Core Insights - Rigel Pharmaceuticals reported significant financial growth in 2024, achieving record net product sales of 144.9million,a3917 million for the first time [2][11][16] - The company anticipates total revenue for 2025 to be between 200millionand210 million, with expectations of positive net income while funding clinical development programs [18] Financial Performance - Fourth quarter 2024 total revenue was approximately 57.6million,including31.0 million from TAVALISSE, 7.4millionfromREZLIDHIA,and8.1 million from GAVRETO [3][11] - For the full year 2024, total revenues reached approximately 179.3million,withTAVALISSEnetproductsalesgrowing12104.8 million and REZLIDHIA net product sales increasing 118% to 23.0million[14][15]−Thecompanyreportedanetincomeof14.3 million for Q4 2024, compared to a net income of 0.7millioninQ42023,andafull−yearnetincomeof17.5 million compared to a net loss of 25.1millionin2023[13][16]ProductSalesandMarketExpansion−TAVALISSE,REZLIDHIA,andGAVRETOshowedstrongcommercialperformancewithrecordbottlesshippedinQ42024[4][11]−TAVALISSEnetproductsalesgrew213 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 77.3million,upfrom61.1 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]
Rigel(RIGL) Prnewswire·2025-03-04 21:01