Rigel Announces Q1 2024 Financial Results and Business Update

In the first quarter of 2024, Rigel Pharmaceuticals reported total revenues of $29.5 million, comprising $21.1 million from TAVALISSE® sales and $4.9 million from REZLIDHIA® sales. The company also secured $3.5 million from collaboration contracts. Notably, this period marked a record number of TAVALISSE and REZLIDHIA bottles sold since their respective launches.

Rigel expanded its pharmaceutical portfolio by acquiring GAVRETO®, a U.S.-marketed drug for treating RET fusion-positive metastatic non-small cell lung cancer (NSCLC) and advanced or metastatic thyroid cancer. The company aims to incorporate this drug into its commercial lineup by July 2024.

Significant developments in the first quarter also included the appointment of Lisa Rojkjaer, M.D. as Executive Vice President and Chief Medical Officer. Dr. Rojkjaer brings over 20 years of experience in clinical development, regulatory affairs, and medical affairs, with a focus on hematology and oncology. This strategic move is expected to strengthen Rigel's leadership team.

Rigel's business update reveals a substantial increase in sales performance. For TAVALISSE, 2,193 bottles were sold in the U.S., with 2,483 bottles shipped to patients and clinics, marking the highest quarterly number since the drug's launch. REZLIDHIA also saw significant growth, with 390 bottles sold, driven by an increased demand and 326 bottles shipped to end-users.

In research and development, Rigel announced a peer-reviewed publication in "Leukemia & Lymphoma" on data from a Phase 2 study evaluating REZLIDHIA in patients with mIDH1 AML who were relapsed or refractory to prior venetoclax-based regimens. The study suggested that REZLIDHIA could be an effective treatment for patients with recurrent AML following venetoclax therapy, providing durable remissions and showing a favorable tolerability profile.

Further, Rigel and CONNECT established a collaboration to evaluate REZLIDHIA in combination with temozolomide for treating high-grade glioma (HGG) with an IDH1 mutation. This partnership aims to test the drug combination in adolescents and young adults with newly diagnosed HGG, supported by Rigel's funding of up to $3 million over four years.

Rigel continues to advance its Phase 1b clinical trial for R2891, an IRAK1/4 inhibitor, targeting patients with relapsed/refractory lower-risk myelodysplastic syndrome (LR-MDS). Data from this trial is anticipated by the end of 2024, with the completion of enrollment in the third cohort and plans to include two additional cohorts with twice-daily dosing regimens.

Financially, Rigel's total costs and expenses for the first quarter of 2024 were $36.5 million, down from $38.8 million in the same period of 2023. The reduction was attributed to decreased research and development costs and lower consulting and facility-related expenses. However, these savings were partially offset by increased stock-based compensation expenses.

The net loss for Rigel in Q1 2024 was $8.2 million, or $0.05 per share, an improvement from the $13.5 million loss, or $0.08 per share, reported in Q1 2023. As of March 31, 2024, Rigel had cash, cash equivalents, and short-term investments totaling $49.6 million, down from $56.9 million at the end of 2023. The company also amended its Credit Agreement with MidCap Financial Trust to extend the maturity date and interest-only period by one year.

Rigel continues to explore strategic partnerships and develop its clinical stage product candidates, aiming to enhance its commercial and financial performance while addressing unmet medical needs.