RIGEL PHARMACEUTICALS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data RIGEL PHARMACEUTICALS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	20.4	4.48	44.5	59.3	109	149	120	117	179	294
Cost of revenue			0.29	0.91	0.9	1.08	1.75	7.11	18.6	19.6
Gross profit			44.2	58.4	108	148	118	110	161	275
Research and development	63.4	46.3	46.9	52.9	60.1	65.2	60.3	24.5	23.4	33.3
Selling, general and administrative	20.9	37.8	70	74.6	76.6	91.9	112	106	113	116
General and administrative	20.9	37.8
Operating income	-69.7	-79.6	-72.7	-69.1	-29	-12.5	-55.6	-20.5	24.2	125
Interest expense				0.34	1.35	4.86	3.71	6.87	7.92	7.32
Interest income	0.44	0.89	2.2	2.53	0.58	0.05	0.68	2.27	2.09	3.68
Pre-tax income				-66.9	-29.7	-17.3	-58.6	-25.1	18.4	122
Income tax	0	0	0			0.61		0	0.88	-245
Net income	-69.2	-78	-70.5	-66.9	-29.7	-17.9	-58.6	-25.1	17.5	367
EBITDA	-68.8	-79.2	-72.1	-68.4	-28.3	-11.3	-54.6	-19.3	26.4	128
EPS, basic	-7.39	-6.27	-4.45	-4.05	-1.82	-1.11	-3.44	-1.44	0.99	20.40
EPS, diluted	-7.39	-6.27	-4.45	-4.05	-1.82	-1.11	-3.44	-1.44	0.99	19.48
Shares, basic (weighted)	9.33	12.5	15.9	16.5	16.7	16.9	17	17.4	17.6	18
Shares, diluted (weighted)	9.33	12.5	15.9	16.5	16.7	16.9	17	17.4	17.7	18.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	17.6	38.3	76.3	22.5	30.4	18.9	24.5	32.8	56.7	40.6
Short-term investments	57.1	77.5	52.2	75.6	27	106	33.7	24.1	20.6	114
Receivables	0	0	4.08	10.1	16	15.5	40.3	30.6	41.6	51.8
Inventory			0.89	1.35	1.64	6.62	9.12	5.52	6	11.5
Other current assets	1.45	1.68	3.48	9.46	14	7.41	8.26	6.26	4.52	5.21
Total current assets	76.2	117	137	119	89	154	116	99.3	135	240
Property, plant and equipment	1.16	0.88	1.39	2.16	2.68	2.18	0.86	0.17	0.09	0.03
Lease right-of-use assets				25.7	17.9	9.7	1.93	0.86	0.25	0.92
Intangible assets							14.9	13.9	27.1	24.7
Other non-current assets	0.76	0.8	0.74	0.7	0.82	0.97	0.64	3.06	1.53	1.91
Total assets	78.1	119	139	148	110	167	134	117	164	514
Accounts payable	5.56	2.64	6.39	4.15	3.71	3.8	22.5	7.14	3.34	7.19
Accrued liabilities	4.09	7.06	9.95	2.84	3.66	3.58	8.87	8.68	10.1	11.9
Deferred revenue			1.03	25.3	3.02	2.6	1.37	1.36	1.36	1.36
Total current liabilities	22.6	18.3	27.7	58.2	40.8	63.6	65.2	53.3	63.3	99.2
Lease liabilities				19.2	10.7	0.76	0.97	0.29	0	0.4
Other non-current liabilities	0	0.04		5.1	5.05	52.7	42.3	39.9	40	0
Total liabilities	23.1	18.5	29.2	93.8	76.4	137	148	146	161	122
Total debt				10	20	20	40	60	60	52.5
Paid-in capital	1,116	1,239	1,319	1,330	1,340	1,354	1,369	1,379	1,393	1,414
Retained earnings	-1,061	-1,139	-1,209	-1,276	-1,306	-1,324	-1,382	-1,408	-1,390	-1,023
Other comprehensive income	-0.02	-0.08	-0.02	0.02	-0	-0.1	-0.15	0.01	0.01	0.18
Shareholders' equity	55	101	110	53.8	34	30.4	-13.6	-28.6	3.29	391
Total equity	55	101	110	53.8	34	30.4	-13.6	-28.6	3.29	391
Total liabilities and equity	78.1	119	139	148	110	167	134	117	164	514
Shares outstanding	9.81	14.5	16.5	16.6	16.7	17	173	17.5	17.7	18.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-69.2	-78	-70.5	-66.9	-29.7	-17.9	-58.6	-25.1	17.5	367
Depreciation and amortization	0.94	0.47	0.59	0.68	0.71	1.16	1	1.24	2.23	2.42
Stock-based compensation	7.33	5.99	7.7	9.12	7.3	9.49	12.4	8.81	12.4	12.7
Deferred income tax								0	0	-246
Change in receivables	0.2		-4.08	-6.03	-5.86	0.5	-24.8	9.77	-11.1	-10.1
Change in inventory			-0.84	-0.37	-0.13	-4.88	-2.38	1.17	0.76	-5.64
Change in payables	2.8	-2.95	3.76	-2.24	-0.33	0.04	3.79	-0.37	-3.8	3.85
Cash from operations	-75.9	-77.6	-58.8	-41.5	-52.2	5.88	-73.8	-5.74	31.5	75.7
Capital expenditures	-0.8	-0.16	-1.11	-1.46	-1.26	-0.63	-0.45
Purchases of investments	-103	-117	-78	-145	-81.7	-141	-28.9	-31.2	-35.3	-153
Cash from investing	24.9	-19.5	25	-23.7	47.5	-80	72.8	-4.3	4.13	-92.4
Stock issued	23.6	114	67.2
Cash from financing	25.2	118	71.9	11.4	12.6	62.7	6.55	18.4	-11.6	0.6
Net change in cash	-25.8	20.7	38	-53.8	7.85	-11.5	5.57	8.33	24	-16.1
Free cash flow	-76.7	-77.7	-59.9	-43	-53.4	5.25	-74.2
Interest paid				0.14	1.18	1.5	2.5	5.85	7.04	6.57
Income taxes paid								0.08	0.33	1.06

