olivLaw · US equity research
Rhythm Pharmaceuticals, Inc. RYTM
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Rhythm Pharmaceuticals develops and sells IMCIVREE (setmelanotide), a therapy for rare obesity diseases caused by MC4R pathway impairment. Net product revenue from global sales reached 71.3 million USD in the second quarter of 2026, and the U.S. launch for acquired hypothalamic obesity has started strongly.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Rhythm Pharmaceuticals, Inc. (RYTM) stock was 110.68 USD (+28.04% on the day), with market capitalisation 7.7 bn USD, beta 0.95, 52-week range 75.82–117.62 USD. Latest reported quarter (Q3 2026): revenue of 92.1 m USD (+79.6% YoY), net income of -41.4 m USD, diluted EPS -0.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.9
- strong (55–70)
- Bollinger (20, 2)
- 80.59 – 100.88
- above the upper band · %B 1.48 · band width 22.4%
- SMA 50 / 200
- 96.29 / 96.99
- mixed trend
- MACD (12, 26, 9)
- 0.36 / -1.47
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +19.7% | −1.1% | +20.8 pp | — |
| 3 months | −0.0% | −0.5% | +0.4 pp | — |
| 6 months | +14.6% | +4.4% | +10.2 pp | — |
| Year to date | +3.4% | +12.3% | −8.9 pp | — |
| 1 year | +5.4% | +13.5% | −8.1 pp | +19.3% |
| 3 years | +310.4% | +76.4% | +234.0 pp | +13.0% |
| 5 years | +696.3% | +63.7% | +632.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41.8 m | 32.7 m | 48.5 m | 51.3 m | 57.3 m | 60.1 m | 71.3 m | 92.1 m |
| Cost of revenue | 3.8 m | 3.6 m | 5.5 m | 5.5 m | 4.8 m | 7.2 m | 8.9 m | 12.2 m |
| Research & development | 41.2 m | 37.0 m | 42.3 m | 46.0 m | 42.0 m | 41.7 m | 43.4 m | 52.5 m |
| SG&A | 38.1 m | 39.1 m | 45.9 m | 52.4 m | 57.5 m | 63.6 m | 67.4 m | 66.8 m |
| Operating income | -41.3 m | -47.0 m | -45.3 m | -52.7 m | -47.1 m | -52.4 m | -48.6 m | -39.3 m |
| Interest expense | 5.4 m | 5.4 m | 5.8 m | 4.7 m | 4.6 m | 4.6 m | 4.5 m | 4.5 m |
| Pre-tax income | -43.4 m | -49.4 m | -46.3 m | -52.8 m | -47.5 m | -55.1 m | -48.9 m | -40.8 m |
| Income tax | -90.0 k | 80.0 k | 337.0 k | 111.0 k | -31.0 k | 545.0 k | 444.0 k | 610.0 k |
| Net income | -43.3 m | -49.5 m | -46.6 m | -52.9 m | -47.5 m | -55.6 m | -49.3 m | -41.4 m |
| Diluted EPS | -0.70 ≈ | -0.81 | -0.75 | -0.82 | -0.71 ≈ | -0.83 | -0.73 | -0.61 |
| Operating cash flow | -18.8 m | -40.4 m | -23.3 m ≈ | -26.6 m ≈ | -25.4 m | -44.2 m | -9.2 m ≈ | -3.1 m ≈ |
| Capex | — | — | — | — | 953.0 k | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 3.2 m | 23.6 m | 77.4 m | 130.1 m | 189.8 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | +649.5% | +227.6% | +68.1% | +45.8% |
| Net income | -74.1 m | -140.7 m | -134.0 m | -69.6 m | -181.1 m | -184.7 m | -260.6 m | -196.5 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -3.86 | -3.04 | -1.40 | -3.47 | -3.20 | -4.34 | -3.11 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -2,207.1% | -766.2% | -238.5% | -200.3% | -103.6% |
| Free cash flow | -62.8 m | -126.1 m | -122.2 m | -146.4 m | -173.7 m | -136.2 m | -113.9 m | -116.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.3 m USD
- Financial debt
- 108.2 m USD
- Net debt
- 53.9 m USD
- Equity
- 139.1 m USD
- Total assets
- 480.2 m USD
- Debt / equity
- 0.78x
- Current ratio
- 4.41x
- ROE
- -244.5%
- ROA
- -45.1%
- FCF margin
- -61.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | 3.2 m | 23.6 m | 77.4 m | 130.1 m | 189.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | — | 599.0 k | 2.1 m | 9.3 m | 13.4 m | 19.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | — | 2.6 m ≈ | 21.5 m ≈ | 68.1 m ≈ | 116.8 m ≈ | 170.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Research & development | 90.5 m | 104.1 m | 108.6 m | 135.0 m | 238.0 m | 167.3 m | SEC (XBRL)· 26 Feb 2026verified |
