The company has significantly improved its capital structure, reducing its debt-to-equity ratio from 18.24 in 2024Q4 to 0.11 in 2026Q1 as the equity base expanded.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 234.03M | 240.17M | 135.1M | 99.27M | 115.9M | 154.47M | 88.98M | 119M | 136.99M | 117.43M | 76.21M | 129.02M | 150.54M | 220.07M | 302.46M | 250.23M | 179.93M | 135.97M | 138.09M | 111.13M | 108.01M | 142.6M | 74.24M | 50.11M | 36.86M | 36.53M | 54.68M | 8.53M |
| Cash & Short-Term Investments | 146.68M | 154.96M | 77.32M | 56.93M | 58.21M | 124.97M | 57.33M | 98.08M | 128.54M | 115.75M | 74.77M | 126.28M | 143.16M | 211.97M | 298.24M | 247.64M | 177.29M | 133.32M | 134.48M | 108.3M | 104.47M | 138.2M | 71.43M | 46.5M | 27.29M | 33.41M | 52.99M | 5.84M |
| Cash Only | 24.41M | 40.58M | 56.75M | 32.79M | 24.46M | 18.89M | 30.37M | 22.52M | 76.32M | 38.29M | 17.63M | 43.46M | 15.2M | 20.85M | 33.48M | 18.63M | 8.88M | 14.72M | 46.01M | 44.5M | 47.73M | 76.78M | 10.49M | 9.62M | 26.54M | 11.49M | 49.03M | 5.84M |
| Short-Term Investments | 122.27M | 114.38M | 20.57M | 24.15M | 33.75M | 106.08M | 26.95M | 75.56M | 52.22M | 77.46M | 57.13M | 82.82M | 127.96M | 191.12M | 264.76M | 229.01M | 168.42M | 118.6M | 88.47M | 63.79M | 56.74M | 61.42M | 60.93M | 36.88M | 756K | 21.93M | 3.96M | 0 |
| Accounts Receivable | 49.95M | 51.76M | 41.62M | 30.55M | 40.32M | 15.47M | 15.97M | 10.11M | 4.08M | 0 | 0 | 203K | 5.75M | 5.75M | 0 | 0 | 0 | 0 | 0 | 442K | 1.39M | 1.83M | 699K | 1.29M | 7.68M | 1.15M | 663K | 2.35M |
| Days Sales Outstanding | 57.09 | 64.2 | 84.73 | 95.4 | 122.39 | 37.84 | 53.67 | 62.25 | 33.43 | - | - | 2.56 | 254.39 | 293.53 | - | - | - | - | - | 12.8 | 15.16 | 40.35 | 53.91 | 42.49 | 177.51 | 27.5 | 18.31 | 95.39 |
| Inventory | 11.65M | 11.51M | 6M | 5.52M | 9.12M | 6.62M | 1.64M | 1.35M | 894K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 249.52 | 214.04 | 117.48 | 283.48 | 1.9K | 2.23K | 668.01 | 545.49 | 1.14K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 25.75M | 21.94M | 10.16M | 6.26M | 8.26M | 0 | 0 | 0 | 3.48M | 1.68M | 1.45M | 2.54M | 1.63M | 0 | 4.22M | 0 | 2.63M | 0 | 3.61M | 2.39M | 0 | 0 | 0 | 0 | 0 | 0 | 1.03M | 346K |
| Total Non-Current Assets | 270.58M | 273.43M | 28.87M | 17.96M | 18.38M | 12.86M | 21.39M | 28.56M | 2.12M | 1.68M | 1.92M | 2.72M | 3.6M | 5.98M | 7.58M | 6.87M | 6.77M | 4.78M | 5.77M | 4.66M | 5.23M | 5.07M | 4.58M | 5.41M | 7.48M | 9.91M | 9.58M | 8.64M |
| Property, Plant & Equipment | 785K | 920K | 338K | 1.03M | 2.79M | 11.89M | 20.57M | 27.87M | 1.39M | 875K | 1.16M | 1.61M | 2.51M | 4.46M | 5.83M | 4.88M | 4.53M | 2.29M | 3.57M | 2.56M | 2.98M | 3.46M | 2.81M | 3.54M | 5.21M | 8.44M | 9.34M | 8.4M |
| Fixed Asset Turnover | 296.51x | 319.87x | 530.41x | 113.92x | 43.14x | 12.55x | 5.28x | 2.13x | 32.09x | 5.12x | 17.63x | 17.91x | 3.29x | 1.60x | 0.39x | 0.97x | 27.57x | 0.33x | - | 4.92x | 11.25x | 4.78x | 1.68x | 3.12x | 3.03x | 1.81x | 1.42x | 1.07x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 24.16M | 24.75M | 27.1M | 13.88M | 14.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 2.36M | 1.91M | 1.44M | 3.06M | 640K | 974K | 824K | 696K | 735K | 803K | 764K | 1.11M | 1.09M | 1.53M | 1.76M | 1.99M | 2.23M | 2.48M | 2.2M | 2.1M | 2.25M | 1.61M | 1.77M | 1.87M | 2.27M | 1.48M | 241K | 241K |
