$RIGL
RIGEL PHARMACEUTICALS INC

2021 Q2 Form 10-Q Financial Statement

#000155837021009976 Filed on August 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $26.27M $16.02M
YoY Change 63.95% 53.94%
Cost Of Revenue $129.0K $279.0K
YoY Change -53.76% -10.29%
Gross Profit $26.14M $14.70M
YoY Change 77.86% 49.01%
Gross Profit Margin 99.51% 91.72%
Selling, General & Admin $22.38M $18.92M
YoY Change 18.28% 3.9%
% of Gross Profit 85.62% 128.75%
Research & Development $16.81M $14.21M
YoY Change 18.24% 7.47%
% of Gross Profit 64.3% 96.73%
Depreciation & Amortization $257.0K $170.0K
YoY Change 51.18% -5.56%
% of Gross Profit 0.98% 1.16%
Operating Expenses $39.19M $33.13M
YoY Change 18.26% 5.4%
Operating Profit -$13.05M -$17.39M
YoY Change -24.98% -18.5%
Interest Expense $1.759M $353.0K
YoY Change 398.3% -51.64%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.79M -$17.58M
YoY Change -15.85% -14.72%
Income Tax -$1.000M $0.00
% Of Pretax Income
Net Earnings -$13.82M -$17.58M
YoY Change -21.38% -14.7%
Net Earnings / Revenue -52.62% -109.73%
Basic Earnings Per Share -$0.08 -$0.10
Diluted Earnings Per Share -$0.08 -$0.10
COMMON SHARES
Basic Shares Outstanding 170.2M 168.6M
Diluted Shares Outstanding 170.2M 168.6M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.4M $92.50M
YoY Change 65.82% -17.7%
Cash & Equivalents $84.82M $36.47M
Short-Term Investments $68.56M $56.00M
Other Short-Term Assets $6.606M $7.200M
YoY Change -8.25% 80.0%
Inventory $6.833M $1.684M
Prepaid Expenses
Receivables $17.37M $11.73M
Other Receivables $0.00 $0.00
Total Short-Term Assets $184.2M $113.1M
YoY Change 62.88% -9.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.665M $2.381M
YoY Change 11.93% -92.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $840.0K $653.0K
YoY Change 28.64% -6.71%
Total Long-Term Assets $17.40M $24.95M
YoY Change -30.25% -21.31%
TOTAL ASSETS
Total Short-Term Assets $184.2M $113.1M
Total Long-Term Assets $17.40M $24.95M
Total Assets $201.6M $138.0M
YoY Change 46.05% -11.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.689M $3.414M
YoY Change -50.53% -10.16%
Accrued Expenses $35.81M $28.10M
YoY Change 27.43% 21.12%
Deferred Revenue $5.813M $3.215M
YoY Change 80.81%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.54M $34.76M
YoY Change 71.3% 22.39%
LONG-TERM LIABILITIES
Long-Term Debt $19.86M $19.80M
YoY Change 0.3%
Other Long-Term Liabilities $48.23M $5.000M
YoY Change 864.6% -89.9%
Total Long-Term Liabilities $48.23M $5.000M
YoY Change 864.6% -89.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.54M $34.76M
Total Long-Term Liabilities $48.23M $5.000M
Total Liabilities $107.8M $39.76M
YoY Change 171.06% -48.96%
SHAREHOLDERS EQUITY
Retained Earnings -$1.280B -$1.273B
YoY Change 0.61%
Common Stock $1.348B $1.336B
YoY Change 0.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.11M $63.21M
YoY Change
Total Liabilities & Shareholders Equity $201.6M $138.0M
YoY Change 46.05% -11.63%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$13.82M -$17.58M
YoY Change -21.38% -14.7%
Depreciation, Depletion And Amortization $257.0K $170.0K
YoY Change 51.18% -5.56%
Cash From Operating Activities $55.22M -$14.04M
YoY Change -493.31% -15.68%
INVESTING ACTIVITIES
Capital Expenditures -$408.0K $50.00K
YoY Change -916.0% -145.45%
Acquisitions
YoY Change
Other Investing Activities -$49.25M -$5.280M
YoY Change 832.75% -63.71%
Cash From Investing Activities -$49.66M -$5.230M
YoY Change 849.46% -64.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 59.22M 10.51M
YoY Change 463.43% 1136.47%
NET CHANGE
Cash From Operating Activities 55.22M -14.04M
Cash From Investing Activities -49.66M -5.230M
Cash From Financing Activities 59.22M 10.51M
Net Change In Cash 64.78M -8.760M
YoY Change -839.5% -71.26%
FREE CASH FLOW
Cash From Operating Activities $55.22M -$14.04M
Capital Expenditures -$408.0K $50.00K
Free Cash Flow $55.63M -$14.09M
YoY Change -494.81% -14.81%

Facts In Submission

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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:9pt;margin-top:9pt;"><b style="font-size:10pt;font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:9pt;margin-top:9pt;"><b style="font-size:10pt;font-weight:bold;">Nature of Operations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">We are a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with hematologic disorders, cancer and rare immune diseases. Our pioneering research focuses on signaling pathways that are critical to disease mechanisms. Our first product approved by the United States Food and Drug Administration (FDA) is TAVALISSE® (fostamatinib disodium hexahydrate) tablets, the only approved oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. The product is also commercially available in Europe (TAVLESSE) and Canada (TAVALISSE) for the treatment of chronic immune thrombocytopenia in adult patients. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">Fostamatinib is currently being studied in a Phase 3 trial for the treatment of warm autoimmune hemolytic anemia (wAIHA); a Phase 3 clinical trial for the treatment of hospitalized high-risk patients with COVID-19; a Phase 3 trial sponsored by National Institute of Health (NIH)/National Heart, Lung, and Blood Institute (NHLBI), the ACTIV-4 Host Tissue Trial, is evaluating treatments, including fostamatinib in hospitalized patients with COVID-19; and a Phase 2 trial for the treatment of COVID-19 being conducted by Imperial College London. An NIH/ NHLBI-sponsored Phase 2 trial for the treatment of hospitalized patients with COVID-19, in collaboration with Inova Health System, was recently completed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">Our other clinical programs include our interleukin receptor-associated kinase (IRAK) inhibitor program and a receptor-interacting serine/threonine-protein kinase (RIP1) inhibitor program in clinical development with partner Eli Lilly and Company (Lilly). In addition, we have product candidates in clinical development with partners AstraZeneca AB (AZ), BerGenBio ASA (BerGenBio) and Daiichi Sankyo (Daiichi). </p>
us-gaap Basis Of Accounting
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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:9pt;margin-top:9pt;"><b style="font-size:10pt;font-weight:bold;">2.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:9pt;margin-top:9pt;"><b style="font-size:10pt;font-weight:bold;">Basis of Presentation</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">Our accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Act of 1933, as amended (Securities Act). Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that we believe are necessary to fairly state our financial position and the results of our operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full-year or any subsequent interim period. The balance sheet as of December 31, 2020 has been derived from audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because certain disclosures required by U.S. GAAP for complete financial statements are not included herein, these interim unaudited condensed financial statements and the notes accompanying them should be read in conjunction with our audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates.</p>
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