Tearsheet

Rigel Pharmaceuticals (RIGL)


Market Price (12/25/2025): $44.59 | Market Cap: $804.3 Mil
Sector: Health Care | Industry: Biotechnology

Rigel Pharmaceuticals (RIGL)


Market Price (12/25/2025): $44.59
Market Cap: $804.3 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 8.5%
Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
Stock price has recently run up significantly
6M Rtn6 month market price return is 140%, 12M Rtn12 month market price return is 172%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 79%
  Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 128%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%
  Key risks
RIGL key risks include [1] intense commercial competition from larger, Show more.
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
  
4 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.9%, FCF Yield is 8.5%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 79%
2 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 42%
3 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
4 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more.
5 Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16%
6 Stock price has recently run up significantly
6M Rtn6 month market price return is 140%, 12M Rtn12 month market price return is 172%
7 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 128%
8 Key risks
RIGL key risks include [1] intense commercial competition from larger, Show more.

Valuation, Metrics & Events

RIGL Stock


Why The Stock Moved


Qualitative Assessment

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**1. Strong Third Quarter 2025 Financial Results and Raised Full-Year Guidance**: On November 4, 2025, Rigel Pharmaceuticals reported robust third-quarter 2025 financial results, with total revenue reaching approximately $69.5 million, including record net product sales of $64.1 million. The company generated $27.9 million in net income, surpassing analyst estimates for both earnings and revenue. Following this strong performance, Rigel raised its full-year 2025 revenue guidance to approximately $285-$290 million.

**2. Sustained Positive Financial Momentum**: Building on strong second-quarter 2025 results reported on August 5, 2025, which included a 76% year-over-year increase in net product sales and an initial upward revision to its 2025 financial guidance, Rigel Pharmaceuticals continued to demonstrate robust commercial performance and a positive financial outlook, contributing to sustained investor confidence.

**3. Advancement in R289 Clinical Development for Lower-Risk MDS**: Rigel announced significant progress in its clinical pipeline by November 4, 2025, completing enrollment in the dose escalation phase and initiating the dose expansion phase of its Phase 1b study for R289, a dual IRAK1/4 inhibitor, which is being evaluated for the treatment of patients with lower-risk Myelodysplastic Syndromes (MDS).

**4. Presentation of Updated R289 Clinical Data**: Further bolstering confidence in its pipeline, Rigel presented updated data from the dose escalation phase of the R289 Phase 1b study in an oral presentation at the 67th American Society of Hematology (ASH) Annual Meeting and Exposition on December 7, 2025. The data indicated that R289 was generally well-tolerated and showed preliminary signs of efficacy.

**5. Positive Analyst Sentiment and Upgraded Outlook**: Following the strong Q3 results and raised guidance, Rigel's stock exhibited "powerful momentum," with a 22.4% one-month share price return as of November 9, 2025. Analysts maintained a generally positive outlook, with a consensus "Hold" rating that included several "Buy" recommendations, and an average price target of $43.20 by December 2025. Show more

Stock Movement Drivers

Fundamental Drivers

The 47.4% change in RIGL stock from 9/24/2025 to 12/24/2025 was primarily driven by a 28.4% change in the company's P/E Multiple.
924202512242025Change
Stock Price ($)30.2844.6447.42%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)267.92282.085.28%
Net Income Margin (%)36.51%40.17%10.01%
P/E Multiple5.547.1128.37%
Shares Outstanding (Mil)17.8918.04-0.86%
Cumulative Contribution47.41%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025
ReturnCorrelation
RIGL47.4% 
Market (SPY)4.4%7.5%
Sector (XLV)14.2%26.4%

Fundamental Drivers

The 139.6% change in RIGL stock from 6/25/2025 to 12/24/2025 was primarily driven by a 119.4% change in the company's Net Income Margin (%).
625202512242025Change
Stock Price ($)18.6344.64139.61%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)203.08282.0838.90%
Net Income Margin (%)18.31%40.17%119.40%
P/E Multiple8.927.11-20.36%
Shares Outstanding (Mil)17.8118.04-1.29%
Cumulative Contribution139.57%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025
ReturnCorrelation
RIGL139.6% 
Market (SPY)14.0%10.9%
Sector (XLV)16.9%18.0%

