Rigel Pharmaceuticals (RIGL) Q2 2024 earnings summary

Executive summary

• Q2 2024 net product sales reached a record $33.5M, up 40% year-over-year, led by TAVALISSE ($26.4M), REZLIDHIA ($5.2M), and the addition of GAVRETO ($1.9M), which was integrated ahead of schedule.

• Net loss for Q2 2024 narrowed to $1.0M ($0.06/share), compared to $6.6M ($0.38/share) in Q2 2023, approaching net income break-even.

• Clinical pipeline advanced with new trials for olutasidenib and R289, and strategic collaborations with MD Anderson and CONNECT.

• Completed a 1-for-10 reverse stock split on June 27, 2024, to maintain Nasdaq listing compliance.

• Cash, cash equivalents, and short-term investments totaled $49.1M as of June 30, 2024.

Financial highlights

• Q2 2024 total revenue was $36.8M, up from $26.9M in Q2 2023; six-month revenue was $66.4M, up 26% year-over-year.

• TAVALISSE Q2 net sales: $26.4M, up 24% sequentially and 25% year-over-year; six-month sales: $47.5M, up 9% year-over-year.

• REZLIDHIA Q2 net sales: $5.2M, up 102% year-over-year; six-month sales: $10.0M, up 150% year-over-year.

• GAVRETO contributed $1.9M in Q2 sales after its late June launch.

• Net loss for the first half of 2024 was $9.3M ($0.53/share), improved from $20.1M ($1.16/share) in the prior year.

Outlook and guidance

• Management expects continued year-over-year net product sales growth, leveraging commercial infrastructure for TAVALISSE, REZLIDHIA, and GAVRETO.

• Preliminary data from the R289 Phase 1b trial in lower-risk MDS anticipated by year-end 2024.

• Ongoing evaluation of in-licensing, acquisition, and ex-US collaboration opportunities.

• Existing cash and investments expected to fund operations for at least the next 12 months.