Rigel Pharmaceuticals, Inc. (RIGL): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of Rigel Pharmaceuticals, Inc. (RIGL) now that they've successfully shifted from pure R&D to a commercial sales reality. Honestly, the numbers for 2025 look compelling: with revenue guidance hitting up to $290 million and a gross profit margin near 92.5% on product sales like TAVALISSE and REZLIDHIA, the focus is clearly on scaling pipeline assets like R289 and expanding globally through partnerships. If you want to see exactly how this commercial-stage biotech is structuring its value creation-from its specialized US sales force to its key collaborations with Kissei and Eli Lilly-dive into the full Business Model Canvas below; it lays out the whole strategy clearly.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Key Partnerships

You're looking at how Rigel Pharmaceuticals, Inc. uses strategic alliances to expand market reach and advance its pipeline, which is a key part of its business structure. Here's the breakdown of the major collaborations as of late 2025, focusing only on the hard numbers involved.

Kissei Pharmaceutical Co., Ltd. for TAVALISSE commercialization in Asia

Rigel Pharmaceuticals, Inc. has agreements with Kissei Pharmaceutical Co., Ltd. for both TAVALISSE and REZLIDHIA in specific Asian markets, including Japan, China, Taiwan, and the Republic of Korea. TAVALISSE launched in South Korea in July 2025. For the TAVALISSE agreement (announced in 2018), Rigel Pharmaceuticals, Inc. received an upfront cash payment of $33 million and is eligible for up to $147 million in development and commercial milestone payments. Rigel also receives product transfer price payments in the mid to upper twenty percent range based on tiered net sales. Kissei gained exclusive rights to REZLIDHIA in Japan, Taiwan, and South Korea in September 2024, with Rigel Pharmaceuticals, Inc. receiving an upfront cash payment and eligibility for development, regulatory, and commercial milestone payments. Contract revenue recognized from Kissei in the third quarter of 2025 was $6.9 million.

Dr. Reddy's Laboratories for REZLIDHIA rights in Latin America and other regions

Rigel Pharmaceuticals, Inc. entered an exclusive license agreement with Dr. Reddy's Laboratories Ltd. in November 2024 for REZLIDHIA across a territory including Latin America, South Africa, India, Australia, and New Zealand. Rigel Pharmaceuticals, Inc. received an upfront cash payment of $4.0 million. The deal includes the potential for up to $36.0 million in future regulatory and commercial milestone payments. The $4.0 million upfront fee was recognized as contract revenue in the fourth quarter of 2024.

Eli Lilly and Company on the RIP kinase 1 inhibitor program

The collaboration with Eli Lilly and Company centers on ocadusertib (previously R552), a RIPK1 inhibitor. Eli Lilly and Company paid Rigel Pharmaceuticals, Inc. an upfront cash payment of $125 million. Rigel Pharmaceuticals, Inc. is eligible to receive up to $835 million in potential development, regulatory, and commercial milestone payments, plus tiered royalties ranging from the mid-single digit to high-teens. Rigel Pharmaceuticals, Inc. received $40.0 million in non-cash revenue in the second quarter of 2025 related to the release of the remaining cost share liability after notifying Eli Lilly and Company it would not exercise its opt-in right for non-CNS indications. Eli Lilly and Company terminated the central nervous system disease program in early October 2025.

MD Anderson Cancer Center for olutasidenib clinical development

Rigel Pharmaceuticals, Inc. has a multi-year strategic development alliance with The University of Texas MD Anderson Cancer Center for olutasidenib. Rigel Pharmaceuticals, Inc. committed to providing $15 million in time-based milestone payments and study material over the five-year collaboration term. The fifth study under this alliance opened for enrollment in September 2025.

CONNECT Cancer Consortium for olutasidenib Phase 2 study in glioma

Rigel Pharmaceuticals, Inc. is sponsoring an arm within the CONNECT Cancer Consortium's TarGeT-D Phase 2 umbrella clinical trial for high-grade glioma (HGG). Rigel Pharmaceuticals, Inc. committed to funding up to $3 million and providing study materials over the four-year partnership. The trial anticipates enrolling around 60 patients.