Fundamental Drivers

The 171.5% change in RIGL stock from 12/24/2024 to 12/24/2025 was primarily driven by a 1529.8% change in the company's Net Income Margin (%).
1224202412242025Change
Stock Price ($)16.4444.64171.53%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)157.47282.0879.13%
Net Income Margin (%)2.46%40.17%1529.78%
P/E Multiple74.557.11-90.47%
Shares Outstanding (Mil)17.6018.04-2.49%
Cumulative Contribution171.36%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025
ReturnCorrelation
RIGL171.5% 
Market (SPY)15.8%25.1%
Sector (XLV)13.3%25.7%

Fundamental Drivers

The 262.9% change in RIGL stock from 12/25/2022 to 12/24/2025 was primarily driven by a 215.6% change in the company's Total Revenues ($ Mil).
1225202212242025Change
Stock Price ($)12.3044.64262.93%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)89.37282.08215.62%
P/S Multiple2.382.8520.01%
Shares Outstanding (Mil)17.2818.04-4.36%
Cumulative Contribution262.24%

LTM = Last Twelve Months as of date shown

Market Drivers

12/25/2023 to 12/24/2025
ReturnCorrelation
RIGL218.9% 
Market (SPY)48.9%26.0%
Sector (XLV)18.8%25.9%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
RIGL Return64%-24%-43%-3%16%161%105%
Peers Return�������
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
RIGL Win Rate67%33%33%42%42%58% 
Peers Win Rate�����52% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
RIGL Max Drawdown-41%-33%-75%-52%-47%-3% 
Peers Max Drawdown������ 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, AIXC, ALPS, BBOT, EVMN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

Unique KeyEventRIGLS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-86.4%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven635.5%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven1,111 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-57.6%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven135.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven118 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-64.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven183.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven477 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-84.6%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven551.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to BreakevenNot Fully Recovered days1,480 days

Compare to VRTX, AIXC, ALPS, BBOT, EVMN

In The Past

Rigel Pharmaceuticals's stock fell -86.4% during the 2022 Inflation Shock from a high on 2/8/2021. A -86.4% loss requires a 635.5% gain to breakeven.

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About Rigel Pharmaceuticals (RIGL)

Rigel Pharmaceuticals, Inc., a biotechnology company, discovers and develops small molecule drugs to treat hematologic disorders, cancer, and rare immune diseases. The company offers Tavalisse, an oral spleen tyrosine kinase inhibitor for the treatment of adult patients with chronic immune thrombocytopenia. It also develops Fostamatinib that is in phase III clinical trial for the treatment of warm autoimmune hemolytic anemia; phase III clinical trial for the treatment of hospitalized COVID-19 patients; and phase III clinical trial for the treatment of COVID-19. In addition, the company is developing R289, an oral interleukin receptor associated kinase 1/4 inhibitor, which is in phase I clinical trial for autoimmune, inflammatory, and hematology-oncology diseases; and R552, a receptor-interacting serine/threonine-protein kinase 1 inhibitor that has completed phase I clinical trial for autoimmune and inflammatory diseases. It has research and license agreements with AstraZeneca AB for the development and commercialization of R256, an inhaled JAK inhibitor; BerGenBio AS for the development and commercialization of AXL inhibitors in oncology; and Daiichi Sankyo to develop murine double minute 2 inhibitors for solid and hematological malignancies, as well as license and supply agreement with Kissei Pharmaceutical Co., Ltd. to develop and commercialize Fostamatinib. The company also has a license agreement and strategic collaboration with Eli Lilly and Company to co-develop and commercialize R552 for various indications, including autoimmune and inflammatory diseases, as well as other non-central nervous system (non-CNS) disease development candidates. Rigel Pharmaceuticals, Inc. was incorporated in 1996 and is headquartered in South San Francisco, California.

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  • A small-cap Vertex Pharmaceuticals, but focused on rare blood and immune disorders.
  • Like a specialized BioMarin Pharmaceutical, developing and selling treatments for rare immune conditions.

