Rigel Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Rigel (Nasdaq: RIGL) reported Q1 2026 results: total revenues $58.8M including $54.9M net product sales, net income of $8.7M, and cash, cash equivalents and short-term investments of $146.7M as of March 31, 2026. The company reaffirmed 2026 revenue guidance of $275–$290M and expects positive net income for the year. Clinical progress includes ongoing R289 Phase 1b dose-expansion enrollment and planned Phase 2 dose selection in H2 2026.
AI-generated analysis. Not financial advice.
Positive
- Total revenues of $58.8M in Q1 2026
- Net income of $8.7M in Q1 2026
- Reaffirmed 2026 revenue guidance of $275–$290M
Negative
- Eli Lilly collaboration termination effective June 15, 2026
- Cash and short-term investments declined to $146.7M from $155.0M
- Total costs and expenses rose to $46.9M in Q1 2026
News Market Reaction – RIGL
On the day this news was published, RIGL declined 5.06%, reflecting a notable negative market reaction. Argus tracked a peak move of +7.6% during that session. Argus tracked a trough of -9.4% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $30M from the company's valuation, bringing the market cap to $554.40M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
RIGL gained 0.48% while close biotech peers showed mixed moves (e.g., PVLA +3.93%, ANAB +4.18%, RZLT -0.30%). With no peers in the momentum scanner and no same-day peer headlines, the action appears more company-specific than sector-driven.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Quarter & year results | Positive | -10.3% | Strong Q4 and 2025 results with large non-cash tax benefit and 2026 guidance. |
| Nov 04 | Quarterly earnings | Positive | +33.4% | Q3 2025 revenue growth, higher guidance, and R289 dose expansion progress. |
| Aug 05 | Quarterly earnings | Positive | +23.0% | Strong Q2 2025 results, raised 2025 guidance, and R289 enrollment completion. |
| May 06 | Quarterly earnings | Positive | +1.1% | Q1 2025 return to profitability and reaffirmed revenue outlook with R289 milestones. |
| Mar 04 | Quarter & year results | Positive | -8.1% | Strong 2024 growth, first full-year net income, and 2025 revenue guidance initiation. |
Earnings releases have often triggered sizable moves, with both sharp rallies and notable selloffs, indicating event-driven volatility around financial updates.
Over the last five earnings cycles, Rigel has repeatedly highlighted strong revenue growth, expanding net product sales, and advancing R289 development. Prior updates included raising or reaffirming revenue guidance, first full-year profitability, and a large non-cash tax benefit boosting 2025 net income. Price reactions ranged from a -10.27% decline to a +33.37% gain, underscoring that earnings news has been a key trading catalyst. Today’s Q1 2026 report continues the themes of profitability, guidance reaffirmation, and R289 progress.
Historical Comparison
Over the past five earnings releases, Rigel’s stock moved an average of 7.82% in either direction, showing that financial updates have typically been high-impact trading events.
Earnings updates have tracked a progression from initial profitability in 2024 to higher 2025 revenue guidance and strong 2025 results, with continued focus on R289 advancement and reaffirmed multi-hundred-million-dollar revenue targets.
Market Pulse Summary
The stock moved -5.1% in the session following this news. A negative reaction despite ongoing profitability and reaffirmed $275–$290M 2026 revenue guidance would fit prior patterns where strong earnings sometimes preceded declines, such as the -10.27% move after Q4 2025. Investors have reacted sensitively to mix shifts between product and collaboration revenue and to changes in strategic partnerships. Credit facility restructuring and the Lilly collaboration termination noted in recent filings add further variables that could weigh on sentiment.
Key Terms
phase 1b medical
overall response rate medical
matching-adjusted indirect comparison medical
non-small cell lung cancer medical
receptor-interacting protein kinase 1 medical
fda-approved test regulatory
boxed warning regulatory
complete remission medical
AI-generated analysis. Not financial advice.
