Rigel Reports Third Quarter 2025 Financial Results and Provides Business Update

Core Insights - Rigel Pharmaceuticals reported strong third-quarter performance, leading to an increase in full-year 2025 revenue guidance due to outstanding commercial execution and pipeline development [2][10]. Financial Performance - Total revenues for Q3 2025 were $69.5 million, comprising $64.1 million in net product sales (up 65% from $38.9 million in Q3 2024) and $5.4 million in contract revenues [4][10]. - Net product sales for TAVALISSE reached $44.7 million (70% growth), GAVRETO at $11.1 million (56% growth), and REZLIDHIA at $8.3 million (50% growth) compared to the same period in 2024 [4][11]. - For the nine months ended September 30, 2025, total revenues were $224.5 million, with net product sales growing 69% year-over-year [7]. Costs and Expenses - Total costs and expenses for Q3 2025 were $41.0 million, slightly down from $41.3 million in Q3 2024, primarily due to lower costs of product sales [5][10]. - Research and development costs increased due to clinical activities related to olutasidenib and R289, along with higher personnel-related costs [5][8]. Net Income - Rigel reported a net income of $27.9 million for Q3 2025, compared to $12.4 million in Q3 2024, translating to $1.55 basic and $1.46 diluted earnings per share [6][10]. Cash Position - As of September 30, 2025, cash, cash equivalents, and short-term investments totaled $137.1 million, up from $77.3 million at the end of 2024 [9][10]. Clinical Development - Rigel is advancing its Phase 1b study of R289 for lower-risk MDS, with enrollment completed in the dose escalation phase and the first patient enrolled in the dose expansion phase [2][11]. - Updated data from the R289 study will be presented at the ASH Annual Meeting in December [10][11]. 2025 Outlook - The company updated its 2025 revenue guidance to approximately $285 to $290 million, an increase from the previous estimate of $270 to $280 million [12][24]. - Rigel anticipates reporting positive net income for the full year 2025 while funding existing and new clinical development programs [12].