Rigel Reports Third Quarter 2024 Financial Results and Provides Business Update

Core Insights - Rigel Pharmaceuticals reported a total revenue of $55.3 million for the third quarter of 2024, with significant contributions from TAVALISSE, REZLIDHIA, and GAVRETO product sales [2][4][9] - The company entered into a licensing agreement with Kissei Pharmaceutical for REZLIDHIA, receiving an upfront payment of $10 million and potential milestone payments totaling $152.5 million [3][4] - Rigel's net income for the third quarter was $12.4 million, a significant improvement compared to a net loss of $5.7 million in the same period of 2023 [4][9] Commercial Update - Rigel achieved record shipments of bottles for all products, with TAVALISSE, REZLIDHIA, and GAVRETO showing strong commercial performance [3][4] - GAVRETO became commercially available in June 2024, and the third-quarter results reflect a successful transition of existing patients to Rigel's product [3][4] - The company is focusing on transitioning patients for GAVRETO in the fourth quarter [3] Clinical and Development Update - Rigel is advancing its Phase 1b clinical study of R289, a dual IRAK1/4 inhibitor, in patients with lower-risk myelodysplastic syndrome [4] - Initial data from the R289 study indicate that 36% of evaluable patients achieved RBC-transfusion independence or hematologic improvement [4] - Rigel announced the enrollment of the first patient in a Phase 1b/2 trial of REZLIDHIA in combination with decitabine and venetoclax for patients with mIDH1 AML [4] Financial Performance - Total revenues for the third quarter included $26.3 million from TAVALISSE, $5.5 million from REZLIDHIA, and $7.1 million from GAVRETO, with contract revenue from collaborations amounting to $16.4 million [4][9] - TAVALISSE net product sales grew by 8% year-over-year, while REZLIDHIA sales increased by 107% [4][9] - Total costs and expenses for the third quarter were $41.3 million, up from $32.6 million in the same period of 2023, primarily due to increased product sales costs [4][9] Balance Sheet Highlights - As of September 30, 2024, Rigel had cash, cash equivalents, and short-term investments of $61.1 million, an increase from $49.1 million as of June 30, 2024 [6][10] - Total assets were reported at $139.4 million, with a stockholders' deficit of $14.6 million [10]