Rhythm Pharmaceuticals, Inc. (Nasdaq: RYTM), a
biopharmaceutical company aimed at developing and commercializing
therapies for the treatment of rare genetic diseases of obesity,
today reported financial results and provided a business update for
the third quarter ended September 30, 2021.
“We continue to execute across our expanding integrated clinical
and commercial strategy to deliver setmelanotide and its potential
clinical benefit to patients with rare genetic diseases of
obesity,” said David Meeker, M.D., Chair, President and Chief
Executive Officer of Rhythm. “Our team completed regulatory
submissions in both the United States and European Union recently,
positioning IMCIVREE® (setmelanotide) as the first-ever therapy to
address the unmet needs of hyperphagia and severe obesity that
affect the lives of patients and families living with Bardet-Biedl
and Alström syndromes. Our initial U.S. commercial experience with
POMC, PCSK1, and LEPR deficiency obesities continues to provide
valuable learnings as we expand the number of health care providers
testing patients with early-onset, severe obesity and hyperphagia
and work with payers to ensure patients who need therapy can access
it. With effective patient services in place, patients have
achieved positive responses and stayed on therapy. We believe these
commercial achievements provide a strong foundation for a
successful launch in BBS and Alström syndrome in mid-2022.”
Dr. Meeker continued, “In parallel, we continue to advance our
robust development strategy for setmelanotide. Including this
week’s The Obesity Society’s ObesityWeek®, we recently delivered a
total of 22 presentations that support setmelanotide’s potential
ability to improve the lives of patients and the families who care
for them. With updated sequencing data from our Uncovering Rare
Obesity® (URO) testing program complementing presentations on
efficacy and improved quality of life data, we have strong
confidence in setmelanotide’s potential to deliver meaningful
benefit and our ability to identify patients. We look forward to
continuing to execute across our pipeline and deliver on our
promise to transform the care and treatment of rare genetic
diseases of obesity.”
Third Quarter and Recent Business
Highlights:
Regulatory Updates:
Bardet-Biedl Syndrome and Alström Syndrome:
- In October, Rhythm announced the completion of its Type II
variation application to the European Medicines Agency (EMA) for
IMCIVREE for the treatment of obesity and control of hunger in
adult and pediatric patients 6 years of age and older with BBS or
Alström syndrome.
- In September, Rhythm announced the completion of its
supplemental New Drug Application (sNDA) to the U.S. Food and Drug
Administration (FDA) for IMCIVREE for the treatment of obesity and
control of hunger in adult and pediatric patients 6 years of age
and older with BBS or Alström syndrome. Rhythm requested priority
review for the application, which, if granted, could provide a
target FDA review period of six-months from the date the sNDA is
accepted.
- Also in September, Rhythm announced an Expanded Access Program
(EAP) for setmelanotide for the treatment of eligible patients in
the United States with severe obesity and hyperphagia due to BBS.
The FDA’s expanded access regulations are designed to facilitate
access to an investigational therapy to treat patients who are
unable to participate in clinical trials and have serious or
immediately life-threatening diseases or conditions for which there
are no comparable or satisfactory alternative treatment
options.
POMC and LEPR Deficiency Obesities:
- In September, Rhythm announced that Great Britain’s Medicines
& Healthcare Products Regulatory Agency (MHRA) has granted
marketing authorisation to IMCIVREE for the treatment of obesity
and the control of hunger associated with genetically confirmed
loss-of-function biallelic POMC, including PCSK1, deficiency or
biallelic LEPR deficiency in adults and children 6 years of age and
above.
Clinical Development Updates
- This week at ObesityWeek, Rhythm delivered multiple data
presentations including: the first-ever health-related quality of
life (HRQOL) data from patients with BBS treated with
setmelanotide; efficacy and safety data from its Phase 3 trial of
setmelanotide in BBS and Alström syndrome; new hunger reduction
data from the SRC1 and SH2B1 deficiency cohorts in its exploratory
Phase 2 Basket Trial; new data on utilization of URO; an analysis
of the frequency of melanocortin-4 receptor (MC4R) pathway variants
in U.S. patients with severe obesity; and a review of single
minded-1 (SIM1) missense variants associated with severe
obesity.
