Rhythm(US:RYTM)2025-11-04 12:05Revenue Performance - Third quarter 2025 net product revenue from global sales of IMCIVREE® (setmelanotide) was $51.3 million, representing a 6% increase sequentially from the second quarter of 2025[3]. - Revenue generated in the United States was $38.2 million, accounting for 74% of product revenue, with a 19% sequential increase[3]. - Revenue from outside the United States was $13.1 million, a decrease of $3.4 million or 21% sequentially[3]. - Product revenue for Q3 2025 reached $51.298 million, a 54% increase from $33.251 million in Q3 2024[41]. - Total revenues for the nine months ended September 30, 2025, were $132.504 million, compared to $88.296 million for the same period in 2024, reflecting a 50% year-over-year growth[41]. Expenses and Losses - R&D expenses for the third quarter of 2025 were $46.0 million, up from $37.9 million in the same quarter of 2024[8]. - SG&A expenses increased to $52.4 million in the third quarter of 2025, compared to $35.4 million in the third quarter of 2024[9]. - Net loss attributable to common stockholders for the third quarter of 2025 was ($54.3) million, or ($0.82) per share, compared to a net loss of ($45.0) million, or ($0.73) per share, in the same quarter of 2024[10]. - The net loss for Q3 2025 was $52.904 million, compared to a net loss of $43.641 million in Q3 2024, representing a 21% increase in losses[41]. - The company reported a net loss per share of $0.82 for Q3 2025, compared to $0.73 for Q3 2024[41]. Financial Position - Cash, cash equivalents, and short-term investments as of September 30, 2025, were approximately $416.1 million, up from $320.6 million as of December 31, 2024[6]. - Total assets increased to $506,874,000 as of September 30, 2025, up from $392,273,000 on December 31, 2024, representing a growth of 29.1%[42]. - Current assets rose to $494,802,000, compared to $374,200,000 at the end of 2024, marking a 32.2% increase[42]. - Cash and cash equivalents decreased to $52,078,000 from $89,137,000, a decline of 41.6%[42]. - Short-term investments increased significantly to $363,974,000, up from $231,428,000, reflecting a growth of 57.1%[42]. - Total current liabilities decreased to $104,267,000 from $115,517,000, a reduction of 9.8%[42]. - Stockholders' equity surged to $148,817,000, compared to $21,729,000 at the end of 2024, an increase of 584.5%[42]. - The accumulated deficit widened to $(1,304,372,000) from $(1,155,338,000), indicating a decrease in retained earnings[42]. - Accounts receivable increased to $33,034,000 from $18,512,000, a rise of 78.5%[42]. - Inventory levels rose to $22,107,000, compared to $18,741,000, an increase of 17.5%[42]. - Additional paid-in capital increased to $1,454,048,000 from $1,177,045,000, reflecting a growth of 23.5%[42]. Future Outlook - The company anticipates Non-GAAP Operating Expenses for the year ending December 31, 2025, to be approximately $295 million to $315 million[17]. - The company anticipates Non-GAAP Operating Expenses for the year ending December 31, 2025, to be a key focus for financial performance evaluation[36]. - Rhythm expects to report preliminary results from the setmelanotide Phase 2 trial in Prader-Willi syndrome in the fourth quarter of 2025[1]. - The FDA has set a PDUFA goal date of December 20, 2025, for the supplemental new drug application for setmelanotide in acquired hypothalamic obesity[1]. - Rhythm Pharmaceuticals is actively pursuing regulatory submissions and anticipates future announcements regarding ongoing clinical trials[35]. - The company is focused on expanding its market presence and enhancing its product pipeline, particularly with setmelanotide for hypothalamic obesity[35].