$RYTM
RHYTHM PHARMACEUTICALS, INC.

2023 Q3 Form 10-Q Financial Statement

#000155837023012739 Filed on August 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $22.50M $19.22M
YoY Change 425.3% 112.01%
Cost Of Revenue $2.412M $2.236M
YoY Change 385.31% 491.53%
Gross Profit $20.09M $16.99M
YoY Change 430.55% 95.5%
Gross Profit Margin 89.28% 88.37%
Selling, General & Admin $30.48M $30.05M
YoY Change 38.91% 34.57%
% of Gross Profit 151.68% 176.9%
Research & Development $33.57M $33.54M
YoY Change 58.98% 6.63%
% of Gross Profit 167.08% 197.49%
Depreciation & Amortization $440.0K $442.0K
YoY Change -0.45% 0.91%
% of Gross Profit 2.19% 2.6%
Operating Expenses $64.05M $63.59M
YoY Change 48.76% 18.23%
Operating Profit -$43.95M -$46.60M
YoY Change 11.93% 3.34%
Interest Expense $3.149M -$82.00K
YoY Change 46.88% -186.32%
% of Operating Profit
Other Income/Expense, Net $158.0K -$17.00K
YoY Change -109.91% -117.89%
Pretax Income -$43.80M -$46.70M
YoY Change 7.18% 3.78%
Income Tax $368.0K
% Of Pretax Income
Net Earnings -$44.16M -$46.70M
YoY Change 8.08% 3.78%
Net Earnings / Revenue -196.25% -242.98%
Basic Earnings Per Share -$0.76 -$0.82
Diluted Earnings Per Share -$0.76 -$0.82
COMMON SHARES
Basic Shares Outstanding 56.90M 56.85M
Diluted Shares Outstanding 57.87M 56.87M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $299.3M $253.6M
YoY Change -13.94% 7.64%
Cash & Equivalents $64.59M $115.7M
Short-Term Investments $234.7M $137.9M
Other Short-Term Assets $7.600M $10.27M
YoY Change -29.31% -14.65%
Inventory $7.762M $6.178M
Prepaid Expenses
Receivables $14.54M $13.83M
Other Receivables $0.00 $0.00
Total Short-Term Assets $329.2M $283.9M
YoY Change -9.03% 13.86%
LONG-TERM ASSETS
Property, Plant & Equipment $1.545M $2.763M
YoY Change -36.31% 7.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.30M $15.85M
YoY Change -4.04% -1.66%
Total Long-Term Assets $25.00M $26.07M
YoY Change -9.88% -8.04%
TOTAL ASSETS
Total Short-Term Assets $329.2M $283.9M
Total Long-Term Assets $25.00M $26.07M
Total Assets $354.2M $309.9M
YoY Change -9.09% 11.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.839M $8.383M
YoY Change -22.18% 39.44%
Accrued Expenses $44.27M $30.39M
YoY Change 71.99% -14.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $50.14M $46.10M
YoY Change 51.5% 3.44%
LONG-TERM LIABILITIES
Long-Term Debt $104.7M $79.35M
YoY Change 43.5% 131.51%
Other Long-Term Liabilities $1.900M $2.208M
YoY Change -19.49% -31.09%
Total Long-Term Liabilities $106.6M $81.56M
YoY Change 41.53% 117.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $50.14M $46.10M
Total Long-Term Liabilities $106.6M $81.56M
Total Liabilities $156.7M $127.7M
YoY Change 44.55% 55.59%
SHAREHOLDERS EQUITY
Retained Earnings -$853.1M -$808.9M
YoY Change 27.79% 29.08%
Common Stock $59.00K $57.00K
YoY Change 5.36% 14.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $197.5M $182.3M
YoY Change
Total Liabilities & Shareholders Equity $354.2M $309.9M
YoY Change -9.09% 11.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$44.16M -$46.70M
YoY Change 8.08% 3.78%
Depreciation, Depletion And Amortization $440.0K $442.0K
YoY Change -0.45% 0.91%
Cash From Operating Activities -$29.25M -$41.09M
YoY Change -37.75% 5.88%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$94.96M $48.19M
YoY Change 139.79% 33.72%
Cash From Investing Activities -$94.97M $48.19M
YoY Change 139.24% 33.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 73.05M -965.0K
YoY Change -53.93% -102.57%
NET CHANGE
Cash From Operating Activities -29.25M -41.09M
Cash From Investing Activities -94.97M 48.19M
Cash From Financing Activities 73.05M -965.0K
Net Change In Cash -51.17M 6.136M
YoY Change -171.19% -82.3%
FREE CASH FLOW
Cash From Operating Activities -$29.25M -$41.09M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$29.25M -$41.09M
YoY Change -37.62% 6.04%

Facts In Submission

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dei Entity Registrant Name
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RHYTHM PHARMACEUTICALS, INC.
dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
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dei Security12b Title
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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;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 that leads to abnormal food-seeking behaviors, 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 (US), European Union (EU) and Great Britain.</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. The Company has wholly-owned subsidiaries in the US, Ireland, the United Kingdom, the Netherlands, France, Germany, Italy, Spain and Canada.</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;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 may continue to 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 and six months ended June 30, 2023, 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.</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 June 30, 2023, the Company had an accumulated deficit of $808,940.  The Company has primarily funded these losses through the proceeds from the sales of common and preferred stock, asset sales, royalty financing, out-license arrangements, 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, the acquisition of in process research and development assets, manufacturing, conducting clinical trials for its product candidates, protecting its intellectual property, commercialization activities and general and administrative </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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 June 30, 2023, the Company had $253,602 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 and cash equivalents and short-term investments will be sufficient to fund the Company’s operations <span style="background:#ffffff;">through at least the next twelve months from the filing of this Quarterly Report on Form 10-Q with the SEC</span>.</p>
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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 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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>
us-gaap Prior Period Reclassification Adjustment Description
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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 0pt 12pt 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 condensed consolidated statement of operations and comprehensive loss, the Company reclassified from other (expense) income to interest income $274 and $434 for the three and six months ended June 30, 2022, respectively.  The Company also reclassified from other (expense) income to interest expense $46 for each of the three and six months ended June 30, 2022.  In the condensed consolidated statements of cash flows, the Company reclassified $1,705 to accounts receivable and $1,580 to inventory from prepaid expenses and other current assets for the six months ended June 30, 2022.  The reason for the reclassifications was to conform with the current year’s presentation. </p>
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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