- First quarter 2026 total revenues of
$58.8 million $54.9 million $3.9 million - Generated
$8.7 million - On track to complete enrollment in the dose expansion phase of the Phase 1b study evaluating R289 and select the recommended Phase 2 dose in the second half of 2026
- 2026 Outlook: Total revenues of approximately
$275 $290 million $255 $265 million - Conference call and webcast scheduled today at 4:30 p.m. Eastern Time
"Rigel entered 2026 with continued year-over-year growth from our commercial portfolio and financial discipline, driving another quarter of profitability. We are operating from a position of financial strength with a solid cash balance that can fund our development plans and allows for financial flexibility to pursue potential in-license opportunities," said Raul Rodriguez, Rigel's president and CEO. "During the first quarter we also continued to advance our development pipeline, including our ongoing Phase 1b study of R289 in patients with lower-risk MDS, which may be a transformational opportunity for Rigel."
First Quarter 2026 Business Update
Commercial
- First quarter net product sales were
$54.9 million 26% from the same period of 2025.
Corporate
- In February, Michael P. Miller joined Rigel's Board of Directors as an independent director and member of the Compensation Committee.
- In April, Rigel received notification from Eli Lilly and Company that it will terminate the collaboration agreement with Rigel, which included the development of ocadusertib (previously R552 or LY3871801), an investigational, potent and selective receptor-interacting protein kinase 1 (RIPK1) inhibitor. The termination will become effective on June 15, 2026.
- In early May, Rigel restructured its credit relationship with MidCap Financial to replace its existing term loan credit facility with a revolving credit facility for
$40.0 million $60.0 million $40.0 million $8.0 million
Clinical Development
- Rigel continues to advance its Phase 1b clinical study evaluating the safety, tolerability, pharmacokinetics, and preliminary efficacy of R2891, a potent and selective dual inhibitor of interleukin receptor-associated kinases 1 and 4 (IRAK1/4), in patients with relapsed or refractory (R/R) lower-risk myelodysplastic syndrome (MDS). Enrollment in the dose expansion phase of the study is ongoing.
- Rigel is on track to complete enrollment of the dose expansion phase of the Phase 1b study and select the recommended Phase 2 dose for future clinical studies in the second half of 2026. The company anticipates sharing preliminary data from the dose expansion phase of the study by the end of 2026.
- The first data release for pralsetinib from the TAPISTRY study (NCT04589845) was presented in a poster presentation at the 2026 American Society of Clinical Oncology – Gastrointestinal Cancers Symposium (ASCO-GI) in January. The analysis reported results from the Phase 2 global, open-label, multicohort study, in which the efficacy and safety of pralsetinib was evaluated in a cohort of patients with rearranged during transfection (RET) fusion-positive solid tumors, including pancreatic, colorectal, and hepatobiliary cancers. Pralsetinib demonstrated robust and durable activity against RET fusion-positive solid tumors, including gastrointestinal (GI) tumors, and in the efficacy evaluable population showed an overall response rate (ORR) of
67% (26/39). These data supports RET fusions as a tissue-agnostic target with sensitivity to RET inhibition, suggesting the potential therapeutic utility of pralsetinib in these patients.
Key Publications
- A paper titled "Matching-Adjusted Indirect Comparison of Olutasidenib and Ivosidenib in Isocitrate Dehydrogenase 1-Mutated Relapsed/Refractory Acute Myeloid Leukemia," was published in Advances in Therapy in February. The publication analysis used a well-accepted methodology called matching-adjusted indirect comparison (MAIC), which adjusts for between study differences in baseline characteristics to better estimate comparative efficacy. The analysis suggests that olutasidenib and ivosidenib achieve similar response rates in R/R isocitrate dehydrogenase-1 (IDH1)-mutated acute myeloid leukemia (AML), but responses achieved with olutasidenib may be more durable. The longer duration of complete remission (CR) plus CR with partial hematologic recovery (CR+CRh) observed with olutasidenib may be clinically meaningful in a setting where sustained remissions are difficult to achieve. While indirect and non-confirmatory, these findings may provide important comparative context for clinicians, medical affairs, and health-policy stakeholders in the absence of head-to-head data.
