Rigel Provides Business Update and 2025 Outlook

PR Newswire

SOUTH SAN FRANCISCO, Calif., Jan. 13, 2025

   -- Preliminary fourth quarter 2024 total revenue of approximately $57.6 
      million which includes TAVALISSE$(R)$ net product sales of $31.0 million, 
      REZLIDHIA(R) net product sales of $7.4 million and GAVRETO(R) net product 
      sales of $8.1 million 
 
   -- R289 granted Orphan Drug designation by the FDA for the treatment of MDS 
 
   -- Rigel anticipates 2025 total revenue of approximately $200 to $210 
      million 

SOUTH SAN FRANCISCO, Calif., Jan. 13, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), a commercial stage biotechnology company focused on hematologic disorders and cancer, today provided a business update including preliminary total revenue and net product sales for the fourth quarter of 2024, ongoing activity from the commercial business and development pipeline, and its financial outlook for 2025.

"2024 was a transformational year for Rigel as we successfully executed on our corporate strategy to grow our hematology and oncology focused organization. We generated record sales of both TAVALISSE and REZLIDHIA and welcomed a third product to our commercial portfolio, GAVRETO, which made a substantial contribution to our sales in the latter half of the year. This commercial success, combined with our commitment to financial discipline, enabled Rigel to reach financial breakeven, a key milestone for the company," said Raul Rodriguez, Rigel's president and CEO. "In addition, we advanced our development pipeline, with the Phase 1b study of R289 in lower-risk MDS continuing to enroll patients and publishing promising initial safety and efficacy data. Building on this progress, we will continue to implement effective strategies that further grow and advance our portfolio in 2025, thereby generating significant value for Rigel and our shareholders."

Preliminary 2024 Financial Results and Business Update

Preliminary Financial Results

   -- While Rigel is still determining final results for the fourth quarter of 
      2024, the company expects to report fourth quarter total revenue of $57.6 
      million, compared to $35.8 million for the same period of 2023. 
 
   -- Rigel expects to report fourth quarter net product sales of $46.5 million, 
      compared to $29.5 million for the same period of 2023, including: 
 
          -- TAVALISSE(R) (fostamatinib disodium hexahydrate) net product sales 
             of $31.0 million compared to $25.7 million for the same period of 
             2023. 
 
          -- REZLIDHIA(R) (olutasidenib) net product sales of $7.4 million 
             compared to $3.9 million for the same period of 2023. 
 
          -- GAVRETO(R) (pralsetinib) net product sales of $8.1 million. 
             GAVRETO became commercially available from Rigel in June 2024. 
 
          -- The following table summarizes total bottles shipped for the 
             fourth quarter: 
 
                                              TAVALISSE  REZLIDHIA  GAVRETO(*) 
                                              ---------  ---------  ---------- 
Bottles shipped to patients and clinics           2,855        503         874 
Change in bottles remaining in distribution 
 channel                                            317         62          64 
Total bottles shipped                             3,172        565         938 
 
 
(*) GAVRETO bottle count represents 60-count bottle equivalent 
 
   -- Contract revenues from collaborations for the fourth quarter of 2024 is 
      expected to be approximately $11.1 million, including a $4.0 million 
      upfront cash payment from Dr. Reddy's Laboratories Ltd. (Dr. Reddy's); 
      $3.6 million of revenue from Grifols S.A. related to delivery of drug 
      supplies and earned royalties; $2.9 million of revenue from Kissei 
      Pharmaceutical Co., Ltd. (Kissei) related to delivery of drug supplies; 
      and $0.3 million of revenue from Medison Pharma Trading AG related to 
      delivery of drug supplies and earned royalties. 
 
   -- For the full year, Rigel expects to report total revenue of $179.3 
      million, including net product sales of $144.9 million and contract 
      revenues from collaborations of $34.4 million, compared to total revenue 
      of $116.9 million in 2023, which included net product sales of $104.3 
      million, contract revenues from collaborations of $11.5 million and 
      government contract revenue of $1.1 million. 
 
   -- Rigel expects to report cash, cash equivalents, and short-term 
      investments of approximately $77.3 million as of December 31, 2024, 
      compared to $56.9 million as of December 31, 2023. 

The above information is preliminary, has not been audited, and is subject to change upon the audit of Rigel's financial statements for the year ended December 31, 2024. Rigel expects to provide complete fourth quarter and full year 2024 financial results in March 2025.

Commercial Update

   -- TAVALISSE surpassed $100 million in net product sales in 2024, reporting 
      $104.8 million in net product sales. 
 
