Rhythm Pharmaceuticals insider exercise and planned 16,781-share sale

Rhea-AI Filing Summary

Rhythm Pharmaceuticals, Inc. (RYTM) reported a Form 144 notice for the proposed sale of 16,781 shares of common stock through Morgan Stanley Smith Barney LLC on 09/02/2025, with an indicated aggregate market value of $1,730,960.15 and total shares outstanding listed as 66,420,091. The filing states these shares were acquired on 09/02/2025 via exercise of stock options and paid in cash on the same date.

The filer also disclosed three 10b5-1 sales by Joseph J. Shulman in the past three months: 4,188 shares on 08/21/2025 (gross proceeds $419,090.86), 3,984 shares on 08/11/2025 (gross proceeds $358,891.47), and 7,969 shares on 07/09/2025 (gross proceeds $619,850.56).

Positive

• Full disclosure of broker and sale details (Morgan Stanley Smith Barney LLC, NASDAQ listing).
• Acquisition method disclosed — shares acquired via exercise of stock options and paid in cash on the acquisition date.
• Prior 10b5-1 sales itemized with dates and gross proceeds, supporting transparency of insider transactions.

Negative

• None.

Insights

Securities Analyst

TL;DR: Officer/director-related option exercise followed by a proposed sale and recent scheduled 10b5-1 disposals, indicating planned liquidity events.

The filing documents a same-day option exercise and proposed sale of 16,781 common shares through Morgan Stanley Smith Barney with a stated aggregate market value of $1.73 million against 66.42 million shares outstanding. The transaction type and timing are explicitly reported; the filer discloses prior 10b5-1 sales by Joseph J. Shulman totaling 15,141 shares across July–August 2025 with combined gross proceeds of $1,397,832.89. This information is routine for executive option exercises and Rule 144 notices and provides transparency on insider sales and potential dilution from exercised options.

Corporate Governance Expert

TL;DR: Transparent compliance filing showing insider exercise and planned sale under Rule 144; no regulatory exceptions or omissions are evident in the text.

The Form 144 lists required broker, share count, and acquisition details, including that the shares were acquired by exercise of stock options and paid in cash. The filer makes the representation concerning absence of undisclosed material adverse information. Prior 10b5-1 sales are separately itemized, which helps segregate planned sales from ad hoc disposals. The document appears procedural and complete for its purpose based on the disclosed fields.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	16781	1730960.15	66420091	09/02/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	09/02/2025	Exercise of Stock Options	Issuer			16781	09/02/2025	Cash

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for JOSEPH J SHULMAN 222 Berkeley Street, 12th Floor BOSTON MA 02116	Common	08/21/2025	4188	419090.86
10b5-1 Sales for JOSEPH J SHULMAN 222 Berkeley Street, 12th Floor BOSTON MA 02116	Common	08/11/2025	3984	358891.47
10b5-1 Sales for JOSEPH J SHULMAN 222 Berkeley Street, 12th Floor BOSTON MA 02116	Common	07/09/2025	7969	619850.56

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What securities are covered by the Form 144 for Rhythm Pharmaceuticals (RYTM)?

The notice covers 16,781 shares of Rhythm Pharmaceuticals common stock proposed to be sold on 09/02/2025.

Who is the broker handling the proposed sale in the RYTM Form 144?

The broker listed is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, New York, NY.

How were the 16,781 shares acquired according to the filing?

The filing states the shares were acquired on 09/02/2025 by exercise of stock options and paid in cash on the same date.

What 10b5-1 sales were disclosed for Joseph J. Shulman in the past three months?

Three sales: 7,969 shares on 07/09/2025 (gross $619,850.56), 3,984 on 08/11/2025 (gross $358,891.47), and 4,188 on 08/21/2025 (gross $419,090.86).

What is the aggregate market value and outstanding shares noted in the Form 144?

Aggregate market value is listed as $1,730,960.15 and number of shares outstanding is 66,420,091.