Rigel Pharmaceuticals Reports Q2 2024 Financials

TL;DR

**Rigel Q2 sales flat at $17.5M, watch for pipeline updates.**

AI Summary

Rigel Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The company reported net sales of $17.534 million for the six months ended June 30, 2024, compared to $17.365 million for the same period in 2023. The filing also details various financial activities and operational updates for the quarter.

Why It Matters

This filing provides investors with the latest financial performance data for Rigel Pharmaceuticals, including sales figures and operational details, which can influence investment decisions.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Rigel faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• $17.534M — Net Sales (YTD 2024) (Represents sales for the first six months of 2024.)
• $17.365M — Net Sales (YTD 2023) (Represents sales for the first six months of 2023, for comparison.)

Key Players & Entities

• RIGEL PHARMACEUTICALS INC (company) — Filer
• 611 GATEWAY BOULEVARD, SUITE 900 (location) — Business Address
• SOUTH SAN FRANCISCO, CA (location) — Business Address City/State
• 2024-06-30 (date) — Reporting Period End Date
• $17.534 million (dollar_amount) — Net Sales for six months ended June 30, 2024
• $17.365 million (dollar_amount) — Net Sales for six months ended June 30, 2023

FAQ

Key Financial Figures

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

Filing Documents

• rigl-20240630x10q.htm (10-Q) — 2273KB
• rigl-20240630xex10d1.htm (EX-10.1) — 173KB
• rigl-20240630xex10d2.htm (EX-10.2) — 141KB
• rigl-20240630xex31d1.htm (EX-31.1) — 16KB
• rigl-20240630xex31d2.htm (EX-31.2) — 16KB
• rigl-20240630xex32d1.htm (EX-32.1) — 9KB
• rigl-20240630x10q006.jpg (GRAPHIC) — 86KB
• 0001558370-24-011079.txt ( ) — 9174KB
• rigl-20240630.xsd (EX-101.SCH) — 55KB
• rigl-20240630_cal.xml (EX-101.CAL) — 60KB
• rigl-20240630_def.xml (EX-101.DEF) — 217KB
• rigl-20240630_lab.xml (EX-101.LAB) — 467KB
• rigl-20240630_pre.xml (EX-101.PRE) — 350KB
• rigl-20240630x10q_htm.xml (XML) — 1512KB

Financial Statements

Financial Statements 3 Condensed Balance Sheets — June 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) — three and six months ended June 30, 2024 and 2023 4 Condensed Statements of Comprehensive Loss (Unaudited) — three and six months ended June 30, 2024 and 2023 5 Condensed Statements of Stockholders' Deficit (Unaudited) — three and six months ended June 30, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) — six months ended June 30, 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 96 Item 3. Defaults Upon Senior Securities 96 Item 4. Mine Safety Disclosures 96 Item 5. Other Information 96 Item 6. Exhibits 97

Signatures

Signatures 98 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 June 30, 2024 December 31, 2023 (1) (unaudited) Assets Current assets: Cash and cash equivalents $ 36,053 $ 32,786 Short-term investments 13,049 24,147 Accounts receivable, net 28,904 30,550 Inventories 8,059 5,522 Prepaid and other current assets 8,658 6,261 Total current assets 94,723 99,266 Property and equipment, net 115 165 Intangible assets, net 28,275 13,878 Operating lease right-of-use assets 560 861 Other assets 4,735 3,055 Total assets $ 128,408 $ 117,225 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 6,130 $ 7,142 Accrued compensation 6,373 8,676 Accrued research and development 4,672 3,513 Acquisition-related liabilities 15,000 — Revenue reserves and refund liability 18,547 15,684 Loans payable, net, current portion — 7,229 Other accrued liabilities 5,933 5,334 Deferred revenue 1,355 1,355 Lease liabilities, current portion 639 692 Other long-term liabilities, current portion — 3,642 Total current liabilities 58,649 53,267 Long-term portion of lease liabilities — 285 Long-term portion of loans payable, net 59,692 52,373 Other long-term liabilities 39,981 39,944 Total liabilities 158,322 145,869 Commitments Stockholders' deficit: Common stock (2) 17 17 Additional paid-in capital (2) 1,386,905 1,378,881 Accumulated other comprehensive (loss) income ( 9 ) 8 Accumulated deficit ( 1,416,827 ) ( 1,407,550 ) Total stockholders' deficit ( 29,914 ) ( 28,644 ) Total liabilities and stockholders' deficit $ 128,408 $ 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 Securities and Exchange Commiss

View Full Filing

View this 10-Q filing on SEC EDGAR