RHYTHM PHARMACEUTICALS, INC.
RYTM evidence brief
What we can confirm
- BioSniper Score:
- 2.9 / 10
- Market Cap:
- $6.98B
- Next Catalyst:
- Patent_Expiry · Jul 4, 2034
What it means
What to watch
Prepared research question
What matters most for RYTM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · RYTM
Rhythm Pharmaceuticals (RYTM) is a commercial-stage biopharmaceutical company focused on melanocortin-4 receptor (MC4R) pathway therapies for rare obesity disorders, with an approved product IMCIVREE (setmelanotide) and a pipeline including bivamelagon and RM-718.
Key risk: Sustained operating losses
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 1 catalyst for RHYTHM PHARMACEUTICALS, INC..
Rhythm Pharmaceuticals (RYTM) is a commercial-stage biopharmaceutical company focused on melanocortin-4 receptor (MC4R) pathway therapies for rare obesity disorders, with an approved product IMCIVREE (setmelanotide) and a pipeline including bivamelagon and RM-718.
- Rhythm Pharmaceuticals is a global, commercial-stage biopharmaceutical company dedicated to transforming the lives of patients with rare MC4R pathway diseases [sec_mda · as of 2026-08-04].
- IMCIVREE (setmelanotide) is the first and only FDA-approved therapy for acquired hypothalamic obesity (HO) [sec · filed 2026-04-29].
- Bivamelagon, an oral MC4R agonist, achieved a -9.3% BMI reduction at 14 weeks in a Phase 2 trial for acquired HO (p=0.0004) [sec · filed 2026-04-29].
- As of June 30, 2026, the company reported cash & equivalents of $65.6M, total revenue of $71.3M, and a net loss of -$49.3M [sec].
- The company expects existing cash to fund operations for at least 24 months from February 26, 2026, following $218M in net cash raised in 2025 [sec · filed 2026-04-29].
What works
- First-to-market advantage with IMCIVREE as the only FDA-approved therapy for acquired HO, addressing a rare disease with no prior treatment [sec · filed 2026-04-29].
- Promising Phase 2 results for bivamelagon showing statistically significant BMI reductions, supporting a next-generation oral candidate [sec · filed 2026-04-29].
- Strong cash position with $218M raised in 2025, providing an estimated 24-month runway from early 2026 [sec · filed 2026-04-29].
What to weigh
- The company has an accumulated deficit of $1.5 billion as of June 30, 2026, reflecting sustained operating losses since inception [sec_mda · as of 2026-08-04].
- Net loss of -$49.3M for the six months ended June 30, 2026, with expectations of continued significant expenses and operating losses [sec_mda · as of 2026-08-04].
- Total debt of $106.1M exceeds cash & equivalents of $65.6M as of June 30, 2026, indicating reliance on external financing [sec].
From the filings
Quoted directly from source documents.
IMCIVREE is the first FDA-approved therapy for acquired HO
“an expanded indication for IMCIVREE to treat patients living with acquired HO, making IMCIVREE the first and only FDA-approved therapy for the treatment of this rare disease”
SEC filings · April 29, 2026
Bivamelagon achieved -9.3% BMI reduction in Phase 2
“Bivamelagon achieved a -9.3% BMI reduction from baseline in the 600mg cohort (n=8) (p-value=0.0004)”
SEC filings · April 29, 2026
Accumulated deficit of $1.5 billion
“As of June 30, 2026, the Company had an accumulated deficit of $ 1.5 billion.”
SEC MD&A · August 4, 2026
Catalyst timeline
- 2034-07-04 · Patent_Expiry · SETMELANOTIDE ACETATE — Patent_Expiry: NDA213793 — Patent expiry for setmelanotide acetate could open the door to generic competition, affecting future revenue from IMCIVREE.
Risks & what to watch (3)›
Key risks
- Sustained operating losses — Accumulated deficit of $1.5B as of June 30, 2026, with net loss of -$49.3M in H1 2026 [sec_mda · as of 2026-08-04]
- Debt exceeds cash — Total debt of $106.1M vs cash & equivalents of $65.6M as of June 30, 2026 [sec]
- Dependence on pipeline success — Future capital needs depend on clinical trial costs and outcomes for setmelanotide, bivamelagon, and RM-718 [sec_mda · as of 2026-08-04]
What to watch
- Commercial expansion of IMCIVREE for acquired HO and global market penetration [news · published 2026-08-17]
- Phase 2 progress of bivamelagon and RM-718, including any further BMI reduction data [sec · filed 2026-04-29]
- Cash runway management and potential need for additional financing given ongoing operating losses [sec_mda · as of 2026-08-04]
Sources: Catalysts · News · SEC filings · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 2.14 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~2818d
0 buys · 14 sells (180d)
Catalysts
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
285
Total value held
$6.24B
| Holder | Shares | Value |
|---|---|---|
| ra capital management, l.p. | 6,666,837 | $579.8M |
| blackrock, inc. | 6,237,151 | $542.4M |
| baker bros. advisors lp | 5,604,483 | $487.4M |
| primecap management co/ca/ | 3,417,509 | $297.2M |
| vanguard portfolio management llc | 3,040,718 | $264.5M |
| vanguard capital management llc | 2,967,825 | $258.1M |
| perceptive advisors llc | 2,373,795 | $206.4M |
| state street corp | 2,271,851 | $197.6M |
| goldman sachs group inc | 1,965,432 | $170.9M |
| westfield capital management co lp | 1,929,123 | $167.8M |
Showing top 10 of 285 institutional holders of RHYTHM PHARMACEUTICALS, INC.. Open the full 13F history after sign-in.
Short Interest
as of Apr 19, 2026- % of float
- 14.2%
- Days to cover
- 6.9
- Shares short
- 7,624,913
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
RYTM short interestGovernance
Frequently asked questions
What is the AI investment thesis for RHYTHM PHARMACEUTICALS, INC.?
Rhythm Pharmaceuticals (RYTM) is a commercial-stage biopharmaceutical company focused on melanocortin-4 receptor (MC4R) pathway therapies for rare obesity disorders, with an approved product IMCIVREE (setmelanotide) and a pipeline including bivamelagon and RM-718.
What is RHYTHM PHARMACEUTICALS, INC.'s next catalyst?
RHYTHM PHARMACEUTICALS, INC.'s next tracked catalyst is a Patent_Expiry event — "Patent_Expiry: NDA213793" — expected July 4, 2034.
Who is the CEO of RHYTHM PHARMACEUTICALS, INC.?
Dr. David P. Meeker M.D. is the chief executive officer of RHYTHM PHARMACEUTICALS, INC. (RYTM).
Where is RHYTHM PHARMACEUTICALS, INC. headquartered?
RHYTHM PHARMACEUTICALS, INC. (RYTM) is headquartered in Boston, MA, United States.
What therapeutic areas does RHYTHM PHARMACEUTICALS, INC. focus on?
RHYTHM PHARMACEUTICALS, INC. develops therapies across Rare Disease, Cardiovascular, Metabolic, Endocrinology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.