[SCHEDULE 13G/A] Rigel Pharmaceuticals Inc. (New) SEC Filing

Rhea-AI Filing Summary

On 31 Jul 2025 TXO Partners, L.P. (NYSE: TXO) filed an 8-K announcing two material actions:

• Credit facility expansion: Amendment No. 5 lifts the senior secured borrowing base to $410 million from $275 million, admits additional lenders and pushes the maturity out four years to 30 Aug 2029.
• Acquisition closing: subsidiary Morningstar Operating, together with North Hudson Resource Partners, closed the $338.6 million purchase of producing Elm Coulee oil & gas assets from White Rock Energy. A $70 million deferred payment is due 31 Jul 2026.

Required historical and pro-forma financials for the acquisition will be filed within 71 days. On 5 Aug 2025 TXO also disclosed its Q2 2025 cash distribution (amount not specified) and released an updated investor presentation.

The larger borrowing base and extended tenor enhance liquidity to fund the transaction and future drilling, while the sizeable cash outlay increases leverage until incremental production cash flow is realized.

Positive

• Borrowing base lifted to $410 million, adding $135 million of immediate liquidity and extending maturity to 2029.
• $338.6 million Elm Coulee acquisition closed, expected to add producing reserves and cash flow.
• Quarterly cash distribution declared, demonstrating continued capital-return policy.

Negative

• Acquisition funded with significant cash outlay and $70 million deferred payment, increasing leverage and future cash obligations.
• Pro-forma financial statements not yet available, creating short-term uncertainty around earnings and covenant impact.
• No funding or hedging details disclosed, leaving exposure to commodity price volatility.

Insights

Energy E&P Financial Analyst

TL;DR: Bigger credit line + $338.6 m asset buy is strategically accretive, but leverage climbs until new wells pay off.

The incremental $135 m of borrowing capacity and 2029 maturity materially strengthen TXO’s liquidity profile, reducing refinancing risk for the next four years. Elm Coulee assets are already producing, so cash flow should ramp quickly and support coverage of the deferred $70 m payment. Management continues to return cash via distributions, signalling confidence. However, gross debt will rise and covenant headroom narrows; investors should watch updated pro-formas and future hedging disclosures. Overall impact skews positive given reserve/production uplift and improved debt tenor.

Credit Risk Analyst

TL;DR: Facility upsizing offsets liquidity drain from purchase, but leverage and execution risk elevate credit risk modestly.

From a credit standpoint, the facility’s expanded size and pushed-out maturity lower short-term refinancing pressure. Yet a $338.6 m cash purchase plus $70 m deferred liability likely pushes funded debt/EBITDA higher, at least temporarily. Absent disclosed hedges or cost-synergy detail, volatility in oil prices could stress coverage. Pending pro-forma financials are essential for covenant assessment. Net effect: slightly credit-negative but not materially harmful given enhanced availability.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

RIGEL PHARMACEUTICALS, INC.

(Name of Issuer)

Common Stock, $0.001 par value per share

(Title of Class of Securities)

766559702

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Soleus Capital Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Soleus Capital Master Fund, L.P. ("Master Fund"). Soleus Capital, LLC is the sole general partner of Master Fund, Soleus Capital Group, LLC ("SCG") is the sole managing member of Soleus Capital, LLC, Soleus Capital Management, L.P. ("SCM") is the investment manager for Master Fund, and Soleus GP, LLC ("Soleus GP") is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, as amended (the "Exchange Act"), and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of the common stock of Rigel Pharmaceuticals, Inc. (the "Issuer") outstanding as of May 1, 2025, as reported on the cover of the Issuer's Quarterly Report on Form 10-Q for the period ended March 31, 2025 filed with the Securities and Exchange Commission on May 6, 2025 (the "Form 10-Q").

