Rigel Pharmaceuticals demonstrated robust commercial performance and pipeline advancement throughout 2024, marking a transformative year for the company's hematology-oncology portfolio.
The company reported total revenues of $179.3 million for 2024, driven by strong growth across its commercial products. TAVALISSE (fostamatinib) achieved net product sales of $104.8 million, representing a 12% increase from 2023. REZLIDHIA (olutasidenib) showed exceptional growth with sales reaching $23.0 million, a 118% increase year-over-year.
Global Expansion and Strategic Partnerships
Rigel's global footprint expanded significantly through new regulatory approvals and strategic partnerships. In January, the company's partner Kissei Pharmaceutical secured approval for TAVALISSE in South Korea for treating chronic immune thrombocytopenia (ITP). Additionally, Knight Therapeutics obtained approval for TAVALISSE in Mexico for the same indication.
A notable development was the exclusive licensing agreement with Dr. Reddy's Laboratories, which includes rights to develop and commercialize REZLIDHIA across multiple territories including Latin America, South Africa, and parts of Asia. The deal included a $4.0 million upfront payment with potential milestone payments of up to $36.0 million.
Clinical Development Progress
The company's R289 program, a novel dual IRAK1/4 inhibitor, achieved significant milestones in 2024. The FDA granted Fast Track designation for previously-treated transfusion-dependent lower-risk MDS and Orphan Drug designation for MDS treatment. The ongoing Phase 1b study has completed enrollment in the fifth dose level, with the sixth dose level now open for enrollment.
Initial data presented at the American Society of Hematology (ASH) Annual Meeting demonstrated R289's favorable tolerability profile and preliminary efficacy in heavily pretreated relapsed/refractory lower-risk MDS patients. The company also presented four posters on olutasidenib, strengthening the evidence base for its use in mIDH1 AML.
Financial Performance and 2025 Outlook
Rigel ended 2024 with a strong financial position, reporting net income of $17.5 million compared to a net loss of $25.1 million in 2023. Cash and investments stood at $77.3 million as of December 31, 2024.
Looking ahead to 2025, Rigel projects total revenue between $200-210 million, including net product sales of $185-192 million. The company expects to maintain profitability while continuing to fund existing and new clinical development programs.
Research Publications and Clinical Evidence
Recent publications have reinforced the clinical value of Rigel's portfolio. A study published in the International Journal of Hematology demonstrated long-term safety and efficacy of fostamatinib in Japanese ITP patients, while research published in the Journal of Hematology and Oncology highlighted olutasidenib's efficacy in combination with azacitidine for relapsed or refractory mIDH1 acute myeloid leukemia.
