Rigel Pharmaceuticals, Inc. · NASDAQ:RIGL
Rigel Pharmaceuticals — Investor Presentation (November 2026)
65 slides from Rigel Pharmaceuticals's investor presentation, Nov 5, 2026
Slide 1: Rigel Corporate Presentation
Rigel Corporate Presentation November 5, 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 relating to, among other things, Rigel’s financial performance and outlook for 2026, including anticipated total revenues, net product sales, co
Slide 3: Rigel's Transformational Growth Strategy
Rigel’s Transformational Growth Strategy Grow Commercial In-Licensing / Business Business Development Maintain Financial Advance Development Discipline Pipeline 3
Slide 4: Executing VEPPANU's U.S. Commercial Launch
Executing VEPPANU’s U.S. Commercial Launch $6.6M • Launch activities began in mid-June, driving awareness ahead of commercial availability • VEPPANU incorporated into existing efficient distribution Q3 2026 Net Product Sales network (6 weeks of commercial availability) • Shipped VEPPANU to >100 pati
Slide 5: Rigel's Transformation to Accelerated Growth
Rigel’s Transformation to Accelerated Growth Grow Commercial In-Licensing / Business Business Development Maintain Financial Advance Development Discipline Pipeline 2030s 2025 • Growth of four commercial products • Growth from potential in-licensing / 2020 • Three commercial products M&A transaction
Slide 6: Advancing Rigel's Long-Term Growth Potential
Advancing Rigel’s Long-Term Growth Potential Annual Net Product Sales ($M) VEPPANU1 Potential to be Rigel’s largest product; significant potential in a large market 232.0 257.5 R2892 Potential to be a 144.9 $1B+ opportunity in 104.3 lower-risk MDS 76.7 2022 2023 2024 2025 2026 Guidance Future Potent
Slide 7: Grow Commercial Business
Grow Commercial Business rigel.
Slide 8: Q3 2026 Commercial Performance
Q3 2026 Commercial Performance YTD Net Product Sales ($M) +17% 194.2 166.6 $72.3M Q3 2026 Net Product Sales 13% Growth vs. Q3 2025 Axis Title $6.6M $46.0M $9.9M $9.8M Q3 Net Q3 Net Q3 Net Q3 Net Product Sales Product Sales Product Sales Product Sales n/a1 3% 20% (11)% Growth vs. Growth vs. Growth vs
Slide 9: Approved and Available in the U.S. (VEPPANU)
APPROVED AND AVAILABLE 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 di
Slide 10: 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 11: PROTAC: A Different Mechanism to Eliminate Estrogen Receptors
PROTAC: A Different Mechanism to Eliminate Estrogen Receptors ER degradation is an important therapeutic strategy for addressing endocrine resistance driven by ESR1 mutations1 PROTAC, PROteolysis TArgeting Chimera; ER, estrogen receptor; ESR1, estrogen receptor 1 gene; SERD, selective estrogen recep
Slide 12: Encouraging Speed & Breadth of Uptake During Q3
EARLY LAUNCH SIGNALS Encouraging Speed & Breadth of Uptake During Q3 Momentum built across prescribers and accounts PATIENTS & CLINICS PRESCRIBERS ACCOUNTS Shipments began immediately Academic and community Academic and community at product availability oncologists prescribed VEPPANU oncology accoun
Slide 13: Encouraging Early Patient Access Trends During Q3
EARLY LAUNCH SIGNALS Encouraging Early Patient Access Trends During Q3 High PA Approval Rates and Fast First Fill PRIOR AUTHORIZATIONS TIME TO FIRST FILL RIGEL ONECARE® SUPPORT 88% Benefits verification and 4 DAYS Estimated overall Overall median coverage support PA approval rate time to first fill
Slide 14: VEPPANU is the First and Only FDA-Approved PROTAC
VEPPANU is the FIRST and ONLY FDA-Approved PROTAC 14 FDA, U.S. Food and Drug Administration; PROTAC, PROteolysis TArgeting Chimera; ER, estrogen receptor.
Slide 15: Continuing to Expand VEPPANU Awareness in Q4
Continuing to Expand VEPPANU Awareness in Q4 Reaching Breast Cancer Audience at SABCS New Healthcare Provider Campaign Just Launched For illustrative purposes only Rigel Booth #1311 www.VEPPANUhcp.com IS NOW LIVE 15 SABCS, San Antonio Breast Cancer Symposium.
