$RYTM
RHYTHM PHARMACEUTICALS, INC.

2024 Q4 Form 10-Q Financial Statement

#000155837024014532 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $33.25M
YoY Change 47.76%
Cost Of Revenue $3.828M
YoY Change 58.71%
Gross Profit $29.42M
YoY Change 46.44%
Gross Profit Margin 88.49%
Selling, General & Admin $35.38M
YoY Change 16.09%
% of Gross Profit 120.24%
Research & Development $37.93M
YoY Change 12.99%
% of Gross Profit 128.92%
Depreciation & Amortization $385.0K
YoY Change -12.5%
% of Gross Profit 1.31%
Operating Expenses $73.31M
YoY Change 14.46%
Operating Profit -$43.89M
YoY Change -0.15%
Interest Expense -$1.188M
YoY Change -137.73%
% of Operating Profit
Other Income/Expense, Net -$100.0K
YoY Change -163.29%
Pretax Income -$43.99M
YoY Change 0.43%
Income Tax -$344.0K
% Of Pretax Income
Net Earnings -$43.64M
YoY Change -1.18%
Net Earnings / Revenue -131.25%
Basic Earnings Per Share -$0.73
Diluted Earnings Per Share -$0.73
COMMON SHARES
Basic Shares Outstanding 61.46M 61.13M
Diluted Shares Outstanding 61.22M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $298.4M
YoY Change -0.3%
Cash & Equivalents $47.52M
Short-Term Investments $250.9M
Other Short-Term Assets $8.750M
YoY Change 15.13%
Inventory $13.90M
Prepaid Expenses
Receivables $19.31M
Other Receivables $0.00
Total Short-Term Assets $340.3M
YoY Change 3.38%
LONG-TERM ASSETS
Property, Plant & Equipment $801.0K
YoY Change -48.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.45M
YoY Change -18.6%
Total Long-Term Assets $23.23M
YoY Change -7.07%
TOTAL ASSETS
Total Short-Term Assets $340.3M
Total Long-Term Assets $23.23M
Total Assets $363.6M
YoY Change 2.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.887M
YoY Change 27.3%
Accrued Expenses $54.80M
YoY Change 23.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.61M
YoY Change 94.65%
LONG-TERM LIABILITIES
Long-Term Debt $109.2M
YoY Change 4.34%
Other Long-Term Liabilities $4.030M
YoY Change 112.11%
Total Long-Term Liabilities $113.3M
YoY Change 6.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.61M
Total Long-Term Liabilities $113.3M
Total Liabilities $210.9M
YoY Change 34.55%
SHAREHOLDERS EQUITY
Retained Earnings -$1.100B
YoY Change 28.94%
Common Stock $61.00K
YoY Change 3.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.22M
YoY Change
Total Liabilities & Shareholders Equity $363.6M
YoY Change 2.65%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$43.64M
YoY Change -1.18%
Depreciation, Depletion And Amortization $385.0K
YoY Change -12.5%
Cash From Operating Activities -$25.22M
YoY Change -13.79%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$90.82M
YoY Change -4.36%
Cash From Investing Activities -$90.82M
YoY Change -4.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.492M
YoY Change -96.59%
NET CHANGE
Cash From Operating Activities -25.22M
Cash From Investing Activities -90.82M
Cash From Financing Activities 2.492M
Net Change In Cash -113.5M
YoY Change 121.89%
FREE CASH FLOW
Cash From Operating Activities -$25.22M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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RHYTHM PHARMACEUTICALS, INC.
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rytm Depreciationdepletionandamortizationpropertyandequipmentincludingintangibleassets
Depreciationdepletionandamortizationpropertyandequipmentincludingintangibleassets
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rytm Deferred Rent Expense
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
5667000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Proceeds From Stock Options Exercised
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ProceedsFromStockPlans
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us-gaap Proceeds From Stock Plans
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ProceedsFromDerivativeInstrumentFinancingActivities
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us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
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NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationValueSharesIssued
18716000
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TemporaryEquityAccretionOfDividends
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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 living with rare neuroendocrine diseases. We are focused on advancing our melanocortin-4 (MC4R) 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 rare 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 that leads to abnormal food-seeking behaviors, and severe obesity due to impaired MC4R pathway signaling, which may be caused by genetic variants or injury to the hypothalamic region. 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, and Great Britain, Canada, and other countries and regions.</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. 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;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, 2024, the Company had an accumulated deficit of $1.1 billion.  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. While the Company is generating product revenue, management expects operating losses to continue for the foreseeable future. The Company has devoted substantially all of its resources to its drug development efforts, comprised 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, 2024, the Company had $298,390 of cash and cash equivalents and short-term investments on hand.  On April 1, 2024, the Company entered into an Investment Agreement (the “Investment Agreement”) with certain affiliates of Perceptive Advisors LLC (“Perceptive”) and a life sciences focused institutional investor (each, an “Investor” </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">and collectively, the “Investors”), relating to the issuance and sale of 150,000 shares of a new series of the Company’s Series A Convertible Preferred Stock, par value $0.001 per share, titled the “Series A Convertible Preferred Stock” (the “Convertible Preferred Stock”), for an aggregate purchase price of $147,750, net of issuance costs of $2,250, or $1,000 per share (the “Issuance”).  The Issuance closed on April 15, 2024.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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 <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>
