Rigel Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update
- Increased net product sales of $104.3 million in 2023, a 36% increase from 2022.
- Acquisition of U.S. rights to GAVRETO, an FDA-approved therapy for NSCLC and thyroid cancer.
- Strategic collaborations with MD Anderson and CONNECT for clinical development.
- Highest number of TAVALISSE bottles shipped in Q4 2023 and 47% growth in REZLIDHIA sales.
- Net income of $0.7 million for Q4 2023 and net loss of $25.1 million for full year 2023.
- Cash, cash equivalents, and short-term investments of $56.9 million as of December 31, 2023.
- None.
Insights
The disclosed financial results from Rigel Pharmaceuticals indicate a significant uptick in net product sales, particularly with TAVALISSE and REZLIDHIA, which are critical for the company's revenue stream. The reported year-over-year sales growth of 36% for TAVALISSE is a robust indicator of the product's market acceptance and physician adoption. Similarly, REZLIDHIA's net sales increase is notable, suggesting effective market penetration and potential for future revenue contributions.
From a cost perspective, the reduction in total costs and expenses, primarily from decreased research and development costs, is a positive sign for operational efficiency and could lead to improved margins if sustained. However, investors should consider the sustainability of these reduced costs and whether they represent a strategic scaling back or simply a temporary lull in R&D activity.
The acquisition of GAVRETO rights could be a strategic move to diversify and strengthen Rigel's oncology portfolio. The financial implications of this acquisition will likely become clearer in future quarters as Rigel starts recognizing product sales. It's essential to monitor how this acquisition integrates with their existing operations and whether it will indeed result in the anticipated top-line growth.
The pharmaceutical industry is highly competitive and Rigel's strategic development collaborations, such as those with MD Anderson and CONNECT, could be pivotal in enhancing their product pipeline and securing a competitive edge. These collaborations can lead to the development of novel therapies, which could open up new market segments for Rigel. The focus on combination therapies and expanding indications, such as the use of REZLIDHIA in high-grade glioma, reflects a trend in oncology treatment towards personalized medicine.
However, the long-term success of these collaborations will depend on clinical trial outcomes and subsequent regulatory approvals. Investors should track the progress of these trials as they have the potential to significantly impact Rigel's future growth and market positioning. Furthermore, the ability to increase the number of bottles shipped is a positive indicator of operational capabilities and market demand, which is essential for maintaining growth momentum.
Rigel's focus on hematology and oncology, particularly with drugs like TAVALISSE for chronic immune thrombocytopenia and REZLIDHIA for acute myeloid leukemia, is indicative of their specialized approach in areas with unmet medical needs. The reported growth in product sales reflects not only the commercial success but also the therapeutic value these drugs are providing to patients who have had an insufficient response to previous treatments.
The acquisition of GAVRETO and its potential to treat RET fusion-positive non-small cell lung cancer and advanced thyroid cancer could significantly impact the treatment landscape for these cancers. As an FDA-approved targeted therapy, GAVRETO's integration into Rigel's portfolio could enhance the company's reputation as a provider of innovative oncology treatments and potentially lead to increased market share in these niches.
Investors should be aware of the clinical data presented at the American Society of Hematology Annual Meeting, as such data can influence medical community perceptions and, by extension, drug adoption rates. The positive post hoc analyses of olutasidenib suggest potential for expanded use in challenging cases such as those refractory to hematopoietic stem cell transplant, which could have meaningful implications for patient care and Rigel's market presence.