Slide 16: TAVALISSE Indication and Safety Information
Kinase inhibitor indicated for the treatment of thrombocytopenia in adult patients with chronic immune thrombocytopenia (cITP) who have had an insufficient response to a previous treatment Select Important Safety Information Adverse Reactions: • Serious adverse drug reactions in the ITP double-blind
Slide 17: Creating Opportunities to Gain Market Share
Creating Opportunities to Gain Market Share 81,300 U.S. Adult cITP Patients1 37,000 20,000 11,400 44,300 Patients Actively Treated2 Watchful Waiting 1st Line 2nd Line • 24,300 patients are 2L or later 6,900 Patients Need Additional 3rd Line Treatment Options as They Move through Therapies 3,500 4th
Slide 18: Efficacy Across All Post-Steroid Lines of Therapy
Efficacy Across All Post-Steroid Lines of Therapy Post-hoc Data Analysis Demonstrated Use as 2nd-Line Durable Efficacy was Observed in Therapy Resulted in Higher Response Rates1,2 Responders to TAVALISSE in the FIT Studies (combined results from FIT-1, FIT-2, and FIT-3)3 Response Median Platelet Cou
Slide 19: Approved and Available in the U.S. (REZLIDHIA)
APPROVED AND AVAILABLE IN THE U.S. REZLIDHIA is 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 Please see Important Safety Information on slides 60 & 61, including Boxed WARNI
Slide 20: mIDH1 Relapsed/Refractory AML Background
mIDH1 Relapsed/Refractory AML Background mIDH1 AML • AML will be diagnosed in nearly 23K patients and result in nearly 11.5K deaths in 20261 Fit (~65%)4 Unfit (~35%)4 Treated with Treated with • IDH1 mutations are found in 6-9%2,3 of AML Intensive Therapy Non-Intensive Consolidation → Transplant The
Slide 21: REZLIDHIA Phase 2 Clinical Trial Highlights
REZLIDHIA Phase 2 Clinical Trial Highlights1 • Elderly population (median age 71) with a median of 2 (1-7) prior treatments (all naïve to m1DHI inhibitor) • CR+CRh rate of 35%, with a median duration of response of 25.3 months • 92% of CR+CRh responders were CR, with a median duration of response of
Slide 22: Approved and Available in the U.S. (GAVRETO)
APPROVED AND AVAILABLE IN THE U.S. GAVRETO is indicated for the treatment of adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer as detected by an FDA-approved test, and adult and pediatric patients 12 years of age and older with advanced or
Slide 23: Growing Our Oncology Targeted Therapy Portfolio
Growing Our Oncology Targeted Therapy Portfolio A Compelling and Synergistic Opportunity 1L Treatment of RET Fusion-Positive NSCLC Patients1 • Enables entry into a well-identified subset of large solid tumor market ~5% – Immediately recognizable population of RET fusion-positive patients ~20% – Chal
Slide 24: Pralsetinib Has a Differentiated Value Proposition
Pralsetinib Has a Differentiated Value Proposition • The only once daily, oral, RET inhibitor approved for patients with NSCLC and thyroid cancer with RET gene fusions • High and durable response rates regardless of prior treatment history1 • Promising intracranial efficacy in patients with brain me
Slide 25: Expanding Commercial Access Globally
Expanding Commercial Access Globally 25
Slide 26: 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, Israel and Mexico Q3 2026 Collaboration Revenues: $8.6M • Grifols $3.8M • Kissei $3.2M • Others $1.6M TAVALISSE Regulatory Approval • Knight annou
Slide 27: In-Licensing / Business Development
In-Licensing / Business Development
Slide 28: In-Licensing / Business Development Strategy
In-Licensing / Business Development Strategy • Acquired global rights to REZLIDHIA in 2022; first commercial sale in patients with R/R mIDH1 AML in Q4 2022 Differentiated asset(s) • Acquired U.S. rights to GAVRETO in 2024; first commercial sale in patients with in hematology, oncology RET+ NSCLC and
Slide 29: Advance Development Pipeline
Advance Development Pipeline
Slide 30: Hematology and Oncology Focus Areas
