$RIGL
RIGEL PHARMACEUTICALS INC

2022 Q1 Form 10-Q Financial Statement

#000155837022006809 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $16.74M $81.02M
YoY Change -79.34% 45.3%
Cost Of Revenue $121.0K $316.0K
YoY Change -61.71% 103.87%
Gross Profit $16.61M $80.70M
YoY Change -79.41% 544.33%
Gross Profit Margin 99.28% 99.61%
Selling, General & Admin $27.40M $22.12M
YoY Change 23.87% 20.03%
% of Gross Profit 164.93% 27.41%
Research & Development $15.47M $16.83M
YoY Change -8.04% 4.19%
% of Gross Profit 93.14% 20.85%
Depreciation & Amortization $237.0K $239.0K
YoY Change -0.84% 39.77%
% of Gross Profit 1.43% 0.3%
Operating Expenses $42.88M $38.95M
YoY Change 10.09% 12.63%
Operating Profit -$26.26M $41.76M
YoY Change -162.89% 98.58%
Interest Expense $1.205M $485.0K
YoY Change 148.45% 241.55%
% of Operating Profit 1.16%
Other Income/Expense, Net
YoY Change
Pretax Income -$27.45M $41.27M
YoY Change -166.5% 94.28%
Income Tax $0.00 $1.800M
% Of Pretax Income 4.36%
Net Earnings -$27.45M $39.50M
YoY Change -169.48% 85.94%
Net Earnings / Revenue -164.0% 48.75%
Basic Earnings Per Share -$0.16 $0.23
Diluted Earnings Per Share -$0.16 $0.22
COMMON SHARES
Basic Shares Outstanding 171.8M 169.8M
Diluted Shares Outstanding 171.8M 176.1M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.5M $39.30M
YoY Change 173.59% -59.02%
Cash & Equivalents $24.68M $20.05M
Short-Term Investments $82.84M $19.30M
Other Short-Term Assets $9.415M $8.300M
YoY Change 13.43% -8.79%
Inventory $6.764M $6.947M
Prepaid Expenses
Receivables $15.24M $142.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $138.9M $196.8M
YoY Change -29.39% 69.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.140M $2.498M
YoY Change -14.33% -90.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $464.0K $818.0K
YoY Change -43.28% 16.86%
Total Long-Term Assets $10.14M $19.24M
YoY Change -47.3% -29.02%
TOTAL ASSETS
Total Short-Term Assets $138.9M $196.8M
Total Long-Term Assets $10.14M $19.24M
Total Assets $149.1M $216.0M
YoY Change -30.98% 50.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.614M $5.095M
YoY Change -9.44% 131.59%
Accrued Expenses $40.92M $32.00M
YoY Change 27.88% 18.96%
Deferred Revenue $2.097M $9.500M
YoY Change -77.93%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.23M $52.02M
YoY Change 13.85% 66.74%
LONG-TERM LIABILITIES
Long-Term Debt $29.85M $19.80M
YoY Change 50.74% 102.04%
Other Long-Term Liabilities $53.20M $57.53M
YoY Change -7.52% 140.72%
Total Long-Term Liabilities $53.20M $57.53M
YoY Change -7.52% 70.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.23M $52.02M
Total Long-Term Liabilities $53.20M $57.53M
Total Liabilities $112.4M $109.6M
YoY Change 2.62% 68.81%
SHAREHOLDERS EQUITY
Retained Earnings -$1.351B -$1.266B
YoY Change 6.7%
Common Stock $1.359B $1.345B
YoY Change 1.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.798M $78.30M
YoY Change
Total Liabilities & Shareholders Equity $149.1M $216.0M
YoY Change -30.98% 50.62%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$27.45M $39.50M
YoY Change -169.48% 85.94%
Depreciation, Depletion And Amortization $237.0K $239.0K
YoY Change -0.84% 39.77%
Cash From Operating Activities -$25.64M -$19.96M
YoY Change 28.47% 545.17%
INVESTING ACTIVITIES
Capital Expenditures $224.0K $71.00K
YoY Change 215.49% -88.3%
Acquisitions
YoY Change
Other Investing Activities $22.85M $7.600M
YoY Change 200.7% -69.68%
Cash From Investing Activities $22.63M $7.532M
YoY Change 200.44% -69.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.797M 2.097M
YoY Change 319.5% 56.96%
NET CHANGE
Cash From Operating Activities -25.64M -19.96M
Cash From Investing Activities 22.63M 7.532M
Cash From Financing Activities 8.797M 2.097M
Net Change In Cash 5.789M -10.33M
YoY Change -156.06% -145.48%
FREE CASH FLOW
Cash From Operating Activities -$25.64M -$19.96M
Capital Expenditures $224.0K $71.00K
Free Cash Flow -$25.86M -$20.03M
YoY Change 29.14% 441.24%

