Rhythm Pharmaceuticals Q3 2026 revenue reaches $92.1M
The amended LG Chem agreement sets a 1% MC4R-portfolio royalty beginning January 1, 2029, or at bivamelagon’s first commercial sale if earlier.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Rhythm Pharmaceuticals (RYTM) reported third-quarter 2026 global IMCIVREE net product revenue of $92.1 million, up 29% sequentially and compared with $51.3 million in Q3 2025. Reimbursed patients worldwide increased 20% from Q2. Net loss attributable to common stockholders was $42.4 million, or $0.61 per share, versus $54.3 million, or $0.82 per share, a year earlier.
More than 700 patient start forms had been received from more than 500 prescribers for acquired hypothalamic obesity as of September 30, 2026, and the Japan commercial launch began October 13, 2026. Rhythm agreed to pay LG Chem $350 million in fixed payments over four years to reduce the royalty on net product revenue from its MC4R portfolio to 1%, beginning January 1, 2029, or at bivamelagon’s first commercial sale if earlier. A five-year term loan provides access to up to $750 million, including a $250 million initial draw. September 30, 2026 cash, cash equivalents and short-term investments of $320.9 million exclude the initial draw and a $70 million payment due to LG Chem.
Rhythm anticipates 2026 Non-GAAP Operating Expenses of $360 million to $380 million. Based on current operating plans, it expects its September 30 cash position to fund planned operations for at least 24 months and expects to initiate a pivotal Phase 3 bivamelagon trial in acquired hypothalamic obesity by year-end 2026.
2 points · 0 major0 major · 0 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointIMCIVREE revenue: $92.1 million, up 29% sequentially.
- Moderate pointNet loss attributable fell to $42.4 million from $54.3 million.
Negative
- None.
Filing Explained
The LG Chem amendment adds a $200 million commercial milestone tied to sales across Rhythm’s MC4R portfolio.
Rhythm reports entering a five-year term-loan facility on
The facility carries interest at SOFR plus
The LG Chem amendment adds a
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Global IMCIVREE net product revenue: $92.1 million
Sequential revenue increase: 29%
Increase in reimbursed patients: 20%
+5 more
8 metrics
Global IMCIVREE net product revenue
$92.1 million
Third quarter 2026; compared with $51.3 million in Q3 2025
Sequential revenue increase
29%
Global IMCIVREE net product revenue, Q3 2026 compared with Q2 2026
Increase in reimbursed patients
20%
Globally, compared with Q2 2026
Net loss attributable to common stockholders
$42.4 million
Third quarter 2026; compared with $54.3 million in Q3 2025
Cash, cash equivalents and short-term investments
$320.9 million
As of September 30, 2026; excludes the $250 million initial term-loan draw and $70 million payment due to LG Chem
Term loan facility access
Up to $750 million
Five-year facility with a $250 million initial draw
Fixed payments to LG Chem
$350 million
Over four years under the amended bivamelagon license agreement
2026 Non-GAAP Operating Expenses guidance
$360 million to $380 million
For the year ending December 31, 2026
Key Terms
Non-GAAP Operating Expenses, Revenue Interest Financing Agreement, SOFR floor, MC4R agonists, +1 more
5 terms
Non-GAAP Operating Expenses financial
"defined as GAAP operating expenses excluding stock-based compensation"
Non-GAAP operating expenses are the costs a company reports that exclude certain items typically considered unusual or non-recurring, such as restructuring charges or asset write-downs. They are used to give investors a clearer view of the company's regular, ongoing expenses by filtering out one-time or non-core costs, helping them better assess the company's true operational performance.
Revenue Interest Financing Agreement financial
"amended and restated Revenue Interest Financing Agreement"
A revenue interest financing agreement is a deal where a company receives cash now in exchange for giving an investor a fixed percentage of future revenue until a set amount or time is reached. Think of it like selling a small slice of every sale to an investor instead of taking a traditional loan or issuing stock. Investors care because it affects future cash flow and returns—payments rise and fall with sales and don’t dilute ownership like equity.
SOFR floor financial
"1.00% SOFR floor"
MC4R agonists technical
"advancing our next-generation MC4R agonists"
Drugs that activate the melanocortin 4 receptor (MC4R), a protein in the brain that helps regulate appetite and energy expenditure. They work by binding to and stimulating MC4R—mimicking the body’s natural melanocortin signals—to reduce food intake and often increase metabolic rate; they can be peptides or small molecules and typically act on central nervous system pathways. Clinical effects depend on a functioning MC4R (patients with loss‑of‑function mutations may not respond), and activation can have physiological consequences such as changes in heart rate, blood pressure or sexual function that are monitored in trials and prescribing information.
hypothalamic obesity medical
"patients with acquired hypothalamic obesity"
A condition in which damage to the brain’s hypothalamus — the small area that acts like the body’s thermostat for hunger and energy use — causes uncontrollable weight gain and difficulty losing weight despite diet or exercise. It matters to investors because it creates a clear clinical need for effective treatments, influences long-term healthcare costs and reimbursement, and can drive regulatory attention and market opportunities for drug developers, medical devices, and specialized care providers.
