RHYTHM PHARMACEUTICALS, INC.

Listed Company

RYTMCIK 0001649904NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$189.76M

Net Income

$-196.54M

Total Assets

$480.20M

Equity

$139.07M

Shares Out

68.29M

Op. Cash Flow

$-115.67M

Business

Rhythm Pharmaceuticals, Inc. develops and commercializes precision MC4R agonist therapies to treat hyperphagia and severe obesity in rare MC4R pathway diseases. Its lead product IMCIVREE (setmelanotide) is marketed for select genetic MC4R pathway indications; the company also advances RM-718 and bivamelagon and runs genetic testing and patient-finding programs and early-stage programs. The company operates clinical development, commercial, sequencing/patient identification, and licensing/manufacturing and global commercialization functions. It markets and seeks access in the United States, EU, UK, Canada, Japan and other regions through specialty pharmacies, field teams and third-party distributors.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	190	130	77	24	—
Cost of sales	19	13	9	2	599,000
Research and development	167	238	135	109	104
Selling, general, and administrative	195	144	118	92	68
Total costs and expenses	382	396	262	203	173
Loss from operations	−192	−266	−184	−179	−170
Other income, net	1	2	190,000	−790,000	100
Gain on settlement of forward contract	0	9	0	—	—
Interest expense	−21	−21	−14	−5	—
Interest income	15	15	14	4	447,000
Total other income (expense), net	−4	5	243,000	−2	100
Loss before income taxes	−196	−260	−184	−181	−70
Provision for income taxes	497,000	346,000	564,000	—	—
Net loss	−197	−261	−185	−181	−70
Accrued dividends on convertible preferred stock	−5	−4	0	—	—
Net loss attributable to common stockholders	−202	−265	−185	−181	—
Net loss per share attributable to common stockholders, basic (in dollars per share)	−3.11	−4.34	−3.2	−3.47	−1.4
Net loss per share attributable to common stockholders, diluted (in dollars per share)	−3.11	−4.34	−3.2	−3.47	−1.4
Weighted-average common shares outstanding, basic (in shares)	65	61	58	52	50
Weighted-average common shares outstanding, diluted (in shares)	65	61	58	52	50
Foreign currency translation adjustment	−1	2,000	−140,000	—	—
Unrealized (loss) gain, net on marketable securities, net of tax	504,000	−175,000	366,000	−91,000	−1,000
Comprehensive loss	−203	−265	−184	−181	−70

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-02-28	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	54	—	89	60	128
Short-term investments	335	—	231	216	206
Accounts receivable, net	26	—	19	15	6
Inventory	26	—	19	9	3
Prepaid expenses and other current assets	26	—	16	9	12
Total current assets	467	—	374	308	354
Property and equipment, net	1	—	632,000	1	2
Right-of-use asset	3	—	3	781,000	1
Intangible assets, net	5	—	6	7	8
Restricted cash	522,000	—	464,000	328,000	328,000
Other long-term assets	3	—	7	15	17
Total assets	480	—	392	333	382
Accounts payable	14	—	12	5	5
Accrued expenses and other current liabilities	84	—	63	48	33
Other current liability - LG Chem	0	—	38	—	—
Deferred revenue	194,000	1	1	1	1
Deferred royalty obligation, current	7	—	2	—	—
Lease liability	650,000	—	0	770,000	684,000
Total current liabilities	106	—	116	55	40
Deferred royalty obligation	101	—	108	106	—
Lease liability, non-current	3	—	4	490,000	1
Derivative liability	0	—	0	1	1
Total liabilities	210	—	228	163	118
Commitments and contingencies (Note 12)	—	—	—	—	—
Series A convertible preferred stock, $0.001 par value: 150,000 shares authorized; 132,500 and 150,000 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively. Liquidation preference of $132,500 and $150,000 as of December 31, 2025, and December 31, 2024, respectively.	131	—	143	—	—
Common stock, $0.001 par value: 120,000,000 shares authorized; 67,205,321 and 62,390,654 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	67,000	—	61,000	59,000	56,000
Additional paid-in capital	1,492	—	1,177	1,064	974
Accumulated other comprehensive (loss) income	−796,000	—	−39,000	134,000	−92,000
Accumulated deficit	−1,400	—	−1,155	−895	−710
Total stockholders equity	139	—	22	170	264
Total liabilities, convertible preferred stock and stockholders equity	480	—	392	333	382

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−197	−261	−185	−181	−70
Stock-based compensation expense	67	40	33	20	21
Depreciation and amortization	1	2	2	2	1
Non-cash interest expense	21	21	13	5	—
Non-cash accretion & amortization of short-term investments	−7	−8	−10	−2	—
Non-cash rent expense	428,000	400,000	401,000	−267,000	−250,000
Change in fair value of embedded derivative liability	−910,000	−1	−190,000	−250,000	—
Acquired IPR&D assets classified as investing activities	0	92	6	—	—
Other non-cash items	90,000	0	0	—	—
Accounts receivable	−8	−4	−9	−5	−1
Inventory	−7	−10	−6	−3	−11,000
Prepaid expenses and other current assets	−6	−6	3	498,000	−3
Deferred revenue	−1	0	−148,000	−7	—
Other long-term assets, net	−397,000	8	2	−5	−12
Accounts payable, accrued expenses and other liabilities	22	22	15	2	18
Net cash used in operating activities	−116	−114	−136	−173	−146
Purchases of short-term investments	−349	−268	−355	−252	−525
Maturities of short-term investments	252	261	355	284	361
Acquisition of IPR&D assets	−40	−41	−6	—	—
Purchases of property and equipment	−953,000	0	−47,000	−281,000	−434,000
Net cash used in investing activities	−137	−48	−6	28	−62
Repayment of deferred royalty obligation	−20	−13	−7	—	—
Proceeds from issuance of common stock upon completion of public offering, net of offering costs	189	0	0	—	—
Proceeds from the exercise of stock options	14	16	7	10	4
Proceeds from issuance of common stock from ESPP	2	1	1	626,000	621,000
Net proceeds from issuance of common stock	34	39	49	131	162
Proceeds from royalty financing agreement, net of issuance costs	0	0	24	72	—
Gain on settlement of forward contract	0	9	0	—	—
Proceeds from Series A Preferred Stock, net of issuance costs	0	139	0	—	—
Net cash provided by financing activities	218	191	74	214	166
Effect of exchange rates on cash	87,000	2,000	−142,000	—	—
Net increase (decrease) in cash, cash equivalents and restricted cash	−35	29	−68	68	−42
Non-current liability issued in exchange for the acquisition of IPR&D	0	34	0	—	—
Issuance of common stock in exchange for IPR&D	0	19	0	—	—

Filings

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