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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): March 4, 2025
RIGEL PHARMACEUTICALS, INC.
(Exact name of registrant as specified in
its charter)
Delaware
(State or other jurisdiction of incorporation)
| 0-29889 |
|
94-3248524 |
| (Commission File No.) |
|
(IRS Employer Identification No.) |
| |
|
|
611
Gateway Boulevard
Suite 900 |
|
|
| South San Francisco, CA |
|
94080 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (650) 624-1100
Not Applicable
(Former name or former address, if changed
since last report)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
¨ Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Title of Each Class |
|
Trading
Symbol(s) |
|
Name of
Each Exchange on Which
Registered |
| Common Stock, par value $0.001 per share |
|
RIGL |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02. |
Results of Operations and Financial Condition. |
On March 4, 2025, Rigel
Pharmaceuticals, Inc. (“Rigel”) announced certain financial results for its fourth quarter and year ended December 31,
2024. A copy of Rigel’s press release, titled “Rigel Reports Fourth Quarter and Full Year 2024 Financial Results and Provides
Business Update,” is furnished pursuant to Item 2.02 as Exhibit 99.1 hereto.
The information in this
report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities
Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into
any filing with the U.S. Securities and Exchange Commission made by Rigel, whether made before or after the date hereof, regardless of
any general incorporation language in such filing.
| Item 9.01. |
Financial Statements and Exhibits. |
| |
|
| (d) |
Exhibits. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Dated: March 4, 2025 |
RIGEL PHARMACEUTICALS, INC. |
| |
|
| |
By: |
/s/ Raymond J.
Furey |
| |
Raymond J. Furey |
| |
Executive Vice President, General
Counsel, Chief Compliance Officer, and Corporate Secretary |
Exhibit 99.1
Rigel Reports Fourth Quarter and Full Year 2024
Financial Results and Provides Business Update
| · | Fourth quarter 2024 total revenue of approximately $57.6 million, which
includes TAVALISSE® net product sales of $31.0 million, REZLIDHIA® net product sales of $7.4 million
and GAVRETO® net product sales of $8.1 million |
| · | 2024 total revenue of approximately $179.3 million, which includes TAVALISSE® net
product sales of $104.8 million, REZLIDHIA® net product sales of $23.0 million and GAVRETO® net product
sales of $17.1 million |
| · | R289 granted Fast Track designation for the treatment of previously-treated
transfusion dependent lower-risk MDS and Orphan Drug designation for the treatment of MDS by the FDA |
| · | 2025 Outlook: Total revenue of approximately $200 to $210 million |
| · | Conference call and webcast scheduled today at 4:30 p.m. Eastern
Time |
SOUTH SAN FRANCISCO,
Calif., March 4, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), a commercial stage biotechnology
company focused on hematologic disorders and cancer, today reported financial results for the fourth quarter and full year ended December 31,
2024, including sales of TAVALISSE® (fostamatinib disodium hexahydrate) for the treatment of chronic immune thrombocytopenia
(ITP); REZLIDHIA® (olutasidenib) for the treatment of relapsed or refractory (R/R) mutated isocitrate dehydrogenase-1
(mIDH1) acute myeloid leukemia (AML); and GAVRETO® (pralsetinib) for the treatment of metastatic rearranged
during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) and advanced or metastatic thyroid cancer, and recent
business progress.
“2024 was a year of significant accomplishments
for Rigel. We continued to focus on commercial expansion and execution, achieving record net product sales of $144.9 million, an increase
of 39% compared to 2023. Coupled with Rigel’s commitment to financial discipline, for the first time we generated full-year net
income of more than $17 million and increased our cash balances by more than $20 million,” said Raul Rodriguez, Rigel’s president
and CEO. “These outstanding commercial and financial results provide us the resources to advance our promising internal development
programs in 2025, including our ongoing Phase 1b clinical study of R289 for the treatment of lower-risk MDS and the initiation of a Phase
2 clinical study of olutasidenib for the treatment of recurrent glioma.”
