Core Viewpoint - Rigel Pharmaceuticals (RIGL) is positioned as a strong investment opportunity due to its improving earnings outlook and analysts' increasing earnings estimates [1][2]. Earnings Estimate Revisions - Analysts' optimism regarding Rigel's earnings prospects is leading to upward revisions in estimates, which historically correlate with stock price movements [2]. - The current-quarter earnings estimate is $0.94 per share, reflecting a +17.5% change from the previous year, with a 31.69% increase in the Zacks Consensus Estimate over the last 30 days [6]. - For the full year, the earnings estimate stands at $5.66 per share, indicating a significant +471.7% change from the year-ago figure, with an 11.09% increase in the consensus estimate during the same timeframe [7][8]. Zacks Rank and Performance - Rigel currently holds a Zacks Rank 1 (Strong Buy), supported by strong agreement among analysts in revising earnings estimates upward [9]. - The Zacks Rank system has a proven track record, with Zacks 1 Ranked stocks averaging a +25% annual return since 2008 [3]. - Stocks with Zacks Rank 1 and 2 are shown to significantly outperform the S&P 500 [9]. Investment Outlook - Rigel's stock has increased by 31.6% over the past four weeks due to favorable estimate revisions, suggesting potential for further upside [10].

Core Viewpoint - Rigel Pharmaceuticals (RIGL) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on an upward trend in earnings estimates, which significantly influences stock prices [1][2]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the importance of changing earnings estimates, which are closely correlated with near-term stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [3][5]. - An increase in earnings estimates typically leads to higher fair value calculations for stocks, prompting institutional investors to buy or sell, thus affecting stock prices [3]. Rigel's Earnings Outlook - Rigel is projected to earn $5.66 per share for the fiscal year ending December 2025, with no year-over-year change expected. However, the Zacks Consensus Estimate for the company has increased by 32.8% over the past three months, indicating a positive trend in earnings outlook [7]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988, showcasing the effectiveness of this rating system [6][8]. - Rigel's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term due to superior earnings estimate revisions [9].

Core Insights - Premarket trading is showing notable activity with significant price movements indicating potential trading opportunities before the market opens [1] Premarket Gainers - SMX (Security Matters) Public Limited Company (SMX) increased by 52% to $2.24 [3] - Entravision Communications Corporation (EVC) rose by 33% to $2.66 [3] - Babcock & Wilcox Enterprises, Inc. (BW) saw a 28% increase to $4.79 [3] - NeuroPace, Inc. (NPCE) gained 24% reaching $11.71 [3] - Kennedy-Wilson Holdings, Inc. (KW) also increased by 24% to $9.30 [3] - Rigel Pharmaceuticals, Inc. (RIGL) rose by 22% to $34.72 [3] - Digital Turbine, Inc. (APPS) increased by 21% to $7.20 [3] - Lumentum Holdings Inc. (LITE) saw a 15% increase to $218.06 [3] - AsiaStrategy (SORA) rose by 14% to $3.63 [3] - Marine Petroleum Trust (MARPS) increased by 7% to $5.05 [3] Premarket Losers - Biohaven Ltd. (BHVN) decreased by 42% to $7.96 [4] - Trex Company, Inc. (TREX) fell by 34% to $30.65 [4] - Soleno Therapeutics, Inc. (SLNO) saw a 23% decline to $49.00 [4] - Axon Enterprise, Inc. (AXON) decreased by 19% to $572.00 [4] - Clover Health Investments, Corp. (CLOV) fell by 19% to $2.82 [4] - Pinterest, Inc. (PINS) decreased by 18% to $26.91 [4] - SSR Mining Inc. (SSRM) saw a 17% decline to $17.91 [4] - Upstart Holdings, Inc. (UPST) decreased by 16% to $38.81 [4] - WF International Limited (WXM) fell by 12% to $2.25 [4] - Corsair Gaming, Inc. (CRSR) decreased by 11% to $6.66 [4]