- In October at the Obesity Medicine Association’s Overcoming
Obesity 2021 Conference (OMA), the Company presented new HRQOL data
from the Phase 3 trials evaluating setmelanotide in POMC or LEPR
deficiency obesities that confirmed setmelanotide treatment led to
sustained, clinically meaningful HRQOL improvements in a majority
of patients; results from in-depth patient interviews conducted in
POMC and LEPR patients enrolled in Rhythm’s pivotal Phase 3 trials,
which highlighted that reduced hunger and improved satiety
resulting from setmelanotide treatment substantially and
meaningfully changed patients’ lives; and two presentations
detailing updated results from Rhythm’s URO genetic testing of
approximately 8,500 people in the United States with early-onset,
severe obesity.
- In September at the 59th Annual European Society for Paediatric
Endocrinology (ESPE) Meeting, Rhythm and its collaborators
delivered three oral and four poster presentations, including a new
subgroup analysis of data from its Phase 3 clinical trial in BBS,
which showed that patients treated with setmelanotide achieved
statistically significant weight loss and hunger reduction compared
to patients treated with placebo during a 14-week, double-blind
treatment period, as well as an interim analysis from its
exploratory Phase 2 Basket Trial, which showed that setmelanotide
achieved clinically meaningful weight loss or BMI-Z reduction in
30% (9 of 30) of study participants with obesity due to variants of
the SRC1 gene, and 43% (15 of 35) of study participants with
obesity due to variants of the SH21B gene, including 16p11.2
chromosomal deletions.
Corporate
- In September 2021, Rhythm announced the promotion of Linda
Shapiro Manning, M.D., Ph.D., to Chief Medical Officer. She
succeeded Murray Stewart, M.D., who transitioned to the role of
Senior Medical Advisor.
Key Upcoming Milestones:
Rhythm expects to achieve the following near-term
milestones:
- Initiate DAYBREAK, an exploratory, Phase 2, two-stage,
placebo-controlled trial of setmelanotide in patients with variants
in one of 31 genes with strong or very strong MC4R pathway
relevance in the fourth quarter of 2021.
- Initiate EMANATE, a Phase 3, randomized, double-blind,
placebo-controlled trial to evaluate setmelanotide in five
independent sub-studies in patients with obesity due to a
heterozygous variant of POMC/PCSK1 or LEPR; certain variants of the
SRC1 gene, certain variants of the SH2B1 gene, or PCSK1 N221D
deletions within the MC4R pathway in the fourth quarter of 2021 or
the first quarter of 2022.
- Initiate a Phase 3, randomized, double-blind trial in patients
currently on daily setmelanotide therapy (“switch study”) to
evaluate the efficacy of daily and weekly formulations of
setmelanotide in patients with obesity due to biallelic POMC, PCSK1
or LEPR deficiency or BBS in the fourth quarter of 2021.
- Initiate multi-center, one-year, open-label Phase 3 trial in
pediatric patients ages 2 to 6 years old with obesity due to
biallelic POMC, PCSK1 or LEPR deficiency, or with a clinical
diagnosis of BBS with genetic confirmation in the fourth quarter of
2021.
- Initiate a Phase 3, randomized, double-blind trial in patients
naïve to setmelanotide therapy (“de novo study”) to evaluate
the weekly formulation of setmelanotide in patients with BBS in the
first half of 2022.
- Announce new data from the ongoing exploratory Phase 2 Basket
Study evaluating setmelanotide in patients with obesity due to a
variant in the MC4 receptor, as well as its study in patients with
hypothalamic obesity, in the first quarter of 2022.
- Announce longer-term follow-up data from the ongoing
exploratory Phase 2 Basket Study evaluating setmelanotide in
patients with heterozygous POMC/PCSK1 obesity, heterozygous LEPR
obesity, certain variants of the SRC1 gene and certain variants of
the SH2B1 gene in the first half of 2022.
Third Quarter 2021 Financial Results:
- Cash Position: As of September 30, 2021, cash,
cash equivalents and short-term investments were approximately
$328.4 million, as compared to $172.8 million as of December 31,
2020. This increase includes net proceeds of $98.4 million received
upon closing the sale of Rhythm’s Rare Pediatric Disease Priority
Review Voucher (PRV) in February 2021, and net proceeds of
approximately $161.7 million from Rhythm’s underwritten public
offering of common stock, which closed in February 2021, partially
offset by cash used to fund operating activities in 2021.
- Revenue: Product net revenues relating to
sales of IMCIVREE in the United States were $1.0 million for the
third quarter of 2021. Rhythm did not generate any product revenues
in the third quarter of 2020 as IMCIVREE was approved for
commercial use by the FDA in November 2020.