Business
Update
Commercial
| · | Commercial strength continued in the fourth quarter for all products with
record bottles shipped to patients and clinics and total bottles sold. |
| · | The following table summarizes
total bottles shipped for the fourth quarter: |
| | |
TAVALISSE | | |
REZLIDHIA | | |
GAVRETO* | |
| Bottles shipped to patients and clinics | |
| 2,855 | | |
| 503 | | |
| 874 | |
| Change in bottles remaining in distribution channel | |
| 317 | | |
| 62 | | |
| 64 | |
| Total bottles shipped | |
| 3,172 | | |
| 565 | | |
| 938 | |
*GAVRETO
bottle count represents 60-count bottle equivalent
| · | Rigel’s partner Kissei Pharmaceutical Co., Ltd.
(Kissei) announced in January that The Korean Ministry of Food and Drug Safety approved TAVALISSE for the treatment of thrombocytopenia
in adult patients with chronic idiopathic thrombocytopenic purpura who have had an insufficient response to a previous treatment. In the
first quarter of 2025, Rigel will recognize a $3.0 million regulatory milestone earned from Kissei in connection with the approval. |
| · | In December, Rigel’s partner Knight Therapeutics
announced Mexico’s Comisión Federal para la Protección contra Riesgos Sanitarios approved TAVALISSE for the treatment
of thrombocytopenia in adult patients with chronic immune thrombocytopenia who have had an insufficient response to a previous treatment. |
| · | Rigel
entered into an exclusive license agreement with Dr. Reddy’s Laboratories Ltd.
(Dr. Reddy’s) in November to develop and commercialize REZLIDHIA in all potential
indications throughout Dr. Reddy’s territory, which includes Latin America, South
Africa, certain countries in the Commonwealth of Independent States (CIS), India, certain
countries in Southeast Asia and North Africa, Australia and New Zealand. Rigel received an
upfront cash payment of $4.0 million with the potential for up to $36.0 million in future
regulatory and commercial milestone payments. |
Clinical
Development
| · | R2891,
a novel and selective dual IRAK1/4 inhibitor, has been granted Fast Track designation
for the treatment of previously-treated transfusion dependent lower-risk MDS and Orphan
Drug designation for the treatment of MDS by the U.S. Food and Drug Administration (FDA). |
| · | Rigel
continues to advance its Phase 1b clinical study evaluating the safety, tolerability, pharmacokinetics,
and preliminary efficacy of R289 in patients with relapsed or refractory (R/R) lower-risk
myelodysplastic syndrome (MDS). Enrollment in the fifth dose level (500mg / 250mg split dose)
is complete and the new sixth dose level (500 mg twice daily) is now open for enrollment. |
| · | Rigel
presented initial data from the ongoing Phase 1b clinical study
of R289 at the 66th American Society of Hematology (ASH) Annual Meeting and Exposition in
December, demonstrating that R289 was generally well tolerated with preliminary signs of
efficacy in this heavily pretreated R/R lower-risk MDS patient population, the majority of
whom were high transfusion burden (HTB) at baseline. Also at the ASH Annual Meeting, four
posters were presented on olutasidenib, which included data that adds to the growing
body of evidence supporting the benefits of its use in patients with mIDH1 AML. |
| · | CONNECT,
an international collaborative network of pediatric cancer centers, in collaboration with
Rigel, opened for enrollment the “TarGet-D” study, a Phase 2 study (NCT06161974)
evaluating olutasidenib in combination with temozolomide, followed by olutasidenib monotherapy,
as maintenance therapy for newly diagnosed adolescent and young adult patients (ages 12 to
39 years) with a high-grade glioma (HGG) harboring an IDH1 mutation. |
| · | Rigel and The University of Texas
MD Anderson Cancer Center (MD Anderson) have now opened for enrollment the four studies outlined in the multi-year strategic development
alliance. Olutasidenib will be studied in disease areas where mIDH1 can play a role, including AML; higher-risk MDS, chronic myelomonocytic
leukemia (CMML) and advanced myeloproliferative neoplasms (MPN); clonal cytopenia of undetermined significance (CCUS) and lower-risk MDS/CMML;
and as post-transplant maintenance therapy. |
| · | In November, the National Comprehensive
Cancer Network® (NCCN®) added olutasidenib to the latest NCCN Clinical Practice Guidelines in Oncology (NCCN
Guidelines®) for Myelodysplastic Syndromes. Olutasidenib was added as a recommended option to the following treatment algorithms:
Management of Lower-Risk Disease, Management of Lower-Risk Disease - Evaluation of Related Anemia and Management of Higher-Risk Disease,
and was recommended as NCCN Category 2B in all circumstances. If mIDH1 positive, olutasidenib was either recommended as a single
agent, in combination with azacitidine, or both.* |
*NCCN makes no
warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or
use in any way.
