Great. Thank you, Farzan, and thanks, Jefferies, again for having us to your conference this year, and thank you all for your interest in Rigel. So excited to tell you the story today. Before I get started, I just want to highlight that I'll be making some forward-looking statements, so I'd encourage you to look at our Rigel.com site, and in particular, our SEC filings. Also encourage you to look at our complete corporate deck that's there, so lots of great news with the company. I'll move through this fairly quickly, but there's a lot more in that corporate deck, so again, encourage you to take a look at that. Growing our hematology and oncology business, so really three pillars to the story. A great 2024 for us and a really nice setup for 2025, and I'll describe that.
From a commercial execution perspective, we now have three products that we're selling. Tavalisse, which we launched about six years ago. Rezlidhia, where about two years ago we in-licensed this asset from Forma. And then Gavreto most recently. Q3 was the first full quarter of sales, a Blueprint Medicines-developed asset that Genentech, Roche was distributing. So really nice commercial traction. I'll describe some 44% year-over-year growth and really some meaningful revenues from that suite of products. From a development and expansion perspective, again, we're in a position where we've got great opportunities ahead of us, both with olutasidenib in AML, MDS in glioma, as well as opportunities with our IRAK1/4 program, where we're doing work in low-risk MDS now. In licensing and product acquisition continues to be an opportunity for the company. We have a great commercial base. We have a great MSL base, our managed care.
Just generally, our operations are such that we can nicely absorb assets like the Rezlidhia asset, like the Gavreto asset. We think there continues to be opportunities for us in that area. And then wrapped around all of that is financial discipline. We've done a really nice job getting to a point where in Q3 we had $12.4 million of GAAP net income. Year to date, we have GAAP net income. So we're really at that point where we're leveraging that commercial organization. Our revenues are growing, and we've got some opportunity to invest in some of these pipeline assets into the future. The sales growth I described, $38 million, almost $39 million of net product sales for Q3, a 44% year-over-year increase. Similar type of increase for the quarters preceding this third quarter.
From a Tavalisse perspective, Tavalisse is indicated for adults with chronic ITP who've had an insufficient response to a previous treatment, typically steroids, and that our label's comparable to the others in the marketplace. From an opportunity perspective, the ITP market continues to grow. It grows for Rigel. It grows across the industry. At any given time, there's about 81,000 patients who have chronic ITP. 37,000 or so are in watchful waiting. About 20,000 are on steroids, often high-dose steroids, which is not a sustainable therapy. And then about 24,000 of those patients are in the active treatment, really the addressable population at any given time. Again, this is cycling. These patients cycle through these areas. Rigel's made nice progress, really penetrating the second through the fifth line. And there continues to be just great opportunities in this marketplace for the company.
From a sales performance perspective, the key measure, the 2,797 bottles shipped to patients and clinics, 16% year-over-year growth, that's really our key demand metric. It strips out the inventory fluctuation. That's our eighth quarter in a row that we've had record levels of this key measure for the company. $26.3 million of Q3 revenue. Really nice foundational revenue base for the business. The opportunity outside the US is well established. We've got great collaboration partners with Grifols in Europe, Kissei in Japan and Asia, and then Medison in Canada, as well as Israel, where we have launch products. Then Knight, who's working on Latin America to establish opportunities there. From a Rezlidhia perspective, Rezlidhia is indicated in IDH1 positive relapse refractory AML. From a disease background state, as you know, AML, a terrible disease of very aggressive.
About 20,000 patients will be diagnosed in the U.S. Over half of them, over 11,000, will succumb to their disease. The IDH1 mutation is well understood, well characterized. The testing rates are good, so the population that Rezlidhia works in is well identified. Where we fall is in this relapse refractory group, these two orange baskets, and there's about 1,000 patients a year in those areas, so significant unmet medical need, a drug that works effectively, and a good market opportunity for Rigel. From a performance perspective, again, we launched Rezlidhia almost two years ago now. We're seeing 100% year-over-year growth across essentially all the measures, the bottles shipped to patients and clinics, as well as the net sales at $5.5 million. From a global perspective, we announced in Q3 that we're extending our collaboration with Kissei.
Kissei now has the rights to Japan, the Republic of Korea, and Taiwan. We had $10 million upfront. And then we'll receive product transfer payments on drug supply to them, as well as the potential for future milestones. Gavreto, our most recently acquired asset, RET fusion-positive non-small cell lung cancer and advanced thyroid cancer indications. Again, this was a Blueprint Medicines asset that Genentech, Roche distributed. From an opportunity in the marketplace perspective, we have a community-based field sales force. We also have, and they're focused on, with ITP, AML, and lung cancer, they're focused on addressing the community-based physicians. And we also have an institutional business manager group, nine field sales representatives who call on the academic centers. And what we have with Gavreto is the opportunity to really leverage that sales force.