The financial structure of these key partnerships can be summarized as follows:

Rigel Pharmaceuticals, Inc. also recognized $40.0 million in non-cash revenue in the second quarter of 2025 from the Eli Lilly and Company agreement. Contract revenue from Kissei in the third quarter of 2025 was $6.9 million.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Key Activities

You're looking at the core engine driving Rigel Pharmaceuticals, Inc. right now-the day-to-day work that turns pipeline assets into revenue and advances their next generation of therapies. It's a mix of selling what they have and pushing the science forward.

Commercialization and sales of TAVALISSE, GAVRETO, and REZLIDHIA in the US

The commercial team is definitely busy driving sales for the three marketed products. For the nine months ended September 30, 2025, net product sales hit $166.6 million, which is a big jump from the prior year's comparable period. That total revenue guidance for the full year 2025 is now set between $225 to $230 million in net product sales alone. You can see the individual contributions:

To be fair, TAVALISSE still carries the weight, accounting for about $\sim$68% of total product volume in the first half of 2025, but GAVRETO is showing strong adoption, making up $\sim$20%, with REZLIDHIA at $\sim$12%. Remember, REZLIDHIA has a royalty obligation, sitting at $\sim$15% of its net product sales.

Advancing the R289 dual IRAK1/4 inhibitor Phase 1b study in lower-risk MDS

The development pipeline work is focused heavily on R289, the dual IRAK1/4 inhibitor for lower-risk Myelodysplastic Syndrome (MDS). Enrollment in the dose escalation part of the Phase 1b study wrapped up in July 2025. The next step started in October 2025, dosing the first patient in the dose expansion phase, where up to 40 patients will be randomized to either 500 mg once or twice daily to pin down the recommended Phase 2 dose. Data presented as of October 28, 2025, showed some promising early signals from the 33 patients treated:

• 33% (6/18) transfusion-dependent patients at doses $\ge$500 mg QD achieved durable RBC-TI ($\gt$8 weeks).
• Median time to RBC-TI was 1.9 months, with a median duration of 22.9 weeks.
• The most frequent Grade 1/2 adverse events were diarrhea at 30% and fatigue at 27%.
• One dose limiting toxicity occurred at the 750 mg dose level.

This program also carries designations: Orphan Drug for MDS and Fast Track for previously-treated transfusion dependent lower-risk MDS.

Managing global licensing agreements and supply chain logistics

Managing the existing deals is a significant activity, especially given the revenue fluctuations. For the full year 2025, Rigel Pharmaceuticals, Inc. updated its guidance for contract revenues from collaborations to approximately $60 million. This is a big increase from the initial outlook of $15 to $18 million. You saw this in the quarterly numbers; for instance, Q2 2025 contract revenue was $42.7 million, largely driven by a $40.0 million non-cash revenue recognition related to the Lilly collaboration for ocadusertib. On the supply side, the launch of TAVALISSE in South Korea via partner Kissei in Q2 2025 shows the logistics of managing global supply chains are active.

Initiating a Rigel-sponsored Phase 2 study for olutasidenib in recurrent glioma

Expanding the use of REZLIDHIA (olutasidenib) outside of AML is a key R&D activity. Rigel Pharmaceuticals, Inc. planned to initiate a Phase 2 clinical study in recurrent glioma during 2025. This is a collaboration with CONNECT for $\text{IDH1}$-mutated high-grade glioma (HGG) maintenance therapy. Rigel is committed to funding up to $3 million over four years for this specific arm of the TarGeT-D trial, which anticipates enrolling around 60 patients.

Strategic in-licensing and product acquisition for portfolio growth

While the search results don't detail a new acquisition in late 2025, the management of existing in-licensed assets is clearly a key activity reflected in the financials. The structure around REZLIDHIA, which involves paying royalties to Forma, requires ongoing financial management. Also, the large non-cash revenue recognition of $40.0 million in Q2 2025 from the Lilly collaboration on ocadusertib shows the financial mechanics of managing past licensing deals are still in play.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Key Resources

You're looking at the core assets Rigel Pharmaceuticals, Inc. (RIGL) is relying on to drive growth right now, as of late 2025. It's a mix of established commercial products, a solid cash position, and valuable intellectual property protecting their pipeline.

The financial foundation is strong, which is key for a company funding ongoing clinical work. Rigel Pharmaceuticals, Inc. ended the third quarter of 2025 with $137.1 million in cash, cash equivalents, and short-term investments. That's a healthy increase from the $77.3 million they held at the close of 2024, showing good cash generation from operations. Honestly, that cash buffer lets them keep pushing development forward without immediate external pressure.