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  • Tavalisse (fostamatinib): An oral drug approved for treating chronic immune thrombocytopenia (ITP) and warm autoimmune hemolytic anemia (wAIHA).
  • Rezlidhia (olutasidenib): An oral medication approved for treating relapsed or refractory acute myeloid leukemia (AML) with an IDH1 mutation.

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Rigel Pharmaceuticals (RIGL) primarily sells and commercializes its products through **other companies** via licensing, collaboration, and distribution agreements, rather than directly to individuals. Its major customers and commercial partners are: * **Grifols, S.A.** (NYSE: GRFS) * Grifols is Rigel's commercialization partner for fostamatinib (marketed as GAVELII) for chronic immune thrombocytopenia (ITP) and other potential indications in Europe and other select territories. * **Kissei Pharmaceutical Co., Ltd.** (TYO: 4547) * Kissei is Rigel's partner for the development and commercialization of fostamatinib in Japan, China, Taiwan, and the Republic of Korea. * **Ferring Pharmaceuticals A/S** (Private Company) * Rigel licensed the global rights to REKOVELLE (follitropin delta) to Ferring Pharmaceuticals. Ferring is responsible for its development and commercialization worldwide.

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Raul R. Rodriguez, President and Chief Executive Officer

Raul R. Rodriguez was appointed President and Chief Executive Officer of Rigel Pharmaceuticals in May 2010. With over 25 years of experience in the pharmaceutical industry, he previously served as Chief Operating Officer of Ontogeny (later Curis). He also held positions as Executive Director of Business Development and Market Planning at Scios and various roles at Searle Pharmaceuticals (G.D. Searle & Company). Mr. Rodriguez joined Rigel Pharmaceuticals in 2000, progressing from Senior Vice President and Vice President of Business Development to President and Chief Operating Officer before assuming his current role. He holds an MBA from Stanford University and an MPH from the University of Illinois Chicago.

Dean Schorno, Executive Vice President and Chief Financial Officer

Dean Schorno was appointed Executive Vice President and Chief Financial Officer in May 2018. Prior to joining Rigel, he served as Chief Financial Officer of 23andMe, Inc. since 2015. Mr. Schorno also held CFO roles at Adaptive Biotechnologies and Genomic Health, where he managed financial operations through periods of substantial business and commercial expansion, including significant financing and commercial transaction activities. He began his career in finance at an international accounting firm in San Francisco before establishing his own consultancy in 1991. Mr. Schorno is a certified public accountant with a BS from the University of California, Berkeley, and an MS from Golden Gate University.

David A. Santos, Executive Vice President and Chief Commercial Officer

David A. Santos was appointed Executive Vice President and Chief Commercial Officer in August 2020. He joined Rigel from Jazz Pharmaceuticals, where he was the hematology/oncology business unit head, responsible for leading US commercialization of their oncology portfolio. At Jazz, he successfully grew the business unit through three product launches, eventually managing four promoted products. Earlier in his career, he held key commercial leadership positions at Genentech, launching brands such as Avastin®, Herceptin®, and Tarceva®, and also held marketing and sales roles at Lilly Oncology and Bristol-Myers Squibb.

Lisa Rojkjaer, M.D., Executive Vice President and Chief Medical Officer

Dr. Lisa Rojkjaer was appointed Executive Vice President and Chief Medical Officer in March 2024. She brings over 20 years of experience in clinical development, regulatory affairs, and medical affairs, with a specialization in hematology and oncology. Before joining Rigel, she served as Chief Medical Officer of Sangamo Therapeutics. Her prior experience includes Chief Medical Officer roles at Viracta Therapeutics and Nordic Nanovector, and Global Clinical Program Head at Novartis Pharmaceuticals, where she led the development and supported the regulatory approval of Rydapt®.

Raymond J. Furey, Executive Vice President, General Counsel and Corporate Secretary

Raymond J. Furey was appointed Executive Vice President, General Counsel and Corporate Secretary in December 2022. Prior to Rigel, he was Senior Vice President, Chief Compliance Officer, and Interim General Counsel at Turning Point Pharmaceutics from March 2021 to August 2022. Before that, he served as Chief Operating Officer at Ara Pharmaceuticals from September 2020 to March 2021. Mr. Furey has a background in overseeing legal affairs and managing in-house legal teams for various companies.

