Rigel Pharmaceuticals Inc (RIGL) (Q3 2026) Earnings Call Highlights: Record Product Sales of ...

Negative Points

• GAVRETO net product sales decreased 11% year-over-year to $9.8 million, indicating a decline in one of Rigel Pharmaceuticals Inc ( NASDAQ:RIGL )'s commercial products.

• Total costs and expenses increased significantly to $63.8 million from $41 million in Q3 2025, due to higher R&D and commercial expenses, impacting profitability.

• Rigel Pharmaceuticals Inc ( NASDAQ:RIGL ) narrowed its 2026 net product sales guidance (excluding VEPPANU) to $255-$260 million from $255-$265 million, potentially signaling caution on the upper end.

• Cash, cash equivalents, and short-term investments decreased to $99.3 million from $155 million at the end of 2025, which may raise concerns about liquidity.

• VEPPANU's launch is still early, and the company has not provided specific revenue guidance for the product, leaving uncertainty about its future sales trajectory.

Q & A Highlights

Q: How much of VEPPANU's $6.6 million in Q3 sales reflected initial channel inventory stocking versus underlying patient demand, and what are October trends looking like? A: Chief Commercial Officer David Santos stated that the majority of sales in the first six weeks were demand-related rather than inventory stocking, noting that many patients who started therapy had already refilled by quarter end. He declined to comment specifically on Q4 trends but expressed confidence that VEPPANU will continue to grow as patients refill prescriptions until progression.

Q: What is the sales split between academic and community oncologists for VEPPANU, and when will Rigel provide specific revenue guidance for the product? A: Chief Commercial Officer David Santos reported that the community business represents approximately 70% to 80% of VEPPANU business, which is higher than typically expected for a new agent launch. CFO Dean Schorno added that with only six weeks into the launch, Rigel will consider providing formal VEPPANU revenue guidance after the first of the year once there is sufficient clarity on business trends and trajectories.

Q: What has been the main driving factor for early VEPPANU adoption among physiciansis it durability, safety, or another factor? A: Chief Commercial Officer David Santos explained that while some clinicians had prior clinical trial experience with the product, the majority of early prescribers had never used it before. He attributed adoption to VEPPANU's differentiated mechanism as a PROTAC versus an oral SERD, its tolerability profile appealing to this patient population, and proven efficacy versus fulvestrant from VERITAC-2, along with positive patient-reported quality-of-life outcomes.

Q: What RBC-TI rate in the R289 randomized expansion would Rigel consider a clear success, and how much durability follow-up will there be? A: Chief Medical Officer Dr. Alison Hannah noted that Rigel's Phase 1b population is heavily pretreatednearly all patients had prior luspatercept, many had hypomethylating agents, and 29% had investigational agentsmaking it a true end-stage population distinct from MEDALIST and IMerge. She declined to set a specific target rate but emphasized that Rigel believes it needs to demonstrate durability and good 8-week transfusion independence to make the case to hematologists for further investigation.

Q: What broad strokes can you share about the pivotal study design for R289, including randomization, inclusion criteria, and size? A: Chief Medical Officer Dr. Alison Hannah stated that Rigel is aware of historical literature including MEDALIST for luspatercept, IMerge for imetelstat, and the failed MATTERHORN trial, and is taking those outcomes into consideration. She noted Rigel is planning a meeting with the FDA but is not yet in a position to discuss trial design particulars. CEO Raul Rodriguez added that Rigel fully intends to launch a registrational trial next year and remains on track to do so.

Q: Why did Rigel lower the upper end of its net product sales guidance from $265 million to $260 millionis there anything concerning in the underlying business? A: Chief Commercial Officer David Santos emphasized that TAVALISSE hit its highest demand bottle quarter ever in Q3 and REZLIDHIA achieved record demand with double-digit growth over Q2, affirming the health of the business is very strong. CEO Raul Rodriguez added that demand is the most important underlying metric, but gross-to-net adjustments driven by patient type and inventory changes also contribute to the guidance revision.

Q: What will the ASH dose expansion data for R289 reveal beyond the 500 mg BID dose being preferred based on PK? A: Chief Medical Officer Dr. Alison Hannah stated that Rigel is embargoed from discussing the December 12 slide presentation specifics. She noted that the abstract provided safety, pharmacokinetics, and cytokine data to support comparison of both doses, but declined to elaborate further, directing listeners to the ASH oral presentation by Dr. Garcia-Manero for a comprehensive update and dose justification.

Q: How will the ASH data inform Rigel's evaluation of R289 in other potential indications, and what might those be? A: Chief Medical Officer Dr. Alison Hannah explained that the IRAK1/4 mechanism could lend itself to a variety of other diseases, including other hematological malignancies and potentially autoimmune disorders. She noted these are under active consideration, though Rigel is not yet in a position to prioritize which indication to pursue after lower-risk MDS, but emphasized the agent has great potential beyond that indication.

Q: How much of the open exploratory cohort data for R289 might Rigel want to see before FDA discussions, and how will that factor into registrational study planning? A: Chief Medical Officer Dr. Alison Hannah explained that the post-ESA exploratory cohort will evaluate R289 in patients exposed only to an ESA or ineligible for ESAs, including some treatment-naive patients. She expects most data brought to the FDA will come from dose escalation and dose expansion cohorts, with very little post-ESA data available at that time. CEO Raul Rodriguez confirmed this does not preclude starting a clinical trial in 2027.

Q: Does Rigel still see growth potential for TAVALISSE in the US, or is the product approaching steady state? A: Chief Commercial Officer David Santos noted that TAVALISSE achieved its highest demand bottle quarter ever in Q3 and continues to grow, with opportunities to reach more ITP patients. However, he indicated that growth for the brand will likely slow moving forward as Rigel focuses on VEPPANU, which is expected to more than make up for any moderation in TAVALISSE growth.

For the complete transcript of the earnings call, please refer to the full earnings call transcript .