$RYTM
RHYTHM PHARMACEUTICALS, INC.

2020 Q4 Form 10-Q Financial Statement

#000155837020012208 Filed on November 02, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.12M $11.29M $10.54M
YoY Change 39.28% 7.16% 23.36%
% of Gross Profit
Research & Development $21.95M $23.00M $26.57M
YoY Change -11.53% -13.46% 148.1%
% of Gross Profit
Depreciation & Amortization $180.0K $170.0K $190.0K
YoY Change -5.26% -10.53% 72.73%
% of Gross Profit
Operating Expenses $35.07M $34.28M $37.11M
YoY Change 2.48% -7.61% 92.86%
Operating Profit -$34.28M -$37.11M
YoY Change -7.61%
Interest Expense $180.0K $470.0K $1.100M
YoY Change -85.83% -57.27% -29.49%
% of Operating Profit
Other Income/Expense, Net $466.0K $1.104M
YoY Change -57.79%
Pretax Income -$34.90M -$33.82M -$36.00M
YoY Change 5.89% -6.06% 103.5%
Income Tax
% Of Pretax Income
Net Earnings -$34.90M -$33.82M -$36.00M
YoY Change 5.89% -6.07% 103.52%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$789.2K -$766.2K -$1.042M
COMMON SHARES
Basic Shares Outstanding 44.20M 44.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.8M $201.8M $162.4M
YoY Change -40.92% 24.26% -40.38%
Cash & Equivalents $100.9M $67.67M $72.08M
Short-Term Investments $71.90M $134.1M $90.80M
Other Short-Term Assets $3.048M $8.100M $8.400M
YoY Change -13.09% -3.57% 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $181.7M $209.9M $170.9M
YoY Change -39.93% 22.83% -38.19%
LONG-TERM ASSETS
Property, Plant & Equipment $3.195M $3.289M $6.000M
YoY Change -12.97% -45.18% 566.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $700.0K
YoY Change 0.0% -42.86% 133.33%
Total Long-Term Assets $5.405M $5.563M $6.600M
YoY Change -11.67% -15.71% 450.0%
TOTAL ASSETS
Total Short-Term Assets $181.7M $209.9M $170.9M
Total Long-Term Assets $5.405M $5.563M $6.600M
Total Assets $187.1M $215.5M $177.5M
YoY Change -39.36% 21.4% -36.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $3.793M $7.700M
YoY Change -52.95% -50.74% 3750.0%
Accrued Expenses $12.56M $11.54M $17.50M
YoY Change -7.18% -34.08% 130.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.99M $15.85M $25.20M
YoY Change -26.31% -37.11% 223.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.600M $2.700M $3.200M
YoY Change -16.13% -15.63% 966.67%
Total Long-Term Liabilities $2.600M $2.700M $3.200M
YoY Change -16.13% -15.63% 966.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.99M $15.85M $25.20M
Total Long-Term Liabilities $2.600M $2.700M $3.200M
Total Liabilities $20.55M $18.54M $28.40M
YoY Change -25.3% -34.72% 250.62%
SHAREHOLDERS EQUITY
Retained Earnings -$459.3M -$424.4M
YoY Change 41.19%
Common Stock $44.00K $44.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.5M $196.9M $149.1M
YoY Change
Total Liabilities & Shareholders Equity $187.1M $215.5M $177.5M
YoY Change -39.36% 21.4% -36.08%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$34.90M -$33.82M -$36.00M
YoY Change 5.89% -6.07% 103.52%
Depreciation, Depletion And Amortization $180.0K $170.0K $190.0K
YoY Change -5.26% -10.53% 72.73%
Cash From Operating Activities -$29.12M -$27.03M -$33.61M
YoY Change -9.62% -19.58% 98.41%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$130.0K -$260.0K
YoY Change -50.0% -18.75%
Acquisitions
YoY Change
Other Investing Activities $61.98M $35.04M $41.73M
YoY Change -144.55% -16.03% -130.65%
Cash From Investing Activities $61.89M $34.91M $41.47M
YoY Change -144.48% -15.82% -130.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 420.0K 700.0K 700.0K
YoY Change -99.74% 0.0% -40.17%
NET CHANGE
Cash From Operating Activities -29.12M -27.03M -33.61M
Cash From Investing Activities 61.89M 34.91M 41.47M
Cash From Financing Activities 420.0K 700.0K 700.0K
Net Change In Cash 33.19M 8.580M 8.560M
YoY Change -453.46% 0.23% -105.62%
FREE CASH FLOW
Cash From Operating Activities -$29.12M -$27.03M -$33.61M
Capital Expenditures -$80.00K -$130.0K -$260.0K
Free Cash Flow -$29.04M -$26.90M -$33.35M
YoY Change -9.87% -19.34% 100.66%