- R&D Expenses: R&D expenses were $27.5
million in the third quarter of 2021, as compared to $23.0 million
in the third quarter of 2020. The year-over-year increase was
primarily related to a $4.4 million increase related to new and
planned clinical trials, including the Phase 2 DAYBREAK and Phase 3
EMANATE trials, Phase 3 pediatrics trial, Phase 2 hypothalamic
obesity study, and increased enrollment in the open-label,
long-term extension study, as well as an increase of $2.7 million
in salaries and benefits due to hiring additional employees to
support the growth of Rhythm’s research and development programs.
These increases were partially offset by a decrease of $1.4 million
in reduced purchases of clinical supply materials and $0.7 million
in costs associated with accessing sequencing data from third-party
biobanks to further Rhythm’s genetic research efforts.
- S,G&A Expenses: S,G&A expenses were
$17.5 million for the third quarter of 2021, as compared to $11.3
million for the third quarter of 2020. The year-over-year increase
was primarily related to an increase of $3.0 million due to
compensation and benefits related costs associated with additions
to the executive leadership team, increased headcount to support
expanding business operations as well as to establish commercial
operations in the United States and internationally; an increase of
$1.9 million due to increased professional fees and consulting
services to support the build out of commercial operations in the
United States and internationally as well as corporate legal and
consulting support for international expansion; and an increase of
$0.9 million related to marketing activities for IMCIVREE.
- Net Loss: Net loss
was $35.1 million for the third quarter of 2021, or a net loss per
basic and diluted share of $0.70, as compared to a net loss of
$33.8 million for the third quarter of 2020, or a net loss per
basic and diluted share of $0.77.
Year to Date 2021 Financial Results:
- Revenue: Product revenues relating to sales of
IMCIVREE in the United States were $1.3 million for the nine months
ended September 30, 2021. Rhythm did not generate any product
revenues in the nine months ended September 30, 2020 as IMCIVREE
was approved for commercial use by the FDA in November 2020.
- R&D Expenses: R&D expenses
were $72.6 million for the nine months
ended September 30, 2021, as compared to $68.5
million for the nine months ended September 30, 2020. The
increase of $4.1 million was primarily due to an increase of $5.9
million in compensation and benefits due to hiring additional
employees to support the growth of Rhythm’s research and
development programs, as well as an increase of $2.4 million in
costs related to new clinical trials, including the Phase 2
DAYBREAK and Phase 3 EMANATE trials, the Phase 3 pediatrics trial,
QTc study, Phase 2 hypothalamic obesity study, and increased
enrollment in the open-label, long-term extension study; and an
increase of $1.1 million related to costs associated with pursuing
the evaluation of setmelanotide in additional indications. These
increases were partially offset by a decrease in costs associated
with Rhythm’s Go-ID study, which has been completed, as well as
decrease of $3.0 million in milestone expense associated with the
license agreement with Ipsen on filing the NDA with the FDA and
filing the Marketing Authorisation Application with the EMA; $1.1
million in professional services fees related to regulatory
filings; $0.8 million related to reduced purchases of clinical
supply material for setmelanotide; and $0.7 million in costs
associated with accessing sequencing data from third party
biobanks.
- S,G&A Expenses: S,G&A expenses
were $47.5. million for the nine months
ended September 30, 2021, as compared to $33.0
million for the nine months ended September 30, 2020. The
increase of $14.5 million was primarily related to an increase of
$7.1 million due to increased compensation and benefits-related
costs associated with additions to the executive leadership team,
increased headcount to support expanding business operations as
well as to establish commercial operations in the United States and
internationally; an increase of $4.0 million due to increased
professional fees and consulting services to help support the build
out of Rhythm’s commercial operations in the United States and
internationally, as well as corporate legal and consulting support
for Rhythm’s international expansion; an increase of $1.6 million
associated with expenses incurred on the sale of Rhythm’s PRV; an
increase of $1.1 million due to increased costs associated with
office support and insurance costs for Rhythm’s expanding
workforce; and an increase of $0.7 million associated with expenses
incurred related to marketing activities for IMCIVREE.
- Other income, net: Other income increased by
$97.9 million in the nine months ended September 30, 2021 due
primarily to the sale of Rhythm’s PRV in February 2021.
- Provision for income taxes: The Company
recorded a tax provision of $8.0 million for the nine months ended
September 30, 2021, primarily related to the sale of Rhythm’s PRV,
offset by a tax benefit from ordinary losses. The Company expects
to have sufficient tax losses in the current year to offset the
income from the sale and thus no current year liability is
expected.
