$RYTM
RHYTHM PHARMACEUTICALS, INC.

2023 Q4 Form 10-Q Financial Statement

#000155837023018291 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $24.23M $22.50M
YoY Change 175.7% 425.3%
Cost Of Revenue $3.233M $2.412M
YoY Change 214.49% 385.31%
Gross Profit $21.00M $20.09M
YoY Change 170.56% 430.55%
Gross Profit Margin 86.66% 89.28%
Selling, General & Admin $32.37M $30.48M
YoY Change 23.02% 38.91%
% of Gross Profit 154.15% 151.68%
Research & Development $29.89M $33.57M
YoY Change 26.94% 58.98%
% of Gross Profit 142.34% 167.08%
Depreciation & Amortization $417.0K $440.0K
YoY Change -5.66% -0.45%
% of Gross Profit 1.99% 2.19%
Operating Expenses $62.27M $64.05M
YoY Change 24.87% 48.76%
Operating Profit -$41.27M -$43.95M
YoY Change -1.99% 11.93%
Interest Expense -$731.0K $3.149M
YoY Change -2536.67% 46.88%
% of Operating Profit
Other Income/Expense, Net $559.0K $158.0K
YoY Change -233.1% -109.91%
Pretax Income -$41.44M -$43.80M
YoY Change -2.49% 7.18%
Income Tax $196.0K $368.0K
% Of Pretax Income
Net Earnings -$41.63M -$44.16M
YoY Change -2.02% 8.08%
Net Earnings / Revenue -171.8% -196.25%
Basic Earnings Per Share -$0.76
Diluted Earnings Per Share -$0.70 -$0.76
COMMON SHARES
Basic Shares Outstanding 59.10M 56.90M
Diluted Shares Outstanding 57.87M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $275.8M $299.3M
YoY Change -17.23% -13.94%
Cash & Equivalents $60.08M $64.59M
Short-Term Investments $215.8M $234.7M
Other Short-Term Assets $6.672M $7.600M
YoY Change -10.02% -29.31%
Inventory $8.624M $7.762M
Prepaid Expenses
Receivables $14.87M $14.54M
Other Receivables $0.00 $0.00
Total Short-Term Assets $308.3M $329.2M
YoY Change -12.98% -9.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.341M $1.545M
YoY Change -38.96% -36.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.00M $15.30M
YoY Change -11.68% -4.04%
Total Long-Term Assets $24.48M $25.00M
YoY Change -13.34% -9.88%
TOTAL ASSETS
Total Short-Term Assets $308.3M $329.2M
Total Long-Term Assets $24.48M $25.00M
Total Assets $332.7M $354.2M
YoY Change -13.0% -9.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.885M $3.839M
YoY Change 1.83% -22.18%
Accrued Expenses $48.26M $44.27M
YoY Change 46.72% 71.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $55.20M $50.14M
YoY Change 38.67% 51.5%
LONG-TERM LIABILITIES
Long-Term Debt $106.1M $104.7M
YoY Change 40.01% 43.5%
Other Long-Term Liabilities $1.640M $1.900M
YoY Change -36.92% -19.49%
Total Long-Term Liabilities $107.8M $106.6M
YoY Change 37.46% 41.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.20M $50.14M
Total Long-Term Liabilities $107.8M $106.6M
Total Liabilities $163.0M $156.7M
YoY Change 37.87% 44.55%
SHAREHOLDERS EQUITY
Retained Earnings -$894.7M -$853.1M
YoY Change 26.01% 27.79%
Common Stock $59.00K $59.00K
YoY Change 5.36% 5.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $169.8M $197.5M
YoY Change
Total Liabilities & Shareholders Equity $332.7M $354.2M
YoY Change -13.0% -9.09%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$41.63M -$44.16M
YoY Change -2.02% 8.08%
Depreciation, Depletion And Amortization $417.0K $440.0K
YoY Change -5.66% -0.45%
Cash From Operating Activities -$29.38M -$29.25M
YoY Change -13.58% -37.75%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K $0.00
YoY Change 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $22.64M -$94.96M
YoY Change -155.52% 139.79%
Cash From Investing Activities $22.64M -$94.97M
YoY Change -155.52% 139.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.423M 73.05M
YoY Change -86.05% -53.93%
NET CHANGE
Cash From Operating Activities -29.38M -29.25M
Cash From Investing Activities 22.64M -94.97M
Cash From Financing Activities 2.423M 73.05M
Net Change In Cash -4.320M -51.17M
YoY Change -92.48% -171.19%
FREE CASH FLOW
Cash From Operating Activities -$29.38M -$29.25M
Capital Expenditures -$1.000K $0.00
Free Cash Flow -$29.38M -$29.25M
YoY Change -13.58% -37.62%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
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dei Entity File Number
EntityFileNumber
001-38223
dei Entity Registrant Name
EntityRegistrantName
RHYTHM PHARMACEUTICALS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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222 Berkeley Street
dei Entity Address Address Line2
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12th Floor
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dei Security12b Title
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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;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 September 30, 2023, the Company had an accumulated deficit of $853,103.  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 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 September 30, 2023, the Company had $299,260 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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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<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 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. In the condensed consolidated statements of cash flows, the Company reclassified $2,303 to accounts receivable and $1,465 to inventory from prepaid expenses and other current assets for the nine months ended September 30, 2022.  The reason for the reclassification was to conform with the current year’s presentation. </p>
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