Rhythm Pharmaceuticals Inc (RYTM) Reports Q3 2023 Financial Results
Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) reported a net revenue of $22.5 million from global sales of IMCIVREE (setmelanotide) in Q3 2023.
The company has more than 100 international patients on reimbursed IMCIVREE therapy.
RYTM's Phase 3 hypothalamic obesity trial is on track to be fully enrolled by the end of 2023.
The company's cash on-hand of $299.3 million is expected to fund planned operations into 2026.
On November 7, 2023, Rhythm Pharmaceuticals Inc (NASDAQ:RYTM) released its Q3 2023 financial results. The company reported a net revenue of $22.5 million from global sales of its product IMCIVREE (setmelanotide). The company also reported that it has more than 100 international patients on reimbursed IMCIVREE therapy.
Financial Highlights
The company's financial results for the third quarter ended September 30, 2023, showed significant progress. The net revenue of $22.5 million was a substantial increase compared to the same period in the previous year. The company's cash on-hand of $299.3 million is expected to fund planned operations into 2026.
Business Update
David Meeker, M.D., Chair, President, and Chief Executive Officer of Rhythm, stated,
We have achieved remarkable progress this year in expanding access to IMCIVREE (setmelanotide) and delivering it to patients on a global level."
He also mentioned the company's excitement about the strength of their 12-month LTE data in patients with hypothalamic obesity, where they reported a mean body mass index (BMI) reduction of more than 25% in patients on therapy for one year.
Financial Results
The company's total revenues for Q3 2023 were $22.5 million, all from product revenue. The total costs and expenses for the same period were $66.5 million, resulting in a loss from operations of $43.9 million. The company's net loss for the quarter was $44.2 million, or $0.76 per share.
Year to Date 2023 Financial Results
The company did not provide detailed year-to-date financial results in the earnings release. However, it did provide financial guidance for the year ending December 31, 2023. Rhythm anticipates approximately $210 million to $220 million in Non-GAAP Operating Expenses, comprised of $125 million to $130 million from R&D expenses and $85 million to $90 million from S,G&A expenses.
Outlook
Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents, and short-term investments as of September 30, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.
Explore the complete 8-K earnings release (here) from Rhythm Pharmaceuticals Inc for further details.
This article first appeared on GuruFocus.