Publication
Highlights
| · | A paper titled
“Long-term safety and efficacy of fostamatinib in Japanese patients with primary immune thrombocytopenia,”
was published in January by Masataka Kuwana, M.D., Ph.D., professor and chairman of the Department of Allergy and Rheumatology at
Nippon Medical School Graduate School of Medicine in the International
Journal of Hematology.
The paper reported the 3-year safety and efficacy data from the Phase 3 trial of fostamatinib in Japanese patients with ITP, which included
no new safety signals and a sustained platelet response during treatment. |
| · | A paper titled
“Olutasidenib in combination with azacitidine induces durable complete remissions in patients with relapsed or refractory mIDH1
acute myeloid leukemia: a multicohort open-label phase 1/2 trial,” was published in January by Jorge E. Cortes, M.D., Director,
Georgia Cancer Center, Cecil F. Whitaker Jr., GRA Eminent Scholar Chair in Cancer, and Phase 2 trial investigator, in the Journal
of Hematology and Oncology. |
| · | A paper titled
“Olutasidenib demonstrates significant clinical activity in mutated IDH1 acute myeloid leukaemia arising from a prior myeloproliferative
neoplasm,” was published in December by Stéphane de Botton, M.D., Ph.D., head of translational research in hematology, Institut
Gustave Roussy, France, in the British
Journal of Haematology. |
Fourth
Quarter and Full Year 2024 Financial Update
For the fourth
quarter ended December 31, 2024, total revenues were $57.6 million, consisting of $31.0 million in TAVALISSE net product sales, $7.4
million in REZLIDHIA net product sales, $8.1 million in GAVRETO net product sales, and $11.1 million in contract revenue from collaborations.
TAVALISSE net product sales grew 21% compared to $25.7 million in the same period of 2023. REZLIDHIA net product sales grew 92% compared
to $3.9 million in the same period of 2023. GAVRETO became commercially available from Rigel in June 2024. Contract revenue from
collaborations primarily consisted of a $4.0 million upfront cash payment from Dr. Reddy’s; $3.6 million of revenue from Grifols
S.A. (Grifols) related to delivery of drug supplies and earned royalties; $2.9 million of revenue from Kissei Pharmaceutical Co., Ltd.
(Kissei) related to delivery of drug supplies; and $0.3 million of revenue from Medison Pharma Trading AG (Medison) related to delivery
of drug supplies and earned royalties.
Total costs and
expenses were $40.9 million compared to $33.8 million for the same period of 2023. The increase in costs and expenses was mainly due to
higher research and development costs driven by timing of clinical activities, increased personnel-related costs and increased commercial-related
activities. In addition, cost of product sales increased, driven primarily by increased products sales, higher royalties and a sublicensing
revenue fee, and higher amortization of intangible assets.
Rigel reported
net income of $14.3 million, or $0.81 basic and $0.80 diluted per share, compared to a net income of $0.7 million, or $0.04 basic and
diluted per share, for the same period of 2023. The basic and diluted share and per share amounts for the prior period have been restated
to reflect the 1-for-10 reverse stock split effected on June 27, 2024 on a retroactive basis.
For the full
year 2024, total revenues were $179.3 million, consisting of $104.8 million in TAVALISSE net product sales, $23.0 million in REZLIDHIA
net product sales, $17.1 million in GAVRETO net product sales, and $34.4 million in contract revenue from collaborations. TAVALISSE net
product sales grew 12% compared to $93.7 million in the same period of 2023. REZLIDHIA net product sales grew 118% compared to $10.6 million
in the same period of 2023. As mentioned above, GAVRETO became commercially available from Rigel in June 2024. Contract revenue from
collaborations primarily consisted of $20.4 million from Kissei related to an upfront fee from sublicensing olutasidenib and delivery
of drug supplies; $9.1 million from Grifols and $0.5 million from Medison related to delivery of drug supplies and earned royalties; and
$4.0 million from Dr. Reddy’s related to an upfront fee from sublicensing olutasidenib.