Earnings Snapshot
Global IMCIVREE net product revenue: $92.1 million · Guidance included
Third quarter 2026
Global IMCIVREE net product revenue
$92.1 million
29% increase from Q2 2026; $51.3 million in Q3 2025
Net loss attributable to common stockholders
$42.4 million
Compared with $54.3 million in Q3 2025
Net loss per share attributable to common stockholders
$(0.61) per share
Compared with $(0.82) per share in Q3 2025
Cash, cash equivalents and short-term investments
Approximately $320.9 million
Compared with $388.9 million as of December 31, 2025
Guidance
For 2026, Rhythm anticipates $360 million to $380 million in Non-GAAP Operating Expenses, including R&D expenses of approximately $165 million to $175 million and SG&A expenses of approximately $195 million to $205 million. The measure excludes stock-based compensation and fixed consideration related to in-licensing and milestone payments.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were RYTM’s third-quarter 2026 revenue and net loss?
RYTM reported $92.1 million in global IMCIVREE net product revenue for Q3 2026, up 29% from Q2; Q3 2025 revenue was $51.3 million. Net loss attributable to common stockholders was $42.4 million, or $0.61 per share, compared with $54.3 million, or $0.82 per share, a year earlier.
What are the terms of RYTM’s five-year term loan facility?
The facility provides access to up to $750 million, with a $250 million initial draw. It also includes $250 million in optional tranches through June 30, 2028, and $250 million of additional capacity subject to mutual lender agreement.
How did RYTM amend its LG Chem license agreement?
Rhythm agreed to pay LG Chem $350 million in fixed payments over four years to reduce the royalty on net product revenue from its MC4R portfolio to 1%. The 1% rate begins January 1, 2029, or at bivamelagon’s first commercial sale if earlier.
What is RYTM’s 2026 operating-expense guidance?
Rhythm anticipates $360 million to $380 million in Non-GAAP Operating Expenses for 2026, including R&D expenses of approximately $165 million to $175 million and SG&A expenses of approximately $195 million to $205 million. The measure excludes stock-based compensation and fixed consideration related to in-licensing and milestone payments.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | ||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (857 ) 264-4280
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
The | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 3, 2026, Rhythm Pharmaceuticals, Inc. (the “Company”) announced its financial results for the third quarter ended September 30, 2026. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Current Report”).
The information contained in Item 2.02 of this Current Report (including Exhibit 99.1 and 99.2 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly provided by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following Exhibits 99.1 and 99.2 relate to Item 2.02 and shall be deemed to be furnished, and not filed:
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated November 3, 2026 | |||||||
| 99.2 | Presentation dated November 3, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RHYTHM PHARMACEUTICALS, INC. | ||||||||
| Date: November 3, 2026 | By: | /s/ Hunter C. Smith | ||||||
| Hunter C. Smith | ||||||||
| Chief Financial Officer | ||||||||
EXHIBIT 99.1
Rhythm Pharmaceuticals Reports Third Quarter 2026 Financial Results and Business Update
-- Strong U.S. launch momentum for IMCIVREE® (setmelanotide) for acquired hypothalamic obesity (HO) continues with more than 700 patient start forms as of September 30, 2026 --
-- Third quarter 2026 net product revenue from global sales of IMCIVREE of $92.1 million, an increase of 29% from the prior quarter --
-- Commercial launch of IMCIVREE in Japan for patients with acquired HO underway --
-- Bivamelagon to advance into pivotal development in Prader-Willi syndrome --
-- Rhythm and LG Chem amend bivamelagon licensing agreement --
-- Five-year term loan facility secured, providing access to up to $750 million --
-- Management to host conference call today at 8:00 a.m. ET --
BOSTON, November 3, 2026 – Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), a global commercial-stage biopharmaceutical company focused on transforming the lives of patients living with rare neuroendocrine diseases, today reported financial results and provided a business update for the third quarter ended September 30, 2026.
“Rhythm continues to make strong progress in bringing IMCIVREE® (setmelanotide) to patients with acquired hypothalamic obesity (HO), highlighted by continued commercial momentum in the United States. Our commercial launch in Japan represents another important milestone in a market with the potential to become our second largest,” said David Meeker, M.D., Chairman, Chief Executive Officer and President of Rhythm Pharmaceuticals. “The strength of the U.S. launch through two quarters reinforces both the significant unmet need in acquired HO and our opportunity to transform care for patients living with this serious disease.”
Dr. Meeker added, “We are excited about advancing our next-generation MC4R agonists, beginning with bivamelagon. Strong clinical results have reinforced our confidence in its potential across multiple indications, and we look forward to initiating pivotal trials in acquired HO and Prader-Willi syndrome. Our restructured bivamelagon royalty agreement with LG Chem reflects our strong belief in the future potential of the portfolio. With a strong global foundation built on IMCIVREE, bivamelagon entering Phase 3 development and further development planned for RM-718, there is a clear and compelling path to long-term growth and value creation for Rhythm.”
Recent Business and Development Highlights
•Today, the Company announced it has received more than 700 patient start forms for IMCIVREE for acquired HO from more than 500 prescribers as of September 30, 2026, following approval by the U.S. Food and Drug Administration (FDA) on March 19, 2026;
•Revenue from global sales of IMCIVREE was $92.1 million for the third quarter of 2026, an increase of 29% on a sequential basis from the second quarter of 2026. The number of patients on reimbursed therapy globally increased by 20% as compared to the second quarter of 2026.
•U.S.: Revenue of $67.5 million, or 73% of product revenue, was generated in the United States in the third quarter of 2026, an increase of $16.5 million or 32% compared to the second quarter of 2026. The sequential quarter-over- quarter growth in U.S. revenue was driven primarily by increased patient demand for IMCIVREE in acquired HO, as well as continued growth in demand in Bardet-Biedl syndrome (BBS).
