# EDGAR Filing Document

**Accession Number:** 0001034842
**File Stem:** 0001104659-25-106282
**Filing Date:** 2025-11
**Character Count:** 27550
**Document Hash:** fbc16de6f18d2a1895c2e277c8dc23ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-106282.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001104659-25-106282

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RIGEL PHARMACEUTICALS INC
- **CENTRAL INDEX KEY:** 0001034842
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 943248524
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-29889
- **FILM NUMBER:** 251449149

**BUSINESS ADDRESS:**
- **STREET 1:** 611 GATEWAY BOULEVARD, SUITE 900
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080
- **BUSINESS PHONE:** 650-624-1100

**MAIL ADDRESS:**
- **STREET 1:** 611 GATEWAY BOULEVARD, SUITE 900
- **CITY:** SOUTH SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94080

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **November 4, 2025**

**RIGEL PHARMACEUTICALS, INC.**

(Exact name of registrant as specified in its charter)

**Delaware**

(State or other jurisdiction of incorporation)

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| | |
|:---|:---|
| **0-29889** | **94-3248524** |
| (Commission File No.) | (IRS Employer Identification No.) |
| **611 Gateway Boulevard**<br> **Suite 900** |  |
| **South San Francisco, CA** | **94080** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **(650) 624-1100**

**Not Applicable**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading <br> Symbol(s)** | **Name of Each Exchange on Which <br> Registered** |
| **Common Stock, par value $0.001 per share** | **RIGL** | **The Nasdaq Stock Market LLC** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

---

| | |
|:---|:---|
| **Item 2.02.** | **Results of Operations and Financial Condition.** |

---

On November 4, 2025, Rigel Pharmaceuticals, Inc. ("**Rigel**") announced certain financial results for its third quarter ended September 30, 2025. A copy of Rigel's press release, titled "Rigel Reports Third Quarter 2025 Financial Results and Provides Business Update," is furnished pursuant to Item 2.02 as Exhibit 99.1 hereto.

*The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by Rigel, whether made before or after the date hereof, regardless of any general incorporation language in such filing.*

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |
| ***(d)*** | ***Exhibits.*** |

---

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](tm2530133d1_ex99-1.htm) | [Press Release, dated November 4, 2025, titled "Rigel Reports Third Quarter 2025 Financial Results and Provides Business Update."](tm2530133d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: November 4, 2025 | **RIGEL PHARMACEUTICALS, INC.** | **RIGEL PHARMACEUTICALS, INC.** |
|  | By: | /s/ Raymond J. Furey |
|  |  | Raymond J. Furey |
|  |  | *Executive Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary* |

---

## Exhibit 99.1

**Exhibit 99.1**

**Rigel Reports Third Quarter 2025 Financial Results and Provides Business Update**

&nbsp;&nbsp;&nbsp;&nbsp;· *Third quarter 2025 total revenue of approximately $69.5 million, including record net product sales of $64.1 million and contract revenues from collaborations of $5.4 million* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Generated $27.9 million of net income in the third quarter of 2025* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Completed enrollment in the dose escalation phase and enrolled the first patient in the dose expansion phase of the ongoing Phase 1b study evaluating R289, Rigel's dual IRAK1/4 inhibitor, in lower-risk MDS* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Oral presentation featuring updated data from the dose escalation phase of the R289 Phase 1b study to be presented at the ASH Annual Meeting in December* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Updated 2025 Outlook: Total revenue of approximately $285 to $290 million, which includes net product sales of $225 to $230 million* 

&nbsp;&nbsp;&nbsp;&nbsp;· *Conference call and webcast scheduled today at 4:30 p.m. Eastern Time* 

SOUTH SAN FRANCISCO, Calif., November 4, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), a commercial stage biotechnology company focused on hematologic disorders and cancer, today reported financial results for the third quarter ended September 30, 2025, including sales of TAVALISSE<sup>®</sup> (fostamatinib disodium hexahydrate), GAVRETO<sup>®</sup> (pralsetinib) and REZLIDHIA<sup>®</sup> (olutasidenib), and recent business progress.

