RYTM Stock — Rhythm Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

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.

Source: 10-K FY2025 via SEC EDGAR

Share price

$112.28

Market cap

$7,784.5M

Cash

$320.9M

Enterprise value

$7,566.2M

Balance sheet

Cash	$320.9M
Debt	$102.7M
Net cash	$218.3M
Enterprise value	$7,566.2M
Basic shares	69.3M shares
Fully diluted shares	81.9M shares
Fully diluted market cap	$9,196.6M
Cash per share	$4.63
Quarterly burn	$9.2M
Cash runway	36.2 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

68.9M

Pre-funded warrants

0.0M

Options

6.2M

RSUs

3.2M

Warrants

0.0M

Converts

0.0M

Conv preferred

2.4M

ESPP reserve

1.2M

FDSO

81.9M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Setmelanotide · Dec 12, 2026 - Jan 23, 2027 in 5 wks · Phase 2 · Prader-Willi Syndrome; Obesity; Hyperphagia

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Dec 12, 2026 - Jan 23, 2027 in 5 wks	Setmelanotide	Phase 2	Prader-Willi Syndrome; Obesity; Hyperphagia	—
Apr 24 - Jun 5 in 6 mo	Setmelanotide	Phase 3	Hypothalamic Obesity; Multiple Pituitary Hormone Deficiency Genetic Form; Septo-Optic Dysplasia	—
Dec 13, 2027 - Jan 24, 2028 in 13 mo	Part C: RM-718	Phase 2	Hypothalamic Obesity; Prader-Willi Syndrome; PWS	—
May 27 - Jul 8 in 19 mo	Bivamelagon	Phase 2	Hypothalamic Obesity	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

IMCIVREE

Approved · Active Modality: MC4R agonist

Aliases setmelanotide

Target MC4R

Indications

obesity due to POMC, PCSK1 or LEPR deficiency (US, EU) (Stage not disclosed)
Bardet-Biedl syndrome (US, EU) (Stage not disclosed)
acquired hypothalamic obesity (US FDA and EC approved 2026) (Stage not disclosed)
acquired hypothalamic obesity in Japan (JNDA under review) (Stage not disclosed)

Catalysts

— None
— None

Status note First approved MC4R-pathway precision medicine. Approved in US (2020/2022), EU, Great Britain, Canada and others. Acquired HO label expansion approved by FDA March 2026 and European Commission April 2026; JNDA accepted by PMDA May 2026. Phase 2 in PWS reported positive preliminary data June 2026; Phase 3 EMANATE in genetic MC4R pathway diseases did not achieve primary endpoints in any of four substudies.

RM-718

Phase 2 · Active Modality: weekly MC4R agonist

Target MC4R

Indications

acquired hypothalamic obesity (Stage not disclosed)
Prader-Willi syndrome (Stage not disclosed)

Catalysts

— None

Status note Next-generation more selective MC4R agonist with weekly administration. Phase 1 Part C completed in acquired HO with preliminary data announced August 2026; Phase 2 in PWS enrolling.

bivamelagon

Phase 2 · Active Modality: oral small molecule MC4R agonist

Target MC4R

Partnerships LGC (license agreement; up to $205M in regulatory/sales milestones; MC4R portfolio royalties from 2029)

Indications

acquired hypothalamic obesity (Stage not disclosed)

Catalysts

— None

Status note Investigational oral small molecule MC4R agonist. Phase 2 in acquired HO reported positive results July 2025.

Per-asset detail extracted from the 10-Q filed 2026-08-04. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Setmelanotide
Lead indication	Hypothalamic Obesity
Lead phase	Phase 3
Active trials	5
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06760546	Phase 3	Recruiting	Sponsor	RYTM	—	Hypothalamic Obesity; Multiple Pituitary Hormone Deficiency Genetic Form; Septo-Optic Dysplasia	—
NCT05774756	Phase 3	Active, not recruiting	Sponsor	RYTM	—	Hypothalamic Obesity	—
NCT06772597	Phase 2	Active, not recruiting	Sponsor	RYTM	—	Prader-Willi Syndrome; Obesity; Hyperphagia	—
NCT06239116	Phase 2	Recruiting	Sponsor	RYTM	—	Hypothalamic Obesity; Prader-Willi Syndrome; PWS	—
NCT07156578	Phase 2	Enrolling by invitation	Sponsor	RYTM	—	Hypothalamic Obesity	—
NCT07674290	Not disclosed	Recruiting	Collaborator	Tom Hühne	—	Bardet Biedl Syndrome (BBS); Bardet Biedl Syndrome; Bardet-Biedl Syndrome (BBS)	—
NCT06239064	Not disclosed	Active, not recruiting	Collaborator	Rolfs Consulting und Verwaltungs-GmbH (RCV)	—	Obesity, Childhood; Hyperphagia; Retinopathy	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 7 active trials for Rhythm Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	6,666,837	no change	6.43%	2026-08-14
Baker Bros. Advisors	5,604,483	no change	3.12%	2026-08-14
Perceptive Advisors	2,586,295	+212,500	4.46%	2026-08-14
Braidwell LP	381,128	+70,500	1.57%	2026-08-14
OrbiMed Advisors	322,900	+8,800	0.68%	2026-08-14
ADAR1 Capital Management	136,158	-75,292	0.71%	2026-08-14
Logos Global Management	125,000	-325,000	0.60%	2026-08-14
Sphera Biotech	80,400	+80,400	1.28%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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RYTM — Rhythm Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

RYTM — Rhythm Pharmaceuticals Inc.