Rigel Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - Rigel Pharmaceuticals reported significant financial growth in 2024, achieving record net product sales of $144.9 million, a 39% increase from 2023, and generating a full-year net income of over $17 million for the first time [2][11][16] - The company anticipates total revenue for 2025 to be between $200 million and $210 million, with expectations of positive net income while funding clinical development programs [18] Financial Performance - Fourth quarter 2024 total revenue was approximately $57.6 million, including $31.0 million from TAVALISSE, $7.4 million from REZLIDHIA, and $8.1 million from GAVRETO [3][11] - For the full year 2024, total revenues reached approximately $179.3 million, with TAVALISSE net product sales growing 12% to $104.8 million and REZLIDHIA net product sales increasing 118% to $23.0 million [14][15] - The company reported a net income of $14.3 million for Q4 2024, compared to a net income of $0.7 million in Q4 2023, and a full-year net income of $17.5 million compared to a net loss of $25.1 million in 2023 [13][16] Product Sales and Market Expansion - TAVALISSE, REZLIDHIA, and GAVRETO showed strong commercial performance with record bottles shipped in Q4 2024 [4][11] - TAVALISSE net product sales grew 21% in Q4 2024 compared to Q4 2023, while REZLIDHIA sales surged 92% in the same period [11][12] - Rigel's partner Kissei received regulatory approval for TAVALISSE in South Korea, leading to a $3 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 $77.3 million, up from $61.1 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]