• 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.

• 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.

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.

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.

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.

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.

Share Repurchases

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.