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The key risks to Rigel Pharmaceuticals (RIGL) primarily stem from the inherent uncertainties of the biotechnology industry and its market dynamics. The three most significant risks are clinical trial failures, intense commercial competition, and stock price volatility due to high institutional ownership.

1. Clinical Trial Failure and Pipeline Risk

As a biotechnology company, Rigel Pharmaceuticals' long-term success heavily relies on the successful development and regulatory approval of its pipeline candidates. Negative or delayed results from ongoing clinical trials, such as for R289 in lower-risk myelodysplastic syndrome, could significantly erode investor confidence and trigger substantial stock volatility. Clinical trial uncertainties are a sector-specific risk inherent to biotechnology.

2. Commercial Competition

Rigel's approved products, including Tavalisse, GAVRETO, and Rezlidhia, operate in fiercely competitive biotechnology markets. They face rivals that often possess significantly greater financial and marketing resources. The entry of new competitors, such as Sanofi's Wayrilz in the Immune Thrombocytopenia (ITP) market where Tavalisse operates, or superior next-generation therapies from larger companies in hematology/oncology, could impact Rigel's market share, sales, and overall revenue growth.

3. High Institutional Ownership and Stock Price Volatility

Rigel Pharmaceuticals exhibits a high level of institutional ownership, with approximately 65% of its shares held by institutional investors. This concentration makes the stock highly sensitive to shifts in institutional sentiment. Should large investors decide to reduce their stakes, particularly after periods of rapid price gains, the stock could experience a liquidity crunch and sharp price swings, leading to significant volatility.

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A clear emerging threat for Rigel Pharmaceuticals is the potential market entry of AstraZeneca/Alexion's drug Ultomiris (ravulizumab) for Warm Autoimmune Hemolytic Anemia (wAIHA). Rigel's Tavalisse (fostamatinib) was only recently approved for wAIHA in April 2023, making this an important growth area for the company. AstraZeneca/Alexion announced positive Phase 3 results for Ultomiris in wAIHA in late 2023, and an sBLA submission is planned for Q1 2024. If approved, Ultomiris, an established complement inhibitor, would represent a significant, near-term competitive challenge to Tavalisse in a key therapeutic indication.

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Rigel Pharmaceuticals (symbol: RIGL) has three main products: Tavalisse (fostamatinib), Rezlidhia (olutasidenib), and Gavreto (pralsetinib). The addressable markets for these products are as follows: * Tavalisse (fostamatinib): Tavalisse is indicated for the treatment of chronic immune thrombocytopenia (ITP) in adult patients. The total addressable market for ITP in the seven major markets (7MM: United States, EU4 (Germany, France, Italy, Spain), United Kingdom, and Japan) was estimated at USD 3.1 billion in 2023. This market is projected to reach USD 5.5 billion by 2035. The U.S. ITP market alone was estimated to be nearly USD 2.80 billion in 2023. * Rezlidhia (olutasidenib): 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. The global acute myeloid leukemia (AML) market is estimated to be valued at USD 1.74 billion in 2025 and is expected to reach USD 2.92 billion by 2032. Approximately 8 percent of AML cases harbor an IDH1 mutation. Based on the 2025 global AML market estimate of USD 1.74 billion, the estimated addressable market for IDH1-mutated AML is approximately USD 139.2 million (8% of USD 1.74 billion) globally in 2025. * Gavreto (pralsetinib): Gavreto targets metastatic RET fusion-positive non-small cell lung cancer (NSCLC) and advanced thyroid cancers. While the overall global non-small cell lung cancer therapeutics market size was valued at USD 21.85 billion in 2024 and is anticipated to reach around USD 72.42 billion by 2034, and North America holds a significant share of this market, a specific addressable market size in dollar terms for the RET fusion-positive NSCLC and advanced thyroid cancers subset is not explicitly provided in the available information. Therefore, the addressable market size for Gavreto cannot be definitively quantified at this time.