- Fourth quarter 2023 Total Revenue of
$35.8 million $25.7 million $3.9 million - Expanded product portfolio with acquisition of
U.S. rights to GAVRETO®, an FDA approved targeted therapy for the treatment of RET fusion-positive metastatic non-small cell lung cancer and advanced or metastatic thyroid cancer - Conference call and webcast scheduled today at 4:30 p.m. Eastern Time
"In 2023, fueled by increased physician awareness and adoption for both TAVALISSE and REZLIDHIA, we achieved net product sales of
Business Update
- In the fourth quarter of 2023, we achieved the highest number of TAVALISSE bottles shipped to patients and clinics in a quarter since launch. A total of 2,671 bottles were sold in the
U.S. , 2,463 of which were shipped directly to patients and clinics. For the full year ended December 31, 2023, 9,396 bottles of TAVALISSE were shipped directly to patients and clinics, representing an increase of16% compared to 2022. - During the fourth quarter of 2023, we achieved
47% growth in total REZLIDHIA bottles sold compared to the third quarter of 2023. A total of 308 bottles were sold in theU.S. , 278 of which were shipped directly to patients and clinics. For the full year ended December 31, 2023, 795 bottles of REZLIDHIA were shipped directly to patients and clinics. - In February 2024, Rigel announced the acquisition of the
U.S. rights to GAVRETO® (pralsetinib). GAVRETO is a once daily, small molecule, oral, kinase inhibitor of wild-type RET (rearranged during transfection) and oncogenic RET fusions. GAVRETO is approved by theU.S. Food and Drug Administration (FDA) for the treatment of adult patients with metastatic RET fusion-positive non-small cell lung cancer (NSCLC) and advanced thyroid cancer. The acquisition of this product further expands Rigel's portfolio and leverages Rigel's existing infrastructure in both the institutional and community medical practice settings. Rigel expects to complete the transition of the asset and start recognizing product sales in the third quarter of 2024. - In January 2024, Rigel and CONNECT announced a strategic development collaboration to evaluate REZLIDHIA (olutasidenib) in combination with temozolomide as maintenance therapy in patients with high-grade glioma (HGG) harboring an isocitrate dehydrogenase-1 (IDH1) mutation. Under the collaboration, CONNECT will include olutasidenib in CONNECT's TarGeT-D, a molecularly guided Phase 2 umbrella clinical trial for HGG. The Rigel-sponsored arm will study post-radiotherapy administration of olutasidenib in combination with temozolomide followed by olutasidenib monotherapy as maintenance treatment in newly diagnosed pediatric and young adult patients (<39 years old) with IDH1 mutation positive HGG, including diffuse intrinsic pontine glioma (DIPG), an aggressive brain tumor with limited treatment options. Rigel will provide CONNECT funding up to
$3 million - In December 2023, Rigel and The University of Texas MD Anderson Cancer Center (MD Anderson) announced a multi-year strategic development collaboration to expand the evaluation of REZLIDHIA (olutasidenib) in acute myeloid leukemia (AML) and other hematologic cancers. Under the strategic collaboration, Rigel and MD Anderson will evaluate the potential of olutasidenib to treat newly diagnosed and relapsed or refractory (R/R) patients with AML, higher-risk myelodysplastic syndromes (MDS), and advanced myeloproliferative neoplasms (MPN), in combination with other agents. The collaboration will also support the evaluation of olutasidenib as monotherapy in lower-risk MDS and maintenance therapy in post-hematopoietic stem cell transplant (HSCT) patients. Rigel will provide MD Anderson
$15 million - In December 2023, Rigel also presented four posters highlighting data from the Company's commercial and clinical-stage hematology-oncology portfolio at the 65th American Society of Hematology Annual Meeting and Exposition. Included was a poster, Abstract #2888, reporting post hoc analyses in a subset of patients with mIDH1 R/R AML or MDS that were R/R to HSCT, ivosidenib, or venetoclax. The analyses suggest that olutasidenib alone or in combination with azacitidine may induce complete remissions in these patients.
Financial Update
For the fourth quarter of 2023, Rigel reported a net income of
For the fourth quarter of 2023, total revenues were
For the fourth quarter of 2023, total costs and expenses were
For the full year 2023, Rigel reported a net loss of
For the full year 2023, total revenues were
For the full year 2023, total costs and expenses were
As of December 31, 2023, Rigel had cash, cash equivalents and short-term investments of
Conference Call and Webcast with Slides Today at 4:30pm Eastern Time
Rigel will hold a live conference call and webcast today at 4:30pm Eastern Time (1:30pm Pacific Time).
Participants can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also be webcast live and can be accessed from the Investor Relations section of the company's website at www.rigel.com. The webcast will be archived and available for replay after the call via the Rigel website.
