Rhythm Pharmaceuticals, Inc. RYTM
We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. 10-K, Item 1
- Headquarters
- Boston, MA
- CEO
- David P. Meeker
- Next results
- around Jan 8, 2027
RYTM among Health care peers
Six ratios from the latest 10-K. Each corner is the share of 154 peers the company is above, not a score.
What changed
22 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 26, 2026 against Feb 28, 2025.
Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.
Accounting checks
11 checks on the latest 10-K. Checks, not verdicts.
1fact worth reading about the other 10 checks found nothing to note
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Critical audit matters changedNew this year: Table of Conten ts (“The Company’s accrued expenses and other current liabilities related to research and development costs were $17.1 million at December 31, 2025. In addition, the Company’s prepaid expenses and other current assets and other long-term assets related to research and development costs were $16.2 million”); Table of Conten ts (“As discussed in Note 2 to the Company’s consolidated financial statements, the Company recognizes revenue from product sales based on amounts due from customers net of allowances for variable consideration. Variable consideration includes, among others, rebates mandated by law under the Medicaid Dru”). Same as last year: Allowances for Rebates under the Medicaid Drug Rebate Program
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Receivables +40.9% ($18.5M to $26.1M) vs revenue +45.8% ($130.1M to $189.8M), -4.9 pts apart
9 more checks with nothing to note
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Cash from operations −$115.7M vs net income −$196.5M (FY ending Dec 31, 2025)
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Inventory +37.4% ($18.7M to $25.8M) vs revenue +45.8% ($130.1M to $189.8M), -8.4 pts apart
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Same auditor in both 10-Ks: Ernst & Young LLP
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No statement of substantial doubt about going concern
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No 8-K item 4.02 in the last 2 years
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No NT 10-K or NT 10-Q in the last 2 years
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No sentence in the 10-K concludes that controls were not effective because of a material weakness
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No 8-K item 2.06 in the last 2 years
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No 8-K item 1.03 in the last 2 years
In their words
22 paragraphs in Risk Factors that were not in the 10-K filed Feb 28, 2025. Quoted as filed.
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Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
Since our inception, we have raised funds through the issuance of common and preferred equity, the sale of assets and a Revenue Interest Agreement, or RIFA. As of December 31, 2025, our cash and cash equivalents and short-term investments were approximately $388.9 million.
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Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
Given the etiology of the disease, our estimates on HO are based on our internal review and interpretation of the literature and available prevalence data.
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Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
Our clinical trials will compete with other clinical trials that are in the same therapeutic areas as our product candidates, including general obesity, and this competition reduces the number and types of patients available to us, as
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Item 1A · new paragraph · not in the 10-K filed Feb 28, 2025 10-K, ITEM 1A
Furthermore, on April 28, 2025, the UK adopted an amendment to the UK clinical trials regulations intended to support a more streamlined and flexible regulation of clinical trials, removing unnecessary administrative burdens on trial sponsors, whilst protecting the interests of trial participants. It also intends to bring the UK…
New risk paragraphs, against peers
Latest 10-K of each, Health care companies closest in revenue
Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.
Financial performance
Last 4 fiscal years · 10-K XBRL
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| Revenue | $23.6M | $77.4M | $130.1M | $189.8M |
| Net income | −$181.1M | −$184.7M | −$260.6M | −$196.5M |
| Operating cash flow | −$173.4M | −$136.2M | −$113.9M | −$115.7M |
| Free cash flow | −$173.7M | −$136.2M | −$113.9M | −$116.6M |
Revenue, FY2016 to FY2025
Ten fiscal years, each from its own 10-K · XBRL · USD
$189.8M ▲ 45.8% in FY2025−$196.5M in FY2025−$116.6M in FY2025
Recent filings
6 filings in the last 30 days · SEC EDGAR
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Planned saleNov 3, 2026David McGirr (Director) adopted a 10b5-1 trading plan reported in the 10-Q, up to 21,810 shares, runs to Feb 7, 2027
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Planned saleNov 3, 2026Christophe Jean (Director) adopted a 10b5-1 trading plan reported in the 10-Q, up to 10,000 shares, runs to Jul 17, 2027
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Planned saleNov 3, 2026Alastair Garfield (Chief Scientific Officer) adopted a 10b5-1 trading plan reported in the 10-Q, runs to Feb 1, 2028
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Planned saleNov 3, 2026David Meeker (Chief Executive Officer) ended a 10b5-1 trading plan reported in the 10-Q, up to 300,000 shares, runs to Mar 15, 2027
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8-KNov 3, 2026Quarterly results 8-K item 2.02
About the company
Rhythm Pharmaceuticals, Inc., Boston, MA · from the 10-K filed Feb 26, 2026
We are a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients living with rare neuroendocrine diseases. We are focused on advancing melanocortin-4 receptor (MC4R) agonists, including our lead asset, IMCIVREE® (setmelanotide), as precision medicines designed to treat hyperphagia and severe obesity caused by rare MC4R pathway diseases.
- Headquarters
- Boston, MA
- Country
- United States
- Reports in
- USD
- Listed on
- Nasdaq
- Fiscal year ends
- December 31
- Last results
- Nov 3, 2026
- Incorporated in
- DE
Email alerts
Sources
The 10-K filed Feb 26, 2026 (open at SEC), compared with the 10-K filed Feb 28, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.
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