Total costs and
expenses were $155.1 million compared to $137.4 million for the same period of 2023. The increase in costs and expenses was mainly due
to higher cost of product sales driven primarily by increased products sales, sublicensing revenue fees and increased royalties and amortization
of intangible assets. In addition, there were increases in personnel-related costs, stock-based compensation expense and commercial-related
expenses. These increases were partially offset by decreased research and development costs due to the timing of clinical trial activities
related to R289, Rigel’s dual IRAK 1/4 inhibitor program, as well as reduced trial activities related to the completed Phase 3 clinical
trial of fostamatinib in patients with warm antibody hemolytic anemia (wAIHA).
Rigel reported
net income of $17.5 million, or $0.99 basic and diluted per share, compared to a net loss of $25.1 million, or $1.44 basic and diluted
per share, for the same period of 2023. As discussed above, the share and per share amounts have been restated to reflect the 1-for-10
reverse stock split on a retroactive basis for the respective periods presented.
Cash, cash equivalents
and short-term investments as of December 31, 2024 was $77.3 million, compared to $61.1 million as of September 30, 2024 and
$56.9 million as of December 31, 2023.
2025 Outlook
Rigel anticipates
2025 total revenue of approximately $200 to $210 million, including:
| · | Net product sales of approximately $185 to $192
million. |
| · | Contract revenues from collaborations of approximately
$15 to $18 million. |
The company anticipates it will report positive net
income for the full year 2025, while funding existing and new clinical development programs.
Conference
Call and Webcast with Slides Today at 4:30pm Eastern Time
Rigel will hold
a live conference call and webcast today at 4:30pm Eastern Time (1:30pm Pacific Time).
Participants
can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also
be webcast live and can be accessed from the Investor Relations section of the company's website at www.rigel.com.
The webcast will be archived and available for replay after the call via the Rigel website.
About
ITP
In patients
with immune thrombocytopenia (ITP), the immune system attacks and destroys the body’s own blood platelets, which play an active
role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. Patients suffering with chronic ITP may
live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current therapies
for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to existing
therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.
About AML
Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally
develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers.
The American Cancer Society estimates that there will be about 22,010 new cases in the United States, most in adults, in 2025.2
Relapsed AML
affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow.3 Refractory
AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after
intensive treatment.4 Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated
treatments in relapsed or refractory disease remain an unmet need.
About NSCLC
It is estimated that over 226,000 adults in the U.S. will be diagnosed with lung cancer in 2025. Lung cancer is the leading
cause of cancer death in the U.S, with non-small cell lung cancer (NSCLC) being the most common type accounting for 85-90% of all lung
cancer diagnoses.5 RET fusions are implicated in approximately 1-2% of patients with NSCLC.6
About TAVALISSE®
TAVALISSE (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia in adult patients with chronic
immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.
Please click
here for Important Safety Information and Full Prescribing Information for TAVALISSE.
About REZLIDHIA®
REZLIDHIA is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible
isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.
Please click here
for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for REZLIDHIA.
About GAVRETO®
GAVRETO is indicated for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small
cell lung cancer (NSCLC) as detected by an FDA-approved test and adult and pediatric patients 12 years of age and older with advanced
or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive
iodine is appropriate).*
*Thyroid indication is approved
under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent
upon verification and description of clinical benefit in confirmatory trial(s).
Please click here for
Important Safety Information and Full Prescribing Information for GAVRETO.
To report side
effects of prescription drugs to the FDA, www.fda.gov/medwatch or
call 1-800-FDA-1088 (800-332-1088).
TAVALISSE, REZLIDHIA and GAVRETO
are registered trademarks of Rigel Pharmaceuticals, Inc.