When we look at the non-small cell lung cancer treatment landscape, about 25% of patients are still getting multikinase inhibitors as well as chemotherapy with checkpoint inhibitors. The data suggests that that's not an optimal treatment paradigm, and those patients could be better served with a RET inhibitor. As you then look, so there's an opportunity there for Rigel as we're out discussing the product with physicians. Similarly, in the RET inhibitor market, we have about 15%, and the competitive product has 60%, so there's opportunity for us there, so during the third quarter, our teams did a great job in transitioning patients from the old distribution partner to Rigel, and now really the fourth quarter is really that time where Rigel has the opportunity to capture opportunity across these other two areas of the non-small cell lung cancer treatment.
From a performance perspective, we launched, we made product available the last couple of days of June. So the $1.9 million of product revenue, net product sales you see on the right here, that's really just inventory stocking. The $7.1 million is Q3 product sales. Remind you that Genentech last year reported $28 million of full-year sales for Gavreto. So the $7 million, a quarter of that, is suggestive that we've done a nice job in bringing those patients over. Again, we'll continue to look to bring over any more patients and expand the market from there. Moving on to our clinical development programs, we do look to expand the hematology and oncology pipeline. Starting on the right, and as I've described with the assets we've acquired and in-licensed, we still think there's great opportunity for Rigel to acquire differentiated assets in hematology, oncology, and related areas.
We're looking at late-stage programs. And it could also be launch products like in the Gavreto situation. And then synergistic to our in-house capabilities. We brought in Rezlidhia and Gavreto under very attractive terms for Rigel. So that's been very beneficial in driving that financial success we're seeing. From a development opportunity, some real exciting developments and continued opportunities in development. For olutasidenib, I'll describe collaborations we have with both MD Anderson and CONNECT, where we're looking at a broad range of IDH1 positive cancers with MDS, AML, as well as glioma. We'll discuss our IRAK1/4 inhibitor program. And with fostamatinib, we'll continue to support investigator-sponsored studies. Starting with the strategic alliance with MD Anderson, lots of opportunities with olutasidenib. And we entered into a collaboration agreement with MD Anderson. Very time-efficient, cost-efficient. And these open-label trials, we'll be able to see data. MD Anderson has the patients.
We've got a great suite of trials that we've got planned. And we'll look to leverage this information, see this data as we consider our next steps for Rigel-led phase II registrational trials. The first trial where we've enrolled the first patient is in AML. It's a combination therapy with olutasidenib and decitabine and venetoclax. So an all-oral combination. So we're excited to have that started. We'll also do combination therapies in higher-risk MDS and MPN, and then monotherapy olutasidenib work in CCUS, as well as lower-risk MDS, as well as a maintenance trial. So again, a broad suite, great collaboration partner. We're excited to work with MD Anderson on this. In a similar vein, we have a collaboration with CONNECT. So CONNECT, they have a targeted trial that's looking at high-grade gliomas. And so we're getting ready to initiate a trial with them.
Gliomas account for about a third of the CNS tumors in adolescents and young adults. About a third are high-grade. And high-grade gliomas are one of the leading causes of cancer death in adolescents and young adults. 36% of those high-grade gliomas have IDH1 positive mutations. And Forma had done work as single agent looking at olutasidenib in this patient population. And there was nice safety and preliminary efficacy that really gave us the confidence to work with CONNECT and also consider what our next steps are in glioma. So we're excited about this study. The phase II, we'll study post-radiation radiotherapy maintenance in combination with temozolomide. And then it'll move to a olutasidenib alone maintenance therapy. So excited to get this started with CONNECT. As we look at our IRAK1/4 inhibitor program, this is a Rigel developed program.
We're starting in lower-risk MDS, where we think that the dysregulation of the immune and inflammatory signaling, that there's a unique opportunity for this product, this mechanism of action to impact lower-risk MDS. So with lower-risk MDS, difficult to treat all. I've got a slide on the current treatment landscape. But IRAK1/4 are downstream signaling in the downstream signaling pathway to IL-1 and the TLR, the Toll-like receptors. And so there's a mechanism to reduce the inflammatory process that we believe can have an impact in lower-risk MDS. We've done a couple of studies. One was an in vitro study where we looked at an IRAK1/4, which is our compound. We may be the only one who's developing an IRAK1/4 program versus an IRAK4 alone program.
