$RYTM
RHYTHM PHARMACEUTICALS, INC.

2022 Q1 Form 10-Q Financial Statement

#000155837022006790 Filed on May 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.498M $35.00K
YoY Change 4180.0%
Cost Of Revenue $230.0K $4.000K
YoY Change 5650.0%
Gross Profit $1.268M $31.00K
YoY Change 3990.32%
Gross Profit Margin 84.65% 88.57%
Selling, General & Admin $21.45M $14.52M
YoY Change 47.74% 13.46%
% of Gross Profit 1691.56% 46832.26%
Research & Development $32.51M $19.91M
YoY Change 63.28% -11.52%
% of Gross Profit 2563.88% 64229.03%
Depreciation & Amortization $350.0K $201.0K
YoY Change 74.13% 20.36%
% of Gross Profit 27.6% 648.39%
Operating Expenses $53.96M $34.43M
YoY Change 56.73% -2.47%
Operating Profit -$52.69M -$34.40M
YoY Change 53.18% -2.56%
Interest Expense -$73.00K $150.0K
YoY Change -148.67% -86.84%
% of Operating Profit
Other Income/Expense, Net -$73.00K $100.2M
YoY Change -100.07% 8716.37%
Pretax Income -$52.76M $65.76M
YoY Change -180.24% -292.47%
Income Tax $0.00 $22.01M
% Of Pretax Income 33.47%
Net Earnings -$52.76M $43.75M
YoY Change -220.6% -228.06%
Net Earnings / Revenue -3522.3% 125000.0%
Basic Earnings Per Share -$1.05 $0.92
Diluted Earnings Per Share -$1.05 $0.90
COMMON SHARES
Basic Shares Outstanding 50.33M 47.64M
Diluted Shares Outstanding 50.33M 48.50M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $241.0M $404.8M
YoY Change -40.47% 57.26%
Cash & Equivalents $78.54M $87.27M
Short-Term Investments $162.4M $317.5M
Other Short-Term Assets $11.62M $7.400M
YoY Change 57.07% -28.85%
Inventory
Prepaid Expenses
Receivables $862.0K
Other Receivables $0.00
Total Short-Term Assets $253.4M $412.1M
YoY Change -38.5% 53.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.722M $3.006M
YoY Change -9.45% -45.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $18.68M $300.0K
YoY Change 6128.0% -25.0%
Total Long-Term Assets $31.38M $10.08M
YoY Change 211.41% 70.76%
TOTAL ASSETS
Total Short-Term Assets $253.4M $412.1M
Total Long-Term Assets $31.38M $10.08M
Total Assets $284.8M $422.2M
YoY Change -32.54% 54.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.01M $9.147M
YoY Change 31.3% 55.03%
Accrued Expenses $25.20M $7.150M
YoY Change 252.43% -39.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.27M $16.85M
YoY Change 180.56% -4.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.781M $2.400M
YoY Change -25.79% -20.0%
Total Long-Term Liabilities $1.781M $2.400M
YoY Change -25.79% -20.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.27M $16.85M
Total Long-Term Liabilities $1.781M $2.400M
Total Liabilities $49.06M $41.26M
YoY Change 18.89% 99.33%
SHAREHOLDERS EQUITY
Retained Earnings -$581.7M -$415.6M
YoY Change 39.97%
Common Stock $50.00K $50.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $235.8M $380.9M
YoY Change
Total Liabilities & Shareholders Equity $284.8M $422.2M
YoY Change -32.54% 54.2%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$52.76M $43.75M
YoY Change -220.6% -228.06%
Depreciation, Depletion And Amortization $350.0K $201.0K
YoY Change 74.13% 20.36%
Cash From Operating Activities -$53.63M -$33.53M
YoY Change 59.95% -7.11%
INVESTING ACTIVITIES
Capital Expenditures $127.0K $12.00K
YoY Change 958.33%
Acquisitions
YoY Change
Other Investing Activities $72.65M -$145.7M
YoY Change -149.86% -604.68%
Cash From Investing Activities $72.52M -$145.7M
YoY Change -149.77% -604.67%
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 399.0K 165.6M
YoY Change -99.76% 23320.79%
NET CHANGE
Cash From Operating Activities -53.63M -33.53M
Cash From Investing Activities 72.52M -145.7M
Cash From Financing Activities 399.0K 165.6M
Net Change In Cash 19.29M -13.66M
YoY Change -241.23% 109.54%
FREE CASH FLOW
Cash From Operating Activities -$53.63M -$33.53M
Capital Expenditures $127.0K $12.00K
Free Cash Flow -$53.76M -$33.54M
YoY Change 60.27% -7.08%

