RHYTHM PHARMACEUTICALS, INC. RYTM
We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. We are focused on advancing melanocortin-4 receptor (MC4R) agonists, including our lead asset, IMCIVREE® (setmelanotide), as precision medicines designed to treat hyperphagia and severe obesity caused by rare MC4R pathway diseases. While obesity affects hundreds of millions of people worldwide, we are developing therapies for a subset of individuals who have hyperphagia, a pathological, insatiable hunger and impaired satiety accompanied by persistent and abnormal food-seeking behaviors, decreased energy expenditure and severe obesity due to diseases such as acquired or congenital hypothalamic obesity, Bardet-Biedl syndrome (BBS), Prader-Willi syndrome (PWS) and other diseases caused by impaired MC4R pathway signaling. The MC4R pathway is a neuro-endocrine pathway in the brain that is responsible for regulating hunger, caloric intake and energy expenditure, which consequently affect body weight. IMCIVREE, our most advanced MC4R agonist for which we hold worldwide rights, is the first-ever therapy that is marketed in the United States, European Union (EU), United Kingdom, Canada and several other countries and regions for certain rare MC4R pathway diseases, including BBS. We also are developing two earlier-stage investigational MC4R agonists, bivamelagon (formerly LB54640), an oral small molecule, and RM-718, designed for weekly subcutaneous administration. These investigational assets, for which we possess global rights, are specifically designed to exhibit high selectivity for MC4R while functionally sparing MC1R. As a result, they are not expected to induce hyperpigmentation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $189.8M | $130.1M | $77.4M | $23.6M | $3.2M | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | $19.5M | $13.4M | $9.3M | $2.1M | $599.0K | — | — | — | — | — |
| Gross profit | $170.3M | $116.8M | $68.1M | $21.5M | $2.6M | — | — | — | — | — |
| R&D | $167.3M | $238.0M | $135.0M | $108.6M | $104.1M | $90.5M | $109.5M | $50.3M | $22.9M | $19.6M |
| SG&A | $194.9M | $144.3M | $117.5M | $92.0M | $68.5M | $46.1M | $36.5M | $28.1M | $9.5M | $6.3M |
| Total operating expenses | $381.8M | $395.6M | $261.8M | $202.8M | $173.2M | $136.6M | $146.0M | $78.4M | $32.4M | $25.9M |
| Operating income | -$192.0M | -$265.5M | -$184.4M | -$179.2M | -$170.1M | -$136.6M | -$146.0M | -$78.4M | -$32.4M | -$25.9M |
| Interest expense | $20.6M | $20.6M | $13.9M | $5.2M | — | — | — | — | — | — |
| Pre-tax income | -$196.0M | -$260.3M | -$184.1M | -$181.1M | -$69.6M | — | — | — | — | — |
| Income tax | $497.0K | $346.0K | $564.0K | — | — | — | — | — | — | — |
| Net income | -$196.5K | -$260.6K | -$184.7K | -$181.1K | -$69.6K | -$134.0M | -$140.7M | -$74.1M | -$33.7M | -$25.9M |
| EPS, basic | -3.11 | -4.34 | -3.20 | -3.47 | -1.40 | -3.04 | -3.86 | — | — | — |
| EPS, diluted | -3.11 | -4.34 | -3.20 | -3.47 | -1.40 | -3.04 | -3.86 | -2.39 | -2.83 | -2.85 |
| Shares, diluted (wtd. avg.) | $65.0M | $61.0M | $57.7M | $52.1M | $49.6M | $44.1M | $36.4M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $54.3M | $89.1M | $60.1M | $127.7M | $59.2M | $100.9M | $62.3M | $49.9M | $34.5M | $6.8M |
| Short-term investments | $334.6M | $231.4M | $215.8M | $205.6M | $235.6M | $71.9M | $230.2M | — | — | — |
| Receivables | $26.1M | $18.5M | $14.9M | $6.2M | $1.0M | — | — | — | — | — |
| Inventory | $25.8M | $18.7M | $8.6M | $2.9M | $111.0K | — | — | — | — | — |
| Total current assets | $466.9M | $374.2M | $308.3M | $354.2M | $308.4M | $181.7M | $302.4M | $258.7M | $150.7M | $11.2M |
| Property, plant and equipment | $1.1M | $632.0K | $1.3M | $2.2M | $2.8M | $3.2M | $3.7M | $1.1M | $840.0K | $930.0K |
| Other intangibles | $5.3M | $6.2M | $7.0M | $7.9M | $4.7M | — | — | — | — | — |
| Total assets | $480.2M | $392.3M | $332.7M | $382.5M | $329.5M | $187.1M | $308.5M | $260.2M | $151.7M | $12.3M |
| Accounts payable | $13.9M | $12.3M | $4.9M | $4.8M | $5.7M | $4.9M | $10.4M | $7.6M | $2.4M | $1.9M |
| Short-term debt | $7.3M | $1.5M | — | — | — | — | — | — | — | — |
| Total current liabilities | $105.9M | $115.5M | $55.2M | $39.8M | $43.4M | $18.0M | $24.4M | $13.6M | $6.7M | $4.7M |
| Long-term debt | $100.9M | $108.3M | $106.1M | — | — | — | — | — | — | — |
| Total liabilities | $210.2M | $227.7M | $163.0M | $118.2M | $45.4M | $20.5M | $27.5M | $14.0M | $6.9M | $5.0M |
| Retained earnings | -$1.35B | -$1.16B | -$894.7M | -$710.1M | -$528.9M | -$459.3M | -$325.3M | -$184.6M | -$110.3M | -$76.5M |
| Total equity | $139.1M | $21.7M | $169.8M | $264.3M | $284.2M | $166.5M | $281.0M | $246.3M | $144.8M | -$32.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$115.7M | -$113.9M | -$136.2M | -$173.4M | -$146.0M | -$122.0M | -$122.8M | -$62.1M | -$29.5M | -$23.2M |
| Depreciation and amortisation | $500.0K | $700.0K | $900.0K | $896.0K | $816.0K | $690.0K | $834.0K | $442.0K | $223.0K | $144.0K |
| Stock-based compensation | $66.8M | $39.7M | $32.6M | $19.8M | $20.8M | $17.5M | $11.9M | $6.4M | $2.3M | $1.2M |
| Capital expenditure | $953.0K | $0 | $47.0K | $281.0K | $434.0K | $214.0K | $3.4M | $722.0K | $133.0K | $1.1M |
| Investing cash flow | -$137.2M | -$48.2M | -$5.7M | $28.0M | -$62.2M | $158.5M | -$28.0M | -$87.1M | -$110.0M | -$5.1M |
| Financing cash flow | $218.0M | $191.2M | $74.4M | $213.8M | $166.5M | $2.0M | $163.5M | $164.7M | $167.2M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-028375.
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