What we saw when we compared in vitro is we saw more complete cytokine suppression, which we believe is a really important tool across a broad range of capabilities. We then did a study in R835. And you may see R289, which is a prodrug that converts to R835 in the gut. But we did a study with R835 a while ago with healthy volunteers. We introduced LPS. We had the cytokine spike, and we showed in a placebo-controlled way that there was a reduction utilizing our IRAK1/4 inhibitor program, so very encouraged by this as a foundation to go into lower-risk MDS. In lower-risk MDS, the treatment landscape, high unmet need, typically an elderly population, and this population's facing progressive cytopenias, infections, iron overload, and can progress to AML. You see the current treatment paradigm with initial therapies. This is a high transfusion burden population.
So you've got the ESAs and transfusions. You have post-ESA and ESA ineligible. You've got the two approved drugs. And then beyond that, in recurrent refractory disease, you've got the HMAs, long-standing drugs. The data suggests that the response rates are not great with HMAs. And that's really where our current dose range finding study is post these therapies. So a difficult-to-treat population. And I'll describe the dose range finding in a second here. So we think that this landscape with that mechanism of action I described is a great place for us to start with respect to the IRAK1/4 program. This is the setup of our dose range finding study that will ultimately convert into a dose expansion study. We are in the fifth level. We're in the process of wrapping up completion of that enrollment. Primary endpoints, looking for adverse events, dose-limiting toxicities.
And then the secondary endpoints were that transfusion independence, a key measure, hematopoietic or hematologic improvement, and then the typical PK and PD data. On Tuesday of last week, we had a press release, and ASH put out their abstracts. We'll have a poster on this data. The abstract showed data through July 15th. The poster will have data through October 25th. So you have three plus months of incremental data. So we're excited to share that data at ASH in December. This program, we're quite excited about the possibilities here. This is a quick overview of the abstracts. We've got the R289 that I just described. We've got four abstracts across olutasidenib, and we've got one, which is a real-world experience for Tavalisse. So a nice suite across all of our products. Rigel developed the Syk inhibitor that became the foundation of fostamatinib and Tavalisse.
We have the IRAK1/4 program I described. It's internally discovered and developed. Similarly, we have a RIPK1 program that we partnered to Lilly a couple of years plus now ago. And Lilly's pursuing in immune diseases. They have a phase IIa clinical trial going on in RA. So we'll look to see some results in 2025, as well as they have a basket of potential assets for CNS penetrant disease and look to identify lead candidate and provide updates on next steps there. And we look forward to hearing that. Lilly's really been a great partner here. Partnering this, moving forward the IRAK1/4 program internally is really a quality way to strategically invest in both of these programs.
From a financial perspective, $55 million of total revenue in the quarter, the $38 million-$39 million of net product sales I described, $16 million of contract revenues from collaborations, $10 million of that's that one-time Kissei Rezlidhia in-license. But the remainder, the $6 million plus remainder is royalties as well as product transfer pricing on product sales to Kissei, Grifols, and Medison. So real nice top line and a quality top line. From an expense perspective, we're doing a great job maintaining expenses. We had $12.4 million of net income in the quarter. Again, if you strip out the $10 million, it's $2.4 million. We had a $1 million loss last quarter. That growing revenues, the control of the operating expenses put us in a position where we're in a strong financial position. From a cash perspective, similarly, we ended June with $49 million of cash.
And in the end of September, we had $61 million. Really, that $12 million or so increase that you see in that net income line. So this is a foundation of the business. We're in a nice position. What are the value drivers from 2024? We did a nice job growing product sales for Tavalisse, Rezlidhia, and adding Gavreto. We'll look to do the same in 2025. Advance our development programs, completing the phase I-B and moving into the dose expansion cohort in lower-risk MDS is a priority for us. Initiating the trials across the CONNECT and MD Anderson collaborations is also a priority that has started and will accelerate in the upcoming quarters. And then evaluating our clinical development opportunities for olutasidenib and R289.
So part of the initiative for 2025 will be for us to finalize plans and communicate to you all, but communicate our plans with respect to moving forward with Rigel-led olutasidenib and R289 programs. We'll continue to look for in-license product acquisition opportunities. And that financial discipline is foundational to how we operate the company. And we'll continue to do that. So in summary, with these commercial products as a foundation, we're well-positioned to drive growth. The commercial portfolio, advancing the development opportunities, and we've got that financial engine to move all of this along. So that's it. With that, let's see if there's a couple of questions. Any questions? And we're always available for questions. So as you travel home and you have any questions for us, please do reach out. Thanks, everybody.
For the MDS, what could be the next development step? Can you go to the regulatory steps to have the next step?
Yeah. So the next steps are we'll move through the dose range finding. And once we get to a point where we've selected the dose or doses to move forward in the dose expansion, we'll move into the dose expansion phase. That will then give us the opportunity to then develop and describe the path towards registration. And all along through this process, we're working with kind of the scientific advisors as well as the agency. Thanks, everybody.