[Form 4] RIGEL PHARMACEUTICALS INC Insider Trading Activity

Rhea-AI Filing Summary

RIGEL PHARMACEUTICALS, INC. (RIGL) reported a Section 16 filing showing a performance-based employee stock option became exercisable on 09/15/2025. The option covers 7,394 shares of common stock with an exercise price of $22.49, which equals the closing price on the grant date of 01/29/2025. The reporting person, Lisa Rojkjaer, identified as EVP and Chief Medical Officer, had the performance metric formally determined met on 09/15/2025, and the option fully vested that same day. The Form 4 was signed by an attorney-in-fact on 09/17/2025.

Positive

• Performance-based award explicitly described with the triggering date of metric satisfaction (09/15/2025).
• Clear grant details: 7,394-share option, exercise price $22.49, grant date 01/29/2025, expiration 01/29/2035.
• Reporting person identified with title (EVP, Chief Medical Officer), clarifying insider status.

Negative

• None.

Insights

Financial Analyst

TL;DR A performance-based stock option for 7,394 shares vested after the performance condition was satisfied; impact on outstanding shares is modest.

The filing documents a single director/officer equity event rather than cash compensation or debt activity. The option's exercise price of $22.49 equals the closing price on the grant date, indicating a market-priced grant. The vesting occurred upon formal satisfaction of the performance metric on 09/15/2025, triggering reportability. For investors, this is a routine insider compensation disclosure with limited immediate financial impact given the grant size.

Corporate Governance Expert

TL;DR Governance process appears standard: performance condition specified, verification date recorded, and required Section 16 disclosure filed.

The Form 4 clearly states the grant was performance-based and not reportable until the metric was met, and that determination was made on 09/15/2025. The document identifies the reporting person and relationship to the issuer. The signature by an attorney-in-fact on 09/17/2025 completes the required filing. This aligns with typical equity award governance and Section 16 timing for performance-vesting awards.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Rojkjaer Lisa

(Last) (First) (Middle)

RIGEL PHARMACEUTICALS, INC.

611 GATEWAY BLVD, SUITE 900

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RIGEL PHARMACEUTICALS INC [ RIGL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Medical Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)	$22.49(1)	09/15/2025		A		7,394(1)		(2)	01/29/2035	Common Stock	7,394(1)	$0	7,394	D

Explanation of Responses:

1. The Reporting Person was granted a stock option with a performance-based condition with respect to 7,394 shares of the Issuer's common stock on January 29, 2025. The exercise price of this option is $22.49, which is the closing price of the Issuer's common stock on Nasdaq on the date of grant. In light of the performance-based vesting condition, this grant was not reportable under Section 16 until the performance metric was satisfied. On September 15, 2025, it was determined that the performance metric had been met.

2. The option was fully vested on September 15, 2025, the date the determination was made that the performance metric had been met.

	/s/ Raymond Furey (Attorney-in-Fact)	09/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did RIGL report on this Form 4?

The Form 4 reports a performance-based stock option becoming exercisable for 7,394 shares on 09/15/2025.

Who is the reporting person on the RIGL Form 4?

The reporting person is Lisa Rojkjaer, identified as EVP and Chief Medical Officer of Rigel Pharmaceuticals.

What is the exercise price and grant date of the option?

The option has an exercise price of $22.49 and was granted on 01/29/2025.

Why was the option not reportable at grant?

The option had a performance-based vesting condition, so it became reportable only when the performance metric was determined met on 09/15/2025.

When was the Form 4 signed and filed?

The signature by an attorney-in-fact is dated 09/17/2025, indicating the filing was completed then.