Rigel(RIGL) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was approximately $69.5 million, including record net product sales of $64.1 million, a 65% increase from $38.9 million in Q3 2024[5][8] - Net product sales of TAVALISSE reached $44.7 million, a growth of 70% compared to $26.3 million in the same period of 2024[8][6] - GAVRETO net product sales were $11.1 million, reflecting a 56% increase from $7.1 million in Q3 2024[8][6] - REZLIDHIA net product sales amounted to $8.3 million, a 50% increase from $5.5 million in Q3 2024[8][6] - The company generated a net income of $27.9 million, or $1.55 basic and $1.46 diluted per share, compared to $12.4 million, or $0.71 basic and diluted per share, for the same period of 2024[10] - For the nine months ended September 30, 2025, total revenues were $224.5 million, with net product sales growing 69% compared to $98.4 million in the same period of 2024[12] - Total revenues for Q3 2025 reached $69,462,000, a 25.5% increase from $55,307,000 in Q3 2024[32] - Product sales for Q3 2025 were $64,067,000, up 64.5% compared to $38,927,000 in Q3 2024[32] - Net income for the nine months ended September 30, 2025, was $98,959,000, significantly higher than $3,144,000 for the same period in 2024[32] Guidance and Expectations - Rigel updated its 2025 revenue guidance to approximately $285 to $290 million, up from the previous range of $270 to $280 million[15] - The company anticipates continued growth in its commercial business and ongoing enrollment in the R289 study[29] - Rigel expects to develop and commercialize TAVALISSE, GAVRETO, and REZLIDHIA in domestic and international markets[29] Costs and Expenses - Total costs and expenses for Q3 2025 were $41.0 million, slightly down from $41.3 million in Q3 2024[9] - Research and development expenses for Q3 2025 were $7,353,000, compared to $6,182,000 in Q3 2024, reflecting a 19% increase[32] - Selling, general and administrative expenses for the nine months ended September 30, 2025, totaled $85,908,000, slightly up from $83,539,000 in the same period of 2024[32] Cash and Equity - Cash, cash equivalents, and short-term investments as of September 30, 2025, were $137.1 million, compared to $77.3 million as of December 31, 2024[14] - Cash, cash equivalents, and short-term investments increased to $137,143,000 as of September 30, 2025, compared to $77,321,000 as of December 31, 2024[34] - Stockholders' equity rose to $117,609,000 as of September 30, 2025, a substantial increase from $3,288,000 as of December 31, 2024[34] Research and Development - The ongoing Phase 1b study evaluating R289 for lower-risk MDS has completed enrollment in the dose escalation phase and initiated the dose expansion phase[5][6] Risks and Challenges - Forward-looking statements indicate potential risks related to regulatory approvals and market competition affecting future performance[29]