Summary of Rigel Pharmaceuticals FY Conference Call Company Overview - **Company**: Rigel Pharmaceuticals (NasdaqGS:RIGL) - **Date of Conference**: January 14, 2026 - **Speaker**: Raul Rodriguez, CEO and President Key Industry and Company Insights Strategic Objectives - Rigel's strategic plan includes four objectives: 1. Grow the commercial business 2. In-license and add products to the commercial portfolio 3. Advance the product pipeline in the clinic 4. Maintain financial discipline [2][4][41] Historical Growth - In 2020, Rigel was a one-product company with Tavalisse for adult chronic ITP. - By 2025, the company expanded to three commercial products: Tavalisse, Rezlidhia, and Gavreto, with four different indications [3][4]. Financial Performance - Rigel became profitable in Q3 2024, generating $100 million in cash since then [4]. - The company reported a 35% sales growth from 2022, projecting total revenue of $275-$290 million for the year, with product revenue between $255-$265 million [6][42]. Product Performance Tavalisse - Tavalisse sales grew by 47%, reaching $45 million, with a significant patient population of approximately 24,000 in the U.S. [7][9]. - The product is used primarily in patients who have failed first-line steroid treatments [10][11]. - The Inflation Reduction Act positively impacted patient retention on Tavalisse, reducing dropout rates due to affordability issues [12][13]. Rezlidhia - Rezlidhia targets adult patients with relapsed or refractory AML with an IDH1 mutation, addressing a significant unmet need [14][15]. - The product achieved a CR/CRH rate of 35% with a durability of response lasting 25 months [16]. Gavreto - Gavreto is indicated for non-small cell lung cancer and thyroid cancer with RET fusion-positive mutations, showing good sales growth from $7 million to over $10 million per quarter [17][18]. Pipeline Development R289 (IRAK1 and 4 Inhibitor) - R289 is being studied in low-risk MDS, with potential for significant market opportunities estimated in the multi-hundred million to billion-dollar range [6][29]. - The product has received fast track and orphan designation from the FDA, with ongoing studies to evaluate its efficacy in treating low-risk MDS [25][39]. Future Plans - Rigel aims to launch additional products in the Heme-Onc space by 2026-2028, focusing on late-stage assets with registrational data [20][21]. - The company is exploring other indications for R289, leveraging its unique mechanism of action in inflammatory modulation [43][44]. Financial Discipline - Rigel has maintained a strong cash position, doubling its cash reserves to $154 million in 2025, allowing for further investment in pipeline development [41]. - The company emphasizes maintaining low operational expenses while growing revenue, achieving a balance that supports profitability [40]. Conclusion - Rigel Pharmaceuticals is positioned for continued growth with a diversified product portfolio and a promising pipeline. The company is focused on expanding its commercial business, advancing its development pipeline, and maintaining financial discipline to support future initiatives [41][42].

Financial Performance - Preliminary total revenue for Q4 2025 is approximately $69.8 million, a 21% increase from $57.6 million in Q4 2024[6] - Net product sales for Q4 2025 are expected to be $65.4 million, compared to $46.5 million in Q4 2024, representing a 40% growth[6] - Rigel anticipates full-year 2026 total revenue of approximately $275 to $290 million, including net product sales of $255 to $265 million[12] - The company reported cash, cash equivalents, and short-term investments of approximately $154.6 million as of December 31, 2025, up from $77.3 million in 2024[7] - Rigel's commercial portfolio is expected to achieve full-year net product sales of $232.0 million, reflecting a 60% growth compared to 2024[8] - TAVALISSE net product sales for Q4 2025 are expected to be $45.6 million, an increase from $31.0 million in Q4 2024[6] - GAVRETO net product sales for Q4 2025 are expected to be $10.2 million, compared to $8.1 million in Q4 2024[6] - Rigel's financial performance outlook for 2026 includes increased projections, although specific figures were not disclosed[22] Clinical Development - In the Phase 1b study of R289, red blood cell transfusion independence was achieved by 33% of evaluable patients receiving doses of at least 500 mg QD[5] - Rigel plans to complete enrollment in the dose expansion phase of the Phase 1b study and select the recommended Phase 2 dose in the second half of 2026[9] - The company expects to report positive net income for the full year 2026 while funding existing and new clinical development programs[12] - The company is actively enrolling participants in the R289 clinical study, which is crucial for future product development[22] - R289 remains an investigational compound and is not yet approved by the FDA[23] Commercialization Strategy - Rigel emphasizes the importance of clinical trial outcomes in predicting real-world results for its investigational compounds[22] - The company is focused on the commercialization of TAVALISSE, GAVRETO, and REZLIDHIA in both domestic and international markets[22] - Rigel anticipates continued growth in its commercial business and expects to present data from the R289 study[22] - Risks associated with the commercialization of its products include potential adverse decisions from regulatory authorities[22] - The company does not undertake any obligation to update forward-looking statements unless required by law[22]