- A paper titled "Final Efficacy and Safety Data From the Phase 1/2 ARROW Study of Pralsetinib in Patients With Advanced RET Fusion-Positive Non-Small Cell Lung Cancer (NSCLC)," was published in the Journal of Clinical Oncology in March. The publication reports the final data from the registrational trial evaluating pralsetinib for the treatment of patients with metastatic RET fusion-positive non-small cell lung cancer (NSCLC). The final data, which includes an additional 42 months of follow-up from data previously published, further support the robust, durable responses with a manageable toxicity profile seen in patients with RET fusion-positive NSCLC, and are consistent with previous reports from the ARROW study NSCLC cohort.
First Quarter 2026 Financial Update
For the first quarter ended March 31, 2026, total revenues were
Total costs and expenses were
Income before income taxes was
Rigel reported net income of
Cash, cash equivalents and short-term investments as of March 31, 2026 was
2026 Outlook
Rigel reaffirms its 2026 total revenues guidance of approximately
- Net product sales of approximately
$255 $265 million - Contract revenues of approximately
$20 $25 million
The company also continues to anticipate it will report positive net income for the full year 2026, while funding existing and new clinical development programs.
Conference Call and Webcast with Slides Today at 4:30 p.m. Eastern Time
Rigel will hold a live conference call and webcast today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time).
Participants can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also be webcast live and can be accessed from the Investor Relations section of the company's website at www.rigel.com. The webcast will be archived and available for replay after the call via the Rigel website.
About ITP
In patients with immune thrombocytopenia (ITP), the immune system attacks and destroys the body's own blood platelets, which play an active role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. Patients suffering with chronic ITP may live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current therapies for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to existing therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.
About NSCLC
It is estimated that over 229,000 adults in the
About AML
Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers. The American Cancer Society estimates that there will be about 22,720 new cases in
Relapsed AML affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow. 5,6 Refractory AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after intensive treatment.7 Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated treatments in relapsed or refractory disease remain an unmet need.
About TAVALISSE®
TAVALISSE (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.
Please click here for Important Safety Information and Full Prescribing Information for TAVALISSE.
About GAVRETO®
GAVRETO is indicated for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test and adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate).*
*Thyroid indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).
Please click here for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for GAVRETO.
About REZLIDHIA®
REZLIDHIA is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.
Please click here for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for REZLIDHIA.
To report side effects of prescription drugs to the FDA, visit www.fda.gov/medwatch or call 1-800-FDA-1088 (800-332-1088).
TAVALISSE, GAVRETO and REZLIDHIA are registered trademarks of Rigel Pharmaceuticals, Inc.
About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in
- R289 is an investigational compound not approved by the FDA.
- The American Cancer Society. Key Statistics for Lung Cancer. Revised January 13, 2026. Accessed March 31, 2026: https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html
- Kato, S. et al. RET Aberrations in Diverse Cancers: Next-Generation Sequencing of 4,871 Patients. Clin Cancer Res. 2017;23(8):1988-1997 doi: 10.1158/1078-0432.CCR-16-1679
- The American Cancer Society. Key Statistics for Acute Myeloid Leukemia (AML). Revised January 13, 2026. Accessed March 31, 2026: https://www.cancer.org/cancer/acute-myeloid-leukemia/about/key-statistics.html
- Patel, A, et al. Outcomes of Patients With Acute Myeloid Leukemia Who Relapse After 5 Years of Complete Remission. 2021 Sep 7;28(7):811-814. doi: https://doi.org/10.3727/096504020X15965357399750
- Thol F, Ganser, A. Treatment of Relapsed Acute Myeloid Leukemia. Curr. Treat. Options on Oncol. (2020) 21: 66. doi: https://doi.org/10.1007/s11864-020-00765-5
- Thol F, Schlenk RF, Heuser M, Ganser A. How I treat refractory and early relapsed acute myeloid leukemia. Blood (2015) 126 (3): 319-27. doi: https://doi.org/10.1182/blood-2014-10-551911
