Rhythm Pharmaceuticals insider files to sell 4,188 shares via Morgan Stanley

Rhea-AI Filing Summary

Rhythm Pharmaceuticals (RYTM) Form 144 notice reports a proposed sale of 4,188 common shares by an insider through Morgan Stanley Smith Barney on NASDAQ, with an aggregate market value of $413,355.60. The filing shows these shares were acquired on 08/21/2025 by exercise of stock options and paid for in cash the same day. The issuer has 66,420,091 shares outstanding, so the proposed sale represents a small fraction of total shares. The filer also reported two prior 10b5-1 sales by the same person in the past three months: 3,984 shares sold on 08/11/2025 for $358,891.47 and 7,969 shares sold on 07/09/2025 for $619,850.56. The notice includes the standard representation that the seller is not aware of any undisclosed material adverse information.

Insights

Securities Analyst

TL;DR: Insider exercised options and filed to sell 4,188 shares; recent 10b5-1 sales total 11,953 shares over two months.

The filing documents a routine insider transaction: 4,188 shares acquired by option exercise on 08/21/2025 with proposed sale via Morgan Stanley. The filing also discloses two prior 10b5-1 program sales totaling 11,953 shares in July and August 2025 for combined gross proceeds of $978,741.97. Relative to the 66.42 million outstanding shares, these transactions are immaterial in size. For investors, this is factual disclosure of insider liquidity rather than an operational update.

Corporate Governance Expert

TL;DR: The notice is a standard compliance disclosure tied to option exercise and existing 10b5-1 plans.

The document includes the seller's certification that no undisclosed material adverse information exists and notes use of a broker and 10b5-1 sales. It confirms procedural compliance with Rule 144 and 10b5-1 requirements: exercise date, payment method (cash), broker identification, and prior plan sales. This supports transparency in insider dealings but does not by itself indicate governance changes.

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	4188	413355.60	66420091	08/21/2025	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	08/21/2025	Exercise of Stock Options	Issuer			4188	08/21/2025	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	08/11/2025	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 is the size and value of the proposed sale in the RYTM Form 144?

The filing proposes sale of 4,188 common shares with an aggregate market value of $413,355.60.

When were the shares acquired and how were they paid for?

The shares were acquired by exercise of stock options on 08/21/2025 and paid for in cash on the same date.

Which broker is handling the proposed sale?

The broker listed is Morgan Stanley Smith Barney LLC, Executive Financial Services, 1 New York Plaza, 8th Floor, New York, NY.

Has the insider sold RYTM shares recently?

Yes. The filing discloses two 10b5-1 sales: 3,984 shares sold on 08/11/2025 for $358,891.47 and 7,969 shares sold on 07/09/2025 for $619,850.56.

How large are these transactions relative to RYTM's outstanding shares?

The issuer has 66,420,091 shares outstanding; the proposed 4,188-share sale is a very small fraction of that total.