Core Insights - Teradata Corp reported better-than-expected third-quarter financial results, with earnings of 72 cents per share, surpassing the analyst consensus estimate of 54 cents per share [2] - The company also reported quarterly sales of $416 million, exceeding the analyst consensus estimate of $406.228 million [2] - Following the positive results, Teradata shares rose 14.6% to $23.73 in pre-market trading [2] - Additionally, Teradata raised its FY25 EPS guidance above estimates and issued fourth-quarter EPS guidance above estimates [1] Financial Performance - Teradata's quarterly earnings were 72 cents per share, beating the expected 54 cents per share [2] - Quarterly sales reached $416 million, surpassing the forecast of $406.228 million [2] Market Reaction - Teradata shares experienced a significant increase of 14.6%, reaching $23.73 in pre-market trading following the earnings report [2]

Core Insights - Rigel Pharmaceuticals (RIGL) reported quarterly earnings of $1.46 per share, exceeding the Zacks Consensus Estimate of $0.93 per share, and showing an increase from $0.7 per share a year ago, resulting in an earnings surprise of +56.99% [1] - The company achieved revenues of $69.46 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 12.80% and up from $55.31 million year-over-year [2] - Rigel's stock has increased by approximately 82.2% since the beginning of the year, significantly outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The future performance of Rigel's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4] - The current consensus EPS estimate for the next quarter is $0.87 on revenues of $64.23 million, and for the current fiscal year, it is $5.49 on revenues of $280.85 million [7] Industry Context - The Medical - Drugs industry, to which Rigel belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - The performance of Rigel's stock may also be influenced by the overall industry outlook, as empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions [5][8]

Financial Data and Key Metrics Changes - The company reported total revenue of $69.5 million for Q3 2025, including record net product sales of $64.1 million, a 65% year-over-year increase [4][27] - Net income for the third quarter was $27.9 million, compared to $12.4 million for the same period in 2024 [29] - Cash balance increased to $137.1 million, up from $77.3 million at the end of 2024 [29] Business Line Data and Key Metrics Changes - TAVALISSE generated $44.7 million in net product sales, a 70% increase year-over-year [11][27] - GAVRETO achieved $11.1 million in net product sales, reflecting a 56% increase compared to Q3 2024 [12][27] - REZLIDHIA reported $8.3 million in net product sales, a 50% increase year-over-year [12][27] Market Data and Key Metrics Changes - The company has expanded access to TAVALISSE in Japan, Europe, Canada, Israel, and South Korea, with ongoing regulatory approvals in new markets [13] - The commercial portfolio has shown strong year-over-year growth, with net product sales exceeding $200 million on a trailing 12-month basis [11] Company Strategy and Development Direction - The strategic objectives focus on growing the hematology and oncology business through commercial performance and pipeline expansion [4] - The company is pursuing additional in-licensing deals or asset acquisitions to achieve significant growth [7] - The 2025 revenue guidance has been raised to $285-$290 million, reflecting anticipated growth of 55%-59% compared to 2024 [9][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve significant long-term growth through strong commercial execution and financial discipline [9][32] - The company aims to continue driving sales of commercial products while funding key development programs in its internal pipeline [31][32] Other Important Information - The company is advancing its development pipeline, including the ongoing phase 1b study of R289 and collaborations for olutasidenib in various cancer studies [5][16] - The company has received fast-track designation and orphan drug designation from the FDA for R289, indicating a promising regulatory pathway [19] Q&A Session Summary Question: Competitive positioning of R289 in lower-risk MDS versus Rytelo - Management indicated it is too early to speculate on competitive positioning and plans for a registrational study [34] Question: Data needed for potential priority review of R289 - Management noted that the fast-track designation opens potential for priority review, but further data from the dose expansion study is needed [38] Question: Expectations for updated data at ASH for R289 - Management confirmed that updated data will include 16 weeks of follow-up on all patients, providing a robust data set for presentation [40]

Financial Performance & Guidance - Rigel increased its 2025 net product sales guidance from approximately $210 million - $220 million to approximately $225 million - $230 million[15, 89] - Q3 2025 net portfolio sales grew by $25.2 million, a 65% increase compared to Q3 2024[24] - Q3 2025 net product sales were $64.1 million[84] - Rigel anticipates 2025 total revenue of approximately $285 million to $290 million, an increase from the previous guidance of approximately $270 million to $280 million[88] - Cash, cash equivalents, and short-term investments as of September 30, 2025, were $137.1 million, compared to $77.3 million as of December 31, 2024[87] Product Sales Performance - TAVALISSE Q3 2025 net product sales were $44.7 million[27, 86] - GAVRETO Q3 2025 net product sales were $11.1 million[27, 86] - REZLIDHIA Q3 2025 net product sales were $8.3 million[27, 86] R289 Clinical Development - R289 is under evaluation in a Phase 1b study for patients with lower-risk MDS[14, 43] - The FDA granted Fast Track designation for R289 for previously-treated transfusion-dependent lower-risk MDS and Orphan Drug designation for MDS[42, 43] Strategic Collaborations - Grifols collaboration revenues were $3.1 million in Q3 2025[34, 86] - Kissei collaboration revenues were $1.8 million in Q3 2025[34, 86] - Medison collaboration revenues were $0.2 million in Q3 2025[34, 86]