About ITP
In patients with ITP (immune thrombocytopenia), the immune system attacks and destroys the body's own blood platelets, which play an active role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. People suffering with chronic ITP may live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current therapies for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to existing therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.
About AML
Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers. The American Cancer Society estimates that there will be about 20,800 new cases in
Relapsed AML affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow.2 Refractory AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after intensive treatment.3 Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated treatments in relapsed or refractory disease remain an unmet need.
About NSCLC
It is estimated that over 230,000 adults in the
About TAVALISSE®
Indication
TAVALISSE (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.
Important Safety Information
Warnings and Precautions
- Hypertension can occur with TAVALISSE treatment. Patients with pre-existing hypertension may be more susceptible to the hypertensive effects. Monitor blood pressure every 2 weeks until stable, then monthly, and adjust or initiate antihypertensive therapy for blood pressure control maintenance during therapy. If increased blood pressure persists, TAVALISSE interruption, reduction, or discontinuation may be required.
- Elevated liver function tests (LFTs), mainly ALT and AST, can occur with TAVALISSE. Monitor LFTs monthly during treatment. If ALT or AST increase to ≥3 x upper limit of normal, manage hepatotoxicity using TAVALISSE interruption, reduction, or discontinuation.
- Diarrhea occurred in
31% of patients and severe diarrhea occurred in1% of patients treated with TAVALISSE. Monitor patients for the development of diarrhea and manage using supportive care measures early after the onset of symptoms. If diarrhea becomes severe (≥Grade 3), interrupt, reduce dose or discontinue TAVALISSE. - Neutropenia occurred in
6% of patients treated with TAVALISSE; febrile neutropenia occurred in1% of patients. Monitor the ANC monthly and for infection during treatment. Manage toxicity with TAVALISSE interruption, reduction, or discontinuation. - TAVALISSE can cause fetal harm when administered to pregnant women. Advise pregnant women the potential risk to a fetus. Advise females of reproductive potential to use effective contraception during treatment and for at least 1 month after the last dose. Verify pregnancy status prior to initiating TAVALISSE. It is unknown if TAVALISSE or its metabolite is present in human milk. Because of the potential for serious adverse reactions in a breastfed child, advise a lactating woman not to breastfeed during TAVALISSE treatment and for at least 1 month after the last dose.
Drug Interactions
- Concomitant use of TAVALISSE with strong CYP3A4 inhibitors increases exposure to the major active metabolite of TAVALISSE (R406), which may increase the risk of adverse reactions. Monitor for toxicities that may require a reduction in TAVALISSE dose.
- It is not recommended to use TAVALISSE with strong CYP3A4 inducers, as concomitant use reduces exposure to R406.
- Concomitant use of TAVALISSE may increase concentrations of some CYP3A4 substrate drugs and may require a dose reduction of the CYP3A4 substrate drug.
- Concomitant use of TAVALISSE may increase concentrations of BCRP substrate drugs (eg, rosuvastatin) and P-Glycoprotein (P-gp) substrate drugs (eg, digoxin), which may require a dose reduction of the BCRP and P-gp substrate drug.
Adverse Reactions
- Serious adverse drug reactions in the ITP double-blind studies were febrile neutropenia, diarrhea, pneumonia, and hypertensive crisis, which occurred in
1% of TAVALISSE patients. In addition, severe adverse reactions occurred including dyspnea and hypertension (both2% ), neutropenia, arthralgia, chest pain, diarrhea, dizziness, nephrolithiasis, pain in extremity, toothache, syncope, and hypoxia (all1% ). - Common adverse reactions (≥
5% and more common than placebo) from FIT-1 and FIT-2 included: diarrhea, hypertension, nausea, dizziness, ALT and AST increased, respiratory infection, rash, abdominal pain, fatigue, chest pain, and neutropenia.
Please see www.TAVALISSEUSPI.com for Full Prescribing Information.
To report side effects of prescription drugs to the FDA, visit www.fda.gov/medwatch or call 1-800-FDA-1088 (800-332-1088).
TAVALISSE is a registered trademark of Rigel Pharmaceuticals, Inc.
About REZLIDHIA®
INDICATION
REZLIDHIA is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.
