Rigel Pharmaceuticals, Inc. reported significant financial improvements in its unaudited 10-Q filing for the quarter ending September 30, 2024. The company recorded total revenues of $55.3 million for the three months ended September 30, 2024, a substantial increase from $28.1 million in the same period of 2023. This growth was driven by a notable rise in product sales, which reached $38.9 million, compared to $27.1 million in the prior year. For the nine months ended September 30, 2024, total revenues were $121.7 million, up from $81.1 million in 2023.
The increase in revenue was largely attributed to strong sales of Rigel's products, particularly TAVALISSE (fostamatinib) and REZLIDHIA (olutasidenib). TAVALISSE net sales for the nine months were $73.8 million, an 8% increase from $68.1 million in 2023. REZLIDHIA saw a remarkable 133% increase in net sales, reaching $15.6 million compared to $6.7 million in the previous year. Additionally, GAVRETO (pralsetinib), which began commercialization in June 2024, contributed $9.0 million in net sales for the nine-month period.
Rigel's profitability also improved significantly, with net income for the three months ended September 30, 2024, reported at $12.4 million, a turnaround from a net loss of $5.7 million in the same quarter of 2023. For the nine-month period, the company achieved a net income of $3.1 million, compared to a loss of $25.8 million in the prior year. This positive shift in financial performance was reflected in the basic net income per share, which rose to $0.71 for the third quarter, compared to a loss of $0.33 per share in 2023.
On the operational front, Rigel has been active in expanding its product portfolio and strategic collaborations. The company completed the acquisition of GAVRETO from Blueprint Medicines in February 2024 for a total of $15 million, with $10 million paid upon the first commercial sale. Rigel also entered into a collaboration agreement with Kissei for the development and commercialization of olutasidenib in Japan, Korea, and Taiwan, which included a $10 million upfront payment.
As of September 30, 2024, Rigel's cash and cash equivalents stood at $51.7 million, up from $32.8 million at the end of 2023. The company reported total assets of $139.4 million, an increase from $117.2 million at the end of the previous fiscal year. The accumulated deficit decreased to $(1.4 billion), and total stockholders’ deficit improved to $(14.6 million) from $(28.6 million) at the end of 2023.
Overall, Rigel Pharmaceuticals has demonstrated a strong recovery in revenue and profitability, supported by strategic product launches and collaborations, positioning the company for continued growth in the biotechnology sector.
About RIGEL PHARMACEUTICALS INC
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