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Rigel Pharmaceuticals (NASDAQ: RIGL) is expected to drive future revenue growth over the next 2-3 years through a combination of its existing commercial products, strategic market expansion, and advancements in its clinical pipeline.

Here are 3-5 expected drivers of future revenue growth:

  1. Continued Growth of TAVALISSE: TAVALISSE (fostamatinib), Rigel's first FDA-approved product for chronic immune thrombocytopenia (ITP), is consistently highlighted as a key revenue driver. The company anticipates continued strong new patient demand and expects sales to grow steadily as Rigel expands its commercial footprint and strengthens its marketing infrastructure. TAVALISSE generated $44.7 million in net product sales in Q3 2025, marking a 70% increase from the prior year.
  2. Increased Sales and Market Expansion of REZLIDHIA: REZLIDHIA (olutasidenib), approved for relapsed or refractory acute myeloid leukemia (AML) with an IDH1 mutation, is Rigel's second commercial product and is expected to contribute significantly to revenue growth. Rigel is focused on improving demand for REZLIDHIA and has strategic partnerships, such as with Dr. Reddy's for commercialization in various international territories and with Kissei for development and commercialization in Japan, South Korea, and Taiwan, which include potential milestone payments and royalties. REZLIDHIA net product sales reached $8.3 million in Q3 2025, a 50% increase year-over-year. Additionally, there is potential for REZLIDHIA's expansion into other IDH1-mutant cancers, including glioma, through collaborations.
  3. Growth from GAVRETO Sales: Rigel acquired the U.S. commercial rights to GAVRETO (pralsetinib) in 2024, and the drug has shown strong initial sales and is expected to become a more significant revenue contributor over the long term. GAVRETO net product sales were $11.1 million in Q3 2025, increasing 56% compared to the previous year. Rigel's dedicated oncology sales force is expected to accelerate its adoption.
  4. Advancement of Clinical Pipeline Assets: Rigel is investing in its internal pipeline, with R289 (an oral dual IRAK1/4 inhibitor) for myelodysplastic syndromes (MDS) being a key asset. R289 has received FDA Orphan Drug and Fast Track designations, which are expected to accelerate its path to potential approval and contribute to future revenue streams if successful. Rigel anticipates sharing data from the dose escalation portion of its R289 study later in 2025.

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Share Repurchases

No specific share repurchase programs or activity by Rigel Pharmaceuticals were found within the last 3-5 years.

Share Issuance

  • Rigel Pharmaceuticals has an Open Market Sale Agreement with Jefferies, initially established in August 2020 and amended in August 2024, through which the company may sell shares of its common stock.
  • Proceeds from the issuance of common stock amounted to $1.964 million in 2024, $1.049 million in 2023, and $2.124 million in 2022.
  • The company also generated proceeds from the exercise of stock options and participation in a purchase plan, totaling $1.0 million in 2023 and $2.1 million in 2022.

Inbound Investments

  • Rigel's operations are financed partly through sales of equity securities, debt financing, product sales, government grants, and contract payments from collaboration agreements.
  • Under existing collaboration agreements, Rigel is entitled to receive upfront cash payments, milestone payments contingent on specified events, and royalties on net sales from its partners.
  • Contract revenue from collaborations was $34.4 million in 2024, with an anticipated $15 million to $18 million for the full year 2025.

Outbound Investments

  • In 2023, Rigel made a payment of $15.0 million for milestone obligations to Forma, which was recorded as intangible assets.
  • In 2024, the company made a $10.0 million payment as the closing purchase price to Blueprint and $3.6 million in cost-share payments to a collaboration partner.
  • Cost-share payments made to Eli Lilly and Company were $2.6 million in 2023 and $15.1 million in 2022.

Capital Expenditures

  • Capital expenditures were reported as $0.4 million in 2024 and $0.5 million in 2023.
  • The company's "PPE Investments" (Property, Plant, and Equipment) were $62 thousand in 2024, $259 thousand in 2023, and $443 thousand in 2022.
  • Rigel also reported proceeds from the sale of property and equipment amounting to $0.9 million in 2023.