Core Insights - Rigel Pharmaceuticals reported strong financial performance in 2025, with record net product sales and significant cash generation, anticipating continued growth in 2026 [2][4][11] Financial Performance - Preliminary total revenue for Q4 2025 is expected to be approximately $69.8 million, a 21% increase from $57.6 million in Q4 2024 [5] - For the full year 2025, total revenue is projected to be $294.3 million, up from $179.3 million in 2024, representing a growth of 64% [5] - Net product sales for 2025 are expected to be $232.0 million, a 60% increase compared to 2024 [7] Product Sales Breakdown - Q4 2025 net product sales include: - TAVALISSE: $45.6 million, up from $31.0 million in Q4 2024 - GAVRETO: $10.2 million, up from $8.1 million in Q4 2024 - REZLIDHIA: $9.6 million, up from $7.4 million in Q4 2024 [5] Clinical Development - Rigel is advancing its Phase 1b clinical study of R289 for lower-risk MDS, with preliminary data indicating 33% of patients achieved red blood cell transfusion independence [9] - The company plans to complete enrollment in the dose expansion phase of the R289 study by the second half of 2026 and share preliminary results by the end of 2026 [9][11] 2026 Outlook - Rigel anticipates total revenue for 2026 to be between $275 million and $290 million, with net product sales projected at $255 million to $265 million [11] - The company expects to report positive net income for the full year 2026 while funding existing and new clinical development programs [11]

Industry Overview - The drug and biotech sector has shown recovery after a sluggish first half, supported by drug pricing agreements with the Trump administration and renewed M&A activity [1][4] - Innovation in areas such as obesity treatments, gene therapy, inflammation, and neuroscience continues to drive growth, despite challenges like pipeline setbacks and regulatory uncertainty [2][3] Market Performance - The Zacks Medical-Drugs industry has underperformed compared to the Zacks Medical sector and the S&P 500 over the past year, with a collective rise of 1.2% compared to 3.4% and 18.9% respectively [13] - The industry currently holds a Zacks Industry Rank of 90, placing it in the top 37% of 244 Zacks industries, indicating potential for outperformance [12] Valuation Metrics - The industry is trading at a trailing 12-month price-to-sales (P/S) ratio of 2.25, lower than the S&P 500's 6.03 and the Zacks Medical sector's 2.61 [16] Key Companies and Their Prospects - **Ironwood Pharmaceuticals**: Developing apraglutide for short bowel syndrome, with a significant rise in stock price by 178.9% in the past three months and a consensus estimate for 2026 earnings increasing from $0.40 to $0.47 [20][22] - **Rigel Pharmaceuticals**: Sales of Tavalisse rose by approximately 54% in the first nine months of 2025, with a stock increase of 46.7% and a consensus estimate for 2026 earnings rising from $3.70 to $4.30 [24][27] - **Soleno Therapeutics**: Launched Vykat XR for Prader-Willi syndrome, generating around $99 million in sales since April, with a stock decline of 25.7% but a rising consensus estimate for 2026 earnings from $3.10 to $3.59 [29][30] - **Marker Therapeutics**: Focused on next-generation T cell therapies, with a stock increase of 75.5% and a narrowing consensus estimate for 2026 loss per share from $4.92 to $1.86 [33][34] - **Nektar Therapeutics**: Developing rezpegaldesleukin for atopic dermatitis and alopecia areata, with a stock decline of 26.0% but a narrowing consensus estimate for 2026 loss per share from $12.17 to $10.81 [36][38]

Core Viewpoint - Rigel Pharmaceuticals, Inc. will present a company overview at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, highlighting its focus on hematologic disorders and cancer [1]. Company Overview - Rigel Pharmaceuticals, Inc. is a biotechnology company established in 1996, based in South San Francisco, California, dedicated to discovering and developing novel therapies for patients with hematologic disorders and cancer [3]. - The company is publicly traded on Nasdaq under the ticker symbol RIGL [3]. Event Details - The presentation will be led by Raul Rodriguez, the president and CEO of Rigel Pharmaceuticals, scheduled for 3:00 p.m. PT (6:00 p.m. ET) [1]. - Investors can access the live webcast or archived recording through the Investor Relations section of Rigel's website [2].

Core Insights - The article discusses the author's long-term positive outlook on Rigel Pharmaceuticals (RIGL) and its product TAVALISSE, highlighting the company's promising pipeline and potential for growth [1]. Group 1: Company Overview - Rigel Pharmaceuticals has been under observation for seven years, with a focus on its innovative therapies and pipeline developments [1]. - The company is recognized for its commitment to developing breakthrough therapies in the biotech sector [1]. Group 2: Investment Perspective - The author expresses a bullish sentiment towards RIGL, indicating a potential buy opportunity noted in early 2019 [1]. - The investment strategy revolves around identifying innovative companies with catalysts for potential acquisitions, which aligns with Rigel's profile [1].

