Rigel Pharmaceuticals Inc Stock Price, News & Analysis

Rigel Pharmaceuticals reported Q2 2024 total revenue of $36.8 million, including TAVALISSE net sales of $26.4 million (24% YoY growth), REZLIDHIA net sales of $5.2 million (102% YoY growth), and GAVRETO net sales of $1.9 million. The company successfully completed the NDA transfer of GAVRETO for RET fusion-positive cancers. Rigel reported a net loss of $1.0 million, or $0.06 per share, compared to a $6.6 million loss in Q2 2023. For H1 2024, total revenue was $66.4 million with a net loss of $9.3 million. The company had $49.1 million in cash and equivalents as of June 30, 2024. Rigel continues to advance clinical trials, including a Phase 1b study of R2891 for lower-risk MDS and new combination trials for olutasidenib in AML.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) has announced that it will report its second quarter 2024 financial results after market close on Tuesday, August 6, 2024. The company's senior management will host a live conference call and webcast at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the financial results and provide a business update. Participants can join the call by dialing 877-407-3088 (domestic) or 201-389-0927 (international). The call and accompanying slides will also be webcast live from the Investor Relations section of Rigel's website at www.rigel.com, where it will be archived for 90 days after the call.

On July 12, 2024, Rigel Pharmaceuticals announced the granting of stock options under its Inducement Plan. This plan, approved by Rigel's Compensation Committee, aligns with NASDAQ Listing Rule 5635(c)(4). The company granted 79,890 stock options to eleven non-executive employees, which will vest over four years with a one-year cliff. This move aims to attract and retain talented employees by providing them with a stake in the company's future.

Rigel is a biotechnology firm focused on developing therapies for hematologic disorders and cancer. Based in South San Francisco, it was established in 1996. The company continues to innovate and provide novel treatments in its industry.

Optime Care has announced an enhanced partnership with Rigel Pharmaceuticals, effective July 1, 2024, to support patients using GAVRETO® (pralsetinib), a targeted cancer therapy. This collaboration leverages Optime Care’s comprehensive services, which include pre-commercialization expertise, market access, national medication fulfillment, and high-touch patient support designed to improve outcomes. The partnership aims to streamline patient access to GAVRETO® through personalized clinical guidance, support with insurance coverage, financial assistance programs, and more. Rigel Pharmaceuticals values Optime Care’s extensive experience in managing complex diseases and their commitment to patient care, aiming to improve therapeutic outcomes for patients with cancers caused by abnormal RET genes.

Rigel Pharmaceuticals announced a 1-for-10 reverse stock split, effective June 27, 2024. This decision will reduce the total outstanding shares from approximately 175.6 million to 17.6 million, aiming to increase the per-share trading price. The reverse split was approved by stockholders on May 24, 2024, and finalized by the Board on June 15, 2024. Post-split, Rigel’s stock will trade under the same symbol (RIGL) and a new CUSIP number (766559702). The reverse split intends to enhance the company’s appeal to institutional investors and maintain Nasdaq listing compliance. No action is required from stockholders who hold shares electronically or in street name; those with physical certificates will receive instructions for the exchange. Fractional shares will be compensated with cash.

Rigel Pharmaceuticals completed the transfer of the New Drug Application (NDA) for GAVRETO® (pralsetinib), an oral targeted therapy for patients with RET fusion-positive non-small cell lung cancer (NSCLC) and advanced thyroid cancer. GAVRETO will be available in the U.S. starting June 27, 2024. The NSCLC indication is fully approved by the FDA, while the advanced thyroid indication is approved under accelerated approval. The drug will be available in 100 mg capsules priced at $11,144.58 for 60 capsules and $16,716.85 for 90 capsules. Rigel offers patient assistance programs and comprehensive support through its RIGEL ONECARE® service. The acquisition of GAVRETO’s U.S. rights from Blueprint Medicines was announced in February 2024.

Rigel Pharmaceuticals (NASDAQ: RIGL) announced multiple presentations at the EHA2024 Hybrid Congress, focusing on the efficacy of REZLIDHIA® (olutasidenib) in treating mIDH1 AML. Highlights include five-year data from a Phase 2 trial indicating significant responses in heavily pretreated patients, including those resistant to prior venetoclax regimens. REZLIDHIA showed a median overall survival of 11.6 months and a 48% overall response rate. Poster presentations demonstrated olutasidenib's effectiveness across various patient subgroups, including elderly patients and those with AML secondary to MPNs. The data support REZLIDHIA as a promising treatment for mIDH1 AML with rapid, durable responses and manageable safety profiles.

Rigel Pharmaceuticals presented three studies at the 2024 ASCO Annual Meeting highlighting the long-term efficacy of REZLIDHIA® (olutasidenib) in treating relapsed or refractory (R/R) mutated isocitrate dehydrogenase-1 (mIDH1) acute myeloid leukemia (AML). The Phase 2 trial showed a 35% complete remission or partial hematologic recovery rate among 147 patients, while elderly patients (aged 75+) achieved a 31% CR/CRh rate. Additionally, Rigel presented the Phase 1b trial of R289, an IRAK1/4 inhibitor, in lower-risk myelodysplastic syndrome (LR-MDS). The studies suggest durable responses and tolerability of olutasidenib, even in difficult-to-treat cases.

Rigel Pharmaceuticals (Nasdaq: RIGL) announced that its president and CEO, Raul Rodriguez, will present a company overview at the Jefferies Global Healthcare Conference on June 6, 2024, at 9:30 am ET in New York, NY.

The presentation will be available via live webcast on Rigel's Investor Relations website.

Founded in 1996 and based in South San Francisco, Rigel focuses on developing therapies for hematologic disorders and cancer. For more information, visit www.rigel.com.