| SG&A | 46.1 m | 68.5 m | 92.0 m | 117.5 m | 144.3 m | 194.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -136.6 m | -170.1 m | -179.2 m | -184.4 m | -265.5 m | -192.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 690.0 k | 816.0 k | 896.0 k | 900.0 k | 700.0 k | 500.0 k | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | -135.9 m ≈ | -169.2 m ≈ | -178.3 m ≈ | -183.5 m ≈ | -264.8 m ≈ | -191.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | — | — | 5.2 m | 13.9 m | 20.6 m | 20.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | — | -69.6 m | -181.1 m | -184.1 m | -260.3 m | -196.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | — | — | — | 564.0 k | 346.0 k | 497.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -134.0 m | -69.6 m | -181.1 m | -184.7 m | -260.6 m | -196.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -3.04 | -1.40 | -3.47 | -3.20 | -4.34 | -3.11 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 44.1 m | 49.6 m | 52.1 m | 57.7 m | 61.0 m | 65.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 100.9 m | 59.2 m | 127.7 m | 60.1 m | 89.1 m | 54.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | — | 1.0 m | 6.2 m | 14.9 m | 18.5 m | 26.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | — | 111.0 k | 2.9 m | 8.6 m | 18.7 m | 25.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 181.7 m | 308.4 m | 354.2 m | 308.3 m | 374.2 m | 466.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 3.2 m | 2.8 m | 2.2 m | 1.3 m | 632.0 k | 1.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 4.7 m | 7.9 m | 7.0 m | 6.2 m | 5.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 187.1 m | 329.5 m | 382.5 m | 332.7 m | 392.3 m | 480.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 4.9 m | 5.7 m | 4.8 m | 4.9 m | 12.3 m | 13.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | — | — | 1.5 m | 7.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | — | — | — | 106.1 m | 108.3 m | 100.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 18.0 m | 43.4 m | 39.8 m | 55.2 m | 115.5 m | 105.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 20.5 m | 45.4 m | 118.2 m | 163.0 m | 227.7 m | 210.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 166.5 m † | 284.2 m † | 264.3 m † | 169.8 m † | 21.7 m † | 139.1 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -122.0 m | -146.0 m | -173.4 m | -136.2 m | -113.9 m | -115.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 214.0 k | 434.0 k | 281.0 k | 47.0 k | 0 | 953.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -122.2 m ≈ | -146.4 m ≈ | -173.7 m ≈ | -136.2 m ≈ | -113.9 m ≈ | -116.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | 158.5 m | -62.2 m | 28.0 m | -5.7 m | -48.2 m | -137.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 2.0 m | 166.5 m | 213.8 m | 74.4 m | 191.2 m | 218.0 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.7 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -88.3% | 8 (vs peers) | 24% |
| Net margin · Quality | -69.0% | 26 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 100.2% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -10.3x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.1% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality15/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
RHYTHM PHARMACEUTICALS, INC. (RYTM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 189.8 m USD in 2025; YoY growth 45.8%; net margin -69.0%; ROE -163.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 100.2%
- Current ratio: 2.8x
What contradicts it
- ROIC: -88.3%
- Net margin: -69.0%
- Interest coverage: -10.3x
- FCF yield: -1.1%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| RYTMRhythm Pharmaceuticals, Inc. | 7.7 bn | — | -163.7% | -69.0% | +45.8% | +5% / +310% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for RYTM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
In brief
Rhythm Pharmaceuticals develops and sells IMCIVREE (setmelanotide), a therapy for rare obesity diseases caused by MC4R pathway impairment. Net product revenue from global sales reached 71.3 million USD in the second quarter of 2026 3, and the U.S. launch for acquired hypothalamic obesity has started strongly 3.
SWOT
Strengths
- First approved therapy for acquired hypothalamic obesity, supported by Phase 3 clinical data.