About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies
that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in South San Francisco,
California. For more information on Rigel, the Company's marketed products and pipeline of potential products, visit www.rigel.com.
| 1. | R289 is an investigational compound not approved by the FDA. |
| 2. | The American Cancer Society. Key Statistics for Acute Myeloid Leukemia (AML). Revised January 16,
2025. Accessed January 31, 2025: https://www.cancer.org/cancer/acute-myeloid-leukemia/about/key-statistics.html |
| 3. | Leukaemia Care. Relapse in Acute Myeloid Leukaemia (AML). Version 3. Reviewed October 2021. Accessed
January 31, 2025: https://media.leukaemiacare.org.uk/wp-content/uploads/Relapse-in-Acute-Myeloid-Leukaemia-AML-Web-Version.pdf |
| 4. | Thol F, Schlenk RF, Heuser M, Ganser A. How I treat refractory and early relapsed acute myeloid
leukemia. Blood (2015) 126 (3): 319-27. Accessed January 31, 2025. doi: https://doi.org/10.1182/blood-2014-10-551911 |
| 5. | The American Cancer Society. Key Statistics for Lung Cancer. Revised January 16, 2025. Accessed
January 31, 2025: https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html |
| 6. | Kato, S. et al. RET Aberrations in Diverse Cancers: Next-Generation Sequencing of 4,871 Patients. Clin Cancer Res. 2017;23(8):1988-1997
doi: 10.1158/1078-0432.CCR-16-1679 |
Forward Looking
Statements
This press release contains forward-looking statements relating to, among other things, expected
commercial and financial results for the fourth quarter and year ended December 31, 2024, projected financial performance and
outlook for 2025, expectations to grow and advance our commercial portfolio and hematology and oncology pipeline, results of our
study of R289 in lower-risk MDS including safety and efficacy data, continued ability for developing and commercializing TAVALISSE,
REZLIDHIA, and GAVRETO domestically and in certain international markets, and expectations for Rigel’s partnering and
collaboration efforts. Any statements contained in this press release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements can be identified by words such as “anticipates”,
“plan”, “outlook”, “potential”, “may”, “look to”, “expects”,
“will”, “initial”, “promising”, and similar expressions in reference to future periods.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on
Rigel’s current beliefs, expectations, and assumptions and hence they inherently involve significant risks,
uncertainties and changes in circumstances that are difficult to predict and many of which are outside of our
control. Therefore, you should not rely on any of these forward-looking statements. Actual results and the timing of events
could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties,
which include, without limitation, risks and uncertainties associated with the commercialization and marketing of fostamatinib,
olutasidenib and pralsetinib; risks that the FDA, European Medicines Agency, PMDA or other regulatory authorities may make adverse
decisions regarding fostamatinib, pralsetinib or olutasidenib; risks that clinical trials may not be predictive of real-world
results or of results in subsequent clinical trials; risks that fostamatinib, pralsetinib or olutasidenib may have unintended side
effects, adverse reactions or incidents of misuses; the availability of resources to develop Rigel’s product candidates;
market competition; as well as other risks detailed from time to time in Rigel’s reports filed with the Securities and
Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and subsequent
filings. Any forward-looking statement made by us in this press release is based only on information currently available to us
and speaks only as of the date on which it is made. Rigel does not undertake any obligation to update forward-looking statements,
whether written or oral, that may be made from time to time, whether as a result of new information, future developments or
otherwise, and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking
statements contained herein, except as required by law.
Contact for Investors &
Media:
Investors:
Rigel Pharmaceuticals, Inc.
