The following is a summary of the Rigel Pharmaceuticals, Inc. (RIGL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Rigel reported a decrease in net product sales for TAVALISSE, with Q1 2024 sales at $21.1 million, which was a 5% reduction from the same period in 2023 due to a reduction of inventory in distributors.

• REZLIDHIA's net sales in Q1 2024 were $4.9 million, showing an improvement from $1.5 million in the same period in 2023.

• The newly acquired product, GAVRETO, amassed a considerable $28 million in net product sales in 2023.

• Rigel concluded Q1 of 2024 with cash, cash equivalents, and short-term investments totaling $49.6 million.

• On the profitability front, the company is nearing the break-even point, aided by top-line growth from new products REZLIDHIA and GAVRETO.

Business Progress:

• Rigel reported robust commercial demand for TAVALISSE and REZLIDHIA in the first quarter of 2024, marking the highest quarterly figures since their launch.

• Plans to advance olutasidenib, an IDH1 inhibitor, into fresh oncological indications are underway through strategic collaborations with MD Anderson Cancer Center and the CONNECT Consortium.

• There are initiatives laid out to acquire or in-license late-stage products fitting with Rigel's strategic focus in Hematology, Oncology, or related areas.

• The development of a RIPK1 inhibitor program in partnership with Lilly is in progress to address RA and other immune and CNS diseases.

• Rigel plans to explore potential opportunities with Oluta in areas like Acute Myeloid Leukemia (AML) and Glioma and is planning and launching studies in these areas.

• The company is displaying steady growth in their drug portfolio, and with the progression of their clinical trials, Rigel looks forward to updating its investors on future developments.

More details: Rigel Pharmaceuticals IR

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