Rhythm Pharmaceuticals Reports Fourth Quarter and Full Year 2024 Financial Results and Business Update

Core Insights - Rhythm Pharmaceuticals reported a fourth quarter 2024 net revenue of $41.8 million from global sales of IMCIVREE, marking a 26$75 million in gross proceeds through its ATM equity offering program, extending its cash runway into 2027 [2][5] Financial Performance - For the full year 2024, net product revenues from IMCIVREE totaled $130.1 million, compared to$77.4 million in 2023 [8] - Research and development (R&D) expenses for Q4 2024 were $41.2 million, up from$29.9 million in Q4 2023, driven by increased costs related to the acquisition and development of bivamelagon [9] - Selling, general, and administrative (SG&A) expenses were $38.1 million for Q4 2024, compared to$32.4 million in Q4 2023, reflecting higher headcount and marketing costs [10] Business Developments - The company is on track to report topline data from its Phase 3 trial evaluating setmelanotide in acquired hypothalamic obesity in Q2 2025 [4][12] - Enrollment was completed in the Phase 2 trial of oral MC4R agonist bivamelagon for acquired hypothalamic obesity [4][12] - Rhythm announced a strategic partnership with Trispera Pharma Solutions in Turkey, expanding its international reach [5] Cash Position - As of December 31, 2024, the company had cash, cash equivalents, and short-term investments of approximately $320.6 million, an increase from$275.8 million as of December 31, 2023 [7][15] - The cash balance does not include approximately $34.7 million from stock sales under the ATM program executed in January 2025 [7] Upcoming Milestones - Rhythm anticipates several key milestones in 2025, including the announcement of topline data from various clinical trials and the initiation of new trials for conditions such as Prader-Willi syndrome [13][14]