The commercial engine is built around three key marketed products. These are the assets generating the revenue that funds everything else. The latest figures from Q3 2025 show solid momentum across the board, which is why they raised their full-year 2025 revenue guidance to approximately $285 to $290 million.

Here's a breakdown of the latest quarterly commercial performance for those key resources:

Beyond the current revenue drivers, Rigel Pharmaceuticals, Inc.'s long-term value is tied up in its scientific know-how and the legal protections around its compounds. They have deep scientific expertise focused on signaling pathways relevant to hematology and oncology. This expertise is what drives their pipeline, including the investigational compound R289.

The intellectual property portfolio is a critical, though less visible, resource. It secures their market position for their existing drugs and protects future assets. You should note the following aspects of their IP:

• US patents specifically cover TAVALISSE (fostamatinib disodium hexahydrate).
• Material patents exist for fostamatinib and olutasidenib.
• A U.S. Grant patent for a Method for treatment of COVID-19-associated conditions involving fostamatinib was issued on April 1, 2025.
• R289, their dual IRAK1/4 inhibitor in a Phase 1b study for lower-risk MDS, is part of this ongoing R&D effort.

Finally, the specialized US commercial infrastructure and sales force are the physical means by which TAVALISSE, GAVRETO, and REZLIDHIA reach patients. This infrastructure is directly responsible for the record net product sales of $64.1 million achieved in Q3 2025 alone. Finance: draft 13-week cash view by Friday.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Value Propositions

You're looking at the core value Rigel Pharmaceuticals, Inc. (RIGL) delivers to its customers-the patients and prescribers in specialized medical fields. This value is built on specific, approved therapies and a focused pipeline.

TAVALISSE (fostamatinib disodium hexahydrate) offers an oral treatment option for adults with chronic Immune Thrombocytopenia (ITP) who have shown insufficient response to prior therapies, which are almost always corticosteroids. The market opportunity here is for an estimated 81,300 adults with chronic ITP in the U.S.. This product is showing strong commercial momentum, with net product sales reaching $44.7 million in the third quarter of 2025, representing a 70% year-over-year growth. For the first nine months of 2025, TAVALISSE net product sales totaled $113.3 million, a 54% increase over the same period in 2024.

For a highly specific patient group, REZLIDHIA (olutasidenib) provides a targeted therapy for relapsed or refractory (R/R) Acute Myeloid Leukemia (AML) that carries an IDH1 mutation. Rigel Pharmaceuticals, Inc. is delivering value by offering a product with a reported response rate of 35% in this setting, which is competitive against the 30% seen with Ivosidenib. REZLIDHIA contributed $8.3 million in net product sales in the third quarter of 2025, marking a 50% increase compared to the third quarter of 2024.

Rigel Pharmaceuticals, Inc.'s overall commercial strategy centers on a focused portfolio addressing niche hematology and oncology markets. The company is committed to growing this focus, planning to in-license one or two additional late-stage assets in these therapeutic areas. The commercial success is translating directly to the bottom line, with the company reporting a high gross profit margin on product sales, approximately 92.5% in Q3 2025, as you noted [cite: N/A - from prompt outline].

The pipeline asset R289, an IRAK1/4 inhibitor, represents future value proposition development in a rare disease space. R289 has been granted Orphan Drug designation by the U.S. Food and Drug Administration (FDA) for the treatment of Myelodysplastic Syndromes (MDS). It also holds Fast Track designation for previously-treated transfusion dependent lower-risk MDS. As of the October 28, 2025 data cutoff, the ongoing Phase 1b study showed promising early activity: 6 out of 18 transfusion-dependent patients achieved durable Red Blood Cell Transfusion Independence (>8 weeks) at doses at or above 500 mg once daily. The dose expansion phase of this study began in October 2025.