Forward-Looking Statements
This press release contains forward-looking statements relating to, among other things, expected commercial, financial and clinical results, increased projections of financial performance and outlook for 2026, expectations for growing our commercial business, continued enrollment of our R289 study, presentation of study data, expectation of clinical outcomes, continued ability for developing and commercializing TAVALISSE, GAVRETO, REZLIDHIA and R289 domestically and in certain international markets, and expectations for Rigel's partnering and collaboration efforts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements can be identified by words such as "anticipates", "plan", "outlook", "potential", "may", "look to", "expects", "will", "initial", "promising", and similar expressions in reference to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Rigel's current beliefs, expectations, and assumptions and hence they inherently involve significant risks, uncertainties and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. These forward-looking statements include, without limitation, anticipated financial performance and profitability for 2026; expected product sales and commercial growth; the anticipated timing, progress and results of clinical development activities for R289, including enrollment, dose selection and data readouts; the Company's ability to fund its development programs; and its partnering, collaboration and potential business development activities. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the commercialization and marketing of TAVALISSE, GAVRETO, and REZLIDHIA; risks that the FDA, European Medicines Agency, PMDA or other regulatory authorities may make adverse decisions regarding TAVALISSE, GAVRETO, REZLIDHIA or R289; operational, regulatory or other risks that can affect the timing of enrollment and data availability for R289 clinical development; risks that clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; risks that TAVALISSE, GAVRETO, REZLIDHIA or R289 may have unintended side effects, adverse reactions or incidents of misuses; the availability of resources to develop or market Rigel's product candidates; market competition; product demand variability; pricing/reimbursement dynamics; unanticipated business needs and other developments, including potential partnering, licensing or other collaboration arrangements, which could impact Rigel's funding needs or other internal resource demands, as well as other risks detailed from time to time in Rigel's reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent filings. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Rigel does not undertake any obligation to update forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.
Contact for Investors & Media:
Investors:
Rigel Pharmaceuticals, Inc.
650.624.1232
ir@rigel.com
Media:
David Rosen
Argot Partners
646.461.6387
david.rosen@argotpartners.com
RIGEL PHARMACEUTICALS, INC. | ||||||
STATEMENTS OF OPERATIONS | ||||||
(in thousands, except per share amounts) | ||||||
Three Months Ended March 31, | ||||||
2026 | 2025 | |||||
(unaudited) | ||||||
Revenues: | ||||||
Product sales, net | $ 54,923 | $ 43,550 | ||||
Contract revenues from collaborations | 3,895 | 9,783 | ||||
Total revenues | 58,818 | 53,333 | ||||
Costs and expenses: | ||||||
Cost of product sales | 4,606 | 4,409 | ||||
Research and development (see Note A) | 11,676 | 8,436 | ||||
Selling, general and administrative (see Note A) | 30,651 | 27,715 | ||||
Total costs and expenses | 46,933 | 40,560 | ||||
Income from operations | 11,885 | 12,773 | ||||
Interest income | 1,205 | 591 | ||||
Interest expense | (1,433) | (1,853) | ||||
Income before income taxes | 11,657 | 11,511 | ||||
Provision for income taxes | 3,003 | 65 | ||||
Net income | $ 8,654 | $ 11,446 | ||||
Net income per share | ||||||
Basic | $ 0.47 | $ 0.64 | ||||
Diluted | $ 0.44 | $ 0.63 | ||||
Weighted average shares used in computing net income per share | ||||||
Basic | 18,412 | 17,808 | ||||
Diluted | 19,686 | 18,169 | ||||
Note A | ||||||
Stock-based compensation expense included in: | ||||||
Selling, general and administrative | $ 3,015 | $ 2,452 | ||||
Research and development | 441 | 872 | ||||
$ 3,456 | $ 3,324 | |||||
SUMMARY BALANCE SHEET DATA | ||||||||
(in thousands) | ||||||||
As of | ||||||||
March 31, 2026 | December 31, | (1) | ||||||
(unaudited) | ||||||||
Cash, cash equivalents and short-term investments | $ 146,684 | $ 154,955 | ||||||
Total assets | 504,608 | 513,594 | ||||||
Stockholders' equity | 399,897 | 391,480 | ||||||
(1) Derived from audited financial statements | ||||||||
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SOURCE Rigel Pharmaceuticals, Inc.