•Ex-U.S.: Revenue of $24.7 million, or 27% of product revenue, was generated outside the United States, a sequential increase of $4.4 million or 22% compared to the second quarter of 2026. The number of reimbursed patients on IMCIVREE continued to increase in the third quarter of 2026;
•Today, the Company announced that five presentations have been accepted for presentation at ObesityWeek® 2026, taking place November 14-17, 2026. Presentations include:
•Definition and Diagnostic Criteria for Acquired Hypothalamic Obesity: Global Expert Consensus;
•Patient-Reported Outcomes From the TRANSCEND Trial in Acquired Hypothalamic Obesity;
•Efficacy and Safety of Setmelanotide in Acquired Hypothalamic Obesity: Final Phase 3 Trial Results;
•Two-Year Phase 3 Trial Results of Setmelanotide in Patients With Acquired Hypothalamic Obesity; and
•Weight Category Improvement Following Setmelanotide in Patients With Acquired Hypothalamic Obesity.
•On November 2, 2026, the Company announced an amendment to its exclusive license agreement with LG Chem for bivamelagon. Under the terms of the amendment, Rhythm has agreed to pay LG Chem $350 million in fixed payments over four years in order to reduce the low-to-mid single digit royalty in the original agreement to 1% royalty on net product revenue generated by Rhythm’s MC4R portfolio;
•On November 2, 2026, the Company entered into a five-year term loan facility led by KKR's HealthCare Royalty ("Healthcare Royalty") in partnership with Blackstone Life Sciences, providing access to up to $750 million of capital. In connection with entry
into this loan facility the Company entered into an amended and restated Revenue Interest Financing Agreement with Health Care Royalty;
•On October 13, 2026, the Company announced the commercial launch of IMCIVREE in Japan for patients with acquired HO;
•On September 22, 2026, the Company announced Health Canada approval of IMCIVREE for weight management in adult and pediatric patients 4 years of age and older with acquired HO;
•On September 10, 2026, the Company announced the presentation of six abstracts, including three oral presentations and three poster presentations, at the 64th Annual European Society for Paediatric Endocrinology (ESPE) Meeting. Presentations included:
•Real-world data demonstrating reductions in BMI and hunger for up to 18 months in paediatric patients with acquired HO treated with setmelanotide through France's early-access program;
•A Phase 3 post-hoc analysis demonstrating improvements across multiple cardiometabolic risk indices with setmelanotide in paediatric patients with acquired HO;
•Long-term weight outcomes with setmelanotide in paediatric patients with BBS, POMC deficiency and LEPR deficiency; and
•Additional analyses evaluating metabolic syndrome severity and risk in acquired HO and clinical characteristics associated with BBS.
•On August 24, 2026, the Company announced that Japan’s Ministry of Health, Labour and Welfare (MHLW) approved IMCIVREE for patients with acquired HO in Japan;
•On August 17, 2026, the Company announced the appointment of Manher (“AJ”) Joshi, M.D., as Chief Medical Officer;
•On August 11, 2026, the Company announced that IMCIVREE received expanded Marketing Authorization in the United Kingdom for the treatment of obesity and control of hunger in patients with acquired HO due to hypothalamic injury or impairment;
Anticipated Upcoming Milestones
Rhythm expects to achieve the following near-term milestones:
•Complete enrollment in the Phase 1/2, Part D trial evaluating RM-718 in PWS in the second half of 2026;
•Initiate a pivotal Phase 3 trial evaluating bivamelagon in acquired HO by year-end 2026;
•Complete enrollment in the setmelanotide substudy in congenital HO in 2027;
•Begin country-level launches of IMCIVREE for acquired HO in Europe beginning with Germany in 2027; and
•Initiate 6-month hyperphagia study to evaluate bivamelagon in PWS in 2027, pending alignment with the FDA.
Third Quarter 2026 Financial Results
Cash Position: As of September 30, 2026, cash, cash equivalents and short-term investments were approximately $320.9 million, as compared to $388.9 million as of December 31, 2025. Cash, cash equivalents, and short-term investments as of September 30 do not include the $250 million initial draw on the term loan facility or the $70 million payment due to LG Chem under the terms of the amendment to the licensing agreement for bivamelagon.
Revenue: Net product revenues from global sales of IMCIVREE were $92.1 million for the third quarter of 2026, as compared to $51.3 million for the third quarter of 2025.
R&D Expenses: R&D expenses were $52.5 million in the third quarter of 2026, as compared to $46.0 million in the third quarter of 2025. The year-over-year increase was primarily due to an increase in costs in chemistry, manufacturing, and controls (CMC) activity and clinical trial costs, as well as personnel costs, and costs associated with our achievement of a development milestone for our program focused on developing therapies for congenital hyperinsulinism (CHI).
SG&A Expenses: SG&A expenses were $66.8 million for the third quarter of 2026, as compared to $52.4 million for the third quarter of 2025. The year-over-year increase was primarily due to increased personnel costs, including stock-based compensation, related to expanded business operations.
Other income (expense), net: Other expense, net was $(1.5) million for the third quarter of 2026, as compared to other expense, net of $(0.1) million for the third quarter of 2025. The year-over-year increase in other expense, net was primarily due to less interest income earned in the third quarter of 2026 based on decreasing average cash and short-term investments.
Net Loss attributable to common stockholders: Net loss attributable to common stockholders was $(42.4) million for the third quarter of 2026, or a net loss per basic and diluted share of $(0.61), as compared to a net loss attributable to common stockholders of $(54.3) million for the third quarter of 2025, or a net loss per basic and diluted share of $(0.82).