"Our strong third-quarter performance demonstrates our strategic focus on commercial execution, pipeline development, and financial discipline. We are raising our full-year 2025 guidance due to our outstanding commercial performance year-to-date," said Raul Rodriguez, Rigel's president and CEO. "Our development pipeline continues to advance, including our ongoing Phase 1b study evaluating R289 for the treatment of patients with lower-risk MDS. With enrollment complete in the dose escalation phase of the study, we look forward to presenting updated data in an oral presentation at ASH in December. We're also excited to have reached the next milestone of this program with the initiation of the dose expansion phase of the study."

**<u>Third Quarter 2025 Business Update</u>**

**Commercial**

· Net product sales were $64.1 million, an increase of 65% from
the same period of 2024.

· TAVALISSE was commercially launched in South Korea
in July by JW Pharmaceutical Corporation, the licensing partner of Kissei Pharmaceutical Co., Ltd. (Kissei), Rigel's partner
in certain Asian countries.

**Clinical Development**

· Rigel
 continues to advance its Phase 1b clinical study evaluating the safety, tolerability, pharmacokinetics,
 and preliminary efficacy of R289<sup>1</sup>, a potent and selective dual interleukin receptor-associated
 kinases 1 and 4 (IRAK1/4) inhibitor, in patients with relapsed or refractory (R/R) lower-risk
 myelodysplastic syndrome (MDS). Enrollment in the dose escalation phase of the study was completed in July. In October, Rigel <u>announced</u> the first patient was enrolled in the dose expansion phase of
 the study, where up to 40 patients will be randomized to either 500 mg once daily or 500
 mg twice daily to determine the recommended Phase 2 dose for future clinical trials.

· Rigel <u>announced</u> one oral presentation and four poster presentations highlighting data from its commercial
 and clinical-stage hematology and oncology portfolio at the upcoming 67th American Society
 of Hematology (ASH) Annual Meeting and Exposition. The abstract with updated data from the
 ongoing Phase 1b study of R289 showed R289 continues to be generally well tolerated in a
 heavily pretreated lower-risk MDS patient population, the majority of whom were high transfusion
 burden at study entry, and preliminary signs of efficacy in dose levels of
 at least 500 mg once daily and higher. Updated data as of an October 28, 2025, data
 cut off will be presented in the oral
 presentation. The company will also present additional data for olutasidenib in patients
 with R/R mutated isocitrate dehydrogenase-1 (m *IDH1*) acute myeloid leukemia
 (AML) .

· The
 fifth study under the strategic alliance between Rigel and The University of Texas MD Anderson
 Cancer Center opened for enrollment in September. This Phase 2 multi-arm, multi-center, open-label,
 non-randomized clinical study will evaluate olutasidenib in combination with co-targeted
 therapies in patients with R/R *IDH1* -mutated myeloid malignancies harboring activated
 signaling pathway mutations (<u>NCT07032727</u>).
 The primary objectives of the study are to evaluate safety and the composite complete remission
 rate.

· In
 October, the first patient
 was enrolled in the CONNECT Phase 2 TarGeT-D study evaluating olutasidenib in combination
 with temozolomide, followed by olutasidenib monotherapy as a maintenance regimen for newly-diagnosed
 adolescent and young adult patients with a high-grade glioma harboring an *IDH1* mutation (<u>NCT06161974</u>).

**Corporate**

· Eli Lilly and Company (Lilly) continues to advance
ocadusertib (previously R552 or LY3871801), an investigational, potent and selective receptor-interacting protein kinase 1 (RIPK1) inhibitor.
Enrollment in the Phase 2a clinical trial in adult patients with moderately to severely active rheumatoid arthritis is ongoing. Rigel
will continue to be entitled to receive milestones and tiered royalty payments on future net sales of ocadusertib.

· In early October, Rigel received notification from
Lilly that it will terminate the central nervous system (CNS) disease program related to the collaboration between the two companies,
which will become effective 60 days following notification.

