Financial Performance & Outlook - Rhythm Pharmaceuticals reported $48.5 million in net product revenue from global sales in Q2 2025, a 29% sequential growth[60] - The company's cash, cash equivalents, and short-term investments totaled $291 million as of June 30, 2025[59,62] - Rhythm anticipates non-GAAP operating expenses for 2025 to be between $285 million and $315 million, including SG&A expenses of $135 million to $145 million and R&D expenses of $150 million to $170 million[63] - A public offering of common stock closed July 11, 2025, resulting in net proceeds of $189.2 million[59] Clinical & Regulatory Updates - Rhythm is on track to complete U S and EU regulatory submissions for setmelanotide in acquired hypothalamic obesity (HO) in Q3 2025[10,33] - Phase 3 trial data showed a -16.5% BMI change from baseline in the setmelanotide arm (n=81) compared to a +3.3% BMI change in the placebo arm (n=39), resulting in a placebo-adjusted difference in BMI reduction of -19.8% (P<0.0001)[21,22,23,24] - Bivamelagon achieved statistically significant BMI reductions at all doses in a 14-week, Phase 2 trial, with reductions of -2.68% (200mg), -7.69% (400mg), and -9.31% (600mg) compared to a +2.18% increase in the placebo group[25] Commercial Performance & Strategy - The company saw a 38% increase in cumulative prescribers from Q2 2024 to Q2 2025 and a 9% increase from Q1 2025 to Q2 2025 for IMCIVREE prescriptions in patients with Bardet-Biedl syndrome (BBS)[40] - IMCIVREE prescriptions for patients aged 2-12 years accounted for 40% of Q2 2025 prescriptions[43]

Core Insights - Rhythm Pharmaceuticals presented new real-world data demonstrating that setmelanotide leads to significant weight reduction in patients with acquired or congenital hypothalamic obesity [1][3][10] Group 1: Clinical Data Presentation - New data was presented at the first-ever Joint Congress between the European Society for Paediatric Endocrinology and the European Society of Endocrinology, and the 32nd annual European Congress on Obesity, showcasing the effectiveness of setmelanotide [1][2] - The presentations included data from 35 patients treated with setmelanotide for up to nine months, showing consistent improvements in body mass index (BMI), BMI-z, and hunger scores [1][4] Group 2: Patient Outcomes - Among adult patients with acquired hypothalamic obesity, there was a mean BMI reduction of -11.9% at three months, -19.2% at six months, and -23.0% at nine months [5] - Pediatric patients also showed a decrease in BMI z-scores, with a mean reduction of 0.3 at three months and 0.4 at both six and nine months [5][11] Group 3: Safety Profile - Setmelanotide was generally well tolerated, with common adverse events including injection site reactions and skin hyperpigmentation, consistent with its established safety profile [6][10] Group 4: Future Developments - Rhythm Pharmaceuticals plans to submit a supplemental New Drug Application to the FDA and a Type II variation request to the European Medicines Agency for setmelanotide in the third quarter of 2025 [10]