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Peer Comparisons for Rigel Pharmaceuticals

Peers to compare with:

Financials

RIGLVRTXAIXCALPSBBOTEVMNMedian
NameRigel Ph.Vertex P.AIxCryptoALPS BridgeBi.Evommune  
Mkt Price44.64462.992.700.9412.2017.5914.89
Mkt Cap0.8118.3--0.5-0.8
Rev LTM28211,7230-01313
Op Inc LTM119-92-7--124-73-73
FCF LTM683,337-7--87-78-7
FCF 3Y Avg142,064-8---14
CFO LTM683,718-7--87-78-7
CFO 3Y Avg192,419-8---19

Growth & Margins

RIGLVRTXAIXCALPSBBOTEVMNMedian
NameRigel Ph.Vertex P.AIxCryptoALPS BridgeBi.Evommune  
Rev Chg LTM79.1%10.3%----44.7%
Rev Chg 3Y Avg48.7%10.5%----29.6%
Rev Chg Q25.6%11.0%----18.3%
QoQ Delta Rev Chg LTM5.3%2.7%---333.3%5.3%
Op Mgn LTM42.2%-0.8%----560.1%-0.8%
Op Mgn 3Y Avg11.3%26.2%----18.7%
QoQ Delta Op Mgn LTM3.1%1.0%---1,973.2%3.1%
CFO/Rev LTM24.2%31.7%----602.0%24.2%
CFO/Rev 3Y Avg4.9%23.1%----14.0%
FCF/Rev LTM24.2%28.5%----602.0%24.2%
FCF/Rev 3Y Avg1.1%19.8%----10.4%

Valuation

RIGLVRTXAIXCALPSBBOTEVMNMedian
NameRigel Ph.Vertex P.AIxCryptoALPS BridgeBi.Evommune  
Mkt Cap0.8118.3--0.5-0.8
P/S2.910.1----6.5
P/EBIT6.626.5---4.3-6.6
P/E7.132.2---4.6-7.1
P/CFO11.831.8---6.1-11.8
Total Yield14.1%3.1%---21.7%-3.1%
Dividend Yield0.0%0.0%--0.0%-0.0%
FCF Yield 3Y Avg-0.8%2.3%----0.7%
D/E0.10.0--0.0-0.0
Net D/E-0.1-0.0---0.9--0.1

Returns

RIGLVRTXAIXCALPSBBOTEVMNMedian
NameRigel Ph.Vertex P.AIxCryptoALPS BridgeBi.Evommune  
1M Rtn-10.4%9.2%3.1%-27.5%-0.7%-9.2%-5.0%
3M Rtn47.4%22.9%--7.2%-22.9%
6M Rtn139.6%3.9%----71.7%
12M Rtn171.5%13.4%----92.5%
3Y Rtn262.9%59.8%----161.4%
1M Excs Rtn-13.7%5.8%-0.3%-30.9%-4.1%-12.6%-8.4%
3M Excs Rtn50.6%16.3%---1.7%-16.3%
6M Excs Rtn125.1%-8.5%----58.3%
12M Excs Rtn144.3%-0.3%----72.0%
3Y Excs Rtn172.7%-22.8%----75.0%

FDA Approved Drugs Data

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Post-Approval Fwd Returns
FDA
App #
Brand
Name
Generic
Name
Dosage
Form
FDA
Approval
3M
Rtn
6M
Rtn
1Y
Rtn
2Y
Rtn
Total
Rtn
NDA215814  REZLIDHIAolutasidenibcapsule12012022136.8%104.6%59.3%303.6%542.3%
NDA213721  GAVRETOpralsetinibcapsule904202033.3%66.2%75.3%-38.1%90.2%
NDA209299  TAVALISSEfostamatinib disodiumtablet4172018-31.1%-22.4%-43.6%-60.3%6.9%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Single Segment117    
Contract revenues from collaborations 39764716
Government contract 410  
Product sales, net 77636244
Total11712014910959