650.624.1232
ir@rigel.com
Media:
David Rosen
Argot Partners
646.461.6387
david.rosen@argotpartners.com
RIGEL PHARMACEUTICALS, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
| | |
Three Months Ended December 31, | | |
Year Ended December 31, | |
| | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| | |
(unaudited) | | |
| | |
| |
| Revenues: | |
| | | |
| | | |
| | | |
| | |
| Product sales, net | |
$ | 46,522 | | |
$ | 29,539 | | |
$ | 144,902 | | |
$ | 104,294 | |
| Contract revenues from collaborations | |
| 11,074 | | |
| 6,153 | | |
| 34,376 | | |
| 11,488 | |
| Government contract | |
| — | | |
| 100 | | |
| — | | |
| 1,100 | |
| Total revenues | |
| 57,596 | | |
| 35,792 | | |
| 179,278 | | |
| 116,882 | |
| Costs and expenses: | |
| | | |
| | | |
| | | |
| | |
| Cost of product sales | |
| 5,789 | | |
| 3,790 | | |
| 18,647 | | |
| 7,110 | |
| Research and development (see Note A) | |
| 5,632 | | |
| 3,186 | | |
| 23,380 | | |
| 24,522 | |
| Selling, general and administrative (see Note A) | |
| 29,520 | | |
| 26,850 | | |
| 113,059 | | |
| 105,741 | |
| Total costs and expenses | |
| 40,941 | | |
| 33,826 | | |
| 155,086 | | |
| 137,373 | |
| Income (loss) from operations | |
| 16,655 | | |
| 1,966 | | |
| 24,192 | | |
| (20,491 | ) |
| Interest income | |
| 522 | | |
| 678 | | |
| 2,092 | | |
| 2,272 | |
| Interest expense | |
| (1,955 | ) | |
| (1,907 | ) | |
| (7,918 | ) | |
| (6,872 | ) |
| Income (loss) before income taxes | |
| 15,222 | | |
| 737 | | |
| 18,366 | | |
| (25,091 | ) |
| Provision for income taxes | |
| 881 | | |
| - | | |
| 881 | | |
| - | |
| Net income (loss) | |
$ | 14,341 | | |
$ | 737 | | |
$ | 17,485 | | |
$ | (25,091 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net income (loss) per share (1) | |
| | | |
| | | |
| | | |
| | |
| Basic | |
$ | 0.81 | | |
$ | 0.04 | | |
$ | 0.99 | | |
$ | (1.44 | ) |
| Diluted | |
$ | 0.80 | | |
$ | 0.04 | | |
$ | 0.99 | | |
$ | (1.44 | ) |
| Weighted average shares used in computing net income (loss) per share(1) | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 17,647 | | |
| 17,437 | | |
| 17,579 | | |
| 17,401 | |
| Diluted | |
| 17,986 | | |
| 17,446 | | |
| 17,687 | | |
| 17,401 | |
| | |
| | | |
| | | |
| | | |
| | |
| Note A | |
| | | |
| | | |
| | | |
| | |
| Stock-based compensation expense included in: | |
| | | |
| | | |
| | | |
| | |
| Selling, general and administrative | |
$ | 1,812 | | |
$ | 1,585 | | |
$ | 10,879 | | |
$ | 6,712 | |
| Research and development | |
| 275 | | |
| 348 | | |
| 1,514 | | |
| 2,094 | |
| | |
$ | 2,087 | | |
$ | 1,933 | | |
$ | 12,393 | | |
$ | 8,806 | |
(1) Share and per share amounts have been restated to reflect the 1-for-10 reverse stock split effected on June 27, 2024 on a retroactive basis for the respective periods presented.
SUMMARY BALANCE SHEET DATA
(in thousands)
| | |
As of December 31, | |
| | |
2024 | | |
2023 | |
| Cash, cash equivalents and short-term investments | |
$ | 77,321 | | |
$ | 56,933 | |
| Total assets | |
| 163,976 | | |
| 117,225 | |
| Stockholders' equity (deficit) | |
| 3,288 | | |
| (28,644 | ) |
v3.25.0.1
Cover
|
Mar. 04, 2025 |
| Cover [Abstract] |
|
| Document Type |
8-K
|
| Amendment Flag |
false
|
| Document Period End Date |
Mar. 04, 2025
|
| Entity File Number |
0-29889
|
| Entity Registrant Name |
RIGEL PHARMACEUTICALS, INC.
|
| Entity Central Index Key |
0001034842
|
| Entity Tax Identification Number |
94-3248524
|
| Entity Incorporation, State or Country Code |
DE
|
| Entity Address, Address Line One |
611
Gateway Boulevard
|
| Entity Address, Address Line Two |
Suite 900
|
| Entity Address, City or Town |
South San Francisco
|
| Entity Address, State or Province |
CA
|
| Entity Address, Postal Zip Code |
94080
|
| City Area Code |
650
|
| Local Phone Number |
624-1100
|
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false
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false
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false
|
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false
|
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Common Stock, par value $0.001 per share
|
| Trading Symbol |
RIGL
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| Security Exchange Name |
NASDAQ
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Grafico Azioni Rigel Pharmaceuticals (NASDAQ:RIGL)
Storico
Da Feb 2025 a Mar 2025
Grafico Azioni Rigel Pharmaceuticals (NASDAQ:RIGL)
Storico
Da Mar 2024 a Mar 2025