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Soleus Capital, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of common stock of the Issuer outstanding as of May 1, 2025, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Soleus Capital Group, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of common stock of the Issuer outstanding as of May 1, 2025, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Soleus Capital Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of common stock of the Issuer outstanding as of May 1, 2025, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Soleus GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of common stock of the Issuer outstanding as of May 1, 2025, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Guy Levy

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 658,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 658,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

658,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.7 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: (1) The shares reported in the table above are held directly by Master Fund. Soleus Capital, LLC is the sole general partner of Master Fund, SCG is the sole managing member of Soleus Capital, LLC, SCM is the investment manager for Master Fund, and Soleus GP is the sole general partner of SCM. Guy Levy is the sole managing member of each of SCG and Soleus GP. Each of SCG, Soleus Capital, LLC, SCM, Soleus GP and Mr. Levy disclaims beneficial ownership of these shares held by Master Fund other than for the purpose of determining their obligations under Section 13(d) of the Exchange Act, and the filing of this report shall not be deemed an admission that any of the foregoing persons is the beneficial owner of such shares for any other purpose. (2) The percentage set forth in row 11 is calculated based upon 17,872,432 shares of common stock of the Issuer outstanding as of May 1, 2025, as set forth on the cover of the Form 10-Q.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: RIGEL PHARMACEUTICALS, INC.
(b)	Address of issuer's principal executive offices: 611 Gateway Boulevard, Suite 900, South San Francisco, CA 94080
Item 2.
(a)	Name of person filing: Soleus Capital Master Fund, L.P. Soleus Capital, LLC Soleus Capital Group, LLC Soleus Capital Management, L.P. Soleus GP, LLC Guy Levy
(b)	Address or principal business office or, if none, residence: Soleus Capital Master Fund, L.P. 104 Field Point Road, 2nd Floor Greenwich, CT 06830 Soleus Capital, LLC 104 Field Point Road, 2nd Floor Greenwich, CT 06830 Soleus Capital Group, LLC 104 Field Point Road, 2nd Floor Greenwich, CT 06830 Soleus Capital Management, L.P. 104 Field Point Road, 2nd Floor Greenwich, CT 06830 Soleus GP, LLC 104 Field Point Road, 2nd Floor Greenwich, CT 06830 Guy Levy c/o Soleus Capital Management, L.P. 104 Field Point Road, 2nd Floor Greenwich, CT 06830
(c)	Citizenship: Soleus Capital Master Fund, L.P. - Cayman Islands Soleus Capital, LLC - Delaware Soleus Capital Group, LLC - Delaware Soleus Capital Management, L.P. - Delaware Soleus GP, LLC - Delaware Guy Levy - United States
(d)	Title of class of securities: Common Stock, $0.001 par value per share
(e)	CUSIP No.: 766559702
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information in rows 5 through 9 and 11 on the cover pages to this Schedule 13G, including the footnotes thereto, is hereby incorporated by reference. 658,145
(b)	Percent of class: 3.7%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 658,145
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 658,145
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Soleus Capital Master Fund, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy/Managing Member
Date:	08/05/2025

Soleus Capital, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy/Managing Member
Date:	08/05/2025

Soleus Capital Group, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy/Managing Member
Date:	08/05/2025

Soleus Capital Management, L.P.

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy/Managing Member
Date:	08/05/2025

Soleus GP, LLC

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy/Managing Member
Date:	08/05/2025

Guy Levy

Signature:	/s/ Guy Levy
Name/Title:	Guy Levy
Date:	08/05/2025

Comments accompanying signature: Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001)

FAQ

What changes were made to TXO's credit facility on 31 Jul 2025?

The borrowing base rose from $275 m to $410 m, new lenders joined, and the maturity was extended to 30 Aug 2029.

How much did TXO pay for the White Rock Energy assets?

Total consideration was $338.6 million, including a $70 million deferred payment due 31 Jul 2026.

When will TXO file financial statements for the acquisition?

The partnership will submit required financials within 71 days of this 8-K filing.

Did TXO announce a quarterly distribution?

Yes. On 5 Aug 2025, TXO declared its Q2 2025 distribution; the exact amount was not disclosed in the 8-K.

How does the credit facility amendment affect TXO's liquidity?

The $135 m increase in borrowing base provides additional liquidity to fund the acquisition and ongoing operations, lowering near-term refinancing risk.