Facts In Submission

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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-10326000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18890000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
30373000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24679000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20047000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
393000
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
358000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:9pt;text-indent:36pt;margin:9pt 0pt 0pt 0pt;">The preparation of financial statements in conformity with US 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>
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
107500000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27445000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
39500000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
171774000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
169800000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
171774000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
169800000
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6269000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171774000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
176069000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.23
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.22
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34157000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8185000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16735000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
81018000
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
7915000
CY2022Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
6120000
CY2022Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
4580000
CY2022Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
9455000
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
6065000
CY2021Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
3299000
CY2021Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
3958000
CY2021Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
5406000
CY2022Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
6400000
CY2021Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
3700000
CY2022Q1 rigl Collaborative Arrangement Upfront Fee Received
CollaborativeArrangementUpfrontFeeReceived
125000000.0
CY2022Q1 us-gaap Accretion Expense
AccretionExpense
700000
CY2021Q1 us-gaap Accretion Expense
AccretionExpense
100000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3207000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2639000
CY2022Q1 rigl Extended Exercise Period Number Of Members Of Board Of Directors
ExtendedExercisePeriodNumberOfMembersOfBoardOfDirectors
2
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
800000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
469000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
610000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7130256
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
18890000
CY2022Q1 us-gaap Short Term Investments
ShortTermInvestments
82840000
CY2021Q4 us-gaap Short Term Investments
ShortTermInvestments
106077000
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
4555000
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
5142000
CY2022Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
1040000
CY2021Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
162000
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1169000
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1312000
CY2022Q1 us-gaap Inventory Net
InventoryNet
6764000
CY2021Q4 us-gaap Inventory Net
InventoryNet
6616000
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
107519000
CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
124967000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24679000
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
107519000
CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
124967000
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
91502000
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
91086000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
111978000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
111876000
CY2022Q1 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P166D
CY2021 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P196D
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
44
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
90336000
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
416000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
100000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3750000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
15000000
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
11250000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
30000000
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2022Q1 rigl Expected Income From Sublease
ExpectedIncomeFromSublease
3900000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7500000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9700000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8300000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
10700000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M29D
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1340000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1340000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
266000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
229000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1606000
CY2021Q1 us-gaap Lease Cost
LeaseCost
1569000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2596000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2496000
CY2022Q1 rigl Fixed Sublease Expense
FixedSubleaseExpense
1095000
CY2021Q1 rigl Fixed Sublease Expense
FixedSubleaseExpense
1095000
CY2022Q1 rigl Variable Sublease Expense
VariableSubleaseExpense
244000
CY2021Q1 rigl Variable Sublease Expense
VariableSubleaseExpense
241000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
1339000
CY2021Q1 us-gaap Sublease Income
SubleaseIncome
1336000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7889000
CY2022Q1 rigl Sublease Payments To Be Received Remainder Of Fiscal Year
SubleasePaymentsToBeReceivedRemainderOfFiscalYear
3548000
CY2022Q1 rigl Lessee Operating Lease Liability Net Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityNetPaymentsRemainderOfFiscalYear
4341000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
877000
CY2022Q1 rigl Sublease Payments To Be Received Next Twelve Months
SubleasePaymentsToBeReceivedNextTwelveMonths
394000
CY2022Q1 rigl Lessee Operating Lease Liability Net Payments Next Twelve Months
LesseeOperatingLeaseLiabilityNetPaymentsNextTwelveMonths
483000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8766000
CY2022Q1 rigl Sublease Payments To Be Received
SubleasePaymentsToBeReceived
3942000
CY2022Q1 rigl Lessee Operating Lease Liability Net Payments
LesseeOperatingLeaseLiabilityNetPayments
4824000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1800000

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