Rigel Provides Business Update and 2025 Outlook Preliminary fourth quarter 2024 total revenue of approximately $57.6 million which includes TAVALISSE net product sales of $31.0 million, REZLIDHIA net product sales of $7.

Rigel Provides Business Update and 2025 Outlook

SOUTH SAN FRANCISCO,

Calif., January 13, 2025 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL), a commercial stage biotechnology

company focused on hematologic disorders and cancer, today provided a business update including preliminary total revenue and net

product sales for the fourth quarter of 2024, ongoing

activity from the commercial business and development pipeline, and its financial outlook for 2025.

a transformational year for Rigel as we successfully executed on our corporate strategy

to grow our hematology and oncology focused organization. We generated record sales of both TAVALISSE

and REZLIDHIA and welcomed a third product to our commercial portfolio, GAVRETO, which

made a substantial contribution to our sales in the latter half of the year. This commercial success, combined with our commitment to

financial discipline, enabled Rigel to reach financial breakeven, a key milestone

for the company," said Raul Rodriguez, Rigel's president and CEO. "In

addition, we advanced our development pipeline, with the Phase 1b study of R289 in lower-risk MDS continuing to enroll patients and publishing

promising initial safety and efficacy data. Building on this progress,

we will continue to implement effective strategies that further grow and advance our portfolio in 2025, thereby generating significant

value for Rigel and our shareholders."

2024 Financial Results and Business Update

bottle count represents 60-count bottle equivalent

The above information

is preliminary, has not been audited, and is subject to change upon the audit of Rigel's financial statements for the year ended

December 31, 2024. Rigel expects to provide complete fourth quarter and full year 2024 financial results in March 2025.

and Development Update

warranties of any kind whatsoever regarding their content, use or application and disclaims any responsibility for their application or

2025 total revenue of approximately $200 to $210 million, including:

The company anticipates it will report positive net

income for the full year 2025, while funding existing and new clinical development programs.

In addition, Rigel plans to initiate a Phase 2 clinical

study in recurrent glioma in 2025.

Additional information

is included in Rigel's corporate presentation, which can be found in the Investor Relations section of the company's website

In patients with ITP (immune thrombocytopenia), the immune system attacks and destroys the body's own blood platelets, which

play an active role in blood clotting and healing. Common symptoms of ITP are excessive bruising and bleeding. People suffering with chronic

ITP may live with an increased risk of severe bleeding events that can result in serious medical complications or even death. Current

therapies for ITP include steroids, blood platelet production boosters (TPO-RAs), and splenectomy. However, not all patients respond to

existing therapies. As a result, there remains a significant medical need for additional treatment options for patients with ITP.

Acute myeloid leukemia (AML) is a rapidly progressing cancer of the blood and bone marrow that affects myeloid cells, which normally

develop into various types of mature blood cells. AML occurs primarily in adults and accounts for about 1 percent of all adult cancers.

The American Cancer Society estimates that there will be about 20,800 new cases in the United States, most in adults, in 2024.2

affects about half of all patients who, following treatment and remission, experience a return of leukemia cells in the bone marrow.3 Refractory

AML, which affects between 10 and 40 percent of newly diagnosed patients, occurs when a patient fails to achieve remission even after

intensive treatment.4 Quality of life declines for patients with each successive line of treatment for AML, and well-tolerated

treatments in relapsed or refractory disease remain an unmet need.

It is estimated that over 230,000 adults in the U.S. will be diagnosed with lung cancer in 2024. Lung cancer is the leading

cause of cancer death in the U.S, with NSCLC being the most common type accounting for 80-85% of all lung cancer diagnoses.5 RET

fusions are implicated in approximately 1-2% of patients with NSCLC.6

TAVALISSE (fostamatinib disodium hexahydrate) tablets is indicated for the treatment of thrombocytopenia

in adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment.

here for Important Safety Information and Full Prescribing Information for TAVALISSE.

is indicated for the treatment of adult patients with relapsed or refractory acute myeloid leukemia (AML) with a susceptible isocitrate

dehydrogenase-1 (IDH1) mutation as detected by an FDA-approved test.

Please click here for Important

Safety Information and Full Prescribing Information, including Boxed WARNING, for REZLIDHIA.

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 and adult and pediatric patients 12 years of age and older with advanced or metastatic

RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate).*

*Thyroid indication is approved

under accelerated approval based on overall response rate and duration of response. Continued approval for this indication may be contingent

upon verification and description of clinical benefit in confirmatory trial(s).

Please click here for

Important Safety Information and Full Prescribing Information for GAVRETO.

effects of prescription drugs to the FDA, www.fda.gov/medwatch or call 1-800-FDA-1088

TAVALISSE, REZLIDHIA and GAVRETO

are registered trademarks of Rigel Pharmaceuticals, Inc.

Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) is a biotechnology company dedicated to discovering, developing and providing

novel therapies that significantly improve the lives of patients with hematologic disorders and cancer. Founded in 1996, Rigel is based

in South San Francisco, California. For more information on Rigel, the Company's marketed products and pipeline of potential products,

visit www.rigel.com.

This press release contains forward-looking statements relating to, among other things, expected commercial

and financial results for the fourth quarter and year ended December 31, 2024, projected financial performance and

outlook for 2025, expectations to grow and advance our commercial portfolio

and hematology and oncology pipeline, results of our study of R289 in lower-risk MDS including safety and efficacy data, continued ability

for developing and commercializing TAVALISSE, REZLIDHIA, and GAVRETO domestically and in certain international markets, and expectations

for Rigel's partnering and collaboration efforts. Any statements contained in this press release that are not statements of historical

fact may be deemed to be forward-looking statements. Forward-looking statements can be identified by words such as "anticipates",

"plan", "outlook", "potential", "may", "look to", "expects",

"will", "initial", "promising", and similar expressions in reference to future periods. Forward-looking

statements are neither historical facts nor assurances of future performance. Instead, they are based on Rigel's current beliefs,

expectations, and assumptions and hence they inherently involve significant risks, uncertainties and changes in circumstances that

are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking

statements. Actual results and the timing of events could differ materially from those anticipated in such forward looking statements

as a result of these risks and uncertainties, which include, without limitation, risks and uncertainties associated with the commercialization

and marketing of fostamatinib, olutasidenib and pralsetinib; risks that the FDA, European Medicines Agency, PMDA or other regulatory

authorities may make adverse decisions regarding fostamatinib, pralsetinib or olutasidenib; risks that clinical trials may not be

predictive of real-world results or of results in subsequent clinical trials; risks that fostamatinib, pralsetinib or olutasidenib

may have unintended side effects, adverse reactions or incidents of misuses; the availability of resources to develop Rigel's product

candidates; market competition; as well as other risks detailed from time to time in Rigel's reports filed with the Securities

and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and subsequent

filings. Any forward-looking statement made by us in this press release is based only on information currently available to us and

speaks only as of the date on which it is made. Rigel does not undertake any obligation to update forward-looking statements, whether

written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, and expressly

disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein,

except as required by law.

Contact for Investors &

Rigel Pharmaceuticals, Inc.