Year to Date 2026 Financial Results:
Revenue: Net product revenues relating to sales of IMCIVREE were $223.5 million for the nine months ended September 30, 2026, as compared to $137.5 million for the nine months ended September 30, 2025.
R&D Expenses: R&D expenses were $137.6 million for the nine months ended September 30, 2026, as compared to $125.3 million for the nine months ended September 30, 2025. The increase was primarily due to increases in personnel costs partially offset by decreases in chemistry, manufacturing, and controls (CMC) costs for drug formulation and autoinjector development for RM-718 and a decrease in clinical trial costs.
SG&A Expenses: SG&A expenses were $197.8 million for the nine months ended September 30, 2026, as compared to $137.5 million for the nine months ended September 30, 2025. The increase was primarily due to higher personnel costs, marketing and promotion costs related to the U.S. and Japanese launches of IMCIVREE for acquired HO, and market access and commercial service costs related to our expanding international business operations.
Other income (expense), net: Other income (expense), net was $(4.5) million for the nine months ended September 30, 2026, as compared to $(3.6) million for the nine months ended September 30, 2025. The increase was primarily due to a change in fair value of the embedded derivative of our deferred royalty obligation and an increase in net unrealized loss on foreign currency, and a decrease in interest income earned.
Financial Guidance: For the year ending December 31, 2026, Rhythm anticipates approximately $360 million to $380 million in Non-GAAP Operating Expenses. Non-GAAP Operating Expenses are derived from:
•GAAP total operating expenses, inclusive of:
oR&D expenses of approximately $165 million to $175 million;
oSG&A expenses of approximately $195 million to $205 million; and
oExcluding stock-based compensation.
Non-GAAP Operating Expenses is defined as GAAP operating expenses excluding stock-based compensation and fixed consideration related to in-licensing and milestone payments (see below under "Non-GAAP Financial Measures" for more details).
Based on its current operating plans, Rhythm expects that its cash, cash equivalents and short-term investments as of September 30, 2026 will be sufficient to fund the Company’s planned operations for at least 24 months.
Conference Call Information
Rhythm Pharmaceuticals will host a live conference call and webcast at 8:00 a.m. ET today to review its third quarter 2026 financial results and recent business activities. Participants may register for the conference call here. It is recommended that participants join the call ten minutes prior to the scheduled start.
A webcast of the call will also be available under "Events and Presentations" in the Investor Relations section of the Rhythm Pharmaceuticals website at https://ir.rhythmtx.com/. The archived webcast will be available on Rhythm Pharmaceuticals’ website approximately two hours after the conference call and will be available for 30 days following the call.
About Rhythm Pharmaceuticals
Rhythm is a commercial-stage biopharmaceutical company committed to transforming the lives of patients and their families living with rare neuroendocrine diseases. Rhythm’s lead asset, IMCIVREE® (setmelanotide), an MC4R agonist designed to treat hyperphagia and severe obesity, is approved by the U.S. Food and Drug Administration (FDA) to reduce excess body weight and maintain weight reduction long term in adult and pediatric patients aged 4 years and older with acquired hypothalamic obesity, adult and pediatric patients 2 years of age and older with syndromic or monogenic obesity due to Bardet-Biedl syndrome (BBS) or genetically confirmed pro-opiomelanocortin (POMC), including proprotein convertase subtilisin/kexin type 1 (PCSK1), deficiency or leptin receptor (LEPR) deficiency. Both the European Commission (EC) and the UK’s Medicines & Healthcare Products Regulatory Agency (MHRA) have authorized setmelanotide for the treatment of obesity and the control of hunger associated with genetically confirmed BBS or genetically confirmed loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 2 years of age and above. The European Commission (EC) has authorized setmelanotide for the treatment of obesity and control of hunger in patients 4 years of age and above with acquired hypothalamic obesity. Additionally, Rhythm is advancing a broad clinical development program for setmelanotide in other rare diseases, as well as investigational MC4R agonists bivamelagon and RM-718, and a preclinical suite of small molecules for the treatment of congenital hyperinsulinism. Rhythm’s headquarters is in Boston, MA.
Setmelanotide Indication
In the United States, setmelanotide is indicated to reduce excess body weight and maintain weight reduction long term in adult and pediatric patients aged 4 years and older with acquired HO, and in adult and pediatric patients aged 2 years and older with syndromic or monogenic obesity due to Bardet-Biedl syndrome (BBS) or Pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1 (PCSK1), or leptin receptor (LEPR) deficiency as determined by an FDA-approved test demonstrating variants in POMC, PCSK1, or LEPR genes that are interpreted as pathogenic, likely pathogenic, or of uncertain significance (VUS).
In the European Union and the United Kingdom, setmelanotide is indicated for the treatment of obesity and the control of hunger associated with genetically confirmed BBS or loss-of-function biallelic POMC, including PCSK1, deficiency or biallelic LEPR deficiency in adults and children 2 years of age and above. In the European Union and the United Kingdom, setmelanotide should be prescribed and supervised by a physician with expertise in obesity with underlying genetic etiology.
Limitations of Use
Setmelanotide is not indicated for the treatment of patients with the following conditions as setmelanotide would not be expected to be effective:
•Obesity due to suspected POMC, PCSK1, or LEPR deficiency with POMC, PCSK1, or LEPR variants classified as benign or likely benign
•Other types of obesity not related to BBS or POMC, PCSK1, or LEPR deficiency, including obesity associated with other genetic syndromes and general (polygenic) obesity
Contraindication
Prior serious hypersensitivity to setmelanotide or any of the excipients in IMCIVREE. Serious hypersensitivity reactions (e.g., anaphylaxis) have been reported.
