Rigel Pharmaceuticals, Inc.

Greetings and welcome to Rigel Pharmaceuticals financial conference call for the second 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 Furey, Rigel's Executive Vice President, General Counsel, and Corporate Secretary. Thank you, Mr. Furey. You may begin.

Welcome to our second quarter of 2025 financial results and business update conference call. The financial press release for the second quarter of 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 Rizal.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 Fund 10K, for the year ended December 31st, 2024, and subsequent filings with the SEC, including our Q2 quarterly report on Form 10-Q 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'd like to turn the call over to our President and Chief Executive Officer Raul Rodriguez.

Thank you, Ray, and thank you, everyone, for joining us today. Also with me 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, I will provide an overview of Rigel's accomplishments across the business and our financial results for the second quarter of 2025. Let me start by saying that this was a really great quarter for Rigel. We continue to make significant progress on the execution of our corporate strategy. For those not familiar with Rigel, our focus is on growing our hematology and oncology business through commercial execution, advancing our pipeline, product and licensing and acquisition, and financial discipline. With this in mind, in the second quarter, we achieved net product sales of more than 58 million, an increase of 76%. year over year and our best quarter ever. This all time high was driven by our growing commercial portfolio and increased sales across all our commercial products. Dave will provide a more detailed update on our three products and their second quarter contributions later on in the call. Total revenue for the second quarter was 101.7 million, including 42.7 million in contract revenues from collaborations. As I discussed during our May call, we notified Lilly that we would not exercise our right to share in future development expenses for Oka-Ducerto, Rigel's RIP-K1 inhibitor previously known as R552. As a result, we recognized $40 million in non-cash revenue in the second quarter. Dean will discuss the accounting of this in his remarks. Now let's talk about our development opportunities. We are excited about the potential of our development pipeline and our ability to fund the clinical development of R289 and oludacitinib. R289, our novel and selective dual IRAC1 and IV inhibitor, is currently being evaluated in a Phase 1B clinical study in patients with relapsed or refractory lower-risk MDS. We completed enrollment in the dose escalation part of the study in July and expect to share updated data from the study later on this year. Lisa will walk us through the latest updates on our development pipeline. While we're focused on our internal development, we're also excited about the potential of OCA-Dersertib, an important oral and selective inhibitor of RIPK1, and Lilly's efforts to advance this molecule. In parallel with growing our commercial business and expanding our development pipeline, we remain committed to pursuing additional in-licensing deals or acquisitions of assets that fit our capabilities commercially and our product focus, such as we've already done successfully with both ResLydia and Gabaretto. Underscoring the separate is an emphasis on maintaining financial discipline while making the clinical development investments. This has resulted in both top line and bottom line growth and allowed us to generate $59.6 million in net income and to increase our cash balance to more than $108 million in the second quarter. Moving on to slide five, you'll see the growth of our net product sales year over year. We have consistently delivered top line growth as evidenced by the 32% compound annual growth rate or CAGR from 2021 to 2024. Year to date in 2025, we have generated 102.5 million in net product sales. This is nearly the same net sales that we generated for the full year of 2023, and so a tremendous start to this year. We are now raising our total revenue guidance in 2025 to between $270 and $280 million from the previous range of $200 and $210 million, which includes net product sales of $210 to $220 million, an increase from the prior range of $185 to $192 million. This new outlook reflects anticipated growth of 45 to 52% compared to 2024, exceeding the roughly 30% growth rate that we delivered over the last few years. Rigel is in a unique position as a self-sustaining company with the added benefit of a promising pipeline of assets. We remain focused on the execution of our corporate strategy and continuing our progress throughout 2025 and beyond. Now with that, I will turn the call over to Dave to provide more information on our commercial business for you. Dave?