[Form 4] RHYTHM PHARMACEUTICALS, INC. Insider Trading Activity

Rhea-AI Filing Summary

Rhythm Pharmaceuticals (RYTM) reported an insider transaction by Chief Technical Officer Joseph Shulman. On 10/28/2025, he exercised employee stock options for 2,094 shares at an exercise price of $27.35 and 721 shares at $30.66, then sold 2,815 shares of common stock at a weighted average price of $115.0089. The sale was made pursuant to a Rule 10b5‑1 trading plan adopted on August 8, 2024.

Following these transactions, Shulman beneficially owned 8,509 shares directly. The filing notes the sales occurred in multiple trades between $115.00 and $115.08. The option grant dated February 1, 2023 vests in 16 substantially equal quarterly installments, and another option referenced is fully vested. Derivative holdings reported after the transactions include option positions totaling 12,563 and 9,748 underlying shares, respectively.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Shulman Joseph

(Last) (First) (Middle)

C/O RHYTHM PHARMACEUTICALS, INC.

222 BERKELEY STREET, 12TH FLOOR

(Street)

BOSTON MA 02116

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
RHYTHM PHARMACEUTICALS, INC. [ RYTM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Technical Officer

3. Date of Earliest Transaction (Month/Day/Year)
10/28/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	10/28/2025		M		2,094	A	$27.35	10,603	D
Common Stock	10/28/2025		M		721	A	$30.66	11,324	D
Common Stock	10/28/2025		S(1)		2,815	D	$115.0089(2)	8,509	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options (Right to Buy)	$27.35	10/28/2025		M			2,094	(3)	01/31/2033	Common Stock	2,094	$0	12,563	D
Stock Options (Right to Buy)	$30.66	10/28/2025		M			721	(4)	02/10/2031	Common Stock	721	$0	9,748	D

Explanation of Responses:

1. The sale reported in this Form 4 was effected pursuant to Rule 10b5-1 instruction adopted on August 8, 2024.

2. The price reported in Column 4 is a weighted average price. The securities were sold in multiple transactions at prices ranging from $115.00 to $115.08 per common stock. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.

3. The stock options were granted on February 1, 2023. The options vest and become exercisable in 16 substantially equal installments upon the Reporting Person's completion of each three full months of successive service to the Issuer following the grant date.

4. The stock option is fully vested.

	/s/ Stephen Vander Stoep, attorney-in-fact for Joseph Shulman	10/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did RYTM report?

The CTO, Joseph Shulman, exercised options for 2,815 shares and sold 2,815 common shares at a weighted average price of $115.0089 on 10/28/2025.

How many RYTM shares did the insider sell and at what price?

He sold 2,815 shares at a weighted average price of $115.0089, with trades ranging from $115.00 to $115.08.

Was the RYTM insider sale under a 10b5-1 plan?

Yes. The sale was effected under a Rule 10b5-1 plan adopted on August 8, 2024.

How many RYTM shares does the insider own after the transactions?

Following the transactions, he beneficially owned 8,509 shares directly.

What options did the insider exercise at RYTM?

He exercised 2,094 options at an exercise price of $27.35 and 721 options at $30.66.

What are the vesting terms of the reported RYTM options?

Options granted on February 1, 2023 vest in 16 substantially equal quarterly installments; another option referenced is fully vested.

What derivative positions remain after the transactions?

Reported remaining option positions cover 12,563 and 9,748 underlying shares, respectively.