IMPORTANT SAFETY INFORMATION
WARNING: DIFFERENTIATION SYNDROME |
WARNINGS AND PRECAUTIONS
Differentiation Syndrome
REZLIDHIA can cause differentiation syndrome. In the clinical trial of REZLIDHIA in patients with relapsed or refractory AML, differentiation syndrome occurred in
If differentiation syndrome is suspected, temporarily withhold REZLIDHIA and initiate systemic corticosteroids (e.g., dexamethasone 10 mg IV every 12 hours) for a minimum of 3 days and until resolution of signs and symptoms. If concomitant leukocytosis is observed, initiate treatment with hydroxyurea, as clinically indicated. Taper corticosteroids and hydroxyurea after resolution of symptoms. Differentiation syndrome may recur with premature discontinuation of corticosteroids and/or hydroxyurea treatment. Institute supportive measures and hemodynamic monitoring until improvement; withhold dose of REZLIDHIA and consider dose reduction based on recurrence.
Hepatotoxicity
REZLIDHIA can cause hepatotoxicity, presenting as increased alanine aminotransferase (ALT), increased aspartate aminotransferase (AST), increased blood alkaline phosphatase, and/or elevated bilirubin. Of 153 patients with relapsed or refractory AML who received REZLIDHIA, hepatotoxicity occurred in
Monitor patients frequently for clinical symptoms of hepatic dysfunction such as fatigue, anorexia, right upper abdominal discomfort, dark urine, or jaundice. Obtain baseline liver function tests prior to initiation of REZLIDHIA, at least once weekly for the first two months, once every other week for the third month, once in the fourth month, and once every other month for the duration of therapy. If hepatic dysfunction occurs, withhold, reduce, or permanently discontinue REZLIDHIA based on recurrence/severity.
ADVERSE REACTIONS
The most common (≥
DRUG INTERACTIONS
- Avoid concomitant use of REZLIDHIA with strong or moderate CYP3A inducers.
- Avoid concomitant use of REZLIDHIA with sensitive CYP3A substrates unless otherwise instructed in the substrates prescribing information. If concomitant use is unavoidable, monitor patients for loss of therapeutic effect of these drugs.
LACTATION
Advise women not to breastfeed during treatment with REZLIDHIA and for 2 weeks after the last dose.
GERIATRIC USE
No overall differences in effectiveness were observed between patients 65 years and older and younger patients. Compared to patients younger than 65 years of age, an increase in incidence of hepatotoxicity and hypertension was observed in patients ≥65 years of age.
HEPATIC IMPAIRMENT
In patients with mild or moderate hepatic impairment, closely monitor for increased probability of differentiation syndrome.
Click here for Full Prescribing Information, including Boxed WARNING.
To report side effects of prescription drugs to the FDA, visit www.fda.gov/medwatch or call 1-800-FDA-1088 (800-332-1088).
REZLIDHIA is a registered trademark of Rigel Pharmaceuticals, Inc.
About GAVRETO® (pralsetinib)
INDICATIONS
GAVRETO (pralsetinib) is indicated for the treatment of:
- Adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test
- Adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate)*
*This indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).
