RHYTHM PHARMACEUTICALS, INC. Insider Trading Activity

Rhythm Pharmaceuticals (RYTM) Chief Technical Officer Joseph Shulman filed a Form 4 detailing an option exercise and same‑day sale on 10/30/2025.

Accepted by SEC EDGAR 11/03/2025 - 04:30 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Rhythm Pharmaceuticals (RYTM) Chief Technical Officer Joseph Shulman filed a Form 4 detailing an option exercise and same‑day sale on 10/30/2025. He exercised 9,748 stock options at $30.66 and then sold 9,748 common shares at a weighted average price of $115.2439.

The sales were executed in multiple trades between $115.00 and $115.73 and were made pursuant to a Rule 10b5‑1 plan adopted on August 8, 2024. Following these transactions, Shulman beneficially owns 8,509 shares directly. The reported stock option was fully vested prior to exercise and shows zero derivative securities remaining after the transaction.

Insider Trade Summary

Exercise and Sale: 9,748 shares ($825K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Shulman Joseph

Role Chief Technical Officer

Sold 9,748 shs ($1.12M)

Approx. gross sale proceeds $1.12M

Approx. exercise cost $299K

Approx. pre-tax spread $825K

Type	Security	Shares	Price	Value
Exercise	Stock Options (Right to Buy)	9,748	$0.00	$0.00
Exercise	Common Stock	9,748	$30.66	$299K
Sale	Common Stock	9,748	$115.2439	$1.12M

Holdings After Transaction: Stock Options (Right to Buy) — 0 contracts (Direct); Common Stock — 8,509 shares (Direct)

Footnotes (3)

1. F1. The sale reported in this Form 4 was effected pursuant to Rule 10b5-1 instruction adopted on August 8, 2024.
2. F2. 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 $115.73 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. F3. The stock option is fully vested.

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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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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)
10/30/2025

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	10/30/2025		M		9,748	A	$30.66	18,257	D
Common Stock	10/30/2025		S(1)		9,748	D	$115.2439(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)	$30.66	10/30/2025		M			9,748	(3)	02/10/2031	Common Stock	9,748	$0	0	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 $115.73 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 option is fully vested.

	/s/ Stephen Vander Stoep, attorney-in-fact for Joseph Shulman	11/03/2025
	** 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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