Rhythm Pharmaceuticals Inc

Latest Results (04.10.2025):

Rhythm Pharmaceuticals Inc. reported strong financial results for the second quarter of 2025, showcasing significant growth in product revenues and advancements in their clinical pipeline. The company continues to strengthen its market position and financial standing through strategic initiatives and successful regulatory progress.

Revenue Growth

Net product revenue from global sales of IMCIVREE® reached $48.5 million in Q2 2025, marking a 29% increase compared to Q1 2025. Sales in the United States accounted for $32.0 million, a 31% sequential rise, while international sales totaled $16.5 million, up 24% sequentially.

Clinical Development Milestones

Rhythm announced positive Phase 2 trial results for bivamelagon, demonstrating significant BMI reductions in patients with acquired hypothalamic obesity. Additionally, setmelanotide showed statistically significant and clinically meaningful outcomes in the pivotal Phase 3 TRANSCEND trial, reinforcing its potential as a treatment option.

Financial Position

The company raised approximately $189.2 million through an upsized public offering of common stock in July 2025, bolstering its cash position to $291.0 million as of June 30, 2025. This capital infusion supports ongoing research, development, and commercial expansion efforts.

Operating Expenses

Research and Development expenses increased to $42.3 million in Q2 2025 from $30.2 million in Q2 2024, driven by costs related to drug development and clinical trials. Selling, General & Administrative expenses also rose to $45.9 million from $36.4 million year-over-year, reflecting expanded business operations and marketing initiatives.

Net Loss

Rhythm Pharmaceuticals reported a net loss of $48.0 million for Q2 2025, or $0.75 per share, compared to a net loss of $33.6 million, or $0.55 per share, in Q2 2024. The increase in net loss was primarily due to higher operating expenses and non-recurring financial items.

Upcoming Milestones

The company anticipates completing regulatory submissions for setmelanotide in acquired hypothalamic obesity in Q3 2025 and plans to disclose preliminary results from its Phase 2 trial in Prader-Willi syndrome later this year. Additionally, Rhythm is preparing to launch a global commercial strategy event for setmelanotide in September 2025.