**<u>Third Quarter 2025 and Year-to-Date Financial Update</u>**

For the third quarter ended September 30, 2025, total revenues were $69.5 million, consisting of $64.1 million in net product sales and $5.4 million in contract revenues from collaborations. Net product sales grew 65% compared to $38.9 million in the same period of 2024. TAVALISSE net product sales were $44.7 million, growth of 70% compared to $26.3 million in the same period of 2024. GAVRETO net product sales were $11.1 million, growth of 56% compared to $7.1 million in the same period of 2024. REZLIDHIA net product sales were $8.3 million, growth of 50% compared to $5.5 million in the same period of 2024. Contract revenues from collaborations primarily consisted of $3.1 million of revenue from Grifols S.A. (Grifols) related to delivery of drug supplies and earned royalties, $1.8 million of revenue from Kissei related to the delivery of drug supplies, and $0.2 million of revenue from Medison Pharma (Medison) related to delivery of drug supplies and earned royalties.

Total costs and expenses were $41.0 million compared to $41.3 million for the same period of 2024. The decrease in costs and expenses was mainly due to lower cost of product sales, as the prior period included a sublicensing fee. This decrease was partially offset by increased research and development costs driven by the timing of clinical activities related to olutasidenib and R289 and higher personnel-related costs.

Rigel reported net income of $27.9 million, or $1.55 basic and $1.46 diluted per share, compared to $12.4 million, or $0.71 basic and $0.70 diluted per share, for the same period of 2024.

For the nine months ended September 30, 2025, total revenues were $224.5 million, consisting of $166.6 million in net product sales and $57.9 million in contract revenues from collaborations. Net product sales grew 69% compared to $98.4 million in the same period of 2024. TAVALISSE net product sales were $113.3 million, growth of 54% compared to $73.8 million in the same period of 2024. GAVRETO net product sales were $31.9 million, growth of 252% compared to $9.0 million in the same period of 2024. GAVRETO became commercially available from Rigel in late June 2024. REZLIDHIA net product sales were $21.4 million, growth of 38% compared to $15.6 million in the same period of 2024. Contract revenues from collaborations primarily consisted of $40.0 million in non-cash revenue resulting from the release of the remaining cost share liability related to the agreement with Lilly for the development and commercialization of ocadusertib, $9.9 million of revenue from Grifols related to delivery of drug supplies and earned royalties, $6.9 million of revenue from Kissei related to a milestone payment and delivery of drug supplies and $0.8 million of revenue from Medison related to delivery of drug supplies and earned royalties.

Total costs and expenses were $122.2 million compared to $114.1 million for the same period of 2024. The increase in costs and expenses was mainly due to higher cost of product sales, increased research and development costs driven by the timing of clinical activities related to olutasidenib and R289, and higher personnel-related costs.

Rigel reported net income of $99.0 million, or $5.52 basic and $5.38 diluted per share, compared to $3.1 million, or $0.18 basic and diluted per share, for the same period of 2024.

Cash, cash equivalents and short-term investments as of September 30, 2025 was $137.1 million, compared to $77.3 million as of December 31, 2024.

**<u>2025 Outlook</u>**

Rigel is updating its 2025 total revenue guidance to approximately $285 to $290 million, an increase from the previous range of approximately $270 to $280 million, which includes:

· Net product sales of approximately $225 to $230
million, an increase from the previous range of approximately $210 to $220 million.

· Contract revenues from collaborations of approximately
$60 million.

The company anticipates it will report positive net income for the full year 2025, while funding existing and new clinical development programs.

**<u>Conference Call and Webcast with Slides Today at 4:30pm Eastern Time</u>**

Rigel will hold a live conference call and webcast today at 4:30pm Eastern Time (1:30pm Pacific Time).

Participants can access the live conference call by dialing (877) 407-3088 (domestic) or (201) 389-0927 (international). The conference call will also be webcast live and can be accessed from the Investor Relations section of the company's website at <u>www.rigel.com</u>. The webcast will be archived and available for replay after the call via the Rigel website.

**<u>About ITP</u>**

In patients with immune thrombocytopenia (ITP), the immune system attacks and destroys the body's own blood platelets, which play an active role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. Patients suffering with chronic ITP may live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current therapies for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to existing therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.