- Net Loss: Net loss was $26.7
million for the nine months ended September 30, 2021, or
a net loss per basic and diluted share of $0.54, as compared
to a net loss of $99.1 million for the nine months
ended September 30, 2020, or a net loss per basic and diluted
share of $2.25.
Financial Guidance: Based on its current
operating plans, Rhythm expects that its existing cash, cash
equivalents and short-term investments as of September 30, 2021,
will be sufficient to fund its operating expenses and capital
expenditure requirements into at least the second half of 2023.
Conference Call Information
Rhythm Pharmaceuticals will host a live conference call and
webcast at 8:00 a.m. ET today to discuss this update, as
well as review its third quarter 2021 financial results and recent
business activities. The conference call may be accessed by dialing
(844) 498-0570 (domestic) or (409) 983-9726 (international) and
referring to conference ID 2167009. A webcast of the call will be
available under "Events and Presentations" in the Investor
Relations section of the Rhythm Pharmaceuticals website
at http://ir.rhythmtx.com/. The archived webcast will be
available on Rhythm Pharmaceuticals’ website
approximately two hours after the conference call and will be
available for 30 days following the call.
About Rhythm PharmaceuticalsRhythm is a
commercial-stage biopharmaceutical company committed to
transforming the treatment paradigm for people living with rare
genetic diseases of obesity. Rhythm’s precision medicine, IMCIVREE
(setmelanotide), was approved in November 2020 by
the U.S. Food and Drug Administration (FDA) for chronic
weight management in adult and pediatric patients 6 years of age
and older with obesity due to POMC, PCSK1 or LEPR deficiency
confirmed by genetic testing and in July and September 2021,
respectively, by the European Commission (EC) and Great
Britain’s Medicines & Healthcare Products Regulatory
Agency (MHRA) for the treatment of obesity and the control of
hunger associated with genetically confirmed loss-of-function
biallelic POMC, including PCSK1, deficiency or biallelic LEPR
deficiency in adults and children 6 years of age and above.
IMCIVREE is the first-ever FDA-approved and EC- and MHRA-authorized
therapy for patients with these rare genetic diseases of obesity.
The Company submitted a supplemental New Drug Application (sNDA) to
the FDA in September 2021 and submitted a Type II variation
application to the European Medicines Agency in October 2021
seeking regulatory approval and authorization for setmelanotide to
treat obesity and control of hunger in adult and pediatric patients
6 years of age and older with BBS or Alström syndrome in both the
United States and European Union.
Additionally, Rhythm is advancing a broad clinical development
program for setmelanotide in other rare genetic diseases of obesity
and is leveraging the Rhythm Engine and the largest known obesity
DNA database -- now with approximately 37,500 sequencing samples --
to improve the understanding, diagnosis and care of people living
with severe obesity due to certain genetic deficiencies. Rhythm’s
headquarters is in Boston, MA.
IMCIVREE®
(setmelanotide) IndicationIn the United States,
IMCIVREE is indicated for chronic weight management in adult and
pediatric patients 6 years of age and older with obesity due to
proopiomelanocortin (POMC), proprotein convertase subtilisin/kexin
type 1 (PCSK1), or leptin receptor (LEPR) deficiency. The condition
must be confirmed by genetic testing demonstrating variants
in POMC, PCSK1, or LEPR genes that are
interpreted as pathogenic, likely pathogenic, or of uncertain
significance (VUS).
In the EU, IMCIVREE is indicated for the treatment of obesity
and the control of hunger associated with genetically confirmed
loss-of-function biallelic POMC, including PCSK1, deficiency or
biallelic LEPR deficiency in adults and children 6 years of age and
above. IMCIVREE should be prescribed and supervised by a physician
with expertise in obesity with underlying genetic etiology.
Limitations of UseIMCIVREE is not indicated for
the treatment of patients with the following conditions as IMCIVREE
would not be expected to be effective:
- Obesity due to suspected POMC, PCSK1, or LEPR deficiency
with POMC, PCSK1, or LEPR variants classified
as benign or likely benign;
- Other types of obesity not related to POMC, PCSK1 or LEPR
deficiency, including obesity associated with other genetic
syndromes and general (polygenic) obesity.
Important Safety Information
WARNINGS AND PRECAUTIONS
Disturbance in Sexual Arousal: Sexual
adverse reactions may occur in patients treated with IMCIVREE.