Core Insights - The article discusses the author's long-term positive outlook on Rigel Pharmaceuticals (RIGL), particularly highlighting the potential of its drug TAVALISSE and the company's promising pipeline [1]. Company Overview - Rigel Pharmaceuticals has been under observation for seven years, with a focus on its innovative therapies and potential for growth in the biotech sector [1]. - The company is noted for developing breakthrough therapies and pharmaceuticals that may attract acquisition interest [1]. Investment Strategy - The author emphasizes a strategy centered around identifying innovative companies in the healthcare sector that are developing life-saving therapies [1]. - The investment group, Compounding Healthcare, offers various resources including model healthcare portfolios, newsletters, and a watchlist for potential investment opportunities [1].

Core Insights - Rigel Pharmaceuticals announced updated data from its ongoing Phase 1b study of R289, an oral prodrug of R835, targeting relapsed or refractory lower-risk myelodysplastic syndrome (MDS) [1][2] - The study results were presented at the 67th American Society of Hematology Annual Meeting, highlighting the potential of R289 as a treatment option for patients with transfusion-dependent lower-risk MDS [1][2] Study Overview - The Phase 1b study is evaluating the safety, tolerability, pharmacokinetics, and preliminary efficacy of R289 in patients with relapsed or refractory lower-risk MDS [2] - Enrollment in the dose escalation phase was completed in July 2025, with the dose expansion phase starting in October 2025, involving up to 40 patients [2] Key Data Highlights - As of October 28, 2025, 33 patients were enrolled, with a median age of 75 and a median of 3 prior therapies [4] - R289 was generally well tolerated, with 33% of evaluable transfusion-dependent patients achieving durable red blood cell transfusion independence (RBC-TI) [3][4] - The most common treatment-emergent adverse events included diarrhea (30%), constipation (27%), and fatigue (27%) [4] Efficacy Results - Among evaluable transfusion-dependent patients, 6 out of 18 (33%) achieved RBC-TI lasting more than 8 weeks, with a median time to onset of 1.9 months [4] - Peak hemoglobin increases ranged from 2.9 to 6.1 g/dL compared to baseline in patients achieving RBC-TI [4] Regulatory Designations - R289 has received Orphan Drug designation and Fast Track designation from the FDA for the treatment of previously-treated transfusion-dependent lower-risk MDS [5]

Financial Performance & Guidance - Q3 2025 net product sales grew to $64.1 million, a 65% increase compared to Q3 2024[10, 158] - Rigel increased its 2025 net product sales guidance to $225 million - $230 million, up from $210 million - $220 million[12] - Rigel anticipates 2025 total revenue of ~$285 million to $290 million[162] - Cash, cash equivalents & short-term investments as of September 30, 2025, was $137.1 million compared to $77.3 million as of December 31, 2024[162] Product Performance - TAVALISSE Q3 2025 net product sales reached $44.7 million, a 70% increase compared to Q3 2024[16] - GAVRETO Q3 2025 net product sales reached $11.1 million, a 56% increase compared to Q3 2024[16] - REZLIDHIA Q3 2025 net product sales reached $8.3 million, a 50% increase compared to Q3 2024[16] R289 Clinical Development - In a Phase 1b study in R/R lower-risk MDS, 33% (6/18) of evaluable transfusion-dependent patients receiving ≥500 mg QD achieved RBC-TI >8 weeks[124, 131] - The median duration of RBC-TI was 22.9 weeks (9 - 104.3)[124] Strategic Collaborations - Contract revenues from collaborations were $5.4 million in Q3 2025[158]

Core Insights - Momentum investing focuses on following a stock's recent price trends, with the aim of buying high and selling higher, capitalizing on established price movements [1] - Rigel Pharmaceuticals (RIGL) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [3] - The Zacks Rank system, which complements the Style Scores, rates RIGL as 2 (Buy), suggesting potential for outperformance in the market [4] Price Performance - RIGL shares have increased by 9.25% over the past week, outperforming the Zacks Medical - Drugs industry, which rose by 4.43% during the same period [6] - Over the last quarter, RIGL shares have gained 25.28%, and over the past year, they have surged by 82.02%, while the S&P 500 has only increased by 5.77% and 13.9%, respectively [7] Trading Volume - The average 20-day trading volume for RIGL is 631,925 shares, which serves as a baseline for assessing price movements; rising prices with above-average volume are typically bullish [8] Earnings Outlook - In the past two months, three earnings estimates for RIGL have been revised upwards, while none have been lowered, leading to an increase in the consensus estimate from $5.49 to $6.54 [10] - For the next fiscal year, two estimates have moved up, while one has been revised down [10] Conclusion - Considering the strong momentum indicators and positive earnings outlook, RIGL is positioned as a 2 (Buy) stock with a Momentum Score of A, making it a potential candidate for near-term investment [12]