Financial Performance - Total revenue for Q3 2025 was approximately $69.5 million, including record net product sales of $64.1 million, a 65% increase from $38.9 million in Q3 2024[5][8] - Net product sales of TAVALISSE reached $44.7 million, a growth of 70% compared to $26.3 million in the same period of 2024[8][6] - GAVRETO net product sales were $11.1 million, reflecting a 56% increase from $7.1 million in Q3 2024[8][6] - REZLIDHIA net product sales amounted to $8.3 million, a 50% increase from $5.5 million in Q3 2024[8][6] - The company generated a net income of $27.9 million, or $1.55 basic and $1.46 diluted per share, compared to $12.4 million, or $0.71 basic and diluted per share, for the same period of 2024[10] - For the nine months ended September 30, 2025, total revenues were $224.5 million, with net product sales growing 69% compared to $98.4 million in the same period of 2024[12] - Total revenues for Q3 2025 reached $69,462,000, a 25.5% increase from $55,307,000 in Q3 2024[32] - Product sales for Q3 2025 were $64,067,000, up 64.5% compared to $38,927,000 in Q3 2024[32] - Net income for the nine months ended September 30, 2025, was $98,959,000, significantly higher than $3,144,000 for the same period in 2024[32] Guidance and Expectations - Rigel updated its 2025 revenue guidance to approximately $285 to $290 million, up from the previous range of $270 to $280 million[15] - The company anticipates continued growth in its commercial business and ongoing enrollment in the R289 study[29] - Rigel expects to develop and commercialize TAVALISSE, GAVRETO, and REZLIDHIA in domestic and international markets[29] Costs and Expenses - Total costs and expenses for Q3 2025 were $41.0 million, slightly down from $41.3 million in Q3 2024[9] - Research and development expenses for Q3 2025 were $7,353,000, compared to $6,182,000 in Q3 2024, reflecting a 19% increase[32] - Selling, general and administrative expenses for the nine months ended September 30, 2025, totaled $85,908,000, slightly up from $83,539,000 in the same period of 2024[32] Cash and Equity - Cash, cash equivalents, and short-term investments as of September 30, 2025, were $137.1 million, compared to $77.3 million as of December 31, 2024[14] - Cash, cash equivalents, and short-term investments increased to $137,143,000 as of September 30, 2025, compared to $77,321,000 as of December 31, 2024[34] - Stockholders' equity rose to $117,609,000 as of September 30, 2025, a substantial increase from $3,288,000 as of December 31, 2024[34] Research and Development - The ongoing Phase 1b study evaluating R289 for lower-risk MDS has completed enrollment in the dose escalation phase and initiated the dose expansion phase[5][6] Risks and Challenges - Forward-looking statements indicate potential risks related to regulatory approvals and market competition affecting future performance[29]