Hematology and Oncology Focus Areas1 R289 • Evaluating in a Phase 1b study for patients with R/R lower-risk MDS IRAK1/4 Inhibitor • Granted Fast Track and Orphan Drug designations by the FDA2 Development Program • Other potential indications under consideration Vepdegestrant • Ongoing studies includ
Slide 31: R289 IRAK1/4 Inhibitor in Lower-Risk MDS
R289 IRAK1/4 Inhibitor in Lower-Risk MDS 31
Slide 32: Targeting Inflammatory Pathways in Lower-Risk MDS
Targeting Inflammatory Pathways in Lower-Risk MDS Dysregulation of immune/inflammatory signaling is associated with MDS • IRAK1/4 are critical for downstream signaling of the IL-1R family and most TLRs, leading to a proinflammatory marrow environment and persistent cytopenias in patients with lower-
Slide 33: Targeting IRAK1 & IRAK4 Pathways in Inflammatory Disease
Targeting IRAK1 & IRAK4 Pathways in Inflammatory Disease Dual inhibition of IRAK1 and IRAK4 provides stronger suppression of inflammatory cytokines compared to IRAK4-selective inhibitor alone in preclinical studies1 Kinase Assays IRAK4-Selective Inhibitor IRAK1/IRAK4 Dual Inhibitor IRAK4 P Substrate
Slide 34: R835 Proof-of-Mechanism in Healthy Volunteer Study
R8351 Proof-of-Mechanism in Healthy Volunteer Study2 Cytokine Response After LPS Challenge TNFα IL6 Cytokine Concentration Cytokine Concentration First-In-Human study (n=82) Placebo • R835 was well tolerated Group • Linear PK profile and dose proportional exposure Time (hour) Time (hour) Placebo Dos
Slide 35: 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 36: 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 37: 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 38: Safety and Efficacy Results from the Dose Escalation Phase (ASH 2025)
Safety and Efficacy Results from the Dose Escalation Phase of the Phase 1b Study of R289 in Patients with R/R Lower-Risk MDS (ASH 2025) 38
Slide 39: Patient Characteristics
Patient Characteristics Elderly, heavily pre-treated patient population with a high baseline transfusion burden Data cutoff: October 28, 2025 All Patients (n=33) Median age, years (range) 75 (50 - 84) ≥ 75 years 19 (58%) Sex (M : F) 70% : 30% IPSS-R Classification (Low: Intermediate: Ring sideroblas
Slide 40: Safety
Safety R289 was generally well tolerated with a low incidence of Grade 3/4 cytopenias and infections TEAEs Occurring in at Least 18% (≥6) of Patients by Dose Level1 Total 250 mg QD 500 mg QD 750 mg QD 250 mg BID 500/250 mg 500 mg BID • All dose levels were generally well (N = 33) (N = 3) (N = 6) (N
Slide 41: Pharmacokinetics
Pharmacokinetics R835 plasma concentrations (administered as R289) by dose level (Cycle 2 Day 11) • R835 exposure increased with increasing R289 dose Observed R835 concentrations (ng/mL) * • At doses ≥500 mg once daily * * (QD), R835 steady state plasma concentrations reached or Time, hour Time, hou
Slide 42: RBC Transfusion Events by Dose Group
RBC Transfusion Events by Dose Group 250 mg QD 1 2 • Median duration of (n=3) 3 4 treatment: 5.5 months 5 6 (range: 0.9 - 27.7 500 mg QD (n=6) 7 8 months) 9 10 11 • 6/18 (33%) evaluable 750 mg QD 12 13 TD patients receiving (n=6) 14 15 ≥500 mg QD achieved 16 17 RBC-TI >8 weeks; 4 >16 250 mg BID (n=6
Slide 43: Summary of Patients Achieving RBC-TI
Summary of Patients Achieving RBC-TI Pt Sex, Dose Response BL RBCs Prior Therapies ID Age Level Duration Peak hemoglobin Darbopoetin, 500 mg Canakinumab, increases ranging from 7 76, M QD HTB ALK2 inhibitor, 24.0 m→ 2.9 - 6.1 g/dL vs baseline Decitabine occurred in patients Azacitidine, 750 mg achie
Slide 44: ASH 2026: R289 Phase 1b Clinical Study Data Update
ASH 2026: R2891 Phase 1b Clinical Study Data Update R289 continues to be generally well tolerated in an elderly, heavily pre-treated patient population with a high baseline transfusion burden Abstract2 Oral Presentation • 64 patients enrolled; 33 in dose escalation and 31 in • Updated data, includin
Slide 45: 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 46: ASH 2026 Key Data Presentations
