Morgan Stanley Files Schedule 13G/A Reporting 0.7% RIGL Stake

Rhea-AI Filing Summary

Rigel Pharmaceuticals, Inc. received joint Schedule 13G/A filings from Morgan Stanley and Morgan Stanley Capital Services LLC reporting passive ownership in the company's common stock. The combined report shows 116,406 shares beneficially owned by Morgan Stanley with 0.7% of the class and 71,545 shares by Morgan Stanley Capital Services LLC representing 0.4%. Both filers state they have 0 shares of sole voting or dispositive power and report shared voting/dispositive powers for the listed amounts. The filings note that, as of the filing date, each filer has ceased to be the beneficial owner of more than 5% of the class and include standard certifications on ordinary-course holdings.

Positive

• Disclosure of holdings provides transparency: Morgan Stanley reports 116,406 shares (0.7%)
• Compliance steps followed: joint filing agreement and exhibits are included, meeting filing requirements

Negative

• None.

Insights

Institutional Ownership Analyst

Large broker inventories now report minor passive stakes—no control intent.

The filings show broker-dealer ownership aggregated at 116,406 shares (0.7%) for Morgan Stanley and 71,545 shares (0.4%) for its capital services unit. Both report 0 sole voting and dispositive power and classify holdings as ordinary-course, indicating passive, non-control positions.

Key dependencies include trading flows and client-directed positions that can change holdings quickly; monitor subsequent Schedule 13 filings or Form 4s within the next 30 to 90 days for material shifts.

Securities Compliance Analyst

Filings conform to Rule 13d reporting for passive investors and include required exhibits.

Both filers executed a joint filing agreement and referenced Exhibit 99.2 for Item 7 subsidiary classification, satisfying disclosure steps for parent/subsidiary reporting. The statements include the standard certification that the shares are held in the ordinary course and not for control purposes.

Watch for any amendments or Item 6 changes that would indicate acquisition above 5% or a change in purpose; such events would require more frequent/expanded disclosures under the Exchange Act.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

RIGEL PHARMACEUTICALS INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

766559702

(CUSIP Number)

09/30/2025

(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

Morgan Stanley

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 113,510.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 116,406.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

116,406.00

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)

0.7 %

12

Type of Reporting Person (See Instructions)

HC, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley has ceased to be the beneficial owner of more than five percent of the class of securities.

SCHEDULE 13G

CUSIP No. 766559702

1

Names of Reporting Persons

Morgan Stanley Capital Services 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 71,545.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 71,545.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

71,545.00

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)

0.4 %

12

Type of Reporting Person (See Instructions)

BD, CO

Comment for Type of Reporting Person: As of the date hereof, Morgan Stanley Capital Services LLC has ceased to be the beneficial owner of more than five percent of the class of securities.

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: 1: Morgan Stanley 2: Morgan Stanley Capital Services LLC
(b)	Address or principal business office or, if none, residence: 1: 1585 Broadway, New York, NY 10036 ;2: 1585 Broadway, New York, NY 10036
(c)	Citizenship: 1: Delaware 2: Delaware
(d)	Title of class of securities: Common Stock
(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: See the response(s) to Item 9 on the attached cover page(s).
(b)	Percent of class: 0.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
	(ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
	(iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
	(iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
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.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99.2
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 acquired and are held in the ordinary course of business and 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. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release.

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.

Morgan Stanley

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley
Date:	10/07/2025

Morgan Stanley Capital Services LLC

Signature:	Chris O'Hara
Name/Title:	Authorized Signatory, Morgan Stanley Capital Services LLC
Date:	10/07/2025

Exhibit Information

EXHIBIT NO. EXHIBITS ------------------ ------------------------------------ 99.1 Joint Filing Agreement 99.2 Item 7 Information * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001).

FAQ

What stake did Morgan Stanley report in RIGL?

Morgan Stanley reported beneficial ownership of 116,406 shares, equal to 0.7% of the class.

What stake did Morgan Stanley Capital Services LLC report in RIGL?

Morgan Stanley Capital Services LLC reported beneficial ownership of 71,545 shares, equal to 0.4% of the class.

Do the filers claim voting or dispositive control over RIGL shares?

Both filers report 0 shares of sole voting power and sole dispositive power, and report only shared voting/dispositive powers for the amounts disclosed.

Did the filings indicate an intent to influence control of Rigel Pharmaceuticals (RIGL)?

No. Both filers certify the securities are held in the ordinary course of business and not for the purpose of changing or influencing control.

Have Morgan Stanley entities exceeded the 5% reporting threshold for RIGL?

No. The filings state that, as of the filing date, each filer has ceased to be the beneficial owner of more than 5% of the class.