What Rigel Pharmaceuticals, Inc. told the SEC could break it.

Rigel's revenue flows through a few large pharmaceutical distributors — McKesson ~42% and Cencora ~19% of 2025 net product sales and collaboration revenues (Lilly ~14% via collaboration) — so ~61% comes from two distributors alone.

“McKesson Corporation 42% 45% Cencora Inc. 19% 20% Cardinal Health, Inc. * 13% Lilly 14% —% Kissei * 11%”

Rigel has no in-house manufacturing and relies entirely on third-party contract manufacturers for raw materials, API and finished drug product for commercial distribution and clinical use; supply interruptions could materially affect operations.

“We lack the capability to manufacture compounds for clinical development, and we rely on and intend to continue relying on third parties for commercial supply, manufacturing and distribution if any of our product candidates which receive regulatory approval”

Rigel's facilities are concentrated in the San Francisco Bay Area near known earthquake fault zones and are vulnerable to significant earthquake (and fire/flood/power) damage that could force it to cease or curtail operations.

“Our facilities are located in the San Francisco Bay Area near known earthquake fault zones and are vulnerable to significant damage from earthquakes.”

With commercial products (TAVALISSE, REZLIDHIA, GAVRETO), Rigel is exposed to IRA drug-pricing reforms — inflation rebates on Medicare Part B/D products, the $2,000 Part D out-of-pocket cap with new manufacturer discount obligations, and elimination of the Medicaid rebate cap.

“the IRA imposes inflation rebates on drug manufacturers for products reimbursed under Medicare Parts B and D if the prices of those products increase faster than inflation; implements changes to the Medicare Part D benefit that include capping the beneficiary annual out-of-pocket spending at $2,000 (adjusted annually for inflation), while imposing new discount obligations for pharmaceutical manufacturers”