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RHYTHM PHARMACEUTICALS, INC.
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Rhythm Pharmaceuticals, Inc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Notes to Unaudited Condensed Consolidated Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> (In thousands, except share and per share information)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Rhythm Pharmaceuticals, Inc., or the Company, is a late-stage biopharmaceutical company focused on the development and commercialization of therapeutics for the treatment of rare genetic disorders which are characterized by early-onset, severe obesity and an insatiable hunger or hyperphagia. The Company’s lead product candidate is setmelanotide, a potent melanocortin-4 receptor, or MC4R, agonist for the treatment of rare genetic disorders of obesity. The Company believes setmelanotide, for which it has exclusive worldwide rights, has the potential to restore dysfunctional MC4R signaling due to impaired MC4R pathway function.  MC4R pathway deficiencies result in the disruption of satiety signals and energy homeostasis in the body, which, in turn, leads to intense feelings of hunger and to obesity.   </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company’s development efforts are initially focused on obesity related to several single gene-related, or monogenic, MC4R pathway deficiencies: pro-opiomelanocortin, or POMC, deficiency obesity; leptin receptor, or LEPR, deficiency obesity; Bardet-Biedl syndrome, or BBS; Alström syndrome; POMC or LEPR heterozygous deficiency obesity; steroid receptor coactivator 1, or SRC1, deficiency obesity; SH2B adapter protein 1, or SH2B1, deficiency obesity; MC4R deficiency obesity and Smith-Magenis syndrome, as well as additional disorders as part of investigator-initiated protocols. Currently, there are no effective or approved treatments for these MC4R pathway-related disorders. The Company believes that the MC4R pathway is a compelling target for treating these genetic disorders because of its critical role in regulating appetite and weight by promoting satiety and weight control, and that peptide therapeutics are uniquely suited for activating this target. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;"> </span>The Company has also acquired exclusive, worldwide rights from Takeda Pharmaceutical Company Limited, or Takeda, to develop and commercialize T-3525770, now RM-853. RM-853 is a potent, orally available ghrelin o-acyltransferase inhibitor currently in preclinical development.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;">The Company is subject to risks and uncertainties common to late-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Corporate Reorganization</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is a Delaware corporation organized in February 2013 under the name Rhythm Metabolic, Inc., and as of October 2015, under the name Rhythm Pharmaceuticals, Inc. Prior to its organization and a corporate reorganization, the Company was part of Rhythm Pharmaceuticals, Inc., a Delaware corporation which was organized in November 2008 and which commenced active operations in 2010. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The Company has incurred operating losses and negative cash flows from operations since inception.  As of September 30, 2020, the Company had an accumulated deficit of $424,430.  The Company has primarily funded these losses through the proceeds from the sales of common and preferred stock as well as capital contributions received from the former parent company, Rhythm Holdings LLC. To date, the Company has no product revenue and management </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">expects operating losses to continue for the foreseeable future. The Company has devoted substantially all of its resources to its drug development efforts, comprising of research and development, manufacturing, conducting clinical trials for its product candidates, protecting its intellectual property, pre-commercialization activities and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. At September 30, 2020, the Company had $201,784 of cash and cash equivalents and short-term investments on hand.  In the future, the Company will be dependent on obtaining funding from third parties, such as proceeds from the issuance of debt, sale of equity, and funded research and development programs, to maintain the Company's operations and meet the Company's obligations. There is no guarantee that additional equity or other financings will be available to the Company on acceptable terms, or at all. If the Company fails to obtain additional funding when needed, the Company would be forced to scale back, terminate its operations or seek to merge with or be acquired by another company. Management believes that the Company's existing cash resources will be sufficient to fund the Company's operations through at least the end of 2021.</p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">estimates relied upon in preparing these financial statements include accruals related to research and development expenses, assumptions used to record stock-based compensation expense, and the valuation allowance on the Company's deferred tax assets.  Estimates are periodically reviewed in light of changes in circumstances, facts and experience.  Changes in estimates are recorded in the period in which they become known.  Actual results could differ materially from those estimates.</p>
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238000
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CY2019Q4 us-gaap Available For Sale Securities Debt Securities
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OperatingLeaseExpense
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OperatingLeaseExpense
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us-gaap Operating Lease Expense
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q4 rytm Proceeds From Issuance Initial Public Offering Net Issuance Cost
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