$RYTM
RHYTHM PHARMACEUTICALS, INC.

2021 Q4 Form 10-K Financial Statement

#000155837022002543 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $1.817M $3.154M $0.00
YoY Change
Cost Of Revenue $236.0K $599.0K
YoY Change
Gross Profit $1.581M $2.555M
YoY Change
Gross Profit Margin 87.01% 81.01%
Selling, General & Admin $21.00M $68.49M $13.12M
YoY Change 60.03% 48.48% 39.28%
% of Gross Profit 1328.02% 2680.47%
Research & Development $31.57M $104.1M $21.95M
YoY Change 43.85% 15.12% -11.53%
% of Gross Profit 1997.09% 4075.46%
Depreciation & Amortization $325.0K $816.0K $180.0K
YoY Change 80.56% 18.26% -5.26%
% of Gross Profit 20.56% 31.94%
Operating Expenses $52.57M $172.6M $35.07M
YoY Change 49.9% 26.39% 2.48%
Operating Profit -$50.99M -$170.1M
YoY Change 24.52%
Interest Expense $134.0K $447.0K $180.0K
YoY Change -25.56% -82.67% -85.83%
% of Operating Profit
Other Income/Expense, Net $0.00 $100.4M
YoY Change 3794.8%
Pretax Income -$50.86M -$69.61M -$34.90M
YoY Change 45.72% -48.05% 5.89%
Income Tax -$7.989M $0.00
% Of Pretax Income
Net Earnings -$42.87M -$69.61M -$34.90M
YoY Change 22.83% -48.05% 5.89%
Net Earnings / Revenue -2359.16% -2207.1%
Basic Earnings Per Share -$1.40
Diluted Earnings Per Share -$852.6K -$1.40 -$789.2K
COMMON SHARES
Basic Shares Outstanding 50.27M 49.60M 44.20M
Diluted Shares Outstanding 49.60M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.9M $294.9M $172.8M
YoY Change 70.63% 70.63% -40.92%
Cash & Equivalents $59.25M $59.25M $100.9M
Short-Term Investments $235.6M $235.6M $71.90M
Other Short-Term Assets $4.103M $12.51M $3.048M
YoY Change 34.61% 42.13% -13.09%
Inventory $111.0K
Prepaid Expenses
Receivables $1.025M $1.025M
Other Receivables $0.00 $0.00
Total Short-Term Assets $308.4M $308.4M $181.7M
YoY Change 69.75% 69.72% -39.93%
LONG-TERM ASSETS
Property, Plant & Equipment $2.813M $4.335M $3.195M
YoY Change -11.96% -13.3% -12.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.14M $12.14M $400.0K
YoY Change 2935.75% 2935.75% 0.0%
Total Long-Term Assets $21.14M $21.14M $5.405M
YoY Change 291.05% 291.41% -11.67%
TOTAL ASSETS
Total Short-Term Assets $308.4M $308.4M $181.7M
Total Long-Term Assets $21.14M $21.14M $5.405M
Total Assets $329.5M $329.5M $187.1M
YoY Change 76.15% 76.12% -39.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.737M $5.737M $4.900M
YoY Change 17.08% 17.08% -52.95%
Accrued Expenses $30.08M $30.69M $12.56M
YoY Change 139.54% 134.27% -7.18%
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 $43.43M $43.43M $17.99M
YoY Change 141.34% 141.26% -26.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.945M $1.945M $2.600M
YoY Change -25.19% -25.19% -16.13%
Total Long-Term Liabilities $1.945M $1.945M $2.600M
YoY Change -25.19% -25.19% -16.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.43M $43.43M $17.99M
Total Long-Term Liabilities $1.945M $1.945M $2.600M
Total Liabilities $45.37M $45.37M $20.55M
YoY Change 120.84% 121.33% -25.3%
SHAREHOLDERS EQUITY
Retained Earnings -$528.9M -$459.3M
YoY Change 15.16% 41.19%
Common Stock $50.00K $44.00K
YoY Change 13.64% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.2M $284.2M $166.5M
YoY Change
Total Liabilities & Shareholders Equity $329.5M $329.5M $187.1M
YoY Change 76.15% 76.12% -39.36%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$42.87M -$69.61M -$34.90M
YoY Change 22.83% -48.05% 5.89%
Depreciation, Depletion And Amortization $325.0K $816.0K $180.0K
YoY Change 80.56% 18.26% -5.26%
Cash From Operating Activities -$40.47M -$146.0M -$29.12M
YoY Change 38.98% 19.69% -9.62%
INVESTING ACTIVITIES
Capital Expenditures -$68.00K $434.0K -$80.00K
YoY Change -15.0% 102.8%
Acquisitions
YoY Change
Other Investing Activities $7.316M -$61.73M $61.98M
YoY Change -88.2% -138.88% -144.55%
Cash From Investing Activities $7.248M -$62.16M $61.89M
YoY Change -88.29% -139.21% -144.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $161.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 166.5M 420.0K
YoY Change -76.19% 8186.76% -99.74%
NET CHANGE
Cash From Operating Activities -40.47M -146.0M -29.12M
Cash From Investing Activities 7.248M -62.16M 61.89M
Cash From Financing Activities 100.0K 166.5M 420.0K
Net Change In Cash -33.12M -41.68M 33.19M
YoY Change -199.8% -208.09% -453.46%
FREE CASH FLOW
Cash From Operating Activities -$40.47M -$146.0M -$29.12M
Capital Expenditures -$68.00K $434.0K -$80.00K
Free Cash Flow -$40.40M -$146.4M -$29.04M
YoY Change 39.13% 19.84% -9.87%