   -- Rigel entered into an exclusive license agreement with Dr. Reddy's in 
      November to develop and commercialize REZLIDHIA in all potential 
      indications throughout Dr. Reddy's territory, which includes Latin 
      America, South Africa, certain countries in the Commonwealth of 
      Independent States (CIS), India, certain countries in Southeast Asia and 
      North Africa, Australia and New Zealand. Rigel is entitled to receive an 
      upfront cash payment of $4.0 million with the potential for up to $36.0 
      million in future regulatory and commercial milestone payments. 
 
   -- In December, Rigel's partner Knight Therapeutics announced Mexico's 
      Comisión Federal para la Protección contra Riesgos Sanitarios 
      approved TAVALISSE for the treatment of thrombocytopenia in adult 
      patients with chronic immune thrombocytopenia $(ITP)$ who have had an 
      insufficient response to a previous treatment. 

Clinical and Development Update

   -- R2891, a novel and selective dual IRAK1/4 inhibitor, has been granted 
      Fast Track designation for the treatment of previously-treated 
      transfusion dependent lower-risk MDS and Orphan Drug designation for the 
      treatment of MDS by the U.S. Food and Drug Administration (FDA). 
 
   -- Rigel continues to advance its Phase 1b clinical study evaluating the 
      safety, tolerability, pharmacokinetics, and preliminary efficacy of R289 
      in patients with relapsed or refractory (R/R) lower-risk myelodysplastic 
      syndrome (MDS). Enrollment in the fifth dose level (500mg / 250mg split 
      dose) is ongoing. 
 
   -- Rigel presented initial data from the ongoing Phase 1b clinical study of 
      R289 at the 66th American Society of Hematology $(ASH)$ Annual Meeting and 
      Exposition in December, demonstrating that R289 was generally well 
      tolerated in this heavily pretreated R/R lower-risk MDS patient 
      population, the majority of whom were high transfusion burden (HTB) at 
      baseline. 
 
   -- In an ad-hoc analysis of the R289 Phase 1b initial data, responding 
      patients (those achieving transfusion independence) appeared to have a 
      greater increase in hemoglobin level over time compared to non-responding 
      patients. 
 
   -- Also at the ASH Annual Meeting, four posters were presented on 
      olutasidenib, which included data that adds to the growing body of 
      evidence supporting the benefits of its use in patients with mIDH1 AML. 
 
   -- As part of a multi-year strategic development alliance, Rigel and The 
      University of Texas MD Anderson Cancer Center (MD Anderson), opened 
      enrollment for two trials in December. The trials are a Phase 2 study in 
      patients with IDH1-mutated clonal cytopenia of undetermined significance 
      (CCUS), lower-risk MDS and chronic myelomonocytic leukemia (CMML), and a 
      Phase 1/2 study of olutasidenib maintenance therapy following an 
      allogeneic stem cell transplant for patients with IDH1-mutated myeloid 
      malignancies. The Phase 1b/2 triplet therapy trial of decitabine and 
      venetoclax in combination with olutasidenib in patients with mIDH1 AML is 
      ongoing. 
 
   -- In December, in a paper titled "Olutasidenib demonstrates significant 
      clinical activity in mutated IDH1 acute myeloid leukaemia arising from a 
      prior myeloproliferative neoplasm", was published by Stéphane de 
      Botton, M.D., Ph.D., head of translational research in hematology, 
      Institut Gustave Roussy, France, in the British Journal of Haematology. 
 
   -- In November, the National Comprehensive Cancer Network(R) (NCCN(R)) added 
      olutasidenib to the latest NCCN Clinical Practice Guidelines in Oncology 
      (NCCN Guidelines(R)) for Myelodysplastic Syndromes. Olutasidenib was 
      added as a recommended option to the following treatment algorithms: 
      Management of Lower-Risk Disease, Management of Lower-Risk Disease - 
      Evaluation of Related Anemia and Management of Higher-Risk Disease, and 
      was recommended as NCCN Category 2B in all circumstances. If mIDH1 
      positive, olutasidenib was either recommended as a single agent, in 
      combination with azacitidine, or both.* 
 
*NCCN makes no warranties of any kind whatsoever regarding their content, use 
or application and disclaims any responsibility for their application or use 
in any way. 
 

2025 Outlook

Rigel anticipates 2025 total revenue of approximately $200 to $210 million, including:

   -- Net product sales of approximately $185 to $192 million 
 
   -- Contract revenues from collaborations of approximately $15 to $18 
      million. 

The company anticipates it will report positive net income for the full year 2025, while funding existing and new clinical development programs.

In addition, Rigel plans to initiate a Phase 2 clinical study in recurrent glioma in 2025.

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