RIGL · Rigel Pharmaceuticals, Inc.

Rigel Pharmaceuticals delivered Q1 2026 results with total revenues of $58.8 million, driven by net product sales of $54.9 million, reflecting 26% growth from $43.6 million in Q1 2025. TAVALISSE led with $37.3 million (up 31% YoY), followed by REZLIDHIA at $8.0 million (up 31%) and GAVRETO at $9.6 million (up 7%). Contract revenues contributed $3.9 million, including royalties and drug supplies from Grifols, Kissei, and Medison. Despite higher costs and expenses of $46.9 million (up from $40.6 million YoY) due to R&D on R289, commercial expenses, and personnel, the company achieved net income of $8.7 million ($0.44 diluted EPS), down from $11.4 million ($0.63 EPS) last year. Cash position stood at $146.7 million as of March 31, 2026, down from $155.0 million at year-end 2025. Management reaffirmed 2026 guidance of $275-290 million total revenues ($255-265 million net product sales, $20-25 million contract), expecting positive full-year net income while funding clinical programs. CEO Raul Rodriguez highlighted year-over-year growth, profitability, and financial strength for development and in-licensing. Key pipeline progress includes ongoing R289 Phase 1b enrollment in lower-risk MDS, on track for H2 2026 completion and Phase 2 dose selection, with data by year-end. Corporate updates feature Michael P. Miller joining the Board, Eli Lilly terminating the ocadusertib collaboration (effective June 15, 2026), and a restructured $40 million revolving credit facility with MidCap (option to $60 million), repaying $40 million term loan and drawing $8 million. Publications reinforced GAVRETO and REZLIDHIA efficacy in NSCLC and AML.