WARNINGS AND PRECAUTIONS
Disturbance in Sexual Arousal: Spontaneous penile erections in males and sexual adverse reactions in females have occurred. Inform patients that these events may occur and instruct patients who have an erection lasting longer than 4 hours to seek emergency medical attention.
Depression and Suicidal Ideation: Depression, suicidal ideation and depressed mood have occurred. Monitor patients for new onset or worsening depression or suicidal thoughts or behaviors. Consider discontinuing IMCIVREE if patients experience suicidal thoughts or behaviors, or clinically significant or persistent depression symptoms occur.
Hypersensitivity Reactions: Serious hypersensitivity reactions (e.g., anaphylaxis) have been reported. If suspected, advise patients to promptly seek medical attention and discontinue IMCIVREE.
Skin Hyperpigmentation, Darkening of Pre-existing Nevi, and Development of New Melanocytic Nevi: Generalized or focal increases in skin pigmentation, darkening of pre-existing nevi, development of new melanocytic nevi and increase in size of existing melanocytic
nevi have occurred. Perform a full body skin examination prior to initiation and periodically during treatment to monitor pre-existing and new pigmented lesions.
Risk of Serious Adverse Reactions Due to Benzyl Alcohol Preservative in Neonates and Low Birth Weight Infants: IMCIVREE is not approved for use in neonates or infants. Serious and fatal adverse reactions including “gasping syndrome” can occur in neonates and low birth weight infants treated with benzyl alcohol preserved drugs.
ADVERSE REACTIONS
Most common adverse reactions (incidence ≥20%) included skin hyperpigmentation, injection site reactions, nausea, headache, diarrhea, abdominal pain, vomiting, depression, and spontaneous penile erection.
USE IN SPECIFIC POPULATIONS
Treatment with IMCIVREE is not recommended when breastfeeding. Discontinue IMCIVREE when pregnancy is recognized unless the benefits of therapy outweigh the potential risks to the fetus.
To report SUSPECTED ADVERSE REACTIONS, contact Rhythm Pharmaceuticals at +1 (833) 789-6337 or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch. See section 4.8 of the Summary of Product Characteristics for information on reporting suspected adverse reactions in Europe.
Please see the full Prescribing Information for additional Important Safety Information.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the safety, efficacy, potential benefits of, and clinical design or progress, including enrollment and initiation of our clinical trials and studies, of any of our products or product candidates at any dosage or in any indication, including, setmelanotide, bivamelagon, and RM-718; the use of setmelanotide in patients with acquired HO and the success of our commercial launch; the timing of our country-level launches of IMCIVREE in Europe; our expectations surrounding potential regulatory submissions, progress, or approvals and timing thereof for any of our product candidates; the commercial growth of IMCIVREE; the estimated market size and addressable population for our drug products, including setmelanotide for the treatment of acquired HO and the potential for the market in Japan; the future announcement of data from our ongoing clinical trials, and ongoing enrollment in our clinical trials; existing or future collaboration agreements; the Company’s business strategy and plans; our anticipated financial performance and financial position for any period of
time, including our estimated Non-GAAP Operating Expenses for the year ending December 31, 2026; and the sufficiency of our cash, cash equivalents and short-term investments to fund our operations for at least 24 months; and the timing of any of the foregoing. Statements using words such as “expect”, “anticipate”, “believe”, “may”, “will” and similar terms are also forward-looking statements. Such statements are subject to numerous risks and uncertainties, including, but not limited to, our ability to enroll patients in clinical trials, the design and outcome of clinical trials, the impact of competition, the ability to achieve or obtain necessary regulatory approvals, risks associated with data analysis and reporting, unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, risks associated with the laws and regulations governing our international operations and the costs of any related compliance programs, our ability to successfully commercialize setmelanotide, our liquidity and expenses, our ability to retain our key employees and consultants, and to attract, retain and motivate qualified personnel, and general economic conditions, and the other important factors, including those discussed under the caption “Risk Factors” in Rhythm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 and our other filings with the Securities and Exchange Commission. Except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
This press release includes Non-GAAP Operating Expenses, a supplemental measure of our performance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to operating expenses or any other performance measure derived in accordance with GAAP.
We define Non-GAAP Operating Expenses as GAAP operating expenses excluding stock-based compensation and fixed consideration related to in-licensing and milestone payments.
We caution investors that amounts presented in accordance with our definition of Non-GAAP Operating Expenses may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate this non-GAAP financial measure in the same manner. We present this non-GAAP financial measure because we consider it to be an important supplemental measure of our performance and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing our ongoing results of operations.
Management uses this non-GAAP financial measure for planning purposes, including the preparation of our internal annual operating budget and financial projections; to evaluate the performance and effectiveness of our operational strategies; and to evaluate our capacity to expand our business. This non-GAAP financial measure has limitations as an analytical tool,
and should not be considered in isolation, or as an alternative to, or a substitute for operating expenses or other financial statement data presented in accordance with GAAP in our consolidated financial statements.
Rhythm has not provided a quantitative reconciliation of forecasted Non-GAAP Operating Expenses to forecasted GAAP operating expenses because the Company is unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP operating expenses, is inherently uncertain and depends on various factors, some of which are outside of Rhythm's control.
Corporate Contact:
David Connolly
Head of Investor Relations and Corporate Communications
Rhythm Pharmaceuticals, Inc.