- Coherent MC4R agonist portfolio, from the approved product to oral and weekly candidates.
- Own commercial infrastructure in the U.S. and certain European markets.
Weaknesses
- Continuing net losses and rising commercial expenses make profitability uncertain.
- Heavy dependence on a single product for current revenue.
- Declining cash reserves and the need for additional financing.
Opportunities
- Development in Japan and Europe for acquired hypothalamic obesity.
- Possible expansion into Prader-Willi syndrome and other genetic MC4R pathway diseases.
- Bivamelagon and RM-718 could open more convenient dosing options.
Threats
- Reimbursement decisions and price adjustments in France and other European countries.
- Risk of delayed or rejected regulatory approvals in new indications.
- Difficulty obtaining long-term financing if revenue growth falls short.
Risks
- Continuing net losseshigh
The company has reported losses every year since inception and expects losses to continue, with no certainty of reaching profitability 1.
- Need for additional financinghigh
Available cash may not be enough for planned development and commercial activities, and financing may be unavailable or unfavorable 13.
- Royalty financing agreementmedium
The RIFA with royalty investors may limit cash flow and operating freedom, and underperformance payments can be required at set dates 1.
- Regulatory and reimbursement risksmedium
Approvals in Europe and Japan and reimbursement in new countries are uncertain and could delay launches 23.
- Single-product concentrationmedium
Revenue depends largely on IMCIVREE, so manufacturing, safety or market access problems could significantly affect results.
Investment thesis
What would need to be true (bull case)
- If demand for acquired hypothalamic obesity converts into long-term reimbursed patients, revenue could grow quickly in the United States 3.
- Positive Phase 3 results and publication in the New England Journal of Medicine could support new approvals and physician acceptance 3.
- Bivamelagon and RM-718 could extend the portfolio into new indications and dosing forms.
What would break the thesis
- Net losses and rising commercial expenses could extend the period before profitability and may require new financing.
- Ex-U.S. revenue declined sequentially, and price corrections in France show reimbursement pressure in Europe 3.
- If approvals in Japan or Europe are delayed, international growth could be slower than expected.
What to watch
- Trend in IMCIVREE revenue in the U.S. and ex-U.S.Q3 2026
- MHLW decision in Japan for acquired hypothalamic obesity2026
- Cash position and need for additional financingnext 10-Q
- Country-level launches in Europe for acquired hypothalamic obesity2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 8-K (03 Nov 2026 · results), 10-Q (03 Nov 2026).
The business
The company focuses on MC4R agonists, with IMCIVREE as its lead product, approved in the U.S., EU, UK and Canada for certain rare MC4R pathway diseases, including Bardet-Biedl syndrome 1. For acquired hypothalamic obesity, the company reports FDA approval on March 19, 2026 and a Japanese application now under review 2. Cumulative product revenue to December 31, 2025 was approximately 422.5 million USD 1.
Beyond IMCIVREE, the company is developing bivamelagon, an oral MC4R agonist, and RM-718, a weekly subcutaneous agonist, both designed for high selectivity over MC1R 1. The clinical program also covers Prader-Willi syndrome and congenital hypothalamic obesity 23.
Financial results show net losses narrowing year over year, while commercial expenses are rising as operations expand 3. If the hypothalamic obesity launch sustains its pace, it could support revenue growth, though cash fell to 330.9 million USD by June 30, 2026 3.
Segments
IMCIVREE (setmelanotide)
The lead product, approved for BBS and POMC, PCSK1 or LEPR deficiencies, and since 2026 for acquired hypothalamic obesity. Net product revenue from IMCIVREE was 131.4 million USD in the first six months of 2026 3.
Bivamelagon and RM-718
Early and mid-stage candidates designed for high MC4R selectivity. RM-718 showed a mean BMI reduction of 11.6% after 16 weeks in a small group of patients 3.
Market context
The target market is rare MC4R pathway diseases, where approved therapies are limited. The company estimates about 10,000 patients with acquired hypothalamic obesity in the U.S. 1, and estimates about 20,000 people in the U.S. with Prader-Willi syndrome 1.
Expansion into Europe and Japan is expected during 2026 and 2027, subject to regulatory decisions and reimbursement 23. The company also notes access or named patient sales in more than 25 countries outside the U.S. 1.
