$RIGL
RIGEL PHARMACEUTICALS INC

2023 Q2 Form 10-Q Financial Statement

#000155837023007653 Filed on May 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $26.89M $26.07M
YoY Change -9.84% 55.78%
Cost Of Revenue $1.075M $977.0K
YoY Change 3.76% 707.44%
Gross Profit $25.81M $25.09M
YoY Change -10.33% 51.04%
Gross Profit Margin 96.0% 96.25%
Selling, General & Admin $26.31M $27.73M
YoY Change -2.5% 1.2%
% of Gross Profit 101.92% 110.5%
Research & Development $4.772M $10.09M
YoY Change -67.68% -34.8%
% of Gross Profit 18.49% 40.21%
Depreciation & Amortization $296.0K $357.0K
YoY Change 24.89% 50.63%
% of Gross Profit 1.15% 1.42%
Operating Expenses $31.08M $37.82M
YoY Change -25.56% -11.79%
Operating Profit -$5.267M -$12.73M
YoY Change -59.38% -51.54%
Interest Expense -$1.333M $1.204M
YoY Change -334.27% -0.08%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.600M -$13.54M
YoY Change -51.08% -50.68%
Income Tax
% Of Pretax Income
Net Earnings -$6.600M -$13.54M
YoY Change -51.08% -50.68%
Net Earnings / Revenue -24.55% -51.92%
Basic Earnings Per Share -$0.04 -$0.08
Diluted Earnings Per Share -$0.04 -$0.08
COMMON SHARES
Basic Shares Outstanding 173.7M 173.7M
Diluted Shares Outstanding 173.7M 173.6M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.36M $58.66M
YoY Change -27.82% -45.44%
Cash & Equivalents $48.81M $40.29M
Short-Term Investments $15.55M $18.38M
Other Short-Term Assets $4.967M $7.867M
YoY Change -37.44% -16.44%
Inventory $10.78M $11.08M
Prepaid Expenses
Receivables $20.82M $29.37M
Other Receivables $0.00 $0.00
Total Short-Term Assets $100.9M $107.0M
YoY Change -16.26% -23.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.212M $294.0K
YoY Change -33.84% -86.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $541.0K $542.0K
YoY Change 34.24% 16.81%
Total Long-Term Assets $16.17M $16.64M
YoY Change 116.12% 64.17%
TOTAL ASSETS
Total Short-Term Assets $100.9M $107.0M
Total Long-Term Assets $16.17M $16.64M
Total Assets $117.1M $123.6M
YoY Change -8.52% -17.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.240M $6.295M
YoY Change 143.16% 36.43%
Accrued Expenses $18.04M $18.15M
YoY Change -54.24% -55.66%
Deferred Revenue $1.355M $1.369M
YoY Change -12.18% -34.72%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.02M $45.52M
YoY Change -19.89% -23.14%
LONG-TERM LIABILITIES
Long-Term Debt $59.57M $59.48M
YoY Change 99.68% 99.3%
Other Long-Term Liabilities $41.61M $42.07M
YoY Change -11.26% -20.94%
Total Long-Term Liabilities $101.2M $42.07M
YoY Change 115.8% -20.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.02M $45.52M
Total Long-Term Liabilities $101.2M $42.07M
Total Liabilities $145.2M $147.9M
YoY Change 42.58% 31.52%
SHAREHOLDERS EQUITY
Retained Earnings -$1.403B -$1.396B
YoY Change 2.77% 3.31%
Common Stock $1.375B $1.372B
YoY Change 0.95% 0.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$28.12M -$24.26M
YoY Change
Total Liabilities & Shareholders Equity $117.1M $123.6M
YoY Change -8.52% -17.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$6.600M -$13.54M
YoY Change -51.08% -50.68%
Depreciation, Depletion And Amortization $296.0K $357.0K
YoY Change 24.89% 50.63%
Cash From Operating Activities $5.930M -$4.074M
YoY Change -145.93% -84.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $15.00M
YoY Change -100.0% 6596.43%
Acquisitions
YoY Change
Other Investing Activities $2.970M $15.78M
YoY Change -85.9% -30.96%
Cash From Investing Activities $2.970M $777.0K
YoY Change -85.92% -96.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -373.0K 19.12M
YoY Change -93.41% 117.38%
NET CHANGE
Cash From Operating Activities 5.930M -4.074M
Cash From Investing Activities 2.970M 777.0K
Cash From Financing Activities -373.0K 19.12M
Net Change In Cash 8.527M 15.83M
YoY Change 238.1% 173.38%
FREE CASH FLOW
Cash From Operating Activities $5.930M -$4.074M
Capital Expenditures $0.00 $15.00M
Free Cash Flow $5.930M -$19.07M
YoY Change -145.8% -26.24%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
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19950000
CY2022Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
9975000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1904000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19123000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8797000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
15826000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
5789000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24459000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18890000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40285000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24679000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1011000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
393000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 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>
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
58700000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38242000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34157000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26070000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16735000
CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
12145000
CY2023Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
9223000
CY2023Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
7280000
CY2023Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
14088000
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
CY2023Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
9500000
CY2022Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
6400000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
2659000
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2119000
CY2023Q1 rigl Contingent Payments Under Agreement
ContingentPaymentsUnderAgreement
1300000000
CY2023Q1 rigl Collaborative Arrangement Upfront Fee Received
CollaborativeArrangementUpfrontFeeReceived
125000000.0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2758000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3207000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
500000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
800000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7646459
CY2023Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
6910000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4555000
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
2048000
CY2023Q1 us-gaap Inventory Net
InventoryNet
11077000
CY2022Q4 us-gaap Inventory Net
InventoryNet
9118000
CY2023Q1 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
700000
CY2022Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
800000
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
58662000
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
58206000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
40285000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24459000
CY2023Q1 us-gaap Short Term Investments
ShortTermInvestments
18377000
CY2022Q4 us-gaap Short Term Investments
ShortTermInvestments
33747000
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
58662000
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
58206000
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
38395000
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
38368000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
47940000
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
47787000
CY2023Q1 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P58D
CY2022 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P89D
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
16
CY2023Q1 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2022Q4 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
17871000
CY2023Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
32000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
600000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7500000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
30000000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
22500000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
60000000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
612000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1340000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
72000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
266000
CY2023Q1 us-gaap Lease Cost
LeaseCost
684000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1606000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
996000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2596000
CY2023Q1 rigl Fixed Sublease Expense
FixedSubleaseExpense
365000
CY2022Q1 rigl Fixed Sublease Expense
FixedSubleaseExpense
1095000
CY2023Q1 rigl Variable Sublease Expense
VariableSubleaseExpense
77000
CY2022Q1 rigl Variable Sublease Expense
VariableSubleaseExpense
244000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
442000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
1339000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
539000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
739000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
301000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1579000

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