857-264-4280
dconnolly@rhythmtx.com
Rhythm Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(Unaudited)
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Product revenue, net | $ | 92,128 | $ | 51,298 | $ | 223,494 | $ | 137,518 | ||||||||||||
License revenue | — | — | — | (5,014) | ||||||||||||||||
Total revenues | 92,128 | 51,298 | 223,494 | 132,504 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||
Cost of sales | 12,166 | 5,499 | 28,254 | 14,690 | ||||||||||||||||
Research and development | 52,480 | 46,027 | 137,634 | 125,307 | ||||||||||||||||
Selling, general, and administrative | 66,752 | 52,425 | 197,793 | 137,460 | ||||||||||||||||
Total costs and expenses | 131,398 | 103,951 | 363,681 | 277,457 | ||||||||||||||||
Loss from operations | (39,270) | (52,653) | (140,187) | (144,953) | ||||||||||||||||
Other income (expense): | ||||||||||||||||||||
Other income (expense), net | (157) | 274 | (840) | 1,207 | ||||||||||||||||
Interest expense | (4,495) | (4,742) | (13,618) | (15,968) | ||||||||||||||||
Interest income | 3,163 | 4,328 | 9,937 | 11,208 | ||||||||||||||||
Total other income (expense), net | (1489) | (140) | (4,521) | (3,553) | ||||||||||||||||
Loss before income taxes | (40,759) | (52,793) | (144,708) | (148,506) | ||||||||||||||||
Provision (benefit) for income taxes | 610 | 111 | 1,598 | 528 | ||||||||||||||||
Net loss | $ | (41,369) | $ | (52,904) | $ | (146,306) | $ | (149,034) | ||||||||||||
Accrued dividends on convertible preferred stock | (984) | (1,375) | (3,153) | (4,046) | ||||||||||||||||
Net loss attributable to common stockholders | $ | (42,353) | $ | (54,279) | $ | (149,459) | $ | (153,080) | ||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.61) | $ | (0.82) | $ | (2.18) | $ | (2.38) | ||||||||||||
Weighted-average common shares outstanding, basic and diluted | 69,046,050 | 66,261,055 | 68,541,561 | 64,346,588 | ||||||||||||||||
Net loss | $ | (41,369) | $ | (54,279) | $ | (146,306) | $ | (153,080) | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||
Foreign currency translation adjustment | 77 | 834 | 870 | (1,272) | ||||||||||||||||
Unrealized gain (loss), net on marketable securities | $ | (909) | $ | 488 | $ | (1,818) | 385 | |||||||||||||
Comprehensive loss | $ | (42,201) | $ | (52,957) | $ | (147,254) | $ | (153,967) | ||||||||||||
Rhythm Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
(Unaudited)
September 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 39,981 | $ | 54,301 | |||||||
Short-term investments | 280,963 | 334,648 | |||||||||
Accounts receivable, net | 39,120 | 26,081 | |||||||||
Inventory | 31,187 | 25,753 | |||||||||
Prepaid expenses and other current assets | 28,111 | 26,133 | |||||||||
Total current assets | 419,362 | 466,916 | |||||||||
Property and equipment, net | 569 | 1,104 | |||||||||
Right-of-use asset | 2,694 | 3,049 | |||||||||
Intangible assets, net | 16,678 | 5,319 | |||||||||
Restricted cash | 1,281 | 522 | |||||||||
Other long-term assets | 2,548 | 3,286 | |||||||||
Total assets | $ | 443,132 | $ | 480,196 | |||||||
Liabilities, Convertible Preferred Stock and Stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 10,687 | $ | 13,947 | |||||||
Accrued expenses and other current liabilities | 124,721 | 83,855 | |||||||||
Lease liability | 731 | 650 | |||||||||
Deferred revenue | — | 194 | |||||||||
Deferred royalty obligation, current | 14,751 | 7,296 | |||||||||
Total current liabilities | 150,890 | 105,942 | |||||||||
Long-term liabilities: | |||||||||||
Deferred royalty obligation | 87,915 | 100,886 | |||||||||
Lease liability, non-current | 2,784 | 3,342 | |||||||||
Total liabilities | 241,589 | 210,170 | |||||||||
Commitments and contingencies (Note 14) | |||||||||||
Series A convertible preferred stock, $0.001 par value: 150,000 shares authorized; 115,000 and 132,500 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively. Liquidation preference of $116,725 and $132,500 as of September 30, 2026, and December 31, 2025, respectively. | 113,577 | 130,957 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.001 par value: 9,850,000 shares authorized; no shares issued and outstanding at September 30, 2026 and December 31, 2025 | — | — | |||||||||
Common stock, $0.001 par value: 120,000,000 shares authorized; 69,314,825 and 67,205,321 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively | 70 | 67 | |||||||||
Additional paid-in capital | 1,587,823 | 1,491,675 | |||||||||
Accumulated other comprehensive loss | (1,744) | (796) | |||||||||
Accumulated deficit | (1,498,183) | (1,351,877) | |||||||||
Total stockholders’ equity | 87,966 | 139,069 | |||||||||
Total liabilities, convertible preferred stock and stockholders’ equity | $ | 443,132 | $ | 480,196 | |||||||
© Rhythm® Pharmaceuticals, Inc. All rights reserved. ® November 3, 2026 Rhythm Pharmaceuticals Third Quarter 2026 Financial Results and Business Update EXHIBIT 99.2
® 2 On Today’s Call • David Connolly, Vice President of Investor Relations and Corporate Communications • David Meeker, MD, Chair, President and Chief Executive Officer • Jennifer Lee, Executive Vice President, Head of North America • Yann Mazabraud, Executive Vice President, Head of International • Hunter Smith, Chief Financial Officer
