Rigel Pharmaceuticals (RIGL) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Commercial performance and portfolio growth

• Added Gavreto, a once-daily oral RET inhibitor for NSCLC and thyroid cancer, to the portfolio, complementing existing products Tavalisse and Rezlidhia.

• Achieved record net product sales in Q2, exceeding $33 million, with strong growth in Tavalisse and successful launches of Rezlidhia and Gavreto.

• Tavalisse continues robust growth, outpacing the ITP sector, with increased use in earlier treatment lines.

• Rezlidhia shows expanding uptake in both institutional and community settings, supported by a new ex-US partnership with Kissei in Asia.

• Gavreto transition is progressing smoothly, leveraging existing sales force expertise in solid tumors.

Strategic collaborations and development pipeline

• Signed a $15 million, five-year collaboration with MD Anderson to launch multiple clinical trials for olutasidenib in AML and MDS.

• Partnered with CONNECT for a phase 2 umbrella trial of olutasidenib in high-grade glioma, targeting IDH1-mutant patients.

• R289, a proprietary IRAK1/4 inhibitor, is in phase 1b dose escalation for lower-risk MDS, with data expected at ASH later this year.

• Ongoing partnership with Eli Lilly on RIP1 inhibitors, with R552 in phase 2a for rheumatoid arthritis and CNS candidates in preclinical review.

Financial outlook and future plans

• Achieved near break-even financials in Q2, with minimal cash usage and a focus on disciplined expense management.

• Plans to generate cash through continued product growth and moderate expenses, funding further development of olutasidenib and R289.

• Actively seeking additional late-stage in-licensing and acquisition opportunities to expand the portfolio.

• Positioned to transition from break-even to cash generation, supporting both commercial and R&D expansion.