Slide 1: Q2 2026 Financial Results Presentation
Q2 2026 Financial Results Presentation August 4, 2026 1
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ("PSLRA") relating to, among other things, expected commercial launches and commercial availability, commercial, financial and clinical results,
Slide 3: Rigel Participants
Rigel Participants Raul Rodriguez Ray Furey, J.D. Dave Santos President & Executive Vice President, Executive Vice President & Chief Executive Officer General Counsel & Corporate Secretary Chief Commercial Officer Alison Hannah, M.D. Dean Schorno Executive Vice President & Executive Vice President &
Slide 4: Rigel's Transformational Growth Strategy
Rigel’s Transformational Growth Strategy Grow Commercial In-Licensing / Business Business Development Maintain Financial Advance Development Discipline Pipeline 4
Slide 5: In-License of VEPPANU (Vepdegestrant)
In-License of VEPPANUTM (Vepdegestrant) VEPPANU will be commercially available in mid-August • Entered into exclusive, global license agreement with Arvinas and Pfizer to develop, manufacture and commercialize VEPPANUTM (vepdegestrant) for the treatment of 2L+ ER+/HER2-, ESR1m advanced or metastatic
Slide 6: Rigel's Transformation to Accelerated Growth
Rigel’s Transformation to Accelerated Growth Grow Commercial In-Licensing / Business Business Development Maintain Financial Advance Development Discipline Pipeline 2030s 2025 • Growth of four commercial products • Growth from potential in-licensing / 2020 • Three commercial products M&A transaction
Slide 7: Grow Commercial Business
Grow Commercial Business rigel.
Slide 8: Please see Indications and Important Safety Information on slides 39-44
Please see Indications and Important Safety Information on slides 39-44. Please visit www.TAVALISSE.com for Full Prescribing Information. Please visit www.REZLIDHIA.com for Full Prescribing Information, 8 including Boxed WARNING. Please visit www.GAVRETO.com for Full Prescribing Information, includi
Slide 9: Q2 2026 Commercial Performance
Q2 2026 Commercial Performance Net Portfolio Sales grew $8.1M (14%) vs. Q2 2025 Net Product Sales ($M) TAVALISSE GAVRETO REZLIDHIA $47.4M 18% Growth vs. 67.0 Q2 2026 Net Product Sales Q2 2025 58.9 8.9 7.0 10.7 11.8 $10.7M (10)% Growth vs. Axis Title Q2 2026 Net Product Sales Q2 2025 47.4 40.1 $8.9M
Slide 10: Expanding Commercial Availability in Global Markets
Expanding Commercial Availability in Global Markets TAVALISSE is commercially available in key European countries (TAVLESSE), Japan, South Korea, Canada and Israel Q2 2026 Collaboration Revenues • Kissei $5.8M • Grifols $5.0M • Medison $0.3M • Others $0.6M TAVALISSE Commercial Launch • Knight announ
Slide 11: Vepdegestrant (VEPPANU)
vepdegestrant ‘som; rigel.
Slide 12: Approved in the U.S.
APPROVED IN THE U.S. VEPPANU is indicated for the treatment of adults with estrogen receptor-positive (ER+)/human epidermal growth factor receptor 2-negative (HER2-), estrogen receptor 1 (ESR1)-mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progress
Slide 13: VEPPANU Has the Potential to Transform Rigel's Commercial Portfolio
has the Potential to Transform Rigel’s Commercial Portfolio The first and only FDA-approved PROTAC, a new class of targeted agents A novel and unique mechanism of action with the potential to be an important new therapy for 2L and 3L ER+/HER2-, ESR1m metastatic breast cancer Rigel’s proven commercia
Slide 14: PROteolysis TArgeting Chimera (PROTAC)
PROteolysis TArgeting Chimera (PROTAC) The FIRST in a novel class of drugs called heterobifunctional protein degraders The novel bifunctional design of PROTAC represents a major innovation in ER degradation VEPPANU binds to an The ubiquitin-tagged Because VEPPANU bonds estrogen receptor and estrogen
Slide 15: ER+/HER2-, ESR1m mBC Patient Opportunity
ER+/HER2-, ESR1m mBC Patient Opportunity The largest segment of metastatic breast cancer As patients become more exposed to endocrine and CDK4/6 inhibitor therapy, ESR1m resistance develops ctDNA testing is increasing the proportion of patients diagnosed and treated in 2L The majority of ER+/HER2- p
Slide 16: Will Enter a Dynamic Market Where Most Patients are Treated in the Community Setting
Will Enter a Dynamic Market Where Most Patients are Treated in the Community Setting Current Therapies in 2L/3L ER+/HER2-, ESR1m mBC1 Market Opportunity • Oral SERDs have been rapidly 2L 3L adopted, and are used in the majority of patients in 2L and ~30% of patients in 3L 23% 36% 38% 2% • Chemothera