Here is a quick look at the commercial product contributions to the third quarter 2025 performance:

The value proposition is further supported by the overall financial health derived from these products:

• Total revenue in Q3 2025 was approximately $69.5 million.
• Net income for Q3 2025 was $27.9 million.
• Full-year 2025 total revenue guidance was raised to approximately $285 to $290 million.
• Net product sales for the first nine months of 2025 reached $166.6 million.
• Cash, cash equivalents, and short-term investments stood at $137.1 million as of September 30, 2025.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Customer Relationships

You're managing relationships in a specialized field, so the focus has to be on deep engagement with the right people, not just broad marketing. For Rigel Pharmaceuticals, Inc., this means tailoring support for the specific hematologists and oncologists who prescribe their specialty drugs like TAVALISSE, GAVRETO, and REZLIDHIA.

High-touch, specialized support for prescribers (hematologists/oncologists).

The level of support required scales directly with the sales volume and the complexity of the patient population. Consider the recent performance: for the nine months ended September 30, 2025, TAVALISSE net product sales reached $113.3 million, while GAVRETO and REZLIDHIA contributed $31.9 million and $21.4 million, respectively, over the same period. This volume demands dedicated field presence to ensure prescribers understand the nuances of dosing, monitoring, and patient selection for these targeted therapies.

• Support must cover complex indications like chronic ITP and certain cancers.
• Prescriber education is critical given the specialized nature of the portfolio.
• The company's total employee base as of late 2025 is reported at 164 people, suggesting a lean structure where commercial roles are highly leveraged.

Patient access and support programs for specialty drugs.

Getting the drug to the patient involves more than just a prescription; it requires navigating access and affordability barriers. Rigel Pharmaceuticals, Inc. manages this through its Rigel OneCare program. This program is designed to help patients who otherwise couldn't afford their medication.

• Rigel OneCare covers the commercial products: GAVRETO, REZLIDHIA, and TAVALISSE.
• Eligibility for free medication is based on meeting specific financial and program criteria.
• For investigational agents, Rigel's current policy is to direct patients toward controlled clinical trials, stating they will not accept expanded access requests at this time.

Dedicated medical science liaison (MSL) team for clinical education.

The MSL team acts as the scientific bridge between Rigel Pharmaceuticals, Inc. and the medical community, focusing on clinical education rather than sales promotion. It's important to note that all sales and MSL personnel, including contractors, must strictly comply with FDA requirements for product advertisement and promotion. While the exact size of the MSL contingent isn't public, it operates within the total headcount of 164 employees reported as of late 2025.

Strategic, long-term management of global licensing partners.

Partnerships are a major revenue driver, not just a development strategy. Contract revenues from collaborations are a key component of the financial outlook, with guidance for 2025 set around $60 million. Managing these relationships requires long-term strategic alignment on commercialization and regulatory pathways.

For example, the partnership with Kissei Pharmaceutical Co., Ltd. resulted in TAVALISSE being commercially launched in South Korea by JW Pharmaceutical Corporation in early July 2025. This international expansion directly contributes to Rigel's revenue stream, which saw contract revenues of $57.9 million for the first nine months of 2025.

Here's a quick look at the scale of the commercial and partnership activities driving these relationships as of late 2025:

Finance: draft 13-week cash view by Friday.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Channels

You're looking at how Rigel Pharmaceuticals, Inc. gets its therapies, like TAVALISSE, GAVRETO, and REZLIDHIA, into the hands of the right specialists and patients as of late 2025. The channels are a mix of direct engagement and third-party logistics.

Direct US Specialty Sales Force Targeting Hematology and Oncology Specialists

The commercial success in the US market is directly tied to the reach of the specialized sales force targeting hematology and oncology specialists. This channel drives the net product sales, which saw significant growth through the first three quarters of 2025.

• Net Product Sales for the first half (1H) of FY2025 reached $102.5 million.
• Net Product Sales for the third quarter (Q3) of 2025 were $64.1 million, a 65% increase year-over-year.
• The full-year 2025 Net Product Sales guidance was raised to approximately $225 million to $230 million as of the Q3 update.

Here's a breakdown of the key product sales contributing to that US channel performance through Q3 2025:

Specialty Pharmacies and Distributors for Product Fulfillment

Product fulfillment relies on established specialty pharmacies and distributors to manage the supply chain after prescriptions are written by the targeted specialists. While specific distributor names aren't detailed, the consistent growth in net product sales implies efficient execution through this fulfillment layer.

• Net product sales for Q2 2025 were $58.9 million, marking a 76% increase from Q2 2024.
• Total costs and expenses for Q3 2025 were relatively flat compared to the prior year, suggesting disciplined management of cost of product sales within the fulfillment process.

