RIGEL PHARMACEUTICALS INC Q4 FY2024 earnings call

• Corporate strategy focused on expanding commercial portfolio, advancing pipeline, and maintaining financial discipline.
• 2024 was transformational with record sales, driven by TAVALISSE, Rezlidia, and Gavreto. TAVALISSE saw growth in net sales with partnerships expanding its availability in new countries. Rezlidia pursued new collaborations and license agreements. Gavreto smoothly transitioned into Rigel's portfolio.
• Development pipeline progress: R289 Phase 1b study in lower-risk MDS showed encouraging data; olutasidenib collaborations with MD Anderson and Connect advanced; RIPK1 inhibitor programs with Lilly progressing.
• Financial discipline led to full-year net income of $17 million and cash balance increase by over $20 million.

In the fourth quarter of 2024, TAVALISSE had net product sales of $31 million, a 21% growth year over year. Rezlidia reported net product sales of $7.4 million, a 92% growth year over year. Gavreto had net product sales of $8.1 million in the fourth quarter, with a run rate above the 2023 annual sales of Gavreto under prior ownership. For the full year 2024, Rigel achieved record revenues of nearly $145 million, a 39% increase compared to 2023 net sales of $104 million, driven by the strength of TAVALISSE, Rezlidia, and the addition of Gavreto.

• 2025 net product sales expected to be approximately $185 to $192 million, with contract revenues from collaborations between $15 to $18 million. Anticipate positive net income for the full year while funding clinical development.
• Anticipate growing net product sales by approximately 30% year over year.
• Plan to complete dose escalation of R289 Phase 1b study, initiate dose expansion, and present data later in 2025.
• Plan to initiate Phase 2 study in recurrent glioma with olutasidenib by year-end.

Forward-looking statements subject to risks and uncertainties outlined in the most recent annual report on Form 10-K, including factors that could cause actual results to differ from forecasts.

Q: About product guidance range A: Dean Schorno explained Q4 net sales were aided by inventory build, and normalization of inventory levels in Q1 2025 leads to revenue guidance.

Q: Rezlidia therapy duration data A: Dave Santos mentioned Rezlidia is in early stages, with room to grow as awareness increases and earlier patient adoption.

Q: Gavreto patient transition data A: Dave Santos and Raul Rodriguez discussed successful transition with no loss of patients and increasing demand.

Q: TAVALISSE sales Q4 volume vs pricing A: Dave Santos and Dean Schorno stated no price increase, growth due to volume from new patient starts and inventory build.

Q: Glioma program strategy A: Lisa Rojkjaer and Raul Rodriguez mentioned ongoing KOL discussions and plan to share more later in 2025.

Q: R289 Phase 1 study expansion plan A: Lisa Rojkjaer discussed enrolling in dose level six, completing dose escalation, and planning to open expansion phase later in 2025.

Q: R289 ASH update and registrational path A: Lisa Rojkjaer and Raul Rodriguez mentioned anticipating data presentation at ASH and working with regulators on registrational path