® 3 This presentation and the accompanying oral presentation contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the safety, efficacy, potential benefits of, and clinical design or progress of any of our products or product candidates at any dosage or in any indication, including, setmelanotide, bivamelagon, and RM-718; the use of setmelanotide in patients with acquired hypothalamic obesity (HO) and the success of our commercial launch and timing of country level launches; our expectations surrounding potential regulatory submissions, progress, or approvals and timing thereof for any of our product candidates; the commercial growth of IMCIVREE; the estimated market size and addressable population for our drug products, including setmelanotide for the treatment of acquired HO and the potential for the market in Japan; the future announcement of data from our ongoing clinical trials and ongoing enrollment in our clinical trials; existing or future collaboration and license agreements; the Company’s business strategy and plans; our anticipated financial performance and financial position for any period of time, including our estimated Non-GAAP Operating Expenses for the year ending December 31, 2026; and the sufficiency of our cash, cash equivalents and short-term investments to fund our operations for at least 24 months; the expected benefits of our term loan facility and the timing of any of the foregoing. Statements using words such as “expect”, “anticipate”, “believe”, “may”, “will” and similar terms are also forward-looking statements. Such statements are subject to numerous risks and uncertainties, including, but not limited to, our ability to enroll patients in clinical trials, the design and outcome of clinical trials, the impact of competition, the ability to achieve or obtain necessary regulatory approvals, risks associated with data analysis and reporting, unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, risks associated with the laws and regulations governing our international operations and the costs of any related compliance programs, our ability to successfully commercialize setmelanotide, our liquidity and expenses, our ability to retain our key employees and consultants, and to attract, retain and motivate qualified personnel, and general economic conditions, and the other important factors, including those discussed under the caption “Risk Factors” in Rhythm’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026 and our other filings with the Securities and Exchange Commission. Except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this presentation or to update them to reflect events or circumstances occurring after the date of this presentation, whether as a result of new information, future developments or otherwise. Non-GAAP Financial Measures This presentation and the accompanying oral presentation include Non-GAAP Operating Expenses, a supplemental measure of our performance that is not required by, or presented in accordance with, U.S. GAAP and should not be considered as an alternative to operating expenses or any other performance measure derived in accordance with GAAP. We define Non-GAAP Operating Expenses as GAAP operating expenses excluding stock-based compensation and fixed consideration related to in-licensing and milestone payments. We caution investors that amounts presented in accordance with our definition of Non-GAAP Operating Expenses may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate this non-GAAP financial measure in the same manner. We have not provided a quantitative reconciliation of forecasted Non-GAAP Operating Expenses to forecasted GAAP operating expenses because we are unable, without making unreasonable efforts, to calculate the reconciling item, stock-based compensation expenses, with confidence. This item, which could materially affect the computation of forward-looking GAAP operating expenses, is inherently uncertain and depends on various factors, some of which are outside of our control. Forward-looking Statements
® 4 David Meeker, MD Chair, President and CEO
® 5 Strong aHO launch progress drives revenue growth Japan aHO launch underway, expanding global commercial footprint MC4R portfolio royalty reduced to 1% under amended bivamelagon licensing agreement Bivamelagon to advance to Phase 3 trials for both aHO and Prader-Willi syndrome Q3 2026: Executing Today, Building for Tomorrow Business Highlights
® 6 MC4R Agonism Development Across Three Pillars Global commercial foundation established by IMCIVREE in BBS Next-generation MC4R agonists RM-718 (weekly injection) Bivamelagon (daily oral) Genetic MC4R Pathway Diseases Prader-Willi Syndrome Hypothalamic Obesity
® 7 Bivamelagon Advancing into Two Pivotal Trials Acquired hypothalamic obesity • Global, phase 3 placebo-controlled trial • 52 weeks • Primary endpoint: BMI reduction Prader-Willi syndrome • Global, phase 3 placebo-controlled trial • 26 weeks • Primary endpoint: Hyperphagia reduction (HQ-CT) 100 mg 200 mg 400 mg 600 mg
® 8 Jennifer Lee EVP, Head of North America
® 9 Strong Momentum in Second Quarter of U.S. Launch in Acquired HO Strong patient demand continues Broadening prescriber base Favorable access and coverage
® 10 Inclusive of 71 Strong Patient Demand and Early Uptake Start Forms Patients by age Hypothalamic injury Note: Between FDA approval on March 19, 2026 and September 30, 2026; yo = years old ~15% within two years ~35% > 10 years >700 Patient Start Forms start forms from clinical trial patients ~30% 12-21yo ~50% >22yo ~20% 4-11yo
® 11 Following Patient Journey Beyond the First Point of Contact ~500 incident patients begin their journey each year at major medical centers or large healthcare organizations ~30% of patients remain at original point of care First point of contact ~70% of patients referred or transitioned outside the original point of care
® 12 Specialty Opportunity with Broadening Prescriber Base Prescribers Specialty Note: Between FDA approval on March 19, 2026 and September 30, 2026. >500 Unique prescribers 80% Endocrinologists evenly split among adult and pediatric providers~25% Repeat aHO Prescribers
® 13 Progress in Time to Approval and Expanding Patient Access Note: Between FDA approval on March 19, 2026 and September 30, 2026. Reimbursement Approvals 75% of approvals at or without prior auth 2/3 of approvals occur in less than 60 days Payers Positive Policies Secured 60% of Medicaid covered lives 75% of commercial covered lives
® 14 Continued Strength in BBS Business Patient Growth Continued growth in patients on therapy Field Force Dedicated BBS field force
® 15 Yann Mazabraud EVP, Head of International
® 16 IMCIVREE Now Commercially Available for aHO in Japan Commercial launch initiated October 13, 2026 5,000 – 8,000 estimated patients with acquired HO in Japan1 1. Rhythm estimates the prevalence of acquired hypothalamic obesity in Japan to be approximately 5,000 to 8,000 based on our review of tumor registries and claims data.
