.449 million year-over-year[32]. Financial Position - Cash, cash equivalents, and short-term investments as of March 31, 2025, were $77.1 million, slightly down from $77.3 million at the end of 2024[11]. - Stockholders' equity improved significantly to $18.567 million as of March 31, 2025, compared to $3.288 million at the end of 2024[34]. - Total assets increased to $175.972 million from $163.976 million, reflecting a solid financial position[34]. - The company reported interest income of $591,000, slightly down from $593,000 in the previous year[32]. Future Outlook - Rigel expects to report positive net income for the full year 2025 while funding existing and new clinical development programs[14]. - Rigel's R289 received Orphan Drug and Fast Track designations from the FDA for the treatment of myelodysplastic syndromes (MDS)[5].