IMPORTANT SAFETY INFORMATION
- Interstitial Lung Disease (ILD)/Pneumonitis: Severe, life-threatening, and fatal ILD/pneumonitis can occur in patients treated with GAVRETO. Pneumonitis occurred in
12% of patients who received GAVRETO, including3.3% with Grade 3-4, and0.2% with fatal reactions. Monitor for pulmonary symptoms indicative of ILD/pneumonitis. Withhold GAVRETO and promptly investigate for ILD in any patient who presents with acute or worsening of respiratory symptoms (e.g., dyspnea, cough, and fever). Withhold, reduce dose or permanently discontinue GAVRETO based on severity of confirmed ILD. - Hypertension: Occurred in
35% of patients, including Grade 3 hypertension in18% of patients. Overall,8% had their dose interrupted and4.8% had their dose reduced for hypertension. Treatment-emergent hypertension was most commonly managed with anti-hypertension medications. Do not initiate GAVRETO in patients with uncontrolled hypertension. Optimize blood pressure prior to initiating GAVRETO. Monitor blood pressure after 1 week, at least monthly thereafter and as clinically indicated. Initiate or adjust anti-hypertensive therapy as appropriate. Withhold, reduce dose, or permanently discontinue GAVRETO based on the severity. - Hepatotoxicity: Serious hepatic adverse reactions occurred in
1.5% of patients treated with GAVRETO. Increased aspartate aminotransferase (AST) occurred in49% of patients, including Grade 3 or 4 in7% and increased alanine aminotransferase (ALT) occurred in37% of patients, including Grade 3 or 4 in4.8% . The median time to first onset for increased AST was 15 days (range: 5 days to 2.5 years) and increased ALT was 24 days (range: 7 days to 3.7 years). Monitor AST and ALT prior to initiating GAVRETO, every 2 weeks during the first 3 months, then monthly thereafter and as clinically indicated. Withhold, reduce dose or permanently discontinue GAVRETO based on severity. - Hemorrhagic Events: Serious, including fatal, hemorrhagic events can occur with GAVRETO. Grade ≥3 events occurred in
4.1% of patients treated with GAVRETO including one patient with a fatal hemorrhagic event. Permanently discontinue GAVRETO in patients with severe or life-threatening hemorrhage. - Tumor Lysis Syndrome (TLS): Cases of TLS have been reported in patients with medullary thyroid carcinoma receiving GAVRETO. Patients may be at risk of TLS if they have rapidly growing tumors, a high tumor burden, renal dysfunction, or dehydration. Closely monitor patients at risk, consider appropriate prophylaxis including hydration, and treat as clinically indicated.
- Risk of Impaired Wound Healing: Impaired wound healing can occur in patients who receive drugs that inhibit the vascular endothelial growth factor (VEGF) signaling pathway. Therefore, GAVRETO has the potential to adversely affect wound healing. Withhold GAVRETO for at least 5 days prior to elective surgery. Do not administer for at least 2 weeks following major surgery and until adequate wound healing. The safety of resumption of GAVRETO after resolution of wound healing complications has not been established.
- Embryo-Fetal Toxicity: Based on findings from animal studies and its mechanism of action, GAVRETO can cause fetal harm when administered to a pregnant woman. Advise pregnant women of the potential risk to a fetus. Advise females of reproductive potential to use effective non-hormonal contraception during treatment with GAVRETO and for 2 weeks after the last dose. Advise males with female partners of reproductive potential to use effective contraception during treatment with GAVRETO and for 1 week after the last dose.
- Common adverse reactions (≥
25% ) were musculoskeletal pain, constipation, hypertension, diarrhea, fatigue, edema, pyrexia, and cough. Common Grade 3/4 laboratory abnormalities (≥2% ) were decreased lymphocytes, decreased neutrophils, decreased hemoglobin, decreased phosphate, decreased leukocytes, decreased sodium, increased aspartate aminotransferase (AST), increased alanine aminotransferase (ALT), decreased calcium (corrected), decreased platelets, increased alkaline phosphatase, increased potassium, decreased potassium, and increased bilirubin. - Avoid coadministration of GAVRETO with strong or moderate CYP3A inhibitors, P-gp inhibitors, or combined P-gp and strong or moderate CYP3A inhibitors. If coadministration cannot be avoided, reduce the GAVRETO dose. Avoid coadministration of GAVRETO with strong or moderate CYP3A inducers. If coadministration cannot be avoided, increase the GAVRETO dose.
- Lactation: Advise women not to breastfeed during treatment with GAVRETO and for 1 week after the last dose.
- Pediatric Use: Monitor open growth plates in adolescent patients. Consider interrupting or discontinuing GAVRETO if abnormalities occur.
You may report side effects to the FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. You may also report side effects to Genentech at 1-888-835-2555.
Please click here to see the full Prescribing Information and Patient Information for GAVRETO.
