Rigel Pharmaceuticals Inc. (RIGL, Financial) filed Quarterly Report for the period ended 2012-06-30.
Rigel Pharmaceuticals, Inc. has a market cap of $758.1 million; its shares were traded at around $10.77 with and P/S ratio of 159.6.
Since inception, we have financed our operations primarily through the sale of equity securities, contract payments under our collaboration agreements and equipment financing arrangements. Our research and development activities, including preclinical studies and clinical trials, consume substantial amounts of capital. As of June 30, 2012, we had approximately $202.6 million in cash, cash equivalents and available-for-sale securities. We believe that our existing capital resources will be sufficient to support our current and projected funding requirements through at least the next 12 months. Unless and until we are able to generate a sufficient amount of product, royalty or milestone revenue, we expect to finance future cash needs through public and/or private offerings of equity securities, debt financings or collaboration and licensing arrangements, as well as through interest income earned on the investment of our cash balances and short-term investments. With the exception of contingent and royalty payments that we may receive under our existing collaborations, we do not currently have any commitments for future funding.
Revenues related to collaborative research with our corporate collaborators are recognized as research services are performed over the related development periods for each agreement. Under these agreements, we are required to perform research and development activities as specified in each respective agreement. The payments received are not refundable and are generally based on a contractual cost per full-time equivalent employee working on the project. Our research and development expenses under the collaborative research agreements approximate the revenue recognized under such agreements over the term of the respective agreements. It is our policy to recognize revenue based on our level of effort expended, however, revenue recognized will not exceed amounts billable under the agreement.
The increase in contract revenues from collaborations for the three and six months ended June 30, 2012, compared to the same periods in 2011, was primarily due to the $1.0 million upfront payment from AZ pursuant to our worldwide license agreement for R256, $500,000 payment from BerGenBio related to our oncology program, in each case in the second quarter of 2012, as well as a $750,000 payment from Daiichi in the first quarter of 2012 related to an oncology compound in pre-clinical testing pursuant to our existing collaboration agreement.
Contract revenues from collaborations for the three months ended June 30, 2012 comprised of the $1.0 million upfront payment from AZ pursuant to our worldwide license agreement for R256, as well as the $500,000 payment from BerGenBio related to our oncology program. Contract revenues from collaborations for the six months ended June 30, 2012 comprised of the $1.0 million upfront payment from AZ, the $750,000 payment from Daiichi related to an oncology compound in pre-clinical testing pursuant to our existing collaboration agreement in the first quarter of 2012, as well as the $500,000 payment from BerGenBio related to our oncology program. Contract revenue from collaborations for the three and six months ended June 30, 2011 was $395,000, which represents a portion of the $500,000 upfront payment we earned for out-licensing our oncology program with BerGenBio. We had no deferred revenue as of June 30, 2012. Our potential future revenues may include payments from our current collaboration partners and from new collaboration partners with which we enter into agreements in the future, if any.
Read the The complete Report
Rigel Pharmaceuticals, Inc. has a market cap of $758.1 million; its shares were traded at around $10.77 with and P/S ratio of 159.6.
Highlight of Business Operations:
Revenues related to collaborative research with our corporate collaborators are recognized as research services are performed over the related development periods for each agreement. Under these agreements, we are generally required to perform research and development activities as specified in each respective agreement. The payments received are not refundable and are generally based on a contractual cost per full-time equivalent employee working on the project. Our research and development expenses under the collaborative research agreements approximate the revenue recognized under such agreements over the term of the respective agreements. It is our policy to recognize revenue based on our level of effort expended, however, revenue recognized will not exceed amounts billable under the agreement.Since inception, we have financed our operations primarily through the sale of equity securities, contract payments under our collaboration agreements and equipment financing arrangements. Our research and development activities, including preclinical studies and clinical trials, consume substantial amounts of capital. As of June 30, 2012, we had approximately $202.6 million in cash, cash equivalents and available-for-sale securities. We believe that our existing capital resources will be sufficient to support our current and projected funding requirements through at least the next 12 months. Unless and until we are able to generate a sufficient amount of product, royalty or milestone revenue, we expect to finance future cash needs through public and/or private offerings of equity securities, debt financings or collaboration and licensing arrangements, as well as through interest income earned on the investment of our cash balances and short-term investments. With the exception of contingent and royalty payments that we may receive under our existing collaborations, we do not currently have any commitments for future funding.
Revenues related to collaborative research with our corporate collaborators are recognized as research services are performed over the related development periods for each agreement. Under these agreements, we are required to perform research and development activities as specified in each respective agreement. The payments received are not refundable and are generally based on a contractual cost per full-time equivalent employee working on the project. Our research and development expenses under the collaborative research agreements approximate the revenue recognized under such agreements over the term of the respective agreements. It is our policy to recognize revenue based on our level of effort expended, however, revenue recognized will not exceed amounts billable under the agreement.
The increase in contract revenues from collaborations for the three and six months ended June 30, 2012, compared to the same periods in 2011, was primarily due to the $1.0 million upfront payment from AZ pursuant to our worldwide license agreement for R256, $500,000 payment from BerGenBio related to our oncology program, in each case in the second quarter of 2012, as well as a $750,000 payment from Daiichi in the first quarter of 2012 related to an oncology compound in pre-clinical testing pursuant to our existing collaboration agreement.
Contract revenues from collaborations for the three months ended June 30, 2012 comprised of the $1.0 million upfront payment from AZ pursuant to our worldwide license agreement for R256, as well as the $500,000 payment from BerGenBio related to our oncology program. Contract revenues from collaborations for the six months ended June 30, 2012 comprised of the $1.0 million upfront payment from AZ, the $750,000 payment from Daiichi related to an oncology compound in pre-clinical testing pursuant to our existing collaboration agreement in the first quarter of 2012, as well as the $500,000 payment from BerGenBio related to our oncology program. Contract revenue from collaborations for the three and six months ended June 30, 2011 was $395,000, which represents a portion of the $500,000 upfront payment we earned for out-licensing our oncology program with BerGenBio. We had no deferred revenue as of June 30, 2012. Our potential future revenues may include payments from our current collaboration partners and from new collaboration partners with which we enter into agreements in the future, if any.
Read the The complete Report