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $48.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	91.4%	Gross profit / revenue.
Operating margin	31.5%	Operating income / revenue.
EBITDA margin	32.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	30.9%	Pre-tax income / revenue.
Net margin	116.3%	Net income / revenue.
Operating cash flow margin	28.7%	Cash from operations / revenue.
Effective tax rate	-276.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	75.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	61.8%	Net income / average total assets.
Return on invested capital (ROIC)	18.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	44.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	64.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	34.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	71.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	32.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	20.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	418.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	384.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	1,999.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	1,868.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	140.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	11,806.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y	63.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	213.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	56.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	36.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.94x	Current assets / current liabilities.
Quick ratio	1.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.00x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	18.4%	Total liabilities / total assets.
Working capital	$89.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$331.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Inventory turnover	1.66x	Cost of revenue / average inventory.
Days inventory	220 days	365 x average inventory / cost of revenue.
Receivables turnover	4.94x	Revenue / average receivables.
Days sales outstanding	74 days	365 x average receivables / revenue.
Days payables	61 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	232 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.45	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.14	Revenue / diluted weighted shares.
Operating cash flow per share	$4.06	Cash from operations / diluted weighted shares.
Book value per share	$21.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$16.94	Tangible book value / shares outstanding.
Cash per share	$4.87	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$900.0M	Share price x shares outstanding.
Enterprise value	$804.7M	Market cap + total debt - cash - short-term investments.
P/E	2.80x	Market cap / net income. Only when net income is positive.
P/S	3.25x	Market cap / revenue.
P/B	2.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.71x	Market cap / tangible book value, when positive.
P/OCF	11.3x	Market cap / cash from operations, when positive.
EV/Sales	2.91x	Enterprise value / revenue.
EV/EBIT	9.24x	Enterprise value / operating income, when both are positive.
EV/EBITDA	8.97x	Enterprise value / EBITDA, when both are positive.
Earnings yield	35.8%	Net income / market cap (the inverse of P/E).

What was RIGEL PHARMACEUTICALS INC's revenue in fiscal 2025?

RIGEL PHARMACEUTICALS INC reported revenue of $294.3M for fiscal 2025, 64.1% higher than the year before.

Was RIGEL PHARMACEUTICALS INC profitable in fiscal 2025?

Yes. Net income was $367.0M, a net margin of 124.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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