Rigel Pharmaceuticals reports net loss of $22.3 million for first quarter 2014

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the first quarter ended March 31, 2014.

For the first quarter of 2014, Rigel reported a net loss of $22.3 million, or $0.25 per share, compared to a net loss of $25.6 million, or $0.29 per share, in the first quarter of 2013. Weighted average shares outstanding for the first quarters of 2014 and 2013 were 87.5 million and 87.1 million, respectively.

Rigel reported total operating expenses of $22.4 million in the first quarter of 2014, compared to $25.7 million in the first quarter of 2013. The decrease in operating expenses was primarily due to the completion of a Phase 2 clinical study of R343 in asthma in August 2013, a decrease in costs of laboratory supplies for research and development due to a work force reduction in September 2013, and the completion of a Phase 2 clinical study with R333 in discoid lupus in October 2013, partially offset by an increase in research and development costs related to fostamatinib in immune thrombocytopenic purpura (ITP) and an increase in stock-based compensation expense.

As of March 31, 2014, Rigel had cash, cash equivalents and available for sale securities of $195.4 million, compared to $212.0 million as of December 31, 2013.   Rigel expects to end 2014 with cash, cash equivalents and available for sale securities in excess of $132.0 million, which it expects to be sufficient to fund operations into the second quarter of 2016. 

"We are focused on initiating the first of two Phase 3 studies of fostamatinib in patients with ITP, which we expect to start this quarter." said James M. Gower, chairman and chief executive officer of Rigel Pharmaceuticals. "We also expect to get top-line results from our Phase 2 study of R348 in dry eye disease in the third quarter of this year."