Spontaneous penile erections in males and sexual adverse reactions
in females occurred in clinical studies with IMCIVREE. Instruct
patients who have an erection lasting longer than 4 hours to seek
emergency medical attention.
Depression and Suicidal Ideation: Some
drugs that target the central nervous system, such as IMCIVREE, may
cause depression or suicidal ideation. Monitor patients for new
onset or worsening of depression. Consider discontinuing IMCIVREE
if patients experience suicidal thoughts or behaviors.
Skin Pigmentation and Darkening of Pre-Existing
Nevi: IMCIVREE may cause generalized increased skin
pigmentation and darkening of pre-existing nevi due to its
pharmacologic effect. This effect is reversible upon
discontinuation of the drug. Perform a full body skin examination
prior to initiation and periodically during treatment with IMCIVREE
to monitor pre-existing and new skin pigmentary
lesions.
Risk of Serious Adverse Reactions Due to Benzyl Alcohol
Preservative in Neonates and Low Birth Weight
Infants: IMCIVREE is not approved for use in neonates
or infants.
ADVERSE REACTIONS
- The most common adverse reactions (incidence ≥23%) were
injection site reactions, skin hyperpigmentation, nausea, headache,
diarrhea, abdominal pain, back pain, fatigue, vomiting, depression,
upper respiratory tract infection, and spontaneous penile
erection.
USE IN SPECIFIC POPULATIONSDiscontinue IMCIVREE
when pregnancy is recognized unless the benefits of therapy
outweigh the potential risks to the fetus.
Treatment with IMCIVREE is not recommended for use while
breastfeeding.
To report SUSPECTED ADVERSE REACTIONS, contact Rhythm
Pharmaceuticals at +1 (833) 789-6337 or FDA at 1-800-FDA-1088
or www.fda.gov/medwatch.
See U.S. Full Prescribing Information, EU
SmPC and MHRA SmPC for IMCIVREE.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements
regarding the potential, safety, efficacy, and regulatory and
clinical progress of setmelanotide, including the anticipated
timing for initiation of clinical trials and release of clinical
trial data and our expectations surrounding potential regulatory
submissions, approvals and timing thereof, our business strategy
and plans, including regarding commercialization of setmelanotide,
our participation in upcoming events and presentations, and the
sufficiency of our cash, cash equivalents and short-term
investments to fund our operations. Statements using word such as
“expect”, “anticipate”, “believe”, “may”, “will” and similar terms
are also forward-looking statements. Such statements are subject to
numerous risks and uncertainties, including, but not limited to,
the impact of our management transition, our ability to enroll
patients in clinical trials, the design and outcome of clinical
trials, the impact of competition, the ability to achieve or obtain
necessary regulatory approvals, risks associated with data analysis
and reporting, our liquidity and expenses, the impact of the
COVID-19 pandemic on our business and operations, including our
preclinical studies, clinical trials and commercialization
prospects, and general economic conditions, and the other important
factors discussed under the caption “Risk Factors” in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021 and
our other filings with the Securities and Exchange Commission.
Except as required by law, we undertake no obligations to make any
revisions to the forward-looking statements contained in this
release or to update them to reflect events or circumstances
occurring after the date of this release, whether as a result of
new information, future developments or otherwise.
