Rigel Pharmaceuticals Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Rigel Pharmaceuticals filed its Q1 2024 10-Q, reporting on its financial performance and business operations.</b>

AI Summary

RIGEL PHARMACEUTICALS INC (RIGL) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Rigel Pharmaceuticals Inc. filed a 10-Q for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company is listed on NASDAQ under the ticker RIGL. Rigel Pharmaceuticals is classified under Pharmaceutical Preparations (SIC 2834). The company's principal executive offices are located in South San Francisco, California.

Why It Matters

For investors and stakeholders tracking RIGEL PHARMACEUTICALS INC, this filing contains several important signals. This filing provides an update on Rigel's financial health and operational status for the first quarter of 2024, crucial for investors assessing the company's trajectory. As a pharmaceutical company, understanding its product revenue streams, operational costs, and any potential risks outlined in the filing is key to evaluating its market position and future prospects.

Risk Assessment

Risk Level: medium — RIGEL PHARMACEUTICALS INC shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) which typically contains routine financial and operational information. Specific material risks or significant positive developments are not immediately apparent from the header information alone, requiring a deeper dive into the document's content.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to identify any specific revenue trends, cost changes, or emerging risks that could impact Rigel Pharmaceuticals' stock performance.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-07 — Filing Date (Filed as of date)
• 000-29889 — SEC File Number (SEC file number for the company)
• 24921777 — Film Number (Film number for the filing)
• 650-624-1100 — Business Phone (Company's business phone number)

Key Players & Entities

• RIGEL PHARMACEUTICALS INC (company) — Filer name
• RIGL (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 2024-03-31 (date) — Conformed period of report
• 2024-05-07 (date) — Filed as of date
• NASDAQ (company) — Stock exchange
• South San Francisco, CA (location) — Business address city and state
• 2834 (industry) — Standard Industrial Classification

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was officially filed with the SEC.

Key Financial Figures

• $0.001 — h registered: Common Stock, par value $0.001 per share RIGL The Nasdaq Stock Mar

Filing Documents

• rigl-20240331x10q.htm (10-Q) — 1951KB
• rigl-20240331xex10d1.htm (EX-10.1) — 581KB
• rigl-20240331xex10d2.htm (EX-10.2) — 22KB
• rigl-20240331xex10d3.htm (EX-10.3) — 148KB
• rigl-20240331xex10d4.htm (EX-10.4) — 141KB
• rigl-20240331xex31d1.htm (EX-31.1) — 16KB
• rigl-20240331xex31d2.htm (EX-31.2) — 16KB
• rigl-20240331xex32d1.htm (EX-32.1) — 9KB
• rigl-20240331x10q004.jpg (GRAPHIC) — 74KB
• 0001558370-24-007041.txt (&nbsp;) — 9041KB
• rigl-20240331.xsd (EX-101.SCH) — 55KB
• rigl-20240331_cal.xml (EX-101.CAL) — 60KB
• rigl-20240331_def.xml (EX-101.DEF) — 222KB
• rigl-20240331_lab.xml (EX-101.LAB) — 468KB
• rigl-20240331_pre.xml (EX-101.PRE) — 352KB
• rigl-20240331x10q_htm.xml (XML) — 1278KB

Financial Statements

Financial Statements 3 Condensed Balance Sheets — March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) — three months ended March 31, 2024 and 2023 4 Condensed Statements of Comprehensive Loss (Unaudited) — three months ended March 31, 2024 and 2023 5 Condensed Statements of Stockholders' Deficit (Unaudited) — three months ended March 31, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) — three months ended March 31, 2024 and 2023 7 Notes to Condensed Financial Statements (Unaudited) 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II OTHER INFORMATION 45 Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 94 Item 3. Defaults Upon Senior Securities 94 Item 4. Mine Safety Disclosures 94 Item 5. Other Information 95 Item 6. Exhibits 96

Signatures

Signatures 97 2 Table of Contents

FINANCIAL INFORMATIO N

PART I. FINANCIAL INFORMATIO N

Financial Statements

Item 1. Financial Statements RIGEL PHARMACEUTICALS, INC. CONDENSED BALANCE SHEET S (In thousands) As of March 31, 2024 December 31, 2023 (1) (unaudited) Assets Current assets: Cash and cash equivalents $ 25,574 $ 32,786 Short-term investments 23,976 24,147 Accounts receivable, net 27,512 30,550 Inventories 6,579 5,522 Prepaid and other current assets 8,845 6,261 Total current assets 92,486 99,266 Property and equipment, net 140 165 Intangible assets, net 28,863 13,878 Operating lease right-of-use assets 712 861 Other assets 4,318 3,055 Total assets $ 126,519 $ 117,225 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 9,276 $ 7,142 Accrued compensation 5,246 8,676 Accrued research and development 4,127 3,513 Acquisition-related liabilities 15,222 — Revenue reserves and refund liability 16,045 15,684 Loans payable, net, current portion 14,780 7,229 Other accrued liabilities 5,435 5,334 Deferred revenue 1,355 1,355 Lease liabilities, current portion 709 692 Other long-term liabilities, current portion 1,003 3,642 Total current liabilities 73,198 53,267 Long-term portion of lease liabilities 100 285 Long-term portion of loans payable, net 44,910 52,373 Other long-term liabilities 39,982 39,944 Total liabilities 158,190 145,869 Commitments Stockholders' deficit: Preferred stock — — Common stock 175 175 Additional paid-in capital 1,383,956 1,378,723 Accumulated other comprehensive (loss) income ( 5 ) 8 Accumulated deficit ( 1,415,797 ) ( 1,407,550 ) Total stockholders' deficit ( 31,671 ) ( 28,644 ) Total liabilities and stockholders' deficit $ 126,519 $ 117,225 (1) The balance sheet as of December 31, 2023 has been derived from the audited financial statements included in Rigel's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the

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View this 10-Q filing on SEC EDGAR