Rhythm Pharmaceuticals (RYTM) investor relations material

Executive summary

• Achieved $60.1 million in global net revenues in Q1 2026, up 5% sequentially, driven by growth in Bardet-Biedl syndrome (BBS) and the U.S. launch of IMCIVREE for acquired hypothalamic obesity (HO), with over 150 start forms and strong payer and physician reception.

• European Commission granted marketing authorization for IMCIVREE in acquired HO, with launches in Europe expected in 2027; Japan's NDA accepted, with anticipated approval and launch by end of 2026.

• Positive data from the Japanese cohort of the Phase 3 TRANSCEND study and ongoing clinical pipeline development support regulatory filings and future launches.

• Board changes include the appointment of Kim Popovits and resignation of Ed Mathers.

Financial highlights

• Q1 2026 global net revenues reached $60.1 million, a 5% increase from Q4 2025 and a 59% year-over-year increase from $37.7 million in Q1 2025.

• U.S. accounted for 61% of Q1 revenue ($36.9 million), down 5% sequentially; international revenue rose 27% to $23.2 million, driven by Germany, France, Saudi Arabia, and Greece.

• R&D expenses were $41.7 million, up from $37 million year-over-year; SG&A expenses rose to $63.6 million from $39.1 million.

• GAAP net loss attributable to common stockholders was $(56.7) million, or $(0.83) per share; ended Q1 with $340.6 million in cash and equivalents.

• Non-GAAP operating expenses for Q1 were $82.2 million.

Outlook and guidance

• Non-GAAP operating expenses for 2026 expected to be $385–415 million, with R&D at $197–213 million and SG&A at $188–202 million.

• Cash runway expected to fund operations for at least 24 months from March 31, 2026.

• Anticipate steady growth in IMCIVREE prescriptions for acquired HO throughout 2026, with payer policy establishment expected in 3–9 months post-approval.

• Key upcoming milestones include clinical trial readouts for setmelanotide in Prader-Willi syndrome, RM-718 in acquired HO, and regulatory decisions in Japan.