|
Rhythm Pharmaceuticals, Inc.Condensed
Consolidated Statements of Operations and Comprehensive
Loss(in thousands, except share and per share
data)(Unaudited) |
|
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Product revenue, net |
|
$ |
1,028 |
|
|
$ |
— |
|
|
$ |
1,337 |
|
|
$ |
— |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
222 |
|
|
|
— |
|
|
|
363 |
|
|
|
— |
|
Research and development |
|
|
27,539 |
|
|
|
22,995 |
|
|
|
72,554 |
|
|
|
68,496 |
|
Selling, general, and administrative |
|
|
17,507 |
|
|
|
11,289 |
|
|
|
47,490 |
|
|
|
33,006 |
|
Total costs and expenses |
|
|
45,268 |
|
|
|
34,284 |
|
|
|
120,407 |
|
|
|
101,502 |
|
Loss from operations |
|
|
(44,240 |
) |
|
|
(34,284 |
) |
|
|
(119,070 |
) |
|
|
(101,502 |
) |
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
— |
|
|
|
— |
|
|
|
100,000 |
|
|
|
— |
|
Interest income, net |
|
|
138 |
|
|
|
466 |
|
|
|
313 |
|
|
|
2,403 |
|
Total other income, net |
|
|
138 |
|
|
|
466 |
|
|
|
100,313 |
|
|
|
2,403 |
|
Loss before taxes |
|
|
(44,102 |
) |
|
|
(33,818 |
) |
|
|
(18,757 |
) |
|
|
(99,099 |
) |
(benefit from) provision for
income taxes |
|
|
(8,995 |
) |
|
|
— |
|
|
|
7,989 |
|
|
|
— |
|
Net loss |
|
$ |
(35,107 |
) |
|
$ |
(33,818 |
) |
|
$ |
(26,746 |
) |
|
$ |
(99,099 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.70 |
) |
|
$ |
(0.77 |
) |
|
$ |
(0.54 |
) |
|
$ |
(2.25 |
) |
Weighted-average common shares outstanding, basic and diluted |
|
|
50,246,303 |
|
|
|
44,142,334 |
|
|
|
49,374,336 |
|
|
|
44,097,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(35,107 |
) |
|
$ |
(33,818 |
) |
|
$ |
(26,746 |
) |
|
$ |
(99,099 |
) |
Unrealized (loss) gain on marketable securities |
|
|
— |
|
|
|
(392 |
) |
|
|
(107 |
) |
|
|
238 |
|
Comprehensive loss |
|
$ |
(35,107 |
) |
|
$ |
(34,210 |
) |
|
$ |
(26,853 |
) |
|
$ |
(98,861 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rhythm Pharmaceuticals, Inc.Condensed
Consolidated Balance Sheets(in thousands, except share and
per share data)(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Sept. 30, 2021 |
|
Dec. 31, 2020 |
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
92,372 |
|
|
$ |
100,854 |
|
Short-term investments |
|
|
235,982 |
|
|
|
71,938 |
|
Prepaid expenses and other current assets |
|
|
7,282 |
|
|
|
8,876 |
|
Total current assets |
|
|
335,636 |
|
|
|
181,668 |
|
Property and equipment,
net |
|
|
2,956 |
|
|
|
3,195 |
|
Right-of-use asset |
|
|
1,598 |
|
|
|
1,807 |
|
Intangible assets, net |
|
|
4,772 |
|
|
|
— |
|
Restricted cash |
|
|
328 |
|
|
|
403 |
|
Other long-term assets |
|
|
10,533 |
|
|
|
— |
|
Total assets |
|
$ |
355,823 |
|
|
$ |
187,073 |
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
4,614 |
|
|
$ |
4,900 |
|
Accrued expenses and other current liabilities |
|
|
18,265 |
|
|
|
12,559 |
|
Lease liability |
|
|
588 |
|
|
|
535 |
|
Total current liabilities |
|
|
23,467 |
|
|
|
17,994 |
|
Long-term liabilities: |
|
|
|
|
|
|
Deferred tax liability |
|
|
7,989 |
|
|
|
— |
|
Lease liability |
|
|
2,104 |
|
|
|
2,551 |
|
Total liabilities |
|
|
33,560 |
|
|
|
20,545 |
|
Commitments and contingencies
(Note 5) |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred Stock, $0.001 par value: 10,000,000 shares authorized; no
shares issued and outstanding at September 30, 2021 and
December 31, 2020 |
|
|
— |
|
|
|
— |
|
Common stock, $0.001 par value: 120,000,000 shares authorized;
50,268,312 and 44,235,903 shares issued and outstanding
September 30, 2021 and December 31, 2020,
respectively |
|
|
50 |
|
|
|
44 |
|
Additional paid-in capital |
|
|
808,265 |
|
|
|
625,762 |
|
Accumulated other comprehensive income |
|
|
21 |
|
|
|
49 |
|
Accumulated deficit |
|
|
(486,073 |
) |
|
|
(459,327 |
) |
Total stockholders’ equity |
|
|
322,263 |
|
|
|
166,528 |
|
Total liabilities and stockholders’ equity |
|
$ |
355,823 |
|
|
$ |
187,073 |
|
|
|
|
|
|
|
|
|
|
Corporate Contact:David ConnollyHead of
Investor Relations and Corporate CommunicationsRhythm
Pharmaceuticals, Inc.857-264-4280dconnolly@rhythmtx.com
Investor Contact:Hannah DeresiewiczStern
Investor Relations,
Inc.212-362-1200hannah.deresiewicz@sternir.com
Media Contact:Adam DaleyBerry & Company
Public Relations212-253-8881adaley@berrypr.com
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