**<u>About NSCLC</u>**

It is estimated that over 226,000 adults in the U.S. will be diagnosed with lung cancer in 2025. Lung cancer is the leading cause of cancer death in the U.S, with non-small cell lung cancer (NSCLC) being the most common type accounting for 85-90% of all lung cancer diagnoses.<sup>2</sup> RET fusions are implicated in approximately 1-2% of patients with NSCLC.<sup>3</sup>

**<u>About AML</u>**

Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers. The American Cancer Society estimates that there will be about 22,010 new cases in the United States, most in adults, in 2025.<sup>4</sup>

Relapsed AML affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow.<sup>5,6</sup> Refractory AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after intensive treatment.<sup>7</sup> Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated treatments in relapsed or refractory disease remain an unmet need.

**<u>About TAVALISSE<sup>®</sup></u>**

TAVALISSE (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

**Please click** **<u>here</u> for Important Safety Information and Full Prescribing Information for TAVALISSE.**

**<u>About GAVRETO<sup>®</sup></u>**

**** 

GAVRETO is indicated for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test and adult and pediatric patients 12 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate).\*

\*Thyroid indication is approved under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trial(s).

**Please click** **<u>here</u> for Important Safety Information and Full Prescribing Information for GAVRETO.**

**<u>About REZLIDHIA<sup>®</sup></u>**

REZLIDHIA is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate dehydrogenase-1 (*IDH1*) mutation as detected by an FDA-approved test.

**Please click <u>here</u> for Important Safety Information and Full Prescribing Information, including Boxed WARNING, for REZLIDHIA.**

To report side effects of prescription drugs to the FDA, visit <u>www.fda.gov/medwatch</u> or call 1-800-FDA-1088 (800-332-1088).

TAVALISSE, GAVRETO and REZLIDHIA are registered trademarks of Rigel Pharmaceuticals, Inc.

**<u>About Rigel</u>**

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based in South San Francisco, California. For more information on Rigel, the Company's marketed products and pipeline of potential products, visit <u>www.rigel.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;1. R289 is an investigational compound not approved by the FDA.

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 American Cancer Society. Key Statistics for Lung Cancer. Revised January 16, 2025. Accessed
 September 30, 2025: <u>https://www.cancer.org/cancer/types/lung-cancer/about/key-statistics.html</u> 

&nbsp;&nbsp;&nbsp;&nbsp;3. Kato, S. et al. RET Aberrations in Diverse Cancers: Next-Generation Sequencing of 4,871 Patients. Clin Cancer Res. 2017;23(8):1988-1997
doi: 10.1158/1078-0432.CCR-16-1679

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 American Cancer Society. Key Statistics for Acute Myeloid Leukemia (AML). Revised March 4,
 2025. Accessed September 30, 2025: <u>https://www.cancer.org/cancer/acute-myeloid-leukemia/about/key-statistics.html</u> 

&nbsp;&nbsp;&nbsp;&nbsp;5. Patel,
 A, et al. *Outcomes of Patients With Acute Myeloid Leukemia Who Relapse After 5 Years of Complete Remission*. 2021 Sep 7;28(7):811-814. doi: <u>https://doi.org/10.3727/096504020X15965357399750</u> 

&nbsp;&nbsp;&nbsp;&nbsp;6. Thol
 F, Ganser, A. *Treatment of Relapsed Acute Myeloid Leukemia*. Curr. Treat. Options on
 Oncol. (2020) 21: 66. doi: <u>https://doi.org/10.1007/s11864-020-00765-5</u> 

&nbsp;&nbsp;&nbsp;&nbsp;7. Thol
 F, Schlenk RF, Heuser M, Ganser A. *How I treat refractory and early relapsed acute myeloid leukemia*. Blood (2015) 126 (3): 319-27. doi: <u>https://doi.org/10.1182/blood-2014-10-551911</u> 

**<u>Forward Looking Statements</u>**

 