Slide 17: VEPPANU Has the Potential to Become a Market-leading Treatment
has the Potential to Become a Market-leading Treatment in 2L+ ER+/HER2-, ESR1m Metastatic Breast Cancer (mBC) • Improved median Progression Free Survival (mPFS), Objective Response Proven Rate (ORR) and Clinical Benefit Rate (CBR) vs. fulvestrant Efficacy • Improved mPFS 2.4-fold, or 2.9 months (5.0
Slide 18: Commercialization Plans Now Being Implemented
Commercialization Plans Now Being Implemented Executing activities to ensure successful launch upon product availability Collaboration Enabling Expedited Product Availability Strong relationships with partners and execution against detailed transition plans have ensured we are ON TRACK to have VEPPA
Slide 19: Commercial Launch Phases ON TRACK
Commercial Launch Phases ON TRACK Phase 1: Now Approved Phase 2: Now Available Phase 3: Branded Campaign Since Deal Close Upon Product Availability Post-Launch (Q4) • Websites: VEPPANU.com, • Expand Awareness and • Additional Materials to 3 rigelonecare.com, Adoption through an Facilitate Patient St
Slide 20: Advance Development Pipeline
Advance Development Pipeline
Slide 21: Vepdegestrant Clinical Overview
Vepdegestrant Clinical Overview 21
Slide 22: VERITAC-2 Phase Clinical Trial Design
VERITAC-2 Phase 3 Clinical Trial Design Randomized, open-label, multi-center trial evaluating efficacy and tolerability of vepdegestrant vs. fulvestrant in patients with ER+/HER2-, ESR1m advanced or metastatic breast cancer (NCT05654623) Key Eligibility Criteria 28-day Treatment Cycles Primary Endpo
Slide 23: Vepdegestrant Met the Primary Endpoint with a ~3-Month mPFS Improvement
Vepdegestrant Met the Primary Endpoint with a ~3-Month mPFS Improvement in Patients with Tumors Harboring ESR1 Mutations 100 Vepdeg Fulv Vepdegestrant Parameter (n = 136) (n = 134) 90 Fulvestrant Median follow up, 80 7.4 6.0 months 70 Events, n (%) 79 (58) 95 (71) 6-month PFS (95% CI): Median PFS by
Slide 24: Vepdegestrant Showed Statistically Significant Improvements in CBR and ORR
Vepdegestrant Showed Statistically Significant Improvements in CBR and ORR in the ESR1m Population Patients With ESR1m CBR1 ORR2 80 Odds ratio: 2.88 70 (95% CI: 1.57–5.39) P<0.0013 60 42.1 Odds ratio: 5.45 50 (95% CI: 1.69–22.73) P=0.0013 40 % ± 95% CI 30 20.2 18.6 % ± 95% CI 20 4.0 10 0 Vepdegestra
Slide 25: Vepdegestrant Was Generally Well Tolerated
Vepdegestrant Was Generally Well Tolerated, with Low Rates of Discontinuation and Dose Reductions Vepdegestrant Fulvestrant Vepdegestrant Fulvestrant Adverse Events, % TEAEs in >10% of Patients in (n = 312) (n = 307) (n = 312) (n = 307) Either Group, % TEAEs Any Gr 3/4 Any Gr 3/4 Any 87 81 Fatiguea
Slide 26: Vepdegestrant Development
Vepdegestrant Development Current Clinical Studies Development Plans The following studies are active, not • Pfizer and Arvinas remain responsible enrolling, except for the hepatic study: for current clinical studies2 • VERITAC-21 • Combination studies are expected to • Combination studies provide a
Slide 27: Hematology and Oncology Focus Areas
Hematology and Oncology Focus Areas1 R289 IRAK1/4 Inhibitor • Evaluating in a Phase 1b study for • Strategic collaborations: patients with R/R lower-risk MDS – MD Anderson: Monotherapy or – Granted Fast Track and Orphan Drug combination therapy in mIDH1 AML and designations by the FDA2 other hematol
Slide 28: R289 IRAK1/4 Inhibitor in Lower-Risk MDS
R289 IRAK1/4 Inhibitor in Lower-Risk MDS 28
Slide 29: Lower-Risk MDS Treatment Landscape
Lower-Risk MDS Treatment Landscape • MDS is a clonal disorder of hematopoietic stem cells (HSCs) leading to dysplasia and ineffective hematopoiesis – Consequences: Cytopenias (anemia), infections, iron overload and organ dysfunction, progression to AML • Primary goal of therapy: Reduce/limit transfu
Slide 30: R289 Program Value Proposition for Lower-Risk MDS
R2891 Program Value Proposition for Lower-Risk MDS • ~12,200 lower-risk MDS patients that have been previously treated2 Unmet Medical • Therapies for previously-treated transfusion dependent lower-risk MDS patients Need are lacking • Dysregulated inflammatory signaling is associated with MDS Novel •
Slide 31: R289: Phase 1b Study in Relapsed/Refractory Lower-Risk MDS
