Rigel Pharmaceuticals Inc (RIGL) Reports Q3 2023 Financial Results: A Step Towards Financial ...
Rigel Pharmaceuticals Inc (NASDAQ:RIGL) reports a reduced net loss of $5.7 million in Q3 2023 compared to $19.0 million in Q3 2022.
TAVALISSE net product sales surge by 27% to $24.5 million, contributing to total revenues of $28.1 million.
Significant reduction in total costs and expenses, down to $32.6 million from $40.8 million in the same quarter last year.
Cash, cash equivalents, and short-term investments stand at $62.4 million as of September 30, 2023.
Rigel Pharmaceuticals Inc (NASDAQ:RIGL) has released its financial results for the third quarter ended September 30, 2023, showcasing a notable reduction in net loss and a substantial increase in product sales. The company's president and CEO, Raul Rodriguez, expressed optimism, stating,
The third quarter of 2023 was marked by strong momentum from our commercial hematology-oncology portfolio driven by record TAVALISSE net product sales and growing REZLIDHIA awareness among leukemia treaters,
and highlighting the company's progress towards financial breakeven.
Financial Performance Overview
The third quarter saw Rigel Pharmaceuticals Inc (NASDAQ:RIGL) achieve a net loss of $5.7 million, or $0.03 per basic and diluted share, a significant improvement from a net loss of $19.0 million, or $0.11 per basic and diluted share, in the third quarter of 2022. Total revenues for the quarter reached $28.1 million, with TAVALISSE net product sales contributing $24.5 million, a 27% increase from the previous year. REZLIDHIA net product sales added $2.7 million, and contract revenues from collaborations brought in $1.0 million.
Costs and expenses for Q3 2023 totaled $32.6 million, down from $40.8 million in Q3 2022. This decrease was attributed to the completion of certain clinical trials and a reduction in facility-related costs. Research and development expenses were also lower due to the timing of activities related to the IRAK 1/4 inhibitor program.
Year-to-Date Financial Highlights
For the nine months ended September 30, 2023, Rigel reported a net loss of $25.8 million, or $0.15 per basic and diluted share, compared to a net loss of $60.0 million, or $0.35 per basic and diluted share, for the same period in 2022. Total revenues for the nine months were $81.1 million, with TAVALISSE net product sales up 26% to $68.1 million. The company also recognized $5.3 million in contract revenues from collaborations and $1.0 million in government contract revenue.
Total costs and expenses for the nine-month period were $103.5 million, a decrease from $126.6 million in the prior year, mainly due to the completion of certain clinical trials and lower facility-related costs.
Liquidity and Capital Resources
As of September 30, 2023, Rigel Pharmaceuticals Inc (NASDAQ:RIGL) reported having $62.4 million in cash, cash equivalents, and short-term investments, an increase from $58.2 million as of December 31, 2022. This financial position supports the company's ongoing operations and development activities.
Operational and Clinical Developments
Rigel continues to focus on its commercial products, TAVALISSE and REZLIDHIA, and the development of its clinical-stage assets, including R289, a prodrug of R835, an IRAK1/4 dual inhibitor. The company is dedicated to improving the lives of patients with hematologic disorders and cancer, as evidenced by its robust product portfolio and pipeline.
Investors and media are encouraged to review the full financial statements and details of Rigel Pharmaceuticals Inc (NASDAQ:RIGL)'s third-quarter performance, as well as to attend the conference call and webcast for further insights into the company's strategic direction and operational progress.
For more detailed information on Rigel Pharmaceuticals Inc (NASDAQ:RIGL)'s financial results, please visit www.rigel.com.
Explore the complete 8-K earnings release (here) from Rigel Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
