$RYTM
RHYTHM PHARMACEUTICALS, INC.

2024 Q1 Form 10-K Financial Statement

#000155837024002181 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $25.97M $24.23M $77.43M
YoY Change 126.41% 175.7% 227.56%
Cost Of Revenue $2.807M $3.233M $9.302M
YoY Change 97.54% 214.49% 336.1%
Gross Profit $23.16M $21.00M $68.13M
YoY Change 130.49% 170.56% 216.79%
Gross Profit Margin 89.19% 86.66% 87.99%
Selling, General & Admin $34.38M $32.37M $117.5M
YoY Change 39.57% 23.02% 27.71%
% of Gross Profit 148.45% 154.15% 172.52%
Research & Development $128.7M $29.89M $135.0M
YoY Change 239.08% 26.94% 24.23%
% of Gross Profit 555.55% 142.34% 198.09%
Depreciation & Amortization $405.0K $417.0K $903.0K
YoY Change -11.38% -5.66% 0.78%
% of Gross Profit 1.75% 1.99% 1.33%
Operating Expenses $163.0M $62.27M $252.5M
YoY Change 160.55% 24.87% 25.83%
Operating Profit -$139.9M -$41.27M -$184.4M
YoY Change 166.29% -1.99% 2.9%
Interest Expense $4.755M -$731.0K $13.89M
YoY Change 55.34% -2536.67% 167.1%
% of Operating Profit
Other Income/Expense, Net -$1.185M $559.0K $243.0K
YoY Change -436.65% -233.1% -112.39%
Pretax Income -$141.1M -$41.44M -$184.1M
YoY Change 170.36% -2.49% 1.65%
Income Tax $300.0K $196.0K $564.0K
% Of Pretax Income
Net Earnings -$141.4M -$41.63M -$184.7M
YoY Change 170.94% -2.02% 1.97%
Net Earnings / Revenue -544.43% -171.8% -238.52%
Basic Earnings Per Share -$2.35 -$3.20
Diluted Earnings Per Share -$2.35 -$0.70 -$3.20
COMMON SHARES
Basic Shares Outstanding 60.14M 59.10M 57.67M
Diluted Shares Outstanding 57.67M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.2M $275.8M $275.8M
YoY Change -31.7% -17.23% -17.23%
Cash & Equivalents $53.43M $60.08M $60.08M
Short-Term Investments $147.8M $215.8M $215.8M
Other Short-Term Assets $11.35M $6.672M $8.931M
YoY Change 17.61% -10.02% -24.36%
Inventory $8.507M $8.624M $8.624M
Prepaid Expenses
Receivables $14.70M $14.87M $14.87M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $235.8M $308.3M $308.3M
YoY Change -25.83% -12.98% -12.98%
LONG-TERM ASSETS
Property, Plant & Equipment $1.149M $1.341M $2.122M
YoY Change -42.58% -38.96% -37.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.26M $15.00M $15.33M
YoY Change -16.5% -11.68% -9.75%
Total Long-Term Assets $22.90M $24.48M $24.48M
YoY Change -17.75% -13.34% -13.34%
TOTAL ASSETS
Total Short-Term Assets $235.8M $308.3M $308.3M
Total Long-Term Assets $22.90M $24.48M $24.48M
Total Assets $258.7M $332.7M $332.7M
YoY Change -25.18% -13.0% -13.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.550M $4.885M $4.885M
YoY Change -43.43% 1.83% 1.83%
Accrued Expenses $44.53M $48.26M $39.56M
YoY Change 45.77% 46.72% 17.81%
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 $54.16M $55.20M $55.20M
YoY Change 17.66% 38.67% 38.67%
LONG-TERM LIABILITIES
Long-Term Debt $107.4M $106.1M $106.1M
YoY Change 38.5% 40.01% 40.01%
Other Long-Term Liabilities $34.60M $1.640M $1.640M
YoY Change 1362.3% -36.92% -36.92%
Total Long-Term Liabilities $34.60M $107.8M $107.8M
YoY Change -56.69% 37.46% 37.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.16M $55.20M $55.20M
Total Long-Term Liabilities $34.60M $107.8M $107.8M
Total Liabilities $197.1M $163.0M $163.0M
YoY Change 56.51% 37.87% 37.87%
SHAREHOLDERS EQUITY
Retained Earnings -$1.036B -$894.7M
YoY Change 35.93% 26.01%
Common Stock $60.00K $59.00K
YoY Change 7.14% 5.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $61.58M $169.8M $169.8M
YoY Change
Total Liabilities & Shareholders Equity $258.7M $332.7M $332.7M
YoY Change -25.18% -13.0% -13.0%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$141.4M -$41.63M -$184.7M
YoY Change 170.94% -2.02% 1.97%
Depreciation, Depletion And Amortization $405.0K $417.0K $903.0K
YoY Change -11.38% -5.66% 0.78%
Cash From Operating Activities -$40.74M -$29.38M -$136.2M
YoY Change 11.83% -13.58% -21.49%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K $47.00K
YoY Change 0.0% -83.27%
Acquisitions
YoY Change
Other Investing Activities $30.05M $22.64M -$5.618M
YoY Change 62.34% -155.52% -119.84%
Cash From Investing Activities $30.05M $22.64M -$5.665M
YoY Change 62.75% -155.52% -120.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $48.88M
YoY Change -62.72%
Debt Paid & Issued, Net $2.783M $7.398M
YoY Change 106.0%
Cash From Financing Activities 4.243M 2.423M 74.37M
YoY Change -3290.23% -86.05% -65.22%
NET CHANGE
Cash From Operating Activities -40.74M -29.38M -136.2M
Cash From Investing Activities 30.05M 22.64M -5.665M
Cash From Financing Activities 4.243M 2.423M 74.37M
Net Change In Cash -6.521M -4.320M -67.60M
YoY Change -63.8% -92.48% -198.78%
FREE CASH FLOW
Cash From Operating Activities -$40.74M -$29.38M -$136.2M
Capital Expenditures -$1.000K $47.00K
Free Cash Flow -$29.38M -$136.2M
YoY Change -13.58% -21.59%

Facts In Submission

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CY2023 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 neuroendocrine  diseases. We are focused on advancing our melanocortin-4 receptor agonists, including 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 MC4R pathway diseases. While obesity affects hundreds of millions of people worldwide, we are developing therapies 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 rare diseases that is approved or authorized in the United States, European Union (EU), Great Britain, Canada and other countries and regions<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 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. 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;"> </span><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 December 31, 2023, the Company had an accumulated deficit of $894,736.  T<span style="background:#ffffff;">he 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.</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">At December 31, 2023, the Company had $275,846 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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">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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CY2023 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 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;">Reclassifications</p>
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