RIGL

Strategic Transformation & Core Pillars

• Rigel has transformed from a cash-burning single-product company (2020) to a profitable multi-product commercial oncology/hematology company with a promising pipeline
• Four core strategic pillars: grow existing commercial business, expand portfolio/pipeline via licensing/acquisition, advance clinical pipeline, maintain strict financial discipline
• The in-license of Vepinu marks the next major step in Rigel's evolution, with potential to become the company's largest commercial product and drive growth through the end of the decade

Vepinu In-License & Commercial Preparation

• Vepinu (veptidgestrin) is the first and only FDA-approved PROTAC for second-line or later ER-positive, HER2-negative, advanced/metastatic breast cancer with ESR1 mutation
• The transaction closed in June 2026; Rigel paid a $70 million upfront payment, with up to $320 million in future regulatory/commercial milestones, tiered royalties ranging from mid-teens to mid-20s on net sales, and up to $40 million in future development contributions
• Commercial launch is on track for mid-August 2026, ahead of initial expectations; all launch preparation activities (payer engagement, sales team training, patient services hub, marketing materials) are complete
• The U.S. market opportunity for Vepinu is estimated at over $1 billion, with approximately 20,000 eligible patients treated annually in the target indication

Pipeline Progress

• R289, a dual IRAC1/IRAC4 inhibitor for lower-risk myelodysplastic syndrome (MDS), is in dose expansion phase 1b trial, with top-line readout expected by the end of 2026; the program has received FDA fast track designation
• Preliminary phase 1b dose escalation data showed 33% of evaluable patients achieved 8+ week red blood cell transfusion independence, with a manageable safety profile
• Partner-led clinical trials for olutacitinib are ongoing in multiple IDH1-mutated indications including AML and high-grade glioma; combination studies for Vepinu led by Arvinas/Pfizer are ongoing and will generate additional clinical data

• Management raised and narrowed 2026 total revenue guidance to a range of $285 to $295 million, from prior ranges; the guidance excludes any revenue contribution from Vepinu
• Net product sales guidance for existing products (Tavolis, Gavretto, ResLydia) is maintained at $255 to $265 million, while contract revenue guidance was increased to approximately $30 million driven by stronger-than-expected first half contract revenue
• Management reaffirms expectation for full-year 2026 positive net income while funding all ongoing and planned clinical development programs
• No guidance has been issued for Vepinu yet; management will provide updates after launch once sufficient sales trajectory data is available, likely after Q3 2026

For Q2 2026, Rigel recorded total revenues of $78.7 million, consisting of $67.0 million in net product sales and $11.7 million in collaboration/contract revenue. The three existing commercial product segments had the following performance:

• Tavolis: Net product sales of $47.4 million, representing 70.7% of total net product sales, with 18% year-over-year growth
• Gavretto: Net product sales of $10.7 million, representing 16.0% of total net product sales, with a modest year-over-year decline
• ResLydia: Net product sales of $8.9 million, representing 13.3% of total net product sales, with 27% year-over-year growth The newly in-licensed segment Vepinu had no revenue contribution in Q2 2026, as commercial launch is scheduled for mid-August 2026.

Forward-looking statements regarding product launch timelines, clinical trial readouts, revenue projections, and Vepinu's market penetration are subject to inherent risks and uncertainties that could cause actual results to differ materially from forecasts, as disclosed in Rigel's public SEC filings. No additional specific operational risks or failures were discussed during the call.

Q: With Vepinu becoming the lead commercial focus, how will support for existing products Tavolis and ResLydia be impacted? / A: Management confirms the existing commercial team will continue to fully support both products while prioritizing Vepinu. The sales team will call on community offices to promote Vepinu, and will proactively support Tavolis prescribing during those visits. For ResLydia, the team uses data-driven AI and diagnostic alerts to target opportunities specifically when IDH1 mutation patients present, rather than unnecessary broad outreach, so focus remains efficient. The increased access to accounts from Vepinu outreach will actually better support existing product opportunities.

Q: What is the $1 billion U.S. market opportunity figure referenced for Vepinu, and when will Vepinu first sales be reported? / A: The $1 billion figure represents the total current annual market opportunity for the 20,000 eligible second-line or later ESR1-mutated metastatic breast cancer patients, not Vepinu's estimated peak sales. Vepinu will launch in mid-August 2026, so first sales will be reported with Q3 2026 results in November 2026. Full year 2026 Vepinu sales will be included in Rigel's full year earnings release ahead of the J.P. Morgan Healthcare Conference in early 2027, at which point management will consider including Vepinu in official guidance.

Q: What is the status of ongoing combination studies for Vepinu being conducted by Pfizer and Arvinas? / A: Data for Vepinu combinations with palbocyclib was presented at ESMO Breast Cancer 2024, and combinations with abemocyclib and dalpiciclib were presented at ASCO 2026. Data for combinations with ribocyclib and samuracyclib has not been publicly released yet, but is expected in the near future. This combination data will help contextualize Vepinu's use in combination regimens for clinicians, leveraging Vepinu's favorable tolerability profile that makes it a strong combination partner.