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Rhythm Pharmaceuticals

RYTM Rare disease Lead: Approved 10 Biotech Distilled articles ↓ 38 filings & releases ↓ Cash $40.0M (Sep 30, 2026) ↓ 10 verdicts ↓ 1 timing quote ↓
Metabolic PeptideSmall Molecule

Market cap $7.78B 69.3M shares (10-Q, Nov 2, 2026) × $112.28 close Nov 6, 2026

Most recent annual filing: 2026-02-15

Catalyst timeline

3 trackedQuarter catalyst calendar →
  1. Setmelanotide HO commercial launch2H 2026Setmelanotide HO commercial launch, 2H 2026, notable
  2. HO launch metrics commercial2H 2026HO launch metrics commercial, 2H 2026, routine
  3. Bivamelagon Ph3 startby year-end 2026Bivamelagon Ph3 start, by year-end 2026, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (14 active programs)

IMCIVREE

setmelanotide
Peptide Target: MC4R

Capital (as filed)

Cash
$40.0M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$281M Sep 30, 2026
Operating cash flow
−$3.1M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$321M cash per the update of Nov 3, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (10)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (10 calls)

Every verdict Biotech Distilled has published on Rhythm Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-19 Buy core Rhythm Therapeutics (RYTM): Scientific Deep Dive for Setmelanotide and Pipeline Products HO approval could triple the addressable market, cash position removes dilution risk, and the TRANSCEND data is stronger than the market appreciates, particularly efficacy in GLP-1 failures.
  2. 2026-02-28 Buy core RYTM Update: Dissecting the Earnings, the Oral Pipeline, and the Wall of Paper The stock dip from S-3/ATM filing is purely mechanical; underlying science, clinical data, and commercial trajectory are intact, and the oral pipeline just got materially de-risked.
  3. 2026-03-07 Buy core UPDATE: Rhythm Therapeutics (RYTM) - Final TRANSCEND Data Drop Cements the HO Thesis Ahead of PDUFA Expanded N=142 TRANSCEND dataset confirms potent and durable mechanism, Japanese cohort unlocks future global TAM, and the recent ATM-driven dip offered a cleaner entry point.
  4. 2026-03-22 Hold UPDATE: Rhythm Therapeutics (RYTM) - The Agony, The Ecstasy, and The P-Hacking Reality Check EMANATE failure removes asymmetric upside and the genetic TAM expansion dream; Rhythm is now a commercial execution story requiring proof of HO launch metrics before redeploying capital.
  5. 2026-03-29 Hold UPDATE: Rhythm Pharmaceuticals (RYTM) - The CHMP Gives a Green Light, but the ATM Hangover Persists Despite FDA and CHMP approvals doubling the HO TAM, the stock is a show-me-the-revenue story; stay on the sidelines until ATM selling pressure subsides and initial HO launch metrics are visible.
  6. 2026-05-06 Buy core UPDATE: Rhythm Pharmaceuticals (RYTM) - The Launch Metric That Flipped the Script 150 patient start forms in six weeks broke the slow-orphan-launch bear case and confirmed the commercial funnel is working, warranting an upgrade back to accumulate.
  7. 2026-06-15 Buy core UPDATE: Rhythm Pharmaceuticals (RYTM) - The ENDO Data Dump and the PWS Reality Check Bivamelagon's 52-week oral data (-16.6% BMI) nearly matches the injectable, 2.5-year HO durability is confirmed, and the PWS signal is positive enough to advance to Phase 3, keeping the thesis intact.
  8. 2026-08-05 Buy core UPDATE: Rhythm Pharmaceuticals (RYTM) - The Launch Converts, and RM-718 Clears the Bar Q2 revenue of $71.3M (+19% QoQ) with 400+ patient start forms confirms PSF-to-prescription conversion, zero ATM dilution, and RM-718's MC1R-sparing tolerability profile adds underpriced next-gen optionality.
  9. 2026-08-24 Buy core UPDATE: Rhythm Pharmaceuticals (RYTM) - Japan Says Yes, and the Last Regulatory Domino Falls Japan MHLW approval completes the global regulatory trifecta for acquired HO, retiring the last binary regulatory risk, though NHI pricing and launch ramp remain gating items.
  10. 2026-11-04 Buy core UPDATE: Rhythm Pharmaceuticals (RYTM) - The Launch Delivers, the Balance Sheet Levers Up Q3 U.S. revenue accelerated and payer coverage doubled, but the $350M LG Chem prepayment and $750M debt facility create fixed obligations that make the thesis a leveraged bet on bivamelagon's Phase 3 success.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (38)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 6, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

6 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)