RIGEL PHARMACEUTICALS INC Segments Disclosure
15. SEGMENT INFORMATION
The following table presents segment information for the periods presented:
Year Ended December 31, | |||||||||
| 2024 |
| 2023 |
| 2022 | ||||
(in thousands) | |||||||||
Total Revenues | $ | 179,278 | $ | 116,882 | $ | 120,242 | |||
Less: | |||||||||
Employee related expenses | 69,807 | 63,429 | 69,477 | ||||||
Commercial related expenses | 26,996 | 24,310 | 23,846 | ||||||
Cost of product sales | 18,647 | 7,110 | 1,749 | ||||||
Consultants and third-party services | 15,532 | 17,942 | 22,218 | ||||||
Outside clinical trial related expenses | 10,978 | 9,694 | 29,981 | ||||||
Other segment items | 13,126 | 14,888 | 28,521 | ||||||
Interest expense, net | 5,826 | 4,600 | 3,023 | ||||||
Provision for income taxes | 881 | — | — | ||||||
Segment income (loss) | $ | 17,485 | $ | (25,091) | $ | (58,573) | |||
There is no reconciling items or adjustments between segment income (loss) presented above and net income (loss) as presented in our statements of operations. The CODM does not review assets in evaluating the segment results and therefore such information is not presented.
For details of revenues disaggregated by category, see “Note 3 – Revenues”.
Employee related expenses primarily comprised salaries, employee benefits, other employee related expenses and stock-based compensation expense. For details of stock-based compensation expense, see “Note 6 – Stock-Based Compensation.”
Other segment items for the periods presented primarily comprised travel related expenses, business insurance, taxes and licenses, and facility related expenses. Other segment items for the year ended December 31, 2022 also include restructuring costs and IPR&D.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.