Rigel Pharmaceuticals, Inc.

Greetings and welcome to the Rigel Pharmaceuticals Financial Conference Call for the fourth quarter and full year 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, Riesel's Executive Vice President, General Counsel, and Corporate Secretary. Thank you, Mr. Fury. You may begin.

Welcome to our fourth quarter and full year 2025 financial results and business update conference call. The financial press release for the fourth quarter and the full year 2025 was issued a short while ago can be viewed along with the slides for this presentation in the news and events section of our investor relations site on risal.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 forward on Form 10-K for the year ended December 31st, 2025, 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. Raul.

Thank you, Ray, and thank you all for joining us today. Also with me are Dave Santos, our Chief Commercial Officer, Lisa Royker, our Chief Medical Officer, and Dean Shornow, our Chief Financial Officer. On today's call, I will provide an overview of Rigel's business, our accomplishments for the fourth quarter and full year 2025, as well as our strategic initiatives to drive growth. Beginning on slide four, I will outline Rigel's transformational growth strategy in hematology and oncology. For those of you less familiar with Rigel, our strategy is built around four core strategic objectives. Grow our commercial business, expanding our portfolio through in licensing or acquisition, advancing our clinical development pipeline, and maintaining financial discipline. These four pillars are interlocking and collectively drive Rigel's long-term growth. Today, I will highlight how we've executed on this strategy since 2020, building Rigel into the profitable company we are today and how this framework positions us for continued growth in the years ahead. Moving on to slide five, let me begin by outlining the transformation at Rigel over the last five years. In 2020, Rigel was a single product company. TAVALIS was our only approved product indicated for the treatment of adult chronic ITP. Our development pipeline was limited and the company was operating with negative cash flows. Now at the end of 2025 and now entering into 2026, We are fundamentally a different company. We now have three commercial products, Tavalise, ResLydia, and Gavretto, approved for four different indications. Our development pipeline is led by R289, a dual IRAC1 and 4 inhibitor discovered at Rigel. R289 is currently being evaluated in patients with lower risk MDS, a potentially large commercial opportunity with significant unmet need. R289 offers a novel mechanism attenuating the hyperinflammatory signal present in lower risk MDS and so may offer a new approach to lower risk MDS and potentially other diseases. Later in this presentation, Lisa will speak to the encouraging results from our Phase 1B study that were presented at the ASH meeting in December. And our financial position is fundamentally different today. Rigel is profitable and has been since the third quarter of 2024. Since then, we have increased our cash position by more than 100 billion. This progress reflects disciplined capital allocation, thoughtful portfolio expansion, and consistent execution across operations. Now looking ahead to 2030, we plan again to be a fundamentally different company. We are building on the commercial momentum of our three commercial products while selectively pursuing late stage in licensing and acquisition opportunities to further expand our commercial portfolio. At the same time, we will continue to advance R289 in lower-risk MDS and potentially additional indications. These indications will be areas of significant unmet need and so are large commercial opportunities that, again, would be transformational for Rigel. As illustrated on slide 6, Rigel has delivered strong net product sales growth since emerging from the COVID pandemic. Based on the midpoint of our 2026 net product sales guidance of $260 million, we are achieving a compound annual growth rate of approximately 35% since 2022. This performance reflects strong commercial execution and successful portfolio expansion. What is even more compelling is the opportunity ahead. Derived by the growth of our current products, additional in-licensed or acquired products, and particularly R289 and lower risk MDS and other indications. These programs represent potentially billion dollar opportunities that will expand our commercial portfolio in the 2030s and beyond. This strategy creates a clear roadmap for sustained growth and long-term shareholder value creation. Before I turn the call over to the rest of the team to discuss our other strategic objectives, I want to briefly highlight our approach to in-licensing and business development. Moving to slide eight. We have a proven track record in business development, demonstrated by our acquisitions of ResLydia and Gavretto, Leveraging our existing commercial infrastructure, we efficiently incorporated both products into our portfolio with limited integration costs and operating expenses. As a result, a significant portion of those products' revenue have contributed to our profitability and cash generation. As we evaluate future opportunities, we are focused on differentiated assets in hematology, oncology, or closely related areas. We are seeking late-stage assets that have completed registrational trial, are NDA-ready or under review, or are already commercially available. These late-stage assets are targeted opportunities that would be launched within the next three years, ideally no later than 2028. after which we will begin to shift our focus to the potential launch of R289 in lower-risk MVS and other potential indications. Consistent with our prior transactions, we are prioritizing assets that leverage our existing commercial infrastructure, which will enable operational efficiency and thus be rapidly accretive and drive sustained cash generation for the company. And with that, I will turn the call over to Dave to discuss our strategic priority of growing our commercial business. Dave?