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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:36pt;margin:0pt 0pt 12pt 0pt;">Rhythm Pharmaceuticals, Inc. (the “Company” or “we”) is a global, 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 hyperphagia, a pathological and insatiable hunger. While obesity affects hundreds of millions of people worldwide, we are advancing IMCIVREE™ (setmelanotide) as a precision medicine strategy for a subset of individuals who have severe obesity due to genetic variants that impair the melanocortin-4 receptor (MC4R) pathway, a pathway in the brain that is responsible for regulating hunger, caloric intake and energy expenditure, which consequently affect body weight. IMCIVREE, an MC4R agonist for which we hold worldwide rights, is the first-ever therapy developed for patients with certain ultra-rare genetic diseases of obesity that is approved or authorized in the United States, European Union (EU) or Great Britain. We made IMCIVREE commercially available in the United States for patients 6 years and older with obesity due to proopiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR) deficiency in early 2021, and we are working to achieve market access in several European countries in 2022. In addition to initial commercial efforts, we are preparing to bring IMCIVREE to additional populations in 2022 and beyond. We are advancing a broad clinical development program for setmelanotide in patients with additional rare genetic diseases of obesity in an effort to expand the approved indications in the United States and Europe.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> 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, </span><span style="white-space:pre-wrap;">Inc. The Company has wholly owned subsidiaries in the US, Ireland, the United Kindgdom and the Netherlands.</span></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="visibility:hidden;background:#ffffff;">​</span></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:#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;margin:0pt;"><span style="white-space:pre-wrap;"> There are many uncertainties regarding the COVID-19 pandemic, and the Company is closely monitoring the impact of the pandemic on all aspects of its business, including how the pandemic will impact its patients, employees, suppliers, vendors, business partners and distribution channels. While the pandemic did not materially affect the Company's financial results and business operations for the twelve months ended December 31, 2021, the Company is unable to predict the impact that COVID-19 will have on its financial position and operating results in future periods due to numerous uncertainties. The Company will continue to assess the evolving impact of the COVID-19 pandemic and will make adjustments to its operations as necessary.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</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;">The Company has incurred operating losses and negative cash flows from operations since inception.  As of December 31, 2021, the Company had an accumulated deficit of $528,939.  The Company has primarily funded these </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">losses through the proceeds from the sales of common and preferred stock, asset sales, outlicensing the rights to IMCIVREE in certain markets,  as well as capital contributions received from the former parent company, Rhythm Holdings LLC. To date, the Company has minimal 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 0pt 12pt 0pt;">In February 2021, the Company completed the sale of a Rare Pediatric Disease Priority Review Voucher, or PRV, that it received in connection with the approval of IMCIVREE for $100,000. As the PRV did not have a carrying value, the gain recognized within Other income (loss) was equal to the gross proceeds received, with costs related to the sale of the voucher recorded within selling, general and administrative expenses.  Additionally in February 2021, the Company completed a public offering of 5,750,000 shares of common stock at an offering price of $30.00 per share, which included the exercise in full by the underwriters of their option to purchase up to 750,000 additional shares of common stock. The Company received approximately $161,550 in net proceeds after deducting underwriting discounts, commissions and  offering expenses. 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.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="white-space:pre-wrap;"> In November 2021, the Company entered into a sales agreement, or the Sales Agreement, with Cowen and Company LLC, or Cowen, as sales agent, pursuant to which the Company may, from time to time, issue and sell common stock with an aggregate value of up to </span>$100 million in "at-the-market" offerings, or the ATM, under our Registration Statement on Form S-3 (File No. 333-260689) filed with the SEC on November 2, 2021. Sales of common stock, if any, pursuant to the Sales Agreement, may be made in sales deemed to be an “at the market offering” as defined in Rule 415(a) of the Securities Act, including sales made directly through The Nasdaq Global Market or on any other existing trading market for our common stock. During the year ended December 31, 2021, the Company did not sell any shares of common stock under the Sales Agreement. As of December 31, 2021, there was $100.0 million of common stock remaining available for sale under the ATM.<span style="font-size:12pt;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In December 2021, the Company entered into an exclusive License Agreement and a Share Purchase Agreement (the “Agreement”) for the development and commercialization of IMCIVREE (Setmelanotide) in China with RareStone Group Ltd. and  received cash proceeds of $7,000.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">At December 31, 2021, the Company had $294,855 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, proceeds from out license arrangements, product sales 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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CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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