® 17 Disease Awareness Increasing through Education and Engagement Guidelines for the Diagnosis and Treatment of Acquired HO Published by the Japanese Endocrine Society & MHLW-funded Research Group Joint Statement on the Safe and Appropriate Use of Setmelanotide Acetate Injection for Acquired Hypothalamic Obesity
® 18 Experienced Rare Disease Team in Place to Support Japan Launch An Experienced Team in Place Targeting Strategy >50 Rhythm Employees in Japan 16 Hospital Affairs Leads 6 Scientific Affairs Managers ~350 Priority hospitals
® 19 Physician Engagement, Patient Identification Provide Strong Starting Point ~300 Out of 350 priority hospitals where brain tumors are treated >1,000 patients likely eligible for IMCIVREE Field teams already have engaged with…. … and identified….
® 20 IMCIVREE HO Country-level Launches Expected in 2027 1. European estimates limited to the EU4 (Germany, France, Spain, Italy), UK and the Netherlands and prevalence of 0.1-0.3 in 10,000 patients ~10,000 estimated European prevalence1 • Germany G-BA process initiated • Reimbursement dossiers submitted: • France • Italy • UK • Spain • The Netherlands
® 21 Hunter Smith Chief Financial Officer
® 22 Rhythm, LG Chem Amend Bivamelagon Exclusive License Agreement Royalty on MC4R Portfolio Sales Low-to-mid-single digits → 1% Beginning Jan. 1, 2029, or first commercial sale of bivamelagon, if earlier Original Agreement Amendment Cash paid / payable $80M upfront $350M additional paid over four years* Development milestones $30M (No change) Commercial milestones $175M $175M** + $200M new milestone RYTM stock $20M upfront (No additional stock) *Payable in four installments: $70M within 15 business days following the effective date of Amendment; $100M in Sept. 2027; $100M in Sept. 2028; and $80M in Sept. 2029. **Triggering annual sales for commercial milestone payments now applicable to MC4R portfolio (setmelanotide, Bivamelagon and RM-718) and thresholds increased from $0.5B, $1.0B and $2.0B in the original agreement to $0.75B, $1.5B and $2.25B in amended agreement.
® 23 $750M Term Loan Facility Secured SOFR: Secured Overnight Financing Rate; HealthCare Royalty Partners / HCRX: KKR’s HealthCare Royalty; Blackstone: Blackstone Life Sciences; RIFA: Revenue Interest Financing Agreement SOFR + 4.60% 1.00% SOFR floor 5-year term No amortization $750M Total Facility $250M Initial draw $250M Optional tranches through June 30, 2028 $250M additional capacity subject to mutual lender agreement Favorable amendments to 2022 Rhythm and HCRx Revenue Interest Financing Agreement 1.0% OID Original issue discount
® 24 Well-capitalized Following Recent Financing $320.9M cash, cash equivalents and short- term investments as of September 30, 2026 -$70M Initial draw under Term Loan Facility Paid within 15 business days following the effective date of the bivamelagon Exclusive License Agreement Amendment Cash on-hand does not include: RYTM expects cash to be sufficient to fund planned operations for at least 24 months +$250M
® 25 Q3 2026: Meaningful Growth in IMCIVREE Global Sales 29% QoQ increase from Q2 2026 73% of Q3 2026 revenue from U.S. $92.1M Net Product Revenue 20% increase in number of patients globally on reimbursed therapy
® 26 Q2 ‘26 to Q3 ‘26: Strong Commercial Growth Driven by U.S. HO Launch $71.3M $1.3M Q2 2026 Product revenue Q3 2026 Product revenue U.S. Q2-Q3 inventory effect at specialty pharmacy Ex-US revenue increase of $600K and Q2 $3.8M charge due to French Contribution M normalized in Q3 U.S. revenue change from product dispensed to US patients $15.1M $4.4M $92.1M
® 27 Q3 2026 Financial Snapshot ($ in millions, except per share data and shares outstanding) Three months ended September 30, 2026 Three months ended September 30, 2025 Product revenue, net $92.1M $51.3M R&D expenses $52.5M $46.0M SG&A expenses $66.8M $52.4M Net Loss attributable to common stockholders $(42.4)M $(54.3)M Weighted average common shares outstanding 69,046,050 66,261,055 Net Loss per share attributable to common stockholders – basic and diluted $(0.61) ($0.82) Cash, cash equivalents and short-term investments position (period end) $320.9M $416.1M
® 28 $119.2M Q3 2026 OpEx includes $25.0M in stock-based compensation expense Q3 2026 Financial Highlights and Guidance * Non-GAAP Operating Expenses is a non-GAAP financial measure. We define Non-GAAP Operating Expenses as GAAP operating expenses excluding stock-based compensation, fixed consideration related to in-licensing and milestone payments. For more information, see slide 3 – Non-GAAP Financial Measures. $360M to $380M anticipated non-GAAP Operating Expenses* for 2026 includes: R&D: $165M to $175M SG&A: $195M to $205M Q3’ 2026 OpEx 2026 OpEx Guidance
® 29 Questions