*This press release contains forward-looking statements relating to, among other things, expected commercial and financial results, increased projections of financial performance and outlook for 2025, expectations for growing our commercial business, continued enrollment of our R289 study, presentation of study data, development of ocadusertib*, *expectation of clinical outcomes, continued ability for developing and commercializing TAVALISSE, GAVRETO, and REZLIDHIA domestically and in certain international markets, and expectations for Rigel's partnering and collaboration efforts. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements can be identified by words such as "anticipates", "plan", "outlook", "potential", "may", "look to", "expects", "will", "initial", "promising", and similar expressions in reference to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on Rigel's current beliefs, expectations, and assumptions and hence they inherently involve significant risks, uncertainties and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the commercialization and marketing of fostamatinib, olutasidenib and pralsetinib; risks that the FDA, European Medicines Agency, PMDA or other regulatory authorities may make adverse decisions regarding fostamatinib, pralsetinib, ocadusertib or olutasidenib; risks that clinical trials may not be predictive of real-world results or of results in subsequent clinical trials; risks that fostamatinib, pralsetinib, ocadusertib or olutasidenib may have unintended side effects, adverse reactions or incidents of misuses; the availability of resources to develop Rigel's product candidates; market competition; as well as other risks detailed from time to time in Rigel's reports filed with the Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 and subsequent filings. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Rigel does not undertake any obligation to update forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein, except as required by law.*

**<u>Contact for Investors & Media:</u>**

***Investors:***<br> Rigel Pharmaceuticals, Inc.<br> 650.624.1232<br> <u>ir@rigel.com</u>

***Media:***<br> David Rosen<br> Argot Partners<br> 646.461.6387<br> <u>david.rosen@argotpartners.com</u>

**RIGEL PHARMACEUTICALS, INC.**

**STATEMENTS OF OPERATIONS**

**(in thousands, except per share amounts)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Product sales, net | $64067 | $38927 | $166565 | $98380 |
| &nbsp;&nbsp;&nbsp;Contract revenues from collaborations | 5395 | 16380 | 57915 | 23302 |
| &nbsp;&nbsp;&nbsp;Total revenues | 69462 | 55307 | 224480 | 121682 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of product sales | 4753 | 8026 | 13666 | 12858 |
| &nbsp;&nbsp;&nbsp;Research and development (see Note A) | 7353 | 6182 | 22610 | 17748 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative (see Note A) | 28936 | 27043 | 85908 | 83539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 41042 | 41251 | 122184 | 114145 |
| Income from operations | 28420 | 14056 | 102296 | 7537 |
| &nbsp;&nbsp;&nbsp;Interest income | 1094 | 425 | 2438 | 1570 |
| &nbsp;&nbsp;&nbsp;Interest expense | (1894) | (2060) | (5621) | (5963) |
| Income before income taxes | 27620 | 12421 | 99113 | 3144 |
| (Benefit from) provision for income taxes | (280) |  | 154 |  |
| Net income | $27900 | $12421 | $98959 | $3144 |
| Net income per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.55 | $0.71 | $5.52 | $0.18 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.46 | $0.70 | $5.38 | $0.18 |
| Weighted average shares used in computing net income per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 18038 | 17600 | 17912 | 17556 |
| &nbsp;&nbsp;&nbsp;Diluted | 19156 | 17648 | 18379 | 17599 |
| **Note A** |  |  |  |  |
| Stock-based compensation expense included in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | $2961 | $2360 | $8172 | $9067 |
| &nbsp;&nbsp;&nbsp;Research and development | 402 | 284 | 1791 | 1239 |
|  | $3363 | $2644 | $9963 | $10306 |

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**SUMMARY BALANCE SHEET DATA**

**(in thousands)**

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| | | |
|:---|:---|:---|
|  | **As of September 30,**<br>**2025** | **As of December 31,**<br>**2024 <sup>(1)</sup>** |
|  | **(unaudited)** | **(unaudited)** |
| Cash, cash equivalents and short-term investments | $137143 | $77321 |
| Total assets | 242534 | 163976 |
| Stockholders' equity | 117609 | 3288 |

---

(1) Derived from audited financial statements