Rigel Pharmaceuticals (RIGL) Q3 2024 earnings summary

Executive summary

• Q3 2024 total revenue reached $55.3 million, up 97% year-over-year, with net product sales of $38.9 million, driven by strong growth in TAVALISSE, REZLIDHIA, and the addition of GAVRETO.

• Net income for Q3 2024 was $12.4 million, reversing a net loss of $5.7 million in Q3 2023, supported by higher product sales and collaboration revenues.

• Commercial portfolio expanded with the launch of GAVRETO and new licensing deals, including a $10 million upfront payment and up to $152.5 million in milestones from Kissei for REZLIDHIA in Asia.

• Cash, cash equivalents, and short-term investments totaled $61.1 million at quarter end, up from $49.1 million at the end of Q2.

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

Financial highlights

• TAVALISSE Q3 2024 net sales: $26.3 million (+8% year-over-year); 2,797 bottles shipped (+16%).

• REZLIDHIA Q3 2024 net sales: $5.5 million (+107% year-over-year); 444 bottles shipped (+101%).

• GAVRETO Q3 2024 net sales: $7.1 million; 717 bottles shipped since commercial launch in June 2024.

• Contract revenues from collaborations were $16.4 million, including $13 million from Kissei.

• Cash and short-term investments were $61.1 million as of September 30, 2024.

Outlook and guidance

• Focus on growing product sales for TAVALISSE, REZLIDHIA, and GAVRETO, and expanding ex-US partnerships for olutasidenib.

• Additional safety and efficacy data for R289 in lower-risk MDS to be presented at ASH in December.

• Development plans for R289 and olutasidenib to be outlined in 2025.

• Existing capital resources expected to fund operations for at least the next 12 months.

• Ongoing investment in clinical development, including IRAK 1/4 inhibitor and strategic collaborations.