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RYTM

Rhythm Pharmaceuticals, Inc.

RYTM

Rhythm Pharmaceuticals, Inc. • NASDAQ
$109.09 ▲ 1.55% (+1.67)
Market Cap $7.28 B
52w High $116.00
52w Low $45.91
Dividend Yield 0%
P/E -35.19
Volume 443.69K
Outstanding Shares 66.74M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $51.298M ▲ $98.452M ▲ $-52.904M ▼ -103.131% ▼ $-0.82 ▼ $-47.747M ▼
Q2-2025 $48.502M ▲ $88.255M ▲ $-46.632M ▲ -96.144% ▲ $-0.75 ▲ $-40.099M ▲
Q1-2025 $32.704M ▼ $76.06M ▼ $-49.498M ▼ -151.352% ▼ $-0.81 ▼ $-43.626M ▼
Q4-2024 $41.83M ▲ $79.298M ▲ $-43.292M ▲ -103.495% ▲ $-0.72 ▼ $-37.552M ▲
Q3-2024 $33.251M $73.308M $-43.641M -131.247% $-0.71 $-38.358M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $416.052M ▲ $506.874M ▲ $358.057M ▼ $148.817M ▲
Q2-2025 $291.03M ▼ $372.733M ▼ $384.641M ▲ $-11.908M ▼
Q1-2025 $314.488M ▼ $386.685M ▼ $223.596M ▼ $163.089M ▼
Q4-2024 $320.565M ▲ $392.273M ▲ $227.724M ▲ $164.549M ▲
Q3-2024 $298.39M $363.572M $210.876M $152.696M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-52.904M ▼ $-26.622M ▼ $-246.347M ▼ $189.301M ▲ $-83.364M ▼ $-26.622M ▼
Q2-2025 $-46.632M ▲ $-23.313M ▲ $54.035M ▲ $-889K ▼ $29.554M ▲ $-23.313M ▲
Q1-2025 $-49.498M ▼ $-40.351M ▼ $24.812M ▲ $32.499M ▼ $16.958M ▼ $-40.351M ▼
Q4-2024 $-43.292M ▲ $-18.845M ▲ $21.157M ▲ $38.328M ▲ $41.618M ▲ $-18.845M ▲
Q3-2024 $-43.641M $-25.215M $-90.818M $2.492M $-114.148M $-25.215M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
License
License
 $0 ▲$-10.00M ▼$-10.00M ▲$-10.00M ▲
Product
Product
 $100.00M ▲$40.00M ▼$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Rhythm is still in the “build and invest” stage rather than the “profit” stage. Revenue has grown from almost nothing to a modest but clearly rising level, reflecting early commercial traction for its lead drug. However, operating losses and net losses remain large relative to sales, and they have stayed broadly persistent over the past few years. In simple terms: the company is successfully turning science into some sales, but the business is a long way from covering its operating and R&D costs with that revenue. Profitability is not yet in sight, and results remain highly sensitive to how fast sales can scale and how much the company continues to spend on development and commercialization.

Balance Sheet

Balance Sheet The balance sheet looks typical for a clinical and early commercial biotech. The company holds a meaningful cash position, total assets have generally trended upward, and shareholder equity is positive, although it has edged down from earlier peaks. Notably, the company carries no financial debt, which reduces financial risk and interest burden but also means it has relied mostly on equity financing. The key question is how long the existing cash can support ongoing losses and R&D before additional funding is needed, especially if commercialization ramps more slowly than hoped.

Cash Flow

Cash Flow Rhythm consistently uses cash rather than generating it. Operating cash flow has been negative every year, reflecting the cost of R&D, clinical trials, and commercial build‑out. The pattern shows cash burn that increased for a time and has recently improved somewhat, but it is still clearly negative. Capital spending is minimal, so free cash flow essentially mirrors operating cash flow. Overall, the company is cash‑consumptive: it depends on its cash reserves and periodic capital raises to fund its strategy, and future cash needs will hinge on both R&D pace and how quickly revenue can grow.

Competitive Edge

Competitive Edge Rhythm has carved out a focused niche in rare genetic forms of obesity, rather than competing head‑on in the broad weight‑loss market. Its main drug, IMCIVREE, is a first‑in‑class therapy for very specific genetic conditions and benefits from orphan drug protections and a head start with specialists and patient groups. The company’s free genetic testing program and deep expertise in the MC4R pathway make it harder for new entrants to catch up in this narrow field. At the same time, its addressable market is relatively small and complex to find and treat, and large pharma players dominate the broader obesity space. Rhythm’s advantage is depth and specialization, not size, so its long‑term position will depend on how well it can expand indications and maintain its scientific edge.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Rhythm’s strategy and its main asset. The company is extending its MC4R expertise with new formulations: an oral daily drug, a more convenient weekly injectable, and ongoing efforts to broaden IMCIVREE’s approved uses. It is also diversifying its science with a program targeting a different hormone pathway (GOAT inhibition) for Prader‑Willi syndrome. This pipeline shows ambition and could substantially enlarge its patient base over time if trials succeed and regulators agree. However, these programs are expensive, take years to prove out, and carry high clinical and regulatory risk. The current financial profile reflects this R&D intensity: the company is trading near‑term profits for the possibility of larger, longer‑term opportunities.

Summary

Rhythm Pharmaceuticals is an early commercial biotech built around a clear scientific thesis: precision treatment of rare genetic obesity via the MC4R pathway. Financially, it remains a loss‑making, cash‑burning business with growing but still modest revenue and no debt. The balance sheet is supported by prior capital raises, and sustainability depends on the balance between cash burn and future fundraising needs. Strategically, Rhythm has a differentiated position in a small but under‑served niche, with meaningful barriers to entry and a growing portfolio of related therapies and indications. The upside case rests on successful label expansions and new products that leverage its specialized know‑how; the downside risk lies in clinical or regulatory setbacks, slower‑than‑hoped commercial uptake, and the ongoing need to finance its R&D‑heavy model. Overall, this is a science‑driven, high‑risk, high‑uncertainty story typical of focused biotech companies in the early stages of commercialization.

NEWS

November 10, 2025 · 7:00 AM UTC

Rhythm Pharmaceuticals Announces Presentation of Four Datasets at ObesityWeek® 2025

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November 7, 2025 · 7:30 AM UTC

Rhythm Pharmaceuticals Announces FDA Extension of Review Period for IMCIVREE® (setmelanotide) for Patients with Acquired Hypothalamic Obesity

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November 5, 2025 · 4:01 PM UTC

Rhythm Pharmaceuticals Announces Public Reimbursement for IMCIVREE® (setmelanotide) in Canada in Five Provinces and Under the Federal Non-Insured Health Benefits Program

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November 4, 2025 · 7:00 AM UTC

Rhythm Pharmaceuticals Reports Third Quarter 2025 Financial Results and Business Update

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October 21, 2025 · 4:01 PM UTC

Rhythm Pharmaceuticals to Report Third Quarter 2025 Financial Results on Tuesday, November 4, 2025

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