Rigel Pharmaceuticals, Inc.
RIGL Healthcare Biotechnology
Rigel Pharmaceuticals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $294.3 million, up 64.1% from fiscal 2024. In the quarter to June 2026, revenue fell 22.6%, EPS fell 72.1%, free cash flow fell 230.0% and total debt fell 66.6%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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Rigel Pharmaceuticals, Inc. (RIGL) Beneish M-score
Rigel Pharmaceuticals, Inc.'s Beneish M-score for fiscal 2025 is 0.78; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | 0.78 | 3.09 |
| FY2024 | −2.31 | 1.17 |
| FY2023 | −3.48 | (3.53) |
| FY2022 | 0.06 | 3.40 |
| FY2021 | −3.35 | (2.17) |
| FY2020 | −1.18 | (11.87) |
| FY2019 | 10.69 | 13.00 |
| FY2015 | −2.31 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 0.96 | — | 0.51 | |
| Asset quality index Asset quality not computable — index set to 1 | 1.00 | — | Set to 1 | 0.40 |
| Sales growth index | 1.64 | — | 1.46 | |
| Depreciation index Depreciation not reported — index set to 1 | 1.00 | — | Set to 1 | 0.12 |
| SG&A index | 0.62 | — | −0.11 | |
| Total accruals to total assets | 0.57 | — | 2.65 | |
| Leverage index | 0.34 | — | −0.11 | |
| Beneish M-score | Flagged by the model | 0.78 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| KURA Kura Oncology, Inc. compare | −1.3× |
| RIGL Rigel Pharmaceuticals, Inc. | 0.8× |
| GLUE Monte Rosa Therapeutics, Inc. compare | 34.9× |
| ALMS Alumis Inc. compare | — |
| ANRO Alto Neuroscience, Inc. compare | — |
| MLTX MoonLake Immunotherapeutics compare | — |
| AKTS Aktis Oncology, Inc. compare | — |
| CGEM Cullinan Therapeutics, Inc. compare | — |
| JBIO Jade Biosciences, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI