$RYTM
RHYTHM PHARMACEUTICALS, INC.

2020 Form 10-K Financial Statement

#000155837021002121 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $46.13M $9.420M $36.55M
YoY Change 26.2% 12.28% 30.16%
% of Gross Profit
Research & Development $90.45M $24.81M $109.5M
YoY Change -17.36% 32.25% 117.43%
% of Gross Profit
Depreciation & Amortization $690.0K $190.0K $834.0K
YoY Change -17.27% -9.52% 88.69%
% of Gross Profit
Operating Expenses $136.6M $34.22M $146.0M
YoY Change -6.46% 26.04% 86.18%
Operating Profit -$136.6M -$146.0M
YoY Change -6.46% 86.18%
Interest Expense $2.580M $1.270M $5.270M
YoY Change -51.04% -22.56% 21.15%
% of Operating Profit
Other Income/Expense, Net $2.579M $0.00 $5.271M
YoY Change -51.07% 21.09%
Pretax Income -$134.0M -$32.96M -$140.7M
YoY Change -4.78% 29.2% 90.02%
Income Tax
% Of Pretax Income
Net Earnings -$134.0M -$32.96M -$140.7M
YoY Change -4.78% 29.2% 90.01%
Net Earnings / Revenue
Basic Earnings Per Share -$3.04 -$3.86
Diluted Earnings Per Share -$3.04 -$779.6K -$3.86
COMMON SHARES
Basic Shares Outstanding 44.13M 36.42M
Diluted Shares Outstanding 44.13M 36.42M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.8M $292.5M $292.5M
YoY Change -40.92% 16.03% 16.03%
Cash & Equivalents $100.9M $62.29M $62.30M
Short-Term Investments $71.90M $230.2M $230.2M
Other Short-Term Assets $8.800M $3.507M $9.900M
YoY Change -11.11% -46.86% 50.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $181.7M $302.4M $302.4M
YoY Change -39.91% 16.89% 16.89%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000M $3.671M $5.700M
YoY Change -12.28% 233.73% 418.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $5.400M $6.119M $6.100M
YoY Change -11.48% 307.93% 306.67%
TOTAL ASSETS
Total Short-Term Assets $181.7M $302.4M $302.4M
Total Long-Term Assets $5.400M $6.119M $6.100M
Total Assets $187.1M $308.5M $308.5M
YoY Change -39.35% 18.57% 18.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.900M $10.42M $10.40M
YoY Change -52.88% 37.04% 36.84%
Accrued Expenses $13.10M $13.53M $14.00M
YoY Change -6.43% 129.32% 137.29%
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 $18.00M $24.42M $24.40M
YoY Change -26.23% 79.54% 79.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.600M $3.100M $3.100M
YoY Change -16.13% 675.0% 675.0%
Total Long-Term Liabilities $2.600M $3.100M $3.100M
YoY Change -16.13% 675.0% 675.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.00M $24.42M $24.40M
Total Long-Term Liabilities $2.600M $3.100M $3.100M
Total Liabilities $20.50M $27.50M $27.50M
YoY Change -25.45% 96.45% 96.43%
SHAREHOLDERS EQUITY
Retained Earnings -$325.3M
YoY Change
Common Stock $44.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.5M $281.0M $281.0M
YoY Change
Total Liabilities & Shareholders Equity $187.1M $308.5M $308.5M
YoY Change -39.35% 18.57% 18.56%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$134.0M -$32.96M -$140.7M
YoY Change -4.78% 29.2% 90.01%
Depreciation, Depletion And Amortization $690.0K $190.0K $834.0K
YoY Change -17.27% -9.52% 88.69%
Cash From Operating Activities -$122.0M -$32.22M -$122.8M
YoY Change -0.63% 53.5% 97.81%
INVESTING ACTIVITIES
Capital Expenditures $214.0K $0.00 $3.385M
YoY Change -93.68% -100.0% 368.84%
Acquisitions
YoY Change
Other Investing Activities $158.8M -$139.1M -$24.59M
YoY Change -745.59% -1198.11% -71.55%
Cash From Investing Activities $158.5M -$139.1M -$27.97M
YoY Change -666.79% -1233.9% -67.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $161.4M $161.4M
YoY Change -0.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.009M 162.0M 163.5M
YoY Change -98.77% 101125.0% -0.74%
NET CHANGE
Cash From Operating Activities -122.0M -32.22M -122.8M
Cash From Investing Activities 158.5M -139.1M -27.97M
Cash From Financing Activities 2.009M 162.0M 163.5M
Net Change In Cash 38.56M -9.390M 12.75M
YoY Change 202.34% 9.7% -17.62%
FREE CASH FLOW
Cash From Operating Activities -$122.0M -$32.22M -$122.8M
Capital Expenditures $214.0K $0.00 $3.385M
Free Cash Flow -$122.2M -$32.22M -$126.1M
YoY Change -3.12% 56.41% 100.92%

Facts In Submission

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RHYTHM PHARMACEUTICALS, INC.
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<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:43.2pt;margin:0pt 0pt 12pt 0pt;">Rhythm Pharmaceuticals, Inc. (the “Company” or “We”), is a commercial-stage biopharmaceutical company focused on changing the paradigm for the treatment of rare genetic diseases of obesity, which are characterized by early-onset, severe obesity and an insatiable hunger or hyperphagia.  Our lead product candidate is IMCIVREE (setmelanotide), a potent melanocortin-4 receptor, or MC4R, agonist for the treatment of rare genetic diseases of obesity. We believe IMCIVREE, for which we have 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. IMCIVREE has been approved by the U.S. Food and Drug Administration, or FDA, for chronic weight management in adult and pediatric patients six years of age and older with obesity due to proopiomelanocortin, or POMC, proprotein convertase subtilisin/kexin type 1, or PCSK1, or leptin receptor, or LEPR, deficiency confirmed by genetic testing. We expect IMCIVREE to be commercially available in the first quarter of 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:43.2pt;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.</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 continued development efforts are focused on obesity related to several single gene-related, or monogenic, MC4R pathway deficiencies: 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>In March 2018, the Company acquired exclusive, worldwide rights from Takeda Pharmaceutical Company Limited (“Takeda”) to develop and commercialize T-3525770 (now “RM-853”). RM-853 is a potent, orally available ghrelin o-acyltransferase (“GOAT”) inhibitor currently in preclinical development for Prader-Willi Syndrome (“PWS”). PWS is a rare genetic disorder that results in hyperphagia and early-onset, life-threatening obesity, for which there are no approved therapeutic options.</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 the commercialization of approved products, 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. Commercialization of approved products will require significant resources and in order to market IMCIVREE, the Company must continue to build its sales, marketing, managerial and other non-technical capabilities or make arrangements with third parties to perform these services. 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 though the Company has an approved product, and even if the Company’s further 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;">Liquidity</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 has incurred operating losses and negative cash flows from operations since inception.  As of December 31, 2020, the Company had an accumulated deficit of $459,327.  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 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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">At December 31, 2020, the Company had $172,792 of cash and cash equivalents and short-term investments on hand.  Subsequent to year end, the Company received additional funding in connection with the sale of a Rare Pediatric Disease Priority Review Voucher, or PRV, and a public offering (see Note 12, “Subsequent Events”). The net proceeds from the sale of the PRV Transfer and this offering, or the February 2021 public offering, were approximately $260,050 after deducting underwriting discounts and commissions and estimated offering expenses.  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 next twelve months from the filing of this Annual Report on Form 10-K with the SEC.  </p>
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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 0pt 12pt 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 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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