$RYTM
RHYTHM PHARMACEUTICALS, INC.

2023 Q1 Form 10-K Financial Statement

#000155837023002613 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $11.47M $8.790M $23.64M
YoY Change 665.62% 383.76% 649.46%
Cost Of Revenue $1.421M $1.028M $2.133M
YoY Change 517.83% 335.59% 256.09%
Gross Profit $10.05M $7.762M $21.51M
YoY Change 692.43% 390.96% 741.68%
Gross Profit Margin 87.61% 88.3% 90.98%
Selling, General & Admin $24.63M $26.32M $92.03M
YoY Change 14.85% 25.34% 34.38%
% of Gross Profit 245.16% 339.05% 427.96%
Research & Development $37.95M $23.55M $108.6M
YoY Change 16.72% -25.42% 4.32%
% of Gross Profit 377.64% 303.38% 505.14%
Depreciation & Amortization $457.0K $442.0K $896.0K
YoY Change 30.57% 36.0% 9.8%
% of Gross Profit 4.55% 5.69% 4.17%
Operating Expenses $62.58M $49.87M $200.7M
YoY Change 15.98% -5.15% 16.25%
Operating Profit -$52.53M -$42.10M -$179.2M
YoY Change -0.3% -17.43% 5.35%
Interest Expense $3.061M $30.00K $5.201M
YoY Change -4293.15% -77.61% 1063.53%
% of Operating Profit
Other Income/Expense, Net $352.0K -$420.0K -$1.962M
YoY Change -582.19% -101.95%
Pretax Income -$52.18M -$42.49M -$181.1M
YoY Change -1.11% -16.44% 160.18%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$52.18M -$42.49M -$181.1M
YoY Change -1.11% -0.87% 160.18%
Net Earnings / Revenue -454.96% -483.42% -766.22%
Basic Earnings Per Share -$0.92 -$3.47
Diluted Earnings Per Share -$0.92 -$0.75 -$3.47
COMMON SHARES
Basic Shares Outstanding 56.75M 56.35M 52.12M
Diluted Shares Outstanding 56.71M 52.12M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $294.6M $333.3M $333.3M
YoY Change 22.25% 13.03% 13.03%
Cash & Equivalents $109.7M $127.7M $127.7M
Short-Term Investments $184.9M $205.6M $205.6M
Other Short-Term Assets $9.652M $7.415M $11.81M
YoY Change -16.96% 80.72% -5.6%
Inventory $5.487M $2.917M $2.917M
Prepaid Expenses
Receivables $8.117M $6.224M $6.224M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $317.8M $354.2M $354.2M
YoY Change 25.41% 14.87% 14.87%
LONG-TERM ASSETS
Property, Plant & Equipment $2.001M $2.197M $3.379M
YoY Change -26.49% -21.9% -22.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $17.08M $16.98M $16.98M
YoY Change -8.57% 39.86% 39.86%
Total Long-Term Assets $27.84M $28.25M $28.25M
YoY Change -11.27% 33.63% 33.63%
TOTAL ASSETS
Total Short-Term Assets $317.8M $354.2M $354.2M
Total Long-Term Assets $27.84M $28.25M $28.25M
Total Assets $345.7M $382.5M $382.5M
YoY Change 21.37% 16.07% 16.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.35M $4.797M $4.797M
YoY Change 11.13% -16.38% -16.38%
Accrued Expenses $30.55M $32.89M $33.58M
YoY Change 21.23% 9.34% 9.41%
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 $46.03M $39.81M $39.81M
YoY Change -2.63% -8.33% -8.33%
LONG-TERM LIABILITIES
Long-Term Debt $77.52M $75.81M $75.81M
YoY Change
Other Long-Term Liabilities $2.366M $2.600M $2.600M
YoY Change 32.85% 33.68% 33.68%
Total Long-Term Liabilities $79.89M $78.41M $78.41M
YoY Change 4385.46% 3931.36% 3931.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.03M $39.81M $39.81M
Total Long-Term Liabilities $79.89M $78.41M $78.41M
Total Liabilities $125.9M $118.2M $118.2M
YoY Change 156.68% 160.55% 160.55%
SHAREHOLDERS EQUITY
Retained Earnings -$762.2M -$710.1M
YoY Change 31.04% 34.24%
Common Stock $56.00K $56.00K
YoY Change 12.0% 12.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $219.8M $264.3M $264.3M
YoY Change
Total Liabilities & Shareholders Equity $345.7M $382.5M $382.5M
YoY Change 21.37% 16.07% 16.07%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$52.18M -$42.49M -$181.1M
YoY Change -1.11% -0.87% 160.18%
Depreciation, Depletion And Amortization $457.0K $442.0K $896.0K
YoY Change 30.57% 36.0% 9.8%
Cash From Operating Activities -$36.43M -$34.00M -$173.4M
YoY Change -32.07% -15.99% 18.78%
INVESTING ACTIVITIES
Capital Expenditures $47.00K -$1.000K $281.0K
YoY Change -62.99% -98.53% -35.25%
Acquisitions
YoY Change
Other Investing Activities $18.51M -$40.78M $28.31M
YoY Change -74.52% -657.35% -145.86%
Cash From Investing Activities $18.46M -$40.78M $28.03M
YoY Change -74.54% -662.57% -145.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $131.1M
YoY Change -18.93%
Debt Paid & Issued, Net $1.351M
YoY Change
Cash From Financing Activities -133.0K 17.37M 213.8M
YoY Change -133.33% 17265.0% 28.44%
NET CHANGE
Cash From Operating Activities -36.43M -34.00M -173.4M
Cash From Investing Activities 18.46M -40.78M 28.03M
Cash From Financing Activities -133.0K 17.37M 213.8M
Net Change In Cash -18.02M -57.41M 68.43M
YoY Change -193.4% 73.32% -264.17%
FREE CASH FLOW
Cash From Operating Activities -$36.43M -$34.00M -$173.4M
Capital Expenditures $47.00K -$1.000K $281.0K
Free Cash Flow -$36.48M -$34.00M -$173.7M
YoY Change -32.14% -15.85% 18.62%