About Rigel
Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in
- The American Cancer Society. Key Statistics for Acute Myeloid Leukemia (AML). Revised January 17, 2024. Accessed Feb. 19, 2024: https://www.cancer.org/cancer/acute-myeloid-leukemia/about/key-statistics.html
- Leukaemia Care. Relapse in Acute Myeloid Leukaemia (AML). Version 3. Reviewed October 2021. Accessed Feb 19, 2024: https://media.leukaemiacare.org.uk/wp-content/uploads/Relapse-in-Acute-Myeloid-Leukaemia-AML-Web-Version.pdf
- Thol F, Schlenk RF, Heuser M, Ganser A. How I treat refractory and early relapsed acute myeloid leukemia. Blood (2015) 126 (3): 319-27. doi: https://doi.org/10.1182/blood-2014-10-551911
- The American Cancer Society. Key Statistics for Lung Cancer. Revised November 20, 2023. Accessed February 7, 2024: https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html
- Kato, S. et al. RET aberrations in diverse cancers: next-generation sequencing of 4,871 patients. Clin Cancer Res. 2017;23(8):1988-1997 doi: 10.1158/1078-0432.CCR-16-1679
Forward Looking Statements
This press release contains forward-looking statements relating to, among other things, expected commercial and financial results, expectations related to the potential and market opportunity of olutasidenib as therapeutics for R/R AML and other conditions, the commercialization of fostamatinib or olutasidenib in the
Contact for Investors & Media:
Investors:
Rigel Pharmaceuticals, Inc.
650.624.1232
ir@rigel.com
Media:
David Rosen
Argot Partners
212.600.1902
david.rosen@argotpartners.com
RIGEL PHARMACEUTICALS, INC. | ||||||||
STATEMENTS OF OPERATIONS | ||||||||
(in thousands, except per share amounts) | ||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||
2023 | 2022 | 2023 | 2022 | |||||
(unaudited) | ||||||||
Revenues: | ||||||||
Product sales, net | $ 29,539 | $ 76,718 | ||||||
Contract revenues from collaborations | 6,153 | 26,495 | 11,488 | 39,024 | ||||
Government contract | 100 | 2,000 | 1,100 | 4,500 | ||||
Total revenues | 35,792 | 51,278 | 116,882 | 120,242 | ||||
Costs and expenses: | ||||||||
Cost of product sales | 3,790 | 342 | 7,110 | 1,749 | ||||
Research and development (see Note A) | 3,186 | 15,365 | 24,522 | 60,272 | ||||
Selling, general and administrative (see Note A) | 26,850 | 32,172 | 105,741 | 112,451 | ||||
Restructuring charges | - | 1,320 | - | 1,320 | ||||
Total costs and expenses | 33,826 | 49,199 | 137,373 | 175,792 | ||||
Income (loss) from operations | 1,966 | 2,079 | (20,491) | (55,550) | ||||
Interest income | 678 | 429 | 2,272 | 684 | ||||
Interest expense | (1,907) | (1,107) | (6,872) | (3,707) | ||||
Net income (loss) | $ 737 | $ 1,401 | ||||||
Net income (loss) per share | ||||||||
Basic | $ 0.00 | $ 0.01 | $ (0.14) | $ (0.34) | ||||
Diluted | $ 0.00 | $ 0.01 | $ (0.14) | $ (0.34) | ||||
Weighted average shares used in computing net income (loss) per share | ||||||||
Basic | 174,376 | 172,851 | 173,897 | 172,406 | ||||
Diluted | 174,468 | 172,856 | 173,897 | 172,406 | ||||
Note A | ||||||||
Stock-based compensation expense included in: | ||||||||
Selling, general and administrative | $ 1,585 | $ 3,426 | $ 6,712 | $ 10,217 | ||||
Research and development | 348 | 654 | 2,094 | 2,168 | ||||
$ 1,933 | $ 4,080 | $ 8,806 | $ 12,385 | |||||
SUMMARY BALANCE SHEET DATA | ||||||||
(in thousands) | ||||||||
As of December 31, | ||||||||
2023 | 2022 | |||||||
Cash, cash equivalents and short-term investments | $ 56,933 | |||||||
Total assets | 117,225 | 134,279 | ||||||
Stockholders' deficit | (28,644) | (13,616) | ||||||
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SOURCE Rigel Pharmaceuticals, Inc.
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