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CY2022Q1 us-gaap Nature Of Operations
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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 committed to transforming the treatment paradigm for people living with rare genetic diseases of obesity, which are characterized by early-onset, severe obesity and an insatiable hunger or hyperphagia. Rhythm’s precision medicine, IMCIVREE (setmelanotide), for which for which we have exclusive worldwide rights, has the potential to restore dysfunctional melanocortin 4 receptor (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 was approved in November 2020 by the U.S. Food and Drug Administration (FDA) for chronic weight management in adult and pediatric patients 6 years of age and older with obesity due to proopiomelanocrotin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1) or leptin receptor (LEPR) deficiency confirmed by genetic testing and in July and September 2021, respectively, by the European Commission (EC) and Great Britain’s Medicines &amp; Healthcare Products Regulatory Agency (MHRA) for the treatment of obesity and the control of hunger associated with genetically confirmed loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 6 years of age and above. IMCIVREE is the first-ever FDA-approved and EC- and MHRA-authorized therapy for patients with these rare genetic diseases of obesity. The Company’s supplemental New Drug Application (sNDA) to the FDA is assigned a Prescription Drug User Fee Act (PDUFA) goal date of June 16, 2022, for the treatment of obesity and control of hunger in adult and pediatric patients six years of age and older with Bardet-Biedl Syndrome (BBS) or Alström syndrome. A Type II variation application to the European Medicines Agency seeking regulatory approval and authorization for setmelanotide to treat obesity and control of hunger in adult and pediatric patients 6 years of age and older with BBS also is under review.  In addition, 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;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="background:#ffffff;">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.  The Company has wholly owned subsidiaries in the US, Ireland, the United Kingdom, France, Italy, the Netherlands and Canada.</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 commercial-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. </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 three months ended March 31, 2022, 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 0pt 12pt 0pt;">The Company has incurred operating losses and negative cash flows from operations since inception. As of March 31, 2022, the Company had an accumulated deficit of $581,703.  The Company has primarily funded these losses through the proceeds from the sales of common and preferred stock, asset sales 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;">At March 31, 2022, the Company had $240,964 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, 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 into at least the fourth quarter of 2023.</p>
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-581703000
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
240964000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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, assumptions used to value the common stock received from RareStone Group Ltd., or RareStone, 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>
CY2022Q1 rytm Number Of Federally Insured Financial Institutions
NumberOfFederallyInsuredFinancialInstitutions
2
CY2022Q1 rytm Number Of Federally Insured Financial Institutions
NumberOfFederallyInsuredFinancialInstitutions
2
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022Q1 rytm Revenue Performance Obligation Payment Terms
RevenuePerformanceObligationPaymentTerms
P45D
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1498000
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
35000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
162427000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
235608000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
50000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
51000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
235607000
CY2021Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2022Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8968037
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3739534
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
163056000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
629000
CY2022Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P3Y3M18D
CY2022Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.10
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P6Y
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2022Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
834000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
851000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
502000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2802000
CY2022Q1 rytm Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
12164000
CY2021Q4 rytm Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
17480000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3494000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2163000
CY2022Q1 rytm Accrued Payroll Related Expense Current
AccruedPayrollRelatedExpenseCurrent
3131000
CY2021Q4 rytm Accrued Payroll Related Expense Current
AccruedPayrollRelatedExpenseCurrent
8371000
CY2022Q1 rytm Royalties Current
RoyaltiesCurrent
4866000
CY2021Q4 rytm Royalties Current
RoyaltiesCurrent
791000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1544000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1279000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
25199000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
30084000
CY2022Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
240964000
CY2021Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
294855000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
615000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
396000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
2406000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8527000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
641000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
855000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
855000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
855000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
855000
CY2022Q1 rytm Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
4466000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
8527000
CY2022Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P11Y
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
130000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22006000
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5750000
CY2021Q1 us-gaap Share Price
SharePrice
30.00
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
161731000

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