| Total Assets | 504.61M | 513.59M | 163.98M | 117.22M | 134.28M | 167.33M | 110.38M | 147.57M | 139.11M | 119.11M | 78.13M | 131.75M | 154.13M | 226.06M | 310.04M | 257.11M | 186.69M | 140.74M | 143.86M | 115.79M | 113.24M | 147.67M | 78.82M | 55.52M | 44.34M | 46.45M | 64.26M | 17.17M |
| Asset Turnover | 0.82x | 0.57x | 1.09x | 1.00x | 0.90x | 0.89x | 0.98x | 0.40x | 0.32x | 0.04x | 0.26x | 0.22x | 0.05x | 0.03x | 0.01x | 0.02x | 0.67x | 0.01x | - | 0.11x | 0.30x | 0.11x | 0.06x | 0.20x | 0.36x | 0.33x | 0.21x | 0.52x |
| Asset Growth % | 534.93% | 213.21% | 39.88% | -12.7% | -19.75% | 51.6% | -25.2% | 6.08% | 16.79% | 52.44% | -40.69% | -14.52% | -31.82% | -27.09% | 20.59% | 37.71% | 32.65% | -2.16% | 24.24% | 2.25% | -23.31% | 87.34% | 41.96% | 25.22% | -4.53% | -27.72% | 274.29% | - |
| Total Current Liabilities | 89.49M | 99.24M | 63.3M | 53.27M | 65.21M | 63.55M | 40.84M | 58.21M | 27.73M | 18.34M | 22.59M | 33.8M | 14.03M | 10.29M | 12.2M | 11.53M | 11.33M | 17.77M | 24.15M | 16.11M | 11.24M | 23.65M | 11.42M | 8.05M | 14.37M | 10.16M | 8.06M | 9.52M |
| Accounts Payable | 4.49M | 7.19M | 3.34M | 7.14M | 22.51M | 3.79M | 3.71M | 4.15M | 6.39M | 2.64M | 5.56M | 2.76M | 1.61M | 3.9M | 1.7M | 1.56M | 1.4M | 3.15M | 5.98M | 4.32M | 1.96M | 2.5M | 1.95M | 1.38M | 3.46M | 1.95M | 1.31M | 883K |
| Days Payables Outstanding | 105.04 | 133.77 | 65.36 | 366.64 | 4.7K | 1.28K | 1.51K | 1.67K | 8.13K | 20.79 | 32 | 16.05 | 8.7 | 18.91 | 7.86 | - | - | 820.53 | 1.53K | - | - | 792.53 | - | - | - | - | -63.47 | -169.09 |
| Short-Term Debt | 30.5M | 30.43M | 7.27M | 7.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 990K | 1.27M | 1.07M | 1.32M | 2.26M | 3.39M | 3.17M | 2.95M | 2.18M |
| Deferred Revenue (Current) | 30.86M | 0 | 27.8M | 17.04M | 13.51M | 10.51M | 3.02M | 25.29M | 1.03M | -284K | -3.22M | 13.43M | -2.8M | 0 | 666K | 129K | -755K | -1.06M | 3.17M | 10.16M | 3.07M | 15.57M | 3.73M | 2.24M | 4.06M | 3.26M | 2.37M | 0 |
| Other Current Liabilities | 54.51M | 61.62M | 10.14M | 12.32M | 13.86M | 24.2M | 9.59M | 8.82M | 10.36M | 284K | 6.03M | 11.52M | 5.05M | 1.21M | 3.07M | 7.27M | 0 | 0 | 13.86M | 638K | 0 | 0 | 1.23M | 0 | 0 | 0 | 1.42M | 6.46M |
| Current Ratio | 2.62x | 2.42x | 2.13x | 1.86x | 1.78x | 2.43x | 2.18x | 2.04x | 4.94x | 6.40x | 3.37x | 3.82x | 10.73x | 21.38x | 24.78x | 21.71x | 15.89x | 7.65x | 5.72x | 6.90x | 9.61x | 6.03x | 6.50x | 6.22x | 2.57x | 3.60x | 6.79x | 0.90x |
| Quick Ratio | 2.48x | 2.30x | 2.04x | 1.76x | 1.64x | 2.33x | 2.14x | 2.02x | 4.91x | 6.40x | 3.37x | 3.82x | 10.73x | 21.38x | 24.78x | 21.71x | 15.89x | 7.65x | 5.72x | 6.90x | 9.61x | 6.03x | 6.50x | 6.22x | 2.57x | 3.60x | 6.79x | 0.90x |
| Cash Conversion Cycle | 201.57 | 144.47 | 136.85 | 12.24 | -2.67K | 988.59 | -790.11 | -1.06K | -6.96K | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 15.22M | 22.88M | 97.39M | 92.6M | 82.68M | 73.4M | 35.51M | 35.54M | 1.5M | 128K | 519K | 6.57M | 11.86M | 7.51M | 8.74M | 9.43M | 9.24M | 13.1M | 15.54M | 17.5M | 14.77M | 15.43M | 15.1M | 7.5M | 4.53M | 7.34M | 7.2M | 6.89M |
| Long-Term Debt | 15.22M | 22.88M | 52.41M | 52.37M | 39.45M | 19.91M | 19.82M | 9.81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 4.24M | 6.16M | 5.48M |
| Capital Lease Obligations | 1.27M | 0 | 0 | 285K | 972K | 759K | 10.65M | 19.23M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45K | 883K | 2.05M | 784K | 1.08M | 1.13M | 781K | 1.24M | 2.31M | 4.24M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.77M | 0 | -546K | -2.15M | -2.24M | -400K | 0 |