Net Income by Segment
$ Mil20242023202220212020
Single Segment-25    
Total-25    


Price Behavior

Price Behavior
Market Price$44.64 
Market Cap ($ Bil)0.8 
First Trading Date11/29/2000 
Distance from 52W High-12.4% 
   50 Days200 Days
DMA Price$39.14$28.03
DMA Trendupup
Distance from DMA14.1%59.3%
 3M1YR
Volatility93.0%73.5%
Downside Capture26.6092.97
Upside Capture203.37179.37
Correlation (SPY)8.9%24.8%
RIGL Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta1.190.160.430.760.951.20
Up Beta-1.05-1.080.340.670.650.80
Down Beta3.411.11-0.270.180.860.96
Up Capture598%252%138%274%210%934%
Bmk +ve Days13263974142427
Stock +ve Days10212964119357
Down Capture-108%-202%16%-41%104%106%
Bmk -ve Days7162452107323
Stock -ve Days10203360125372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
 Comparison of RIGL With Other Asset Classes (Last 1Y)
 RIGLSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return159.4%16.4%19.2%71.9%8.9%6.0%-10.4%
Annualized Volatility73.2%17.3%19.5%19.3%15.3%17.1%35.0%
Sharpe Ratio1.590.720.782.690.360.18-0.12
Correlation With Other Assets 25.3%24.5%4.3%-1.3%23.5%12.1%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
 Comparison of RIGL With Other Asset Classes (Last 5Y)
 RIGLSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return3.8%8.6%14.9%18.7%11.7%4.8%32.6%
Annualized Volatility86.4%14.5%17.1%15.5%18.7%18.9%48.7%
Sharpe Ratio0.450.410.700.970.510.170.59
Correlation With Other Assets 21.6%25.8%3.8%3.0%24.9%14.9%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
 Comparison of RIGL With Other Asset Classes (Last 10Y)
 RIGLSector ETFEquityGoldCommoditiesReal EstateBitcoin
Annualized Return2.4%9.8%14.7%14.9%6.9%5.2%69.2%
Annualized Volatility82.9%16.6%18.0%14.8%17.6%20.8%55.8%
Sharpe Ratio0.400.480.700.830.310.220.90
Correlation With Other Assets 26.4%28.3%1.0%8.0%22.7%11.3%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity2,824,418
Short Interest: % Change Since 113020252.4%
Average Daily Volume543,071
Days-to-Cover Short Interest5.20
Basic Shares Quantity18,038,000
Short % of Basic Shares15.7%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/4/202533.4%33.7%72.4%
8/5/202523.0%42.4%65.6%
3/4/2025-8.1%-11.7%-17.5%
11/7/202442.9%77.8%50.0%
8/6/20245.8%35.8%43.7%
3/5/20245.4%0.7%-12.8%
11/7/20232.2%-2.3%31.0%
8/1/2023-3.0%-12.0%-8.3%
...
SUMMARY STATS   
# Positive121111
# Negative788
Median Positive14.5%24.7%30.9%
Median Negative-4.4%-6.1%-15.2%
Max Positive42.9%77.8%72.4%
Max Negative-11.0%-12.0%-26.9%

SEC Filings

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Report DateFiling DateFiling
93020251104202510-Q 9/30/2025
6302025805202510-Q 6/30/2025
3312025506202510-Q 3/31/2025
12312024304202510-K 12/31/2024
93020241107202410-Q 9/30/2024
6302024806202410-Q 6/30/2024
3312024507202410-Q 3/31/2024
12312023305202410-K 12/31/2023
93020231107202310-Q 9/30/2023
6302023801202310-Q 6/30/2023
3312023502202310-Q 3/31/2023
12312022307202310-K 12/31/2022
93020221103202210-Q 9/30/2022
6302022802202210-Q 6/30/2022
3312022503202210-Q 3/31/2022
12312021301202210-K 12/31/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Schorno Dean LEVP & Chief Financial Officer2062025Sell20.922,03642,5951,233,690Form
1Santos David AEVP, Chief Commercial Officer2062025Sell20.922,12544,4571,119,274Form
2RODRIGUEZ RAUL RCEO, President2062025Sell20.924,952103,6015,101,670Form
3Furey Raymond J.EVP, GC, CCO & Corp Sec2062025Sell20.921,44830,294840,376Form