Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL ) Q4 2024 Earnings Conference Call
Company Participants:
- Ray Furey – Executive Vice President, General Counsel & Corporate Secretary
- Raul Rodriguez – President & Chief Executive Officer
- Dave Santos – Chief Commercial Officer
- Lisa Rojkjaer – Chief Medical Officer
- Dean Schorno – Chief Financial Officer
Conference Call Transcript:
The following is a transcript of the Q4 2024 earnings conference call held by Rigel Pharmaceuticals, Inc. on March 4, 2025, at 4:30 PM ET:
Ray Furey: Good afternoon, ladies and gentlemen, and welcome to Rigel Pharmaceuticals’ fourth quarter and full year 2024 earnings conference call. I am Ray Furey, Executive Vice President, General Counsel & Corporate Secretary. Joining me today are Raul Rodriguez, our President & CEO; Dave Santos, our Chief Commercial Officer; Lisa Rojkjaer, our Chief Medical Officer; and Dean Schorno, our Chief Financial Officer.
Raul Rodriguez: Thank you, Ray, and good afternoon, everyone. I’d like to begin by expressing my gratitude to our employees, partners, and investors for their continued support and commitment to Rigel. In 2024, we made significant progress in advancing our clinical pipeline and expanding our commercial footprint.
Dave Santos: Raul is right. Our commercial team has made great strides in expanding the reach of Tavalisse, our FDA-approved treatment for secondary severe neutropenia in adult patients with chronic neutropenia. In Q4 2024, we launched the product in the European Union, and we are currently in discussions with regulatory agencies in other key markets to bring Tavalisse to even more patients.
Lisa Rojkjaer: Moving on to clinical development, we’ve made significant progress with our investigational drug, R348. In Q4 2024, we completed enrollment in the pivotal Phase 3 trial, and we expect to report top-line data in the second quarter of 2025. R348 is a potential treatment for patients with severe atopic dermatitis, and we are excited about its potential to address a significant unmet medical need.
Dean Schorno: Moving on to financials, we reported total revenue of $125.3 million for the full year 2024, up from $86.5 million in 2023. Our net loss for the year was $175.9 million, compared to $148.1 million in 2023. Our cash and cash equivalents as of December 31, 2024, were $225.6 million.
Yigal Nochomovitz: Raul, could you please discuss your strategy for expanding the indications for Tavalisse beyond neutropenia?
Raul Rodriguez: Absolutely, Yigal. We are exploring potential indications for Tavalisse in other areas, such as oncology and autoimmune diseases. We believe that Tavalisse’s mechanism of action could provide a significant benefit in these areas, and we are currently in discussions with regulatory agencies and potential partners to explore these opportunities.
Kalpit Patel: Lisa, could you provide an update on the Phase 3 trial for R348? What are your expectations for the top-line data?
Lisa Rojkjaer: Sure, Kalpit. We expect to report top-line data in the second quarter of 2025. We are confident in the potential of R348 to address the significant unmet medical need in severe atopic dermatitis, and we believe that the data will support a potential filing for regulatory approval.
Impact on Individuals:
For individuals with severe atopic dermatitis, the potential approval of R348 could mean a new treatment option for managing their condition. This condition can cause significant discomfort, including itching, redness, and inflammation, and can lead to secondary infections. The current treatments for severe atopic dermatis, such as topical corticosteroids and systemic immunosuppressants, have limitations and side effects, making the need for new treatments a priority.
Impact on the World:
The potential approval of R348 could have a significant impact on the global healthcare industry, particularly in the area of dermatology. Atopic dermatitis is a common chronic inflammatory skin disease, affecting approximately 1-3% of the global population. The current treatments for severe atopic dermatitis can be costly and have significant side effects, making the need for new, effective treatments a priority. The approval of R348 could lead to improved patient outcomes, reduced healthcare costs, and increased quality of life for those affected by this condition.
Conclusion:
In conclusion, Rigel Pharmaceuticals’ Q4 2024 earnings conference call provided an update on the company’s progress in advancing its clinical pipeline and expanding its commercial footprint. The potential approval of R348, a potential treatment for severe atopic dermatitis, could have a significant impact on individuals with this condition and the global healthcare industry. The company is also exploring potential indications for Tavalisse beyond neutropenia, including oncology and autoimmune diseases. We look forward to the top-line data from the Phase 3 trial for R348 in the second quarter of 2025 and the potential regulatory approval and commercial launch of this important new treatment.