Trends
- Hypothalamic obesity launchtailwind
More than 400 patient start forms were received for acquired HO between approval and June 30, 2026, suggesting strong early demand 3. If this converts into long-term reimbursed patients, it could support revenue growth.
- Ex-U.S. revenue pressuremixed
Ex-U.S. revenue declined sequentially in the second quarter of 2026, including a retrospective charge under the Contribution M mechanism in France 3. This shows sensitivity to pricing regulation.
- MC4R pipeline expansiontailwind
Positive TRANSCEND results, published in the New England Journal of Medicine, and Phase 2 Prader-Willi data strengthen the scientific base 3. Further data could open new indications.
Competitive position
The sources reviewed do not detail direct competitors. The company presents itself as the first therapy of its kind for certain rare diseases 1.
Competitive position depends on first-mover advantage in hypothalamic obesity and the selectivity advantage of next-generation MC4R candidates 2. The sources do not describe other approved therapies for this indication.
- Other MC4R agonists in development
The sources mention only the company's own programs; competitors are not identified.
- Oral obesity therapies
The sources do not identify them as direct competitors for rare MC4R pathway diseases.
- Prader-Willi syndrome therapies
The sources state therapeutic options are limited, without naming other products.
- Hypothalamic obesity therapies
The company states no other therapy is specifically approved for this disease.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- From New Delhi to Manila to Atlanta, the Quad Finds Its Rhythm in 2026The Diplomat (Asia geopolitics) · 02 Nov 2026 · EN
- Lysosomes, the cell's 'recycling centers,' found to help control heart rhythmPhys.org · 02 Nov 2026 · EN
- How parental leave helped 2 new parents find their rhythmRed Hat Blog · 30 Oct 2026 · EN
- A hidden brain rhythm challenges ideas about where consciousness comes fromMedical Xpress · 29 Oct 2026 · EN
- After stroke and AFib, restoring heart rhythm linked to lower risk of another strokeMedical Xpress · 21 Oct 2026 · EN
- Robotic 'time crystal' organizes itself into a single rhythm despite random disturbancesPhys.org · 14 Oct 2026 · EN
- ADHD as a circadian rhythm disorder: evidence and implications for chronotherapyHacker News · 08 Oct 2026 · EN
- Antonelli finds his rhythm to top final Sepang practiceCNA (Channel NewsAsia) · 03 Oct 2026 · EN
- The 2025 Kamchatka tsunami kept the Pacific ringing for more than ten hours. Its rhythm could help tsunami warningsPhys.org · 01 Oct 2026 · EN
- Distant time crystals can somehow fall into the same rhythmScienceDaily · 24 Sept 2026 · EN
- (Asiad) Volleyball captain Kang So-hwi overcomes fear of injury to find rhythm in Asiad openerYonhap News (KR, EN) · 16 Sept 2026 · EN
- Brain's rhythm signals may help memory circuits communicateMedical Xpress · 09 Sept 2026 · EN
- Correction to “Short-Term PM2.5 Exposure Impairs Cognitive Function and the DNA Methylation Signatures of Circadian Rhythm Genes”Environmental Science & Technology · 08 Sept 2026 · EN
- In tune with nature: Human speech follows a rhythm that is also found in the animal kingdomPhys.org · 01 Sept 2026 · EN
- Wearable monitor improves diagnosis of heart rhythm disorders after faintingMedical Xpress · 31 Aug 2026 · EN
- Eli Lilly and Novo Nordisk Can't Treat This Form of Obesity. Billionaire Stanley Druckenmiller Is Betting Rhythm Pharmaceuticals CanYahoo Finance — News · 23 Aug 2026 · EN
- UAD Fashion 2026: Eleganța ecvestră și influențele jazzului în colecțiile „UNTAMED TAILOR” și „RHYTHM OF FORMS”G4Media · 07 Jul 2026 · RO
- Rhythm Heaven never misses a beatThe Verge · 01 Jul 2026 · EN
- Rhythm nation: politician’s viral dance moves mark new, optimistic era for HungaryThe Guardian World · 10 May 2026 · RO
The latest news item in our archive is from 02 Nov 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report03 Nov 2026
- Current report03 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report25 Jun 2026Shareholder vote
- Current report15 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Current report03 Apr 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rhythm Pharmaceuticals, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rhythm Pharmaceuticals, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Rhythm Pharmaceuticals, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.