| Other Non-Current Liabilities | 0 | 0 | 44.98M | 39.94M | 42.26M | 52.73M | 5.04M | 5.1M | 90K | 128K | 519K | 6.57M | 11.86M | 7.51M | 8.74M | 117K | 137K | 157K | 11.44M | 16.71M | 13.69M | 14.3M | 14.32M | 6.26M | 2.22M | -1.14M | 1.03M | 1.42M |
| Total Liabilities | 104.71M | 122.11M | 160.69M | 145.87M | 147.9M | 136.95M | 76.35M | 93.75M | 29.23M | 18.46M | 23.11M | 40.37M | 25.89M | 17.81M | 20.95M | 20.96M | 20.56M | 30.88M | 39.69M | 33.61M | 26.01M | 39.08M | 26.52M | 15.55M | 18.9M | 17.51M | 15.25M | 16.41M |
| Total Debt | 45.72M | 53.3M | 59.97M | 60.58M | 41.55M | 30.57M | 39.09M | 36.31M | 0 | 284K | 3.46M | 6.46M | 9.27M | 0 | 0 | 0 | 800K | 1.94M | 3.39M | 1.77M | 2.35M | 2.2M | 2.1M | 3.5M | 5.7M | 7.41M | 9.11M | 7.65M |
| Net Debt | 21.31M | 12.72M | 3.22M | 27.79M | 17.09M | 11.68M | 8.71M | 13.79M | -76.32M | -38.01M | -14.17M | -36.99M | -5.93M | -20.85M | -33.48M | -18.63M | -8.08M | -12.77M | -42.61M | -42.73M | -45.38M | -74.58M | -8.39M | -6.13M | -20.83M | -4.07M | -39.92M | 1.82M |
| Debt / Equity | 0.11x | 0.14x | 18.24x | - | - | 1.01x | 1.15x | 0.67x | - | 0.00x | 0.06x | 0.07x | 0.07x | - | - | - | 0.00x | 0.02x | 0.03x | 0.02x | 0.03x | 0.02x | 0.04x | 0.09x | 0.22x | 0.26x | 0.19x | 10.12x |
| Debt / EBITDA | 0.36x | 0.42x | 2.27x | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.02x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.17x | 0.10x | 0.12x | - | - | - | - | - | - | - | - | - | - | - | - | - | -0.22x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 30.74x | 17.14x | 3.32x | -2.65x | -14.80x | -2.56x | -20.98x | -198.68x | - | - | - | - | - | -5486.88x | -5845.71x | -3437.92x | 417.37x | -548.95x | -826.72x | -359.85x | -148.44x | -173.63x | -175.52x | -71.00x | -42.55x | -31.12x | -27.34x | - |
| Total Equity | 399.9M | 391.48M | 3.29M | -28.64M | -13.62M | 30.37M | 34.03M | 53.81M | 109.88M | 100.65M | 55.03M | 91.38M | 128.25M | 208.25M | 289.1M | 236.15M | 166.13M | 109.87M | 104.17M | 82.18M | 87.23M | 108.59M | 52.3M | 39.97M | 25.44M | 28.94M | 49.01M | 756K |
| Equity Growth % | 15137.59% | 11806.33% | 111.48% | -110.37% | -144.83% | -10.73% | -36.77% | -51.02% | 9.17% | 82.9% | -39.78% | -28.75% | -38.42% | -27.96% | 22.42% | 42.15% | 51.21% | 5.47% | 26.75% | -5.79% | -19.67% | 107.62% | 30.84% | 57.12% | -12.09% | -40.95% | 6382.8% | - |
| Book Value per Share | 20.31 | 20.78 | 0.19 | -1.65 | -0.79 | 1.78 | 2.02 | 3.21 | 6.84 | 7.97 | 5.83 | 10.33 | 14.63 | 23.86 | 17.97 | 10.08 | 3.16 | 2.69 | 2.89 | 2.84 | 3.50 | 4.97 | 2.90 | 3.51 | 5.02 | 6.99 | 60.74 | 21.73 |
| Total Shareholders' Equity | 399.9M | 391.48M | 3.29M | -28.64M | -13.62M | 30.37M | 34.03M | 53.81M | 109.88M | 100.65M | 55.03M | 91.38M | 128.25M | 208.25M | 289.1M | 236.15M | 166.13M | 109.87M | 104.17M | 82.18M | 87.23M | 108.59M | 52.3M | 39.97M | 25.44M | 28.94M | 49.01M | 756K |
| Common Stock | 18K | 18K | 18K | 17K | 174K | 172K | 169K | 168K | 167K | 147K | 100K | 91K | 88K | 88K | 87K | 71K | 52K | 52K | 37K | 31K | 25K | 25K | 20K | 15K | 46K | 38K | 37K | 3K |
| Retained Earnings | -1.01B | -1.02B | -1.39B | -1.41B | -1.38B | -1.32B | -1.31B | -1.28B | -1.21B | -1.14B | -1.06B | -991.65M | -940.18M | -849.27M | -760.25M | -661.41M | -575.43M | -613.32M | -501.78M | -369.43M | -295.16M | -257.52M | -212.27M | -156.01M | -114.81M | -77.78M | -53.98M | -28.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33K | 0 | 0 | 0 | 0 |
