Armistice Capital Backs Rigel Amid Clinical Progress
(Investorideas.com Newswire) At the end of 2025, Rigel Pharmaceuticals presented updated clinical data from its Phase 1b study of R289 in patients with lower-risk myelodysplastic syndrome at the American Society of Hematology Annual Meeting. Meanwhile, the biotechnology company reported third-quarter net product sales of $64.1 million, a 65% increase compared to the same period in 2024.
Rigel raised its full-year 2025 revenue guidance to approximately $285 million to $290 million and expects to report positive net income for the year.
Institutional investors, including Armistice Capital, BlackRock, and Morgan Stanley hold positions in the commercial-stage company focused on hematologic disorders and cancer.
R289 Program Advances Through Clinical Development
Rigel's R289 compound, an oral prodrug targeting interleukin receptor-associated kinases 1 and 4, demonstrated preliminary efficacy in heavily pretreated patients with relapsed or refractory lower-risk myelodysplastic syndrome. The Phase 1b study enrolled 33 patients with a median age of 75 who had received a median of three prior therapies.
At doses of 500 milligrams or higher administered once daily, 33% of evaluable transfusion-dependent patients achieved durable red blood cell transfusion independence lasting more than eight weeks. The median duration of transfusion independence reached 22.9 weeks, with a median time to onset of 1.9 months.
Lisa Rojkjaer, Rigel's chief medical officer, said the updated study results "underscore the potential of R289 to become a treatment option for these patients."
The compound received Orphan Drug designation for myelodysplastic syndromes and Fast Track designation for previously treated transfusion-dependent lower-risk MDS from the FDA.
Rigel initiated the dose expansion phase in October 2025, randomizing up to 40 patients to receive either 500 milligrams once daily or twice daily to determine the recommended Phase 2 dose.
Commercial Portfolio Drives Revenue Growth
Rigel reported third-quarter total revenues of $69.5 million, consisting of $64.1 million in net product sales and $5.4 million in contract revenues from collaborations. TAVALISSE net product sales reached $44.7 million, marking 70% growth compared to $26.3 million in the third quarter of 2024.
GAVRETO generated $11.1 million in net product sales, a 56% increase from $7.1 million in the prior-year period. REZLIDHIA contributed $8.3 million, growing 50% compared to $5.5 million in the third quarter of 2024.
Raul Rodriguez, Rigel's president and CEO, stated the "strong third-quarter performance demonstrates our strategic focus on commercial execution, pipeline development, and financial discipline."
The company updated its 2025 revenue outlook to include net product sales guidance of $225 million to $230 million and approximately $60 million in contract revenues from collaborations.
Institutional Investment Activity
Armistice Capital increased its Rigel position during the first quarter of 2025. Other major institutional holders include BlackRock and Morgan Stanley.
Jefferies upgraded Rigel from Hold to Buy following the third-quarter results and updated 2025 guidance.
Pipeline and Market Outlook
Beyond R289, Rigel markets three approved products addressing chronic immune thrombocytopenia, acute myeloid leukemia with specific mutations, and RET fusion-positive cancers.
The company maintains collaborations with Grifols, Kissei Pharmaceutical, and other partners for international development and commercialization.
Rigel plans to share additional R289 data as the dose expansion phase progresses, with results informing Phase 2 development decisions expected in 2026.
