📈 Price History

Ratio Health

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— Good

— Average

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By Category

📊 Sector Averages

About

Rhythm Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases in the United States and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding RYTM

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	846.8K	$73.6M	0.09%	Mar 2026
Jim Simons Renaissance Technologies LLC	258.0K	$22.4M	0.04%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly expressed satisfaction ('we're pleased, really pleased'), cited specific growth metrics (29% QoQ revenue growth, 38% increase in BBS prescribers), and described the quarter as 'laying the foundation for significant future growth.' The tone was positive and data-driven without hedging.

Q3 2025

Confident Specific

Management used phrases like 'strong growth and continued momentum', 'transformative opportunity', 'well positioned to deliver sustained long-term growth', and provided specific metrics (e.g., $51.3M revenue, 10% patient growth, 2,400 target physicians). The tone was upbeat and concrete about the upcoming HO launch.

Q4 2025

Confident Specific

Management repeatedly highlighted strong commercial growth, detailed bivamelagon data with specific BMI reductions, and provided concrete preparation steps for the HO launch. Responses to analyst questions were direct, including candid disclosure of FDA feedback requiring a full Phase 3 trial.

Q1 2026 latest

Confident Specific

Management repeatedly used phrases like 'another good quarter,' 'strong start,' 'highly encouraging,' and 'pleased with the progress.' They provided specific early metrics (150+ start forms, 110 prescribers) and highlighted steady growth in the base BBS business.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call due to the strong start of the HO launch, which shows rapid early adoption and broad prescriber engagement. The 150+ start forms in six weeks, particularly the 110 unique prescribers (80% new to IMCIVREE), indicate meaningful market penetration. However, the thesis remains conditional on converting these early scripts into recurring reimbursed revenue, as payers have not yet established formal HO policies. The international opportunity, especially Japan with its 151 Tier 1 hospitals and anticipated approval by year-end, adds significant upside. Key metrics to watch next quarter are the growth in reimbursed patients, the increase in prescribing physicians, and the timing of payer policy adoption. The PWS data at ENDO and the RM-718 update in Q2 will also be critical for the pipeline story.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Rhythm Pharmaceuticals Q1 2026 revenue $60M, 150+ start forms for acquired HO launch

Revenue & Profitability

Global net revenues were $60.1 million in Q1 2026, representing 5% sequential growth over Q4 2025. GAAP net loss per basic and diluted share was $0.83, including $0.02 per share from accrued dividends. Non-GAAP operating expenses for Q1 were $82.2 million. The company ended the quarter with approximately $341 million in cash and equivalents.

Outlook

Management expressed confidence in the growing demand for IMCIVREE in HO, citing high unmet need and positive early payer receptivity. They noted that disease awareness continues to improve, leading to more diagnosed patients. For Japan, the PMDA has accepted the filing and approval is anticipated by year-end 2026. No macro headwinds were discussed.

Growth Drivers

The primary growth driver is the U.S. launch of IMCIVREE for acquired HO, with more than 150 patient start forms in the first six weeks and approximately 110 unique prescribers. International expansion, particularly in Japan (5,000-8,000 patient opportunity) and Europe (10,000 patients), provides additional growth. BBS revenues continue to show steady growth. Pipeline programs (RM-718, bivamelagon) represent future potential.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

Gross-to-net for U.S. sales was 84% in Q1, consistent with recent quarters. Cost of goods sold was 11.9% of product revenue. Non-GAAP operating expense guidance for fiscal 2026 remains $385-$415 million, with quarterly spending expected to increase due to investments in CMC, clinical trials, and the Japanese team build-out.

Key Risks

Key risks include payer reimbursement timelines for HO (expected three to nine months for policy establishment), variability in patient transitions off the bridge program, and the uncertainty of early launch trajectory. Clinical trial data for pipeline candidates (RM-718, bivamelagon) remain unproven in later-stage studies. The company noted that some patients on the bridge program during Q1 2026 have since returned to reimbursed therapy.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

IMCIVREE's U.S. launch for acquired hypothalamic obesity drove strong Q2 sales growth, with robust early demand, broad prescriber engagement, and positive payer response. International expansion and next-generation MC4R agonist development are progressing, supporting long-term growth.

Q1 2026 Q1 2026 2026-05-05

Q1 2026 saw $60.1M in revenue, driven by BBS and a strong U.S. launch of IMCIVREE for acquired HO, with over 150 start forms and positive payer response. International expansion advanced with EU approval and Japan NDA filing, supporting a robust outlook for 2026.

Q4 2025 Q4 2025 2026-02-26

IMCIVREE revenues grew 50% year-over-year to $194.8M in 2025, driven by U.S. and international expansion. Regulatory milestones for HO and new geographies are on track for 2026, with increased investment in R&D and commercial operations.

Q3 2025 Q3 2025 2025-11-04

Q3 revenue grew 54% year-over-year to $51.3M, driven by Imcivree and patient growth. Cash reserves of $416M provide 24 months of runway as the company prepares for the HO launch, with FDA approval expected by December and international expansion underway.

Q2 2025 Q2 2025 2025-08-05

Q2 2025 saw strong revenue growth, positive clinical milestones, and a strengthened balance sheet with a $189M equity raise. IMCIVREE sales expanded in both U.S. and international markets, and regulatory filings for setmelanotide in HO remain on track.

📊 Analysis Methodology

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