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2024Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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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, accruals related to research and development expenses, assumptions used to record stock-based compensation </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">expense, interest expense on our deferred royalty obligation, 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 Number Of Operating Segments
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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rytm Number Of Federally Insured Financial Institutions
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rytm Number Of Federally Insured Financial Institutions
NumberOfFederallyInsuredFinancialInstitutions
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rytm Number Of Pharmacies Product Sold
NumberOfPharmaciesProductSold
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us-gaap Tangible Asset Impairment Charges
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CY2023Q3 us-gaap Tangible Asset Impairment Charges
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us-gaap Tangible Asset Impairment Charges
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CY2024Q3 us-gaap Tangible Asset Impairment Charges
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q4 us-gaap Inventory Finished Goods
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InventoryNet
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CY2023Q4 rytm Accrued Research And Development Costs
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CY2024Q3 rytm Royalties Current
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CY2023Q4 rytm Royalties Current
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CY2024Q3 rytm Sales Allowances Accrued Current
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CY2024Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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CY2024Q3 rytm Lessee Operating Lease Liability To Be Paid Years Two Through Five
LesseeOperatingLeaseLiabilityToBePaidYearsTwoThroughFive
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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OperatingLeaseExpense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2023Q3 us-gaap Operating Lease Expense
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280000
us-gaap Operating Lease Expense
OperatingLeaseExpense
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us-gaap Operating Lease Payments Use
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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215000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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456000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1125000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1148000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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1171000
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5909000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1879000
CY2024Q3 us-gaap Operating Lease Liability
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CY2024Q3 us-gaap Finite Lived Intangible Assets Net
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6388000
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FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
214000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
854000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
855000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
854000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
855000
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2756000
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
6388000
CY2024Q3 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
344000
us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
436000
CY2023Q3 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
368000
us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
368000
CY2024Q3 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
1329000
rytm Duration Milestone Payments Not Expecting To Be Paid
DurationMilestonePaymentsNotExpectingToBePaid
P12M
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

Files In Submission

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0001558370-24-014532-index-headers.html Edgar Link pending
0001558370-24-014532-index.html Edgar Link pending
0001558370-24-014532.txt Edgar Link pending
0001558370-24-014532-xbrl.zip Edgar Link pending
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report.css Edgar Link pending
rytm-20240930.xsd Edgar Link pending
rytm-20240930x10q.htm Edgar Link pending
rytm-20240930xex31d1.htm Edgar Link pending
rytm-20240930xex31d2.htm Edgar Link pending
rytm-20240930xex32d1.htm Edgar Link pending
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rytm-20240930_cal.xml Edgar Link unprocessable
rytm-20240930_lab.xml Edgar Link unprocessable
rytm-20240930x10q_htm.xml Edgar Link completed
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rytm-20240930_pre.xml Edgar Link unprocessable
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rytm-20240930_def.xml Edgar Link unprocessable