Revenue Performance - TAVALISSE net product sales for the nine months ended September 30, 2025, were $113.3 million, an increase of $39.5 million or 54% compared to $73.8 million in the same period in 2024[128]. - REZLIDHIA net product sales for the nine months ended September 30, 2025, were $21.4 million, an increase of $5.9 million or 38% compared to $15.6 million in the same period in 2024[129]. - GAVRETO net product sales for the nine months ended September 30, 2025, were $31.9 million, compared to $9.0 million in the same period in 2024[130]. - For the three months ended September 30, 2025, total revenues were $69.462 million, an increase of 25.6% compared to $55.307 million for the same period in 2024[205]. - Product sales for the three months ended September 30, 2025, were $64.067 million, up 64.5% from $38.927 million in the same period of 2024[205]. - TAVALISSE net product sales for the three months ended September 30, 2025, were $44.7 million, a 70% increase compared to $26.3 million for the same period in 2024[206]. - REZLIDHIA net product sales for the three months ended September 30, 2025, were $8.3 million, reflecting a 50% increase from $5.5 million in the same period of 2024[206]. - GAVRETO net product sales for the three months ended September 30, 2025, were $11.0 million, compared to $7.1 million for the same period in 2024, following its commercialization in late June 2024[207][208]. Clinical Trials and Drug Development - R289 is currently in a Phase 1b study with an expected enrollment of approximately 86 patients, focusing on safety, tolerability, and preliminary efficacy in lower-risk MDS[132]. - The FDA granted R289 Orphan Drug designation for myelodysplastic syndromes in January 2025 and Fast Track designation for previously-treated transfusion dependent lower-risk MDS in November 2024[135]. - A strategic collaboration with MDACC was established to evaluate olutasidenib in AML and other hematologic cancers, with $15.0 million in milestone payments over five years[136]. - A collaboration with CONNECT aims to conduct a Phase 2 trial evaluating olutasidenib in combination with temozolomide for HGG, with funding up to $3.0 million[137]. - Lilly is advancing ocadusertib in a Phase 2a clinical trial for rheumatoid arthritis, with a notice received on October 1, 2025, regarding the termination of the CNS disease program[139]. - The Phase 1b study of R289 is expected to enroll approximately 86 patients, with the first patient dosed in December 2022[191]. - As of July 15, 2025, 33 patients were enrolled in the dose escalation part of the R289 study, with a median age of 75 and 61% classified as high transfusion burden[193]. - The collaboration with MDACC includes five studies evaluating olutasidenib in various hematologic cancers, with ongoing enrollment[196]. - The company has strategic collaborations with CONNECT to evaluate olutasidenib in combination with temozolomide for HGG, with the first patient enrolled in October 2025[198]. Regulatory Approvals and Designations - TAVALISSE is approved for chronic ITP treatment in adult patients, with an estimated 81,300 affected individuals in the US[143]. - Fostamatinib received FDA approval in April 2018 and was launched in the US in May 2018[146]. - Olutasidenib, granted orphan drug designation by the FDA, is designed to selectively inhibit mIDH1 and has the potential for durable remissions[161]. - The FDA approved REZLIDHIA for R/R AML with IDH1 mutation in December 2022, with a recommended dosage of 150 mg taken orally twice daily[164]. - R289 was granted Fast Track designation by the FDA in November 2024 for the treatment of previously-treated transfusion dependent lower-risk MDS[194]. Financial Performance and Expenses - Research and development expenses for the three months ended September 30, 2025, increased to $7.4 million from $6.2 million in 2024, reflecting a $1.2 million increase due to clinical trial expenses and personnel-related costs[217]. - Selling, general and administrative expenses for the three months ended September 30, 2025, rose to $28.9 million from $27.0 million in 2024, primarily due to a $1.6 million increase in personnel-related costs[229]. - Interest income for the three months ended September 30, 2025, was $1.1 million, up from $0.4 million in 2024, indicating improved cash and investment balances[232]. - The cost of product sales for the three months ended September 30, 2025, was $4.8 million, down from $8.0 million in 2024, primarily due to a decrease in product costs related to drug supply deliveries[211]. - Research and development expenses for the nine months ended September 30, 2025, totaled $22.6 million, an increase from $17.7 million in 2024, driven by clinical trial activities[218]. - The company anticipates significant increases in selling, general and administrative expenses as it expands commercial activities and engages with healthcare providers[231]. - As of September 30, 2025, the company had approximately $137.1 million in cash, cash equivalents, and short-term investments, compared to $77.3 million as of December 31, 2024, reflecting an increase of 77.5%[240]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $53.7 million, a significant increase from $17.0 million in the same period of 2024[241]. - Net cash used in investing activities for the nine months ended September 30, 2025, was $67.0 million, primarily due to net purchases of short-term investments[242]. Collaborations and Agreements - The company entered into a collaboration agreement with Kissei for the development and commercialization of olutasidenib in Japan, Korea, and Taiwan in September 2024[175]. - The company paid an upfront fee of $2.0 million for the licensing of REZLIDHIA, with potential additional payments of up to $67.5 million upon achieving development milestones[163]. - The total potential future contingent payments under existing collaboration agreements amount to approximately $1.1 billion, factoring in the impact of Lilly's notice to terminate the CNS disease program[246]. - The company has contractual commitments for potential milestone payments and tiered royalty payments under its agreements with Forma and Blueprint, including unpaid purchase price consideration[258][259]. Market and Competitive Landscape - The AML market is estimated to have an incidence of approximately 22,000 cases in the US in 2025, with 1,000 adult patients identified as having mIDH1 R/R AML[160]. - REZLIDHIA achieved a complete remission (CR) plus complete remission with partial hematologic recovery (CRh) rate of 35% in patients with R/R AML, with over 90% of responders in complete remission[162]. - The Phase 2 registrational trial showed an overall response rate (ORR) of 46% and a median duration of overall response of 11.7 months[165]. - REZLIDHIA demonstrated a median duration of complete response of 28.1 months, significantly longer than standard care[167]. - The National Comprehensive Cancer Network (NCCN) included REZLIDHIA as a recommended targeted therapy for adult patients with R/R AML with IDH1 mutation in January 2023[166]. - GAVRETO, an oral kinase inhibitor for RET fusion-positive NSCLC, became commercially available in June 2024, following the transfer of the NDA[182]. - GAVRETO received FDA exclusivity until September 2025 for metastatic RET fusion-positive NSCLC and until December 2027 for advanced thyroid cancer indications[184]. - GAVRETO is recommended as a preferred first-line treatment option for RET+ patients in the NCCN Guidelines for NSCLC[183]. Future Outlook and Funding - The company expects future revenues to include product sales from both existing and new commercial products, influenced by customer demand and rebate programs[210]. - The company expects its existing capital resources to be sufficient to support current and projected funding requirements for at least the next 12 months[244]. - The company may consider raising additional funds through public and/or private offerings of equity securities or debt financing to support ongoing operations and corporate development activities[250]. - As of September 30, 2025, the company has a potential cancellation fee obligation of approximately $22.6 million related to a contract manufacturing agreement, with $3.0 million due in the remainder of 2025 and $10.5 million due in 2026 and 2027[256]. - The company released a $40.0 million remaining cost share liability after deciding not to exercise its opt-in right for co-funding development costs under the Lilly Agreement[257]. - As of September 30, 2025, the outstanding principal amount of the company's loan with MidCap was $60.0 million, with $30.0 million principal payments due within 12 months[260]. - The company has a lease commitment of $1.3 million related to its lease agreement with 611 Gateway, with $0.7 million payable in the next 12 months[261].

