Rigel Pharmaceuticals Q3 2024: Revenue Details

TL;DR

Rigel's Q3 shows $70.6M in net product revenue YTD, but watch out for those gross-to-net adjustments!

AI Summary

Rigel Pharmaceuticals Inc. reported its third-quarter 2024 results, with net product revenues for the nine months ended September 30, 2024, totaling $70.6 million. The company's financial filings indicate significant adjustments for sales returns, allowances, government rebates, and chargebacks, discounts, and fees, which are crucial for understanding the net revenue generated from product sales.

Why It Matters

Understanding the gross-to-net revenue adjustments is critical for investors to accurately assess the company's true product sales performance and profitability.

Risk Assessment

Risk Level: medium — The company's financial health and future prospects are heavily dependent on the success of its pharmaceutical products and managing significant revenue adjustments.

Key Numbers

• $70.6M — Net Product Revenues (YTD) (Represents the total revenue from product sales after deductions for the first nine months of 2024.)

Key Players & Entities

• Rigel Pharmaceuticals Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the nine months
• $70.6 million (dollar_amount) — Net product revenues for the nine months ended September 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• rigl-20240930x10q.htm (10-Q) — 2480KB
• rigl-20240930xex10d1.htm (EX-10.1) — 578KB
• rigl-20240930xex10d2.htm (EX-10.2) — 190KB
• rigl-20240930xex10d3.htm (EX-10.3) — 122KB
• rigl-20240930xex31d1.htm (EX-31.1) — 16KB
• rigl-20240930xex31d2.htm (EX-31.2) — 16KB
• rigl-20240930xex32d1.htm (EX-32.1) — 9KB
• rigl-20240930x10q007.jpg (GRAPHIC) — 88KB
• rigl-20240930xex10d2001.jpg (GRAPHIC) — 8KB
• 0001558370-24-014862.txt ( ) — 10493KB
• rigl-20240930.xsd (EX-101.SCH) — 58KB
• rigl-20240930_cal.xml (EX-101.CAL) — 60KB
• rigl-20240930_def.xml (EX-101.DEF) — 216KB
• rigl-20240930_lab.xml (EX-101.LAB) — 478KB
• rigl-20240930_pre.xml (EX-101.PRE) — 359KB
• rigl-20240930x10q_htm.xml (XML) — 1685KB

Financial Statements

Financial Statements 3 Condensed Balance Sheets — September 30, 2024 (Unaudited) and December 31, 2023 3 Condensed Statements of Operations (Unaudited) — three and nine months ended September 30, 2024 and 2023 4 Condensed Statements of Comprehensive Income (Loss) (Unaudited) — three and nine months ended September 30, 2024 and 2023 5 Condensed Statements of Stockholders' Deficit (Unaudited) — three and nine months ended September 30, 2024 and 2023 6 Condensed Statements of Cash Flows (Unaudited) — nine months ended September 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 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 48 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II OTHER INFORMATION 48 Item 1.

Legal Proceedings

Legal Proceedings 48 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 99 Item 3. Defaults Upon Senior Securities 99 Item 4. Mine Safety Disclosures 99 Item 5. Other Information 99 Item 6. Exhibits 100

Signatures

Signatures 101 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 September 30, 2024 December 31, 2023 (1) (unaudited) Assets Current assets: Cash and cash equivalents $ 51,692 $ 32,786 Short-term investments 9,422 24,147 Accounts receivable, net 30,575 30,550 Inventories 4,784 5,522 Prepaid and other current assets 9,994 6,261 Total current assets 106,467 99,266 Property and equipment, net 99 165 Intangible assets, net 27,687 13,878 Operating lease right-of-use assets 405 861 Other assets 4,761 3,055 Total assets $ 139,419 $ 117,225 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 3,815 $ 7,142 Accrued compensation 7,924 8,676 Accrued research and development 3,593 3,513 Acquisition-related liabilities 5,000 — Revenue reserves and refund liability 22,192 15,684 Loans payable, net, current portion — 7,229 Other accrued liabilities 9,967 5,334 Deferred revenue 1,355 1,355 Lease liabilities, current portion 466 692 Other long-term liabilities, current portion — 3,642 Total current liabilities 54,312 53,267 Long-term portion of lease liabilities — 285 Long-term portion of loans payable, net 59,762 52,373 Other long-term liabilities 39,981 39,944 Total liabilities 154,055 145,869 Commitments Stockholders' deficit: Common stock (2) 17 17 Additional paid-in capital (2) 1,389,742 1,378,881 Accumulated other comprehensive income 11 8 Accumulated deficit ( 1,404,406 ) ( 1,407,550 ) Total stockholders' deficit ( 14,636 ) ( 28,644 ) Total liabilities and stockholders' deficit $ 139,419 $ 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 Commission (S

View Full Filing

View this 10-Q filing on SEC EDGAR