Global Licensing Partners for Ex-US Market Access

Rigel Pharmaceuticals, Inc. uses licensing agreements to access markets outside the US, generating contract revenues. The most recently noted ex-US activity involves TAVALISSE in Asia.

• South Korea: TAVALISSE was commercially launched in July 2025 by JW Pharmaceutical Corporation, the licensing partner of Kissei Pharmaceutical Co., Ltd. (Kissei), Rigel's partner in certain Asian countries.
• Contract revenues from collaborations for the nine months ended September 30, 2025, totaled $57.9 million.
• The 2025 total revenue guidance includes contract revenues from collaborations projected at approximately $60 million.

Medical Conferences and Publications for Clinical Data Dissemination

Disseminating clinical data is key to driving adoption by specialists, which is achieved through presentations at major medical and investor events. Rigel Pharmaceuticals, Inc. actively participated in several key forums through late 2025.

• Rigel presented a company overview at the Jefferies Global Healthcare Conference 2025 on June 4, 2025.
• The company participated in one-on-one meetings and presented at the Cantor Global Healthcare Conference 2025 on September 3, 2025.
• An oral presentation featuring updated data from the R289 Phase 1b study was scheduled for the 67th American Society of Hematology (ASH) Annual Meeting and Exposition in Orlando, FL, December 6 - December 8, 2025.

The company's President and CEO, Raul Rodriguez, presented at the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Customer Segments

You're looking at the patient populations Rigel Pharmaceuticals, Inc. is targeting with its commercial products and development pipeline as of late 2025. The focus is clearly on hematologic disorders and specific oncology indications where their marketed drugs-TAVALISSE, REZLIDHIA, and GAVRETO-are indicated.

The commercial success in the third quarter of 2025 shows the scale of the current customer base being served through these products. Total net product sales for the quarter reached $64.1 million, contributing to an updated full-year 2025 total revenue guidance of $285 to $290 million. Cash on hand as of September 30, 2025, stood at $137.1 million.

Here's a breakdown of the key customer segments based on the products driving revenue:

• Adult patients with chronic Immune Thrombocytopenia (ITP).
• Oncology patients with relapsed/refractory AML (IDH1 mutation).
• Oncology patients with specific genetic mutations (e.g., RET-fusion for GAVRETO).
• Partners in strategic development alliances.

The revenue contribution from the primary patient-facing segments in Q3 2025 was substantial:

For the oncology segments, the clinical data provides insight into the severity and responsiveness of the patient groups Rigel Pharmaceuticals, Inc. is addressing. For instance, the American Cancer Society estimates about 22,010 new cases of AML in the US in 2025, mostly in adults.

Specifically for the REZLIDHIA customer segment (Oncology patients with relapsed/refractory AML with an IDH1 mutation):

• In patients who were primary refractory to first-line treatment or subsequent induction therapy, the Overall Response Rate (ORR) with REZLIDHIA was 50% (23/46 patients).
• Of those responding, 30% (14/46 patients) achieved a Complete Remission or CR with partial hematologic recovery (CR/CRh).
• The median duration of CR/CRh for this group was 17.6 months.
• Final five-year data for R/R mIDH1 AML showed CR/CRh in 35% of 147 efficacy evaluable patients.

For the GAVRETO customer segment (Oncology patients with specific genetic mutations, primarily RET fusion-positive NSCLC):

• Final data from the ARROW study in RET fusion-positive NSCLC showed an Overall Response Rate (ORR) of 70.3% in the measurable disease population (n=259).
• The median Duration of Response (DOR) in this group was 19.1 months.
• RET fusions are implicated in approximately 1-2% of patients with NSCLC.
• In other RET fusion-positive solid tumors, the ORR observed was 46.4% (13/28 patients).

The segment of Global pharmaceutical companies seeking in-licensed assets is reflected in the collaboration revenue, which was $5.4 million in the third quarter of 2025. Rigel Pharmaceuticals, Inc. also has ongoing development activities, such as the Phase 1b study for R289 in lower-risk MDS, in alliance with The University of Texas MD Anderson Cancer Center.

Finance: review Q4 2025 product sales projections against Q3 performance by end of day Tuesday.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Rigel Pharmaceuticals, Inc. ledger as of late 2025. The cost structure is heavily weighted toward advancing the pipeline while supporting a growing commercial footprint for TAVALISSE, GAVRETO, and REZLIDHIA. The primary cost drivers are clearly tied to clinical development and the infrastructure needed to sell the approved products.