ASH 2026 Key Data Presentations Publication #251: Dose Escalating / Dose Expansion Study of R289, a Dual IRAK Oral 1/4 Inhibitor, in Patients with Relapsed/Refractory (R/R) Lower Risk Myelodysplastic Presentation Syndrome (LR-MDS) • Lead Author: Guillermo Garcia-Manero, M.D., UT MD Anderson Cancer C
Slide 47: Vepdegestrant PROTAC in ER+/HER2-, ESR1m mBC
Vepdegestrant PROTAC in ER+/HER2-, ESR1m mBC 47
Slide 48: Vepdegestrant Development
Vepdegestrant Development Clinical Studies1 Development Plans The following studies are active, not • Rigel will evaluate future development enrolling, except for the hepatic study: opportunities for vepdegestrant, including potential Rigel-led studies • VERITAC-22 and new collaborations • Combinati
Slide 49: SABCS 2026 Key Data Presentations
SABCS 2026 Key Data Presentations Abstract #P4-14-19: Vepdegestrant in patients with ESR1-mutated, ER+/HER2− advanced breast cancer following prior selective estrogen receptor degrader (SERD) therapy: results from a Phase I/II study • Lead Author: Erika P. Hamilton, M.D., Sarah Cannon Research Cente
Slide 50: Olutasidenib mIDH1 Inhibitor
Olutasidenib mIDH1 Inhibitor 50
Slide 51: Strategic Alliance with UT MD Anderson to Advance Olutasidenib
Strategic Alliance with UT MD Anderson to Advance Olutasidenib in AML and Other Cancers1 Rigel and The University of Texas MD Anderson Cancer Center are evaluating and supporting olutasidenib in combination with other agents to treat newly-diagnosed and relapsed/refractory patients with IDH1-mutated
Slide 52: Advancing Olutasidenib into mIDH1 Glioma
Advancing Olutasidenib into mIDH1 Glioma1 CONNECT’s TarGeT Phase 2 Clinical Study • Gliomas account for 29-35% of CNS tumors in children, adolescents & young adults2 • As part of CONNECT’s “TarGeT” study in HGG, olutasidenib is being evaluated in combination with temozolomide as a maintenance regime
Slide 53: Potential to Evaluate Olutasidenib in MyeloMATCH Trial
Potential to Evaluate Olutasidenib in First-Line AML and MDS in MyeloMATCH Precision Medicine Trial NIH and NCI’s MyeloMATCH is a group of precision medicine clinical trials for MDS and AML • Patients will complete initial screening and will be assigned to a trial evaluating therapies that target th
Slide 54: Maintain Financial Discipline
Maintain Financial Discipline
Slide 55: Q3 2026 Highlights
Q3 2026 Highlights Q3 2026 Net Product Sales: Net Product Sales ($M) $72.3M TAVALISSE GAVRETO REZLIDHIA VEPPANU • TAVALISSE $46.0M 72.3 65.4 67.0 6.6 • GAVRETO $9.8M 64.1 • REZLIDHIA $9.9M 58.9 8.9 9.9 8.3 9.6 54.9 • VEPPANU $6.6M 7.0 10.7 46.5 11.1 10.2 8.0 9.8 43.6 11.8 Axis Title 38.9 7.4 9.6 Q2
Slide 56: Q3 2026 Financial Overview
Q3 2026 Financial Overview (in thousands) 2026 Financial Outlook Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 • Total revenues of ~$290M Revenues Net Product Sales $ 72,289 $ 64,067 $ 194,227 $ 166,565 to $295M (previously ~$285M Contract revenues from collabo
Slide 57: 2026 Progress and Key Q4 2026 Priorities
2026 Progress and Key Q4 2026 Priorities Grow Commercial Business In-Licensing / Business Development • VEPPANUTM (vepdegestrant) commercially • In-license of VEPPANU, the first and only FDA- available as of mid-August approved PROTAC, for patients with 2L+ ER+/HER2-, • Drive rapid awareness and ado
Slide 58: 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 59: TAVALISSE (fostamatinib) Tablets 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 60: 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 61: 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 62: 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 63: 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 64: PROTAC vs. Oral SERD Mechanism Image Citations
PROTAC vs. Oral SERD Mechanism Image Citations † In a preclinical trial with 2 wild-type ER+ breast cancer lines after 4 hours of treatment, the maximal degradation rates ranged between 8% and 68% for the oral SERDs approved at the time of the study (elacestrant and imlunestrant); the maximal degrad
Slide 65: Thank You
Thank You www.rigel.com rigel.
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