Rigel Pharmaceuticals, Inc.

Greetings and welcome to Rigel Pharmaceuticals financial conference call for the first quarter 2025. At this time all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference please press star zero on your telephone keypad. As a reminder this conference is being recorded. It is now my pleasure to introduce our first speaker Ray Fury, Rigel's Executive Vice President, General Counsel, and Corporate Secretary. Thank you, Mr. Fury. You may begin.

Welcome to our first quarter 2025 financial results and business update conference call. The financial press release for the first quarter 2025 was issued a short while ago and can be viewed along with the slides for this presentation in the news and events section of our investor relations site on Rigel.com. As a reminder, during today's call, we may make forward-looking statements regarding our financial outlook and our plans and timing for regulatory and product development. These statements are subject to risks and uncertainties that may cause actual results to differ from those forecasted. A description of these risks can be found in our most recent annual report on Form 10-K for the year ended December 31st, 2024 and subsequent filings with the SEC including our quarter one quarterly report on Form 10Q on file with the SEC. Any forward-looking statements are made only as of today's date, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances. At this time, I would like to turn the call over to our President and Chief Executive Officer, Raul Rodriguez. Raul.

Thank you, Ray, and thank you, everyone, for joining today. Also with us today are Dave Santos, our Chief Commercial Officer, Lisa Royker, our Chief Medical Officer, and Dean Shorno, our Chief Financial Officer. Beginning on slide four, we will provide an overview of Rigel's business and our results for the first quarter of 2025. I want to start the call today by highlighting our strong start to the year. Today, for the first quarter of 2025, we reported year-over-year net product sales growth of 68% from our expanding commercial portfolio. In addition, we increased collaboration revenue from our ex-US marketing partners. With total revenue of $53.3 million for the quarter and continued financial discipline, we were able to generate $11.4 million in net income this quarter. Now, this is a time when the general business environment is challenging, especially for the biotech market, but highlights the robustness of our corporate strategy and consequently our unique position. Rogeral is a growing, profitable company with important clinical opportunities at hand that we are able to fund ourselves. On this call, the team will provide you with greater details on our position and this quarter's results. They will provide an overview update on the strength of our growing commercial business that now includes three commercial products after the acquisition of our latest product, Gavretto. Lisa will provide updates on the advancement of our development pipeline, including R289, our novel and selective dual IRAC1 and 4 inhibitor. R289 is currently being evaluated in a phase 1B clinical study in patients with relapse or refractory lower risk MDS. She will also highlight our plans to expand oludacitinib with the planned initiation of a Phase II study in recurrent glioma. Beyond these Rigel-led development programs, we also remain committed to evaluating new opportunities to expand our hematology and oncology portfolio through business development, as we did with ResLydia and Gavretto. In 2025, we will continue to focus on commercial growth while maintaining that financial discipline that has contributed to the results today and updates today. We continue to anticipate 2025 total revenue of $200 to $210 million and to report positive net income for the full year 2025 while advancing and expanding our development pipeline. This is a testament to the strength of our business and the execution of our corporate strategy to grow our hematology and oncology business. Now, before I turn the call over to Dave, I want to take a moment to discuss our RIP-Calius-1 inhibitor program that is partnered with Lilly. Last week, we notified Lilly that we will not exercise our right to share in future development expenses for our gadusertib, known previously as Rigel's R552. This incremental development cost share, which we believe could be substantial and near-term, could have resulted in slightly higher royalty rates for Rigel on future net sales. While we continue to be very excited about the potential of Oka Undercerted, we have concluded that it is optimal for us to invest our own in our own internal pipeline assets, such as R289 and Oludacitinib. Dean will tell you a bit more about the financial impact of this in his remarks. Now with that, I'll turn the call over to Dave to provide a commercial update. Dave?