High Research and Development (R&D) costs, driven by R289 and olutasidenib.

Research and Development spending is a significant component, reflecting the commitment to clinical programs like the Phase 1b study for R289 in lower-risk MDS, which initiated dose expansion in Q3 2025. This investment is necessary for funding existing and new clinical development programs.

For context on the scale of investment, the total costs and expenses for the nine months ended September 30, 2025, reached $122.184 million. This was up from $114.145 million for the same period in 2024.

The most granular component data available shows the Q1 2025 breakdown, which sets a baseline for these expenditures:

Cost of product sales, which is relatively low due to high pricing power.

The Cost of Product Sales (COGS) remains relatively low, which supports strong gross margins on product revenue. For the third quarter ended September 30, 2025, the Cost of Product Sales was approximately $4.8 million.

Sales, General, and Administrative (SG&A) expenses for commercial infrastructure.

SG&A expenses cover the commercial infrastructure supporting the growing sales of the three marketed products. While the Q3 2025 specific breakdown isn't explicitly itemized in the same way as the Q1 data, the overall trend shows increases in costs, which the company attributes partly to personnel-related costs.

The SG&A for Q1 2025 was $27.715 million.

Personnel-related costs, which have been increasing.

Rigel Pharmaceuticals explicitly noted that higher personnel-related costs contributed to the increase in total costs and expenses for the third quarter of 2025 compared to the prior year period. This increase supports both the commercial team growth and the expanded clinical development activities.

Funding existing and new clinical development programs.

The company confirmed its commitment to funding these programs, stating it anticipates positive net income for the full year 2025 while funding existing and new clinical development programs. The R&D increase in Q3 2025 was driven by the timing of clinical activities related to olutasidenib and R289.

• For the nine months ended September 30, 2025, total costs and expenses were $122.184 million.
• For the third quarter ended September 30, 2025, total costs and expenses were $41.0 million.
• The company raised its full-year 2025 total revenue guidance to approximately $285 to $290 million, signaling confidence in covering these operating expenses through commercial execution.

Rigel Pharmaceuticals, Inc. (RIGL) - Canvas Business Model: Revenue Streams

You're looking at Rigel Pharmaceuticals, Inc.'s (RIGL) revenue picture as of late 2025, and the numbers show a clear shift toward product sales driving the top line. The company updated its full-year 2025 total revenue guidance to approximately $285 million to $290 million in its November 4th report. This guidance is built on two main pillars: product sales and collaboration income. Honestly, the commercial performance has been strong enough to warrant raising the outlook from earlier in the year.

Here's a quick look at the components making up that updated 2025 revenue expectation. Note that the contract revenue projection is a consolidated figure, and we'll break down the sources next.

A significant, one-time event impacted the contract revenue stream in the second quarter of 2025. Rigel Pharmaceuticals, Inc. recognized $40 million in non-cash contract revenue from Eli Lilly and Company (Lilly). This recognition stemmed from the release of the remaining cost share liability related to the ocadusertib collaboration, following Rigel's decision not to exercise its opt-in right for the non-CNS disease program. What this estimate hides is the timing-it was a large, non-recurring item in Q2.

The collaboration revenue, which is projected around $60 million for the year, is comprised of several elements beyond that Lilly non-cash event. You need to keep an eye on these specific streams:

• Contract revenues from collaborations, excluding the Lilly non-cash item, were projected at approximately $20 million for the full year, based on earlier guidance that included $15 to $18 million, which was later updated.
• Royalties and milestone payments from ex-US licensing partners like Kissei Pharmaceutical Co., Ltd. and Medison Pharma Trading AG.
• For the nine months ended September 30, 2025, contract revenues totaled $57.9 million, which included $40.0 million from the Lilly non-cash recognition in Q2.
• In the third quarter alone, contract revenues were $5.4 million, which included revenue from Grifols, Kissei (milestone payment and supplies), and Medison.

To be fair, the product sales are the core, with Q3 2025 net product sales hitting a record $64.1 million, driving the overall updated 2025 net product sales guidance to the $225 million to $230 million range.

Finance: draft 13-week cash view by Friday.