Rhythm Pharmaceuticals ( (RYTM) ) has released its Q3 earnings. Here is a breakdown of the information Rhythm Pharmaceuticals presented to its investors.
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Rhythm Pharmaceuticals is a global commercial-stage biopharmaceutical company based in Boston, focused on developing treatments for rare neuroendocrine diseases, particularly leveraging its lead asset, IMCIVREE® (setmelanotide), to manage conditions related to hyperphagia and severe obesity through the melanocortin-4 receptor (MC4R) pathway.
In the third quarter of 2024, Rhythm Pharmaceuticals reported net revenue of $33.3 million from global sales of its flagship product, IMCIVREE, marking a 14% increase from the previous quarter. The company is making strides in expanding its treatment indications, with an sNDA accepted by the FDA for Priority Review that could potentially extend IMCIVREE’s availability to children as young as two years of age.
Rhythm Pharmaceuticals highlighted several key performance metrics, including a significant BMI reduction in patients with acquired hypothalamic obesity, and the steady growth in sales primarily driven by prescriptions for Bardet-Biedl syndrome. The company also announced a strategic collaboration with Axovia Pharmaceuticals to enhance understanding and treatment options for Bardet-Biedl syndrome. Financially, Rhythm recorded a net loss of $45 million for the quarter, attributed to increased R&D and SG&A expenses.
Looking forward, Rhythm Pharmaceuticals aims to complete various clinical trial enrollments by the end of 2024 and anticipates announcing top-line data from its Phase 3 trial for setmelanotide in the first half of 2025. The company’s current cash reserves are expected to support operations into 2026, reflecting a stable financial outlook despite ongoing operational investments.
