Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the first quarter ended March 31, 2012.
For the first quarter of 2012, Rigel reported a net loss of $23.2 million, or $0.32 per share, compared to a net loss of $20.8 million, or $0.40 per share, in the first quarter of 2011. Weighted average shares outstanding for the first quarters of 2012 and 2011 were 71.4 million and 52.3 million, respectively.
Contract revenue from collaborations in the first quarter of 2012 was comprised of a $750,000 payment from Daiichi Sankyo related to Rigel's existing collaboration agreement with them. This payment relates to an oncology compound in pre-clinical testing at Daiichi Sankyo. There was no contract revenue from collaborations reported in the first quarter of 2011.
Rigel reported total operating expenses of $24.1 million in the first quarter of 2012, compared to $20.9 million in the first quarter of 2011. The increase in operating expenses was primarily due to the increase in research and development expenses in Rigel's clinical research programs. The largest increase was related to R343, an inhaled SYK inhibitor for asthma, that is expected to commence a Phase 2 clinical trial this summer.
As of March 31, 2012, Rigel had cash, cash equivalents and available for sale securities of $223.3 million, compared to $247.6 million as of December 31, 2011. Rigel expects to end 2012 with cash, cash equivalents and available for sale securities in excess of $140.0 million, which is expected to be sufficient to fund operations into 2014.
"We are very pleased with the pace and strength of Rigel's product development as progress continues in our three active clinical programs, and as we prepare to initiate Phase 2 studies in both asthma and discoid lupus in the next few months," said James M. Gower, chairman and chief executive officer of Rigel.
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