| Accumulated OCI | -128K | 181K | 10K | 8K | -153K | -102K | -4K | 23K | -24K | -82K | -18K | -44K | -7K | 47K | 82K | 6K | -38K | -12K | 396K | 198K | 13K | -118K | -276K | -213K | -773K | -2.41M | -5.79M | -5.81M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Milestone-dependent liquidity volatility
As reported in financial statements, Rigel's equity position has undergone a dramatic turnaround, shifting from a deficit of $31.7 million in 2024Q1 to a positive $399.9 million by 2026Q1, primarily driven by the successful commercialization of Tavalisse and strategic milestone-related capital inflows.
The transition from negative to positive equity suggests that the company has successfully moved past its most capital-intensive, loss-making phase. Investors should monitor whether this trajectory remains sustainable or if it is overly sensitive to the lumpy nature of partnership-driven revenue recognition.
Based on Rigel's reported figures, the company's cash position has fluctuated between $24.4 million and $56.7 million over the last ten quarters, indicating that liquidity is frequently impacted by the timing of milestone payments rather than consistent, organic cash accumulation from core product sales.
While the current ratio of 2.62 suggests an adequate ability to cover short-term obligations, the volatility in cash balances warrants caution regarding the company's operational runway. The reliance on non-recurring inflows may create periods of liquidity pressure if milestone timelines shift or commercial adoption slows.
According to recent SEC filings, Rigel has maintained a relatively stable debt load near $60 million for much of the observed period, though the debt-to-equity ratio has plummeted from 18.24 in 2024Q4 to 0.11 in 2026Q1 as the company's equity base expanded.
The significant reduction in leverage metrics appears to be a function of equity growth rather than aggressive debt repayment. This deleveraging trend suggests a lower risk of insolvency, though the company's debt service capacity remains tied to the durability of its commercial revenue streams.
As evidenced by the persistent $1.0 billion accumulated deficit reported in recent filings, Rigel's balance sheet continues to carry the weight of historical R&D spending, which may obscure the company's current ability to generate sustainable, GAAP-positive earnings from its commercialized portfolio.
The massive retained earnings deficit serves as a reminder of the long-term capital destruction inherent in the biotech development cycle. Investors should interpret current profitability with caution, as the company's ability to offset these historical losses remains unproven in the absence of consistent, non-milestone-driven revenue.
Quick answers to the most common questions about buying RIGL stock.
As of 2025, Rigel Pharmaceuticals, Inc. (RIGL) had total assets of $513.6M including $240.2M in current assets.
Rigel Pharmaceuticals, Inc. (RIGL) carries total debt of $53.3M, offset by $155.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Rigel Pharmaceuticals, Inc. (RIGL) has total shareholders' equity (book value) of $391.5M ($20.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Rigel Pharmaceuticals, Inc. (RIGL) reported a current ratio of 2.42x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.