Rigel Pharmaceuticals (RIGL) H.C. Wainwright 26th Annual Global Investment Conference 2024 summary

Recent business developments

• Acquired U.S. rights to Gavreto, now available as a commercial product for RET fusion-positive metastatic lung and advanced thyroid cancers.

• Expanded commercial portfolio to three products: Tavalisse, Rezlidhia, and Gavreto, strengthening revenue foundation.

• Announced expanded collaboration with Kissei in Japan for Rezlidhia, including a $10 million upfront payment.

• Achieved 18% year-over-year and 8% sequential growth in bottles shipped for Tavalisse, with $26.4 million in Q2 net sales.

• Reported $33.5 million in Q2 net product sales and maintained a strong cash position near financial break-even.

Commercial and operational strategy

• Maintains a 48-person field sales force targeting community doctors and a specialized team for academic centers.

• Patient access, reimbursement, and marketing programs support broad reach across disease states.

• Plans to continue in-licensing and product acquisitions to expand commercial capabilities.

• Transitioning patients to Rigel-labeled Gavreto in Q3, aiming for further market expansion.

• Gavreto currently holds 15% of its market, with significant growth potential against competitors.

Research and development initiatives

• Collaborations with MD Anderson and CONNECT to study IDH1-positive cancers in AML, MDS, and glioma.

• MD Anderson alliance includes a $15 million, five-year arrangement and multiple ongoing studies.

• CONNECT collaboration focuses on high-grade glioma, with a $3 million, four-year agreement.

• R289 (IRAK1/4 inhibitor) dose escalation in lower risk MDS ongoing, with preliminary data expected by end of 2024.

• RIPK1 program partnered with Lilly, with phase IIa data in rheumatoid arthritis expected in H1 2025.