Rigel Announces Q2 2024 Financial Results and Business Update

Rigel Pharmaceuticals, Inc., a biotechnology company specializing in hematologic disorders and cancer treatments, reported their financial performance for the second quarter ending June 30, 2024. During this period, the company achieved a total revenue of $36.8 million, which includes $26.4 million from TAVALISSE® net product sales, $5.2 million from REZLIDHIA® net product sales, and $1.9 million from GAVRETO® net product sales. Additionally, they successfully completed the New Drug Application (NDA) transfer of GAVRETO for specific cancer treatments, making the product available from June 27, 2024.

Raul Rodriguez, President and CEO of Rigel, highlighted the strategic milestones of the quarter, particularly noting the incorporation of GAVRETO into their commercial portfolio. This integration, along with record revenues from TAVALISSE and REZLIDHIA, has steered Rigel closer to achieving net income break-even. Rodriguez emphasized the company’s commitment to financial discipline while expanding their commercial reach and advancing development programs.

Second Quarter 2024 Business and Clinical Developments

Commercial Achievements:
- Rigel continued to see robust commercial performance with record shipments of TAVALISSE and REZLIDHIA.
- The NDA transfer of GAVRETO was finalized in June, ahead of the July 1 target, ensuring the product's availability in the U.S.

Clinical and Development Advancements:
- Rigel is progressing with a Phase 1b clinical trial for R2891, an IRAK1/4 inhibitor, targeting relapsed/refractory lower-risk myelodysplastic syndrome (LR-MDS). Enrollment for the fourth dose level is currently underway, with preliminary data expected by year-end.
- The University of Texas MD Anderson Cancer Center, supported by Rigel, opened enrollment for a Phase 1b/2 trial evaluating a combination of decitabine, venetoclax, and olutasidenib for IDH1-mutated AML. This trial is a significant step in Rigel’s collaboration with MD Anderson.
- City of Hope National Medical Center has initiated a pilot trial of olutasidenib as maintenance therapy post-allogeneic hematopoietic cell transplantation (HCT) for specific AML and related conditions.
- Rigel presented long-term efficacy data from the Phase 2 trial of REZLIDHIA at the EHA2024 Hybrid Congress. Additionally, they presented safety and efficacy data in various forums, including the ASCO Annual Meeting.

Financial Performance:
For the quarter ending June 30, 2024, Rigel's total revenues reached $36.8 million, a substantial increase driven by the sales of their key products and contract revenues from collaborations. TAVALISSE sales saw a 24% growth compared to the same period in 2023, while REZLIDHIA sales grew by 102%. The costs and expenses for the quarter amounted to $36.4 million, up from $32.2 million in the previous year, partially due to higher product sales costs and increased research and development expenses.

Rigel reported a net loss of $1.0 million for the second quarter, a significant improvement from the $6.6 million loss in the same period of 2023. For the first half of 2024, total revenues were $66.4 million, an increase driven by higher sales of TAVALISSE and REZLIDHIA. Despite an overall rise in costs and expenses, Rigel managed to reduce their net loss to $9.3 million from $20.1 million in the first half of 2023.

As of June 30, 2024, Rigel's cash, cash equivalents, and short-term investments totaled $49.1 million.

These financial results underscore Rigel’s progress in commercializing their product portfolio and advancing their pipeline through strategic clinical developments.

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