Core Insights - Rigel Pharmaceuticals reported strong third-quarter performance, leading to an increase in full-year 2025 revenue guidance due to outstanding commercial execution and pipeline development [2][10]. Financial Performance - Total revenues for Q3 2025 were $69.5 million, comprising $64.1 million in net product sales (up 65% from $38.9 million in Q3 2024) and $5.4 million in contract revenues [4][10]. - Net product sales for TAVALISSE reached $44.7 million (70% growth), GAVRETO at $11.1 million (56% growth), and REZLIDHIA at $8.3 million (50% growth) compared to the same period in 2024 [4][11]. - For the nine months ended September 30, 2025, total revenues were $224.5 million, with net product sales growing 69% year-over-year [7]. Costs and Expenses - Total costs and expenses for Q3 2025 were $41.0 million, slightly down from $41.3 million in Q3 2024, primarily due to lower costs of product sales [5][10]. - Research and development costs increased due to clinical activities related to olutasidenib and R289, along with higher personnel-related costs [5][8]. Net Income - Rigel reported a net income of $27.9 million for Q3 2025, compared to $12.4 million in Q3 2024, translating to $1.55 basic and $1.46 diluted earnings per share [6][10]. Cash Position - As of September 30, 2025, cash, cash equivalents, and short-term investments totaled $137.1 million, up from $77.3 million at the end of 2024 [9][10]. Clinical Development - Rigel is advancing its Phase 1b study of R289 for lower-risk MDS, with enrollment completed in the dose escalation phase and the first patient enrolled in the dose expansion phase [2][11]. - Updated data from the R289 study will be presented at the ASH Annual Meeting in December [10][11]. 2025 Outlook - The company updated its 2025 revenue guidance to approximately $285 to $290 million, an increase from the previous estimate of $270 to $280 million [12][24]. - Rigel anticipates reporting positive net income for the full year 2025 while funding existing and new clinical development programs [12].