Rigel Pharmaceuticals, Inc.

Greetings and welcome to Rigel Pharmaceutical's financial conference call for the first quarter, 2026. 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 speaker, Ray Furey, Rigel's Executive Vice President, General Counsel, and Corporate Secretary. Thank you. Mr. Furey, you may begin.

Welcome to our first quarter of 2026 financial results business update conference call. The financial press release for the first quarter of 2026 was issued a short while ago. section of our investor relations site on Rytle.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 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, Form 10-K, for the year ended December 31st, 2025, on file with the SEC, and subsequent filings with the SEC, including the Q1 quarterly report on Form 10-Q 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. our 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 for joining us today. Also joining me on the call 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 review our first quarter performance, outline Rigel's growth strategy, and highlight the key strategic initiatives that positions us for continued growth. Rigel is in a solid position with a growing product portfolio, a solid financial foundation, and an advancing clinical pipeline. In the first quarter of 2026, we generated net product sales of just under 55 million. representing a 26% growth compared to the first quarter of 2025. As expected, the first quarter was impacted by seasonal factors, including reimbursement dynamics, patterns we have seen historically both within our business and across our industry. Encouragingly, we observed improving demand in March. Similar to prior years, we expect to return to sequential growth starting in the second quarter driven by improving demand trends. As a result, we are maintaining our 2026 revenue guidance for total revenues of 275 to 290 million, including net product sales of 255 to 265 million. We also remain on track to achieve net income profitability in 2026, and we will continue to update you on our progress throughout the year. We're also very encouraged by the continued progress of our R289 program in lower risk MDS with data expected by year end. In parallel, we are actively evaluating late stage in-license or acquisition opportunities that would support potential launches between 2026 and 2028. Now, let me turn to our transformational growth strategy. This strategy has guided Bridgel's evolution and is built on four core strategic objectives. Continued commercial execution, pipeline expansion through in-licensing or acquisition of late-stage assets, advancing our clinical development pipeline, and maintaining financial discipline. These four pillars formed the foundation of Rigel's growth strategy. Today, I will walk you through how we have successfully executed this strategy since 2020 to build the company we are today and how we plan to continue driving growth going forward. Moving to slide five. Back in 2020, Rigel was a single product company with a limited development pipeline and negative operating cash flows. Today, as you look at our progress through 2025 and towards 2030, we are fundamentally a different company. We now have three commercial products, Camelis, Reslydia, and Gavretto, approved across four indications. R289 is advancing in lower risk MVS, and this program has the potential to expand into large markets with significant unmet medical need. Importantly, we achieved profitability in the third quarter of 2024, and through the end of 2025, we generated over $100 million in cash, reflecting our financial discipline. We are operating from a position of financial strength, allowing us to fund our operations and continue advancing and expanding our pipeline. Moving to slide six. Since emerging from the COVID pandemic, we have delivered strong net product sales growth, driven by solid commercial execution and successful portfolio expansion. And we believe this is just the beginning. We see multiple opportunities for us to drive another phase of transformational revenue growth for Rigel. In addition to growth of our current products, we are also focusing on adding new assets through in-licensing or product acquisition, as well as advancing our internal pipeline, particularly R289 and lower-risk MDS and other potential indications. These programs potentially represent significant long-term opportunities that could expand our commercial portfolio in the 2030s and beyond, supporting sustained growth and long-term shareholder value. Before I hand the call over to Dave to review our commercial performance, let me briefly remind you of our approach to in-licensing and business development. On slide 8, you'll see that we're targeting differentiated assets in hematology, oncology, and related areas. you've seen us successfully integrate both Reslydia and then Gravero into our portfolio in 2022 and 2024 respectively. Today, we are pursuing similar opportunities, potentially larger in scale though, given Rigel's growth since those earlier transactions. We are focused on late stage assets with potential commercial launches in the next three years. By late stage, we mean assets that are NDA ready for filing or are already under review or are already approved. Importantly, we prioritize opportunities where we can leverage our existing infrastructure to drive operational efficiencies, accelerate revenue contribution, and generate cash. With that, I'll turn the call over to Dave.