R2891: Phase 1b Study in Relapsed/Refractory Lower-Risk MDS Open-label, multicenter study to evaluate the safety, tolerability, PK and preliminary efficacy of R289 in patients with LR-MDS (NCT05308264) Key Eligibility Criteria • R/R LR-MDS or inadequate response to prior Dose Escalation Phase Dose E
Slide 32: Phase 1b Study Dose Escalation Phase Data Summary
Phase 1b Study Dose Escalation Phase Data Summary Elderly, heavily pre-treated patient population with a high baseline transfusion burden • R289 was generally well RBC Transfusion Events by Dose Group 1 tolerated with a low 250 mg QD (n=3) 2 3 incidence of Grade 3/4 4 5 cytopenias and infections 500
Slide 33: R289 Development Next Steps
R289 Development Next Steps Lower-Risk MDS • Complete enrollment of the dose expansion phase and selection of the recommended Phase 2 dose for future clinical studies (2H 2026) – Share updated top-line data from dose expansion phase by end of 2026 – Open exploratory cohort of post-ESA, treatment naï
Slide 34: Maintain Financial Discipline
Maintain Financial Discipline
Slide 35: Q2 2026 Highlights
Q2 2026 Highlights Q2 2026 Net Product Sales: Net Product Sales ($M) $67.0M TAVALISSE GAVRETO REZLIDHIA • TAVALISSE $47.4M 65.4 67.0 • GAVRETO $10.7M 64.1 • REZLIDHIA $8.9M 58.9 8.9 8.3 9.6 54.9 7.0 10.7 46.5 11.1 10.2 8.0 Q2 2026 Contract Revenues: 43.6 11.8 Axis Title 38.9 7.4 9.6 $11.7M 33.5 6.1
Slide 36: Q2 2026 Financial Overview
Q2 2026 Financial Overview (in thousands) Three Months Ended June 30, 2026 2025 Six Months Ended June 30, 2026 2025 2026 Financial Outlook Revenues • Total revenues of ~$285M to Net Product Sales $ 67,015 $ 58,948 $ 121,938 $ 102,498 Contract revenues from collaborations and other 11,688 42,737 15,5
Slide 37: Exclusive Global License Agreement for VEPPANU
Exclusive Global License Agreement to Develop, Manufacture and Commercialize VEPPANUTM (vepdegestrant) Key Transaction Terms Arvinas and Pfizer will receive: • $70M upfront fee (paid in Q2 2026) • $15M upon the successful completion of certain transition activities • Additional potential milestone p
Slide 38: 2026 Progress and Key 2H 2026 Priorities
2026 Progress and Key 2H 2026 Priorities Grow Commercial Business In-Licensing / Business Development • Immediately initiated VEPPANUTM (vepdegestrant) • In-license of VEPPANUTM (vepdegestrant), an oral launch activities upon close of transaction; to PROTAC with the potential to be an important new
Slide 39: TAVALISSE Indication and Important Safety Information
TAVALISSE® (fostamatinib disodium hexahydrate) Tablets DRUG INTERACTIONS • Concomitant use of TAVALISSE with strong CYP3A4 inhibitors increases exposure to the INDICATION major active metabolite of TAVALISSE (R406), which may increase the risk of adverse • TAVALISSE® (fostamatinib disodium hexahydra
Slide 40: About REZLIDHIA (olutasidenib)
About REZLIDHIA® (olutasidenib) INDICATION REZLIDHIA is an isocitrate dehydrogenase-1 (IDH1) inhibitor indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible IDH1 mutation as detected by an FDA-approved test. IMPORTANT SAFETY INFORMA
Slide 41: Important Safety Information (Cont.)
IMPORTANT SAFETY INFORMATION (Cont.) WARNINGS AND PRECAUTIONS Hepatotoxicity Monitor patients frequently for clinical symptoms of hepatic dysfunction such as fatigue, anorexia, right upper abdominal discomfort, dark urine, or jaundice. Obtain baseline liver function tests prior to initiation of REZL
Slide 42: About GAVRETO (pralsetinib)
About GAVRETO® (pralsetinib) INDICATIONS GAVRETO (pralsetinib) is indicated for the treatment of: • Adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test • Adult and pediatric patients 12 years of ag
Slide 43: Important Safety Information (Cont.)
IMPORTANT SAFETY INFORMATION (Cont.) • Hemorrhagic Events: Serious, including fatal, hemorrhagic events can occur with GAVRETO. Grade ≥ 3 hemorrhagic events occurred in 4.1% of patients treated with GAVRETO including one patient with a fatal hemorrhagic event. Permanently discontinue GAVRETO in pati
Slide 44: About VEPPANU (vepdegestrant)
About VEPPANUTM (vepdegestrant) INDICATION VEPPANU is indicated for the treatment of adults with estrogen receptor (ER)–positive, The most common (≥10%) adverse reactions, including laboratory abnormalities, were human epidermal growth factor receptor 2 (HER2)–negative, estrogen receptor–1 (ESR1)– d
Slide 45: Thank You
Thank You www.rigel.com rigel.