Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) Q1 2023 Earnings Call Transcript

Eun Yang : Thank you.

Raul Rodriguez : Thank you, Eun.

Operator: Our next question comes from the line of Yigal Nochomovitz with Citi. Please proceed with your question.

Carly Kenselaar: Hi, team. This is Carly on for Yigal. Thanks so much for taking our questions. First, on TAVALISSE, wondering if you can elaborate on any specific drivers behind the sequential growth you saw in the first quarter? And if you can just give an update on the progress with penetrating the earlier lines of ITP therapy. That would great. Thank you.

Raul Rodriguez : Thank you, Carly. I’ll ask Dave to comment on that.

Dave Santos: Sure. Great question, Carly. We were very pleased, of course, with our TAVALISSE growth in Q1. We had the highest new patient starts in any Q1 that we’ve had since launch. And so that’s really what’s continuing to drive our growth. And what’s driving that it’s, we’re continuing to get that message out there to as many clinicians as possible. Our sales force is really doing a terrific job of targeting ITP prescribers out there. And, whether it’s virtual, whether it’s live, whether it’s email follow-up, they’re doing it all and activity is helping. And I think the additional kind of boost that we got in terms of access with a newly approved product like REZLIDHIA even though some of the many of the clinicians they call on, because we’re calling on over 6000 targets for ITP don’t treat AML.

It gives them the opportunity to tell them about REZLIDHIA, but also reinforced that TAVALISSE message. So I think that’s exactly what happened. And we’re just quite pleased with the performance in Q1.

Carly Kenselaar: Thanks. That’s helpful. And then just one follow-up. Wanted to ask about where you stand with respect to partnering REZLIDHIA ex US? And if the strategy there will be to find one global partner for all ex U.S. rights? Or if you would do, maybe a series of deals with regional players like you did with the TAVALISSE?

Raul Rodriguez : Thank you for that. I could try to answer that. So, as you may know, we received Global rights with REZLIDHIA when we in-licensed it. Obviously, our commercial interest ourselves in the U.S. is what’s paramount and where we’ve launched a product. But outside of the US, there is a very good opportunity for REZLIDHIA for the same reason, same application in relapsed/refractory AML. So, we’re in discussions with a variety of partners. Some more PAN country, some more specific to some territories that have interest in REZLIDHIA. The discussions are on in terms of what the financial terms of course. But I think importantly here, there is so much opportunity with this product that we’d like to have the partner contribute clinically, as well.

And clinically in terms of maybe replicating what we’ve shown here already and providing additional data to help position the product even better or possible clinical trials in areas beyond our approved indication of relapsed/refractory AML. So those discussions are part of the process, because we’d like to have a partner that is truly a partner. And that we can work with – well, in order to coordinate how we expand the understanding and that’s the value of this product globally in the US, as well.

Carly Kenselaar: Very helpful. Thank you for taking our questions.

Operator: Our next question comes from the line of Allison Bratzel with Piper Sandler. Please proceed with your questions.