Facts In Submission

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CY2022 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 dedicated to transforming the lives of patients and their families living with rare diseases. We are focused on advancing our lead asset, IMCIVREE<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (setmelanotide), as a precision medicine designed to treat hyperphagia and severe obesity caused by rare melanocortin-4 receptor (MC4R) pathway diseases. While obesity affects hundreds of millions of people worldwide, we are advancing IMCIVREE<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (setmelanotide) for a subset of individuals who have hyperphagia, a pathological hunger, and severe obesity due to an impaired MC4R pathway, which may be caused by traumatic injury or genetic variants. The MC4R pathway is an endocrine 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 diseases that is approved or authorized in the United States, European Union (EU) and Great Britain<span style="font-size:12pt;">.</span></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 Kingdom, the Netherlands, France, Germany, Italy, Spain and Canada.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin: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 sufficient revenue from product sales to fund operations.</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 year ended December 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;">The Company has incurred operating losses and negative cash flows from operations since inception.  As of December 31, 2022, the Company had an accumulated deficit of $710,058.  The Company has primarily funded these losses through the proceeds from the sales of common and preferred stock, royalty financing, 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">its intellectual property, 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, 2022, the Company had $333,288 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 estimates related to determining our net product revenue, license revenue, accruals related to research and development expenses, assumptions used to record stock-based compensation expense, interest expense on our deferred royalty obligation, assumptions used to value the embedded derivative in our deferred royalty obligation, 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>
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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;">Reclassification of Prior Year Balances</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no effect on the reported results of operations or cash flows. Specifically, in the consolidated balance sheet as of December 31, 2021, the Company has reclassified $111 which was previously recorded within prepaid expenses and other current assets to inventory. Additionally, in the consolidated statement of cash flows for the year ended December 31, 2021, the Company has reclassified $1,025 and $111 due to the effects of changes in the accounts receivable and </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">inventory, respectively, from changes in prepaid expenses and other current assets to changes in accounts receivable of  and inventory, respectively.</p>
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