RYTM

MKT CAP:$6B

Rhythm Pharmaceuticals, Inc.

Market Cap

$6B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$85.18-$19.83 (-18.88%)

Apr 22, 2026

Company Details

Rhythm Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the treatment of rare genetic diseases of obesity. The company's lead product candidate is IMCI...

CEO

David Meeker

IPO Date

Oct 9, 2017

Website

www.rhythmtx.com

Key Metrics TTM

Revenue

$190M

+45.8% YoY

Net Income

-$197M

EPS (Diluted)

-$3.11

Free Cash Flow

-$117M

Revenue / Share

$2.84

Gross Margin

89.7%

Operating Margin

-101.2%

Net Margin

-103.6%

FCF Margin

-61.5%

P/S

30.8x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 26, 2026

$190M+45.8%EPS -$3.11

Q4 2025

Feb 26, 2026

$57M+36.9%EPS -$0.73

Q3 2025

Nov 4, 2025

$51M+54.3%EPS -$0.82

Q2 2025

Aug 5, 2025

$49M+66.8%EPS -$0.75

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1M	$1M	-$53M
Q2 22	$9M	$9M	-$45M
Q3 22	$4M	$4M	-$39M
Q4 22	$9M	$8M	-$42M
Q1 23	$11M	$10M	-$53M
Q2 23	$19M	$17M	-$47M
Q3 23	$23M	$20M	-$44M
Q4 23	$24M	$21M	-$41M
Q1 24	$26M	$23M	-$140M
Q2 24	$29M	$26M	-$40M
Q3 24	$33M	$29M	-$44M
Q4 24	$42M	$38M	-$41M
Q1 25	$33M	$29M	-$47M
Q2 25	$49M	$43M	-$45M
Q3 25	$51M	$46M	-$53M
Q4 25	$57M	$52M	-$47M

Valuation

Quarter	P/S	P/E
Q1 22	1266.3x	—
Q2 22	436.0x	—
Q3 22	350.8x	—
Q4 22	247.3x	—
Q1 23	174.0x	—
Q2 23	133.6x	—
Q3 23	94.3x	—
Q4 23	75.5x	—
Q1 24	63.6x	—
Q2 24	57.4x	—
Q3 24	52.0x	—
Q4 24	44.9x	—
Q1 25	42.7x	—
Q2 25	37.4x	—
Q3 25	33.5x	—
Q4 25	30.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$54M	-$54M
Q2 22	-$39M	-$43M
Q3 22	-$47M	-$47M
Q4 22	-$34M	-$34M
Q1 23	-$36M	-$36M
Q2 23	-$41M	-$42M
Q3 23	-$29M	-$29M
Q4 23	-$29M	-$29M
Q1 24	-$41M	-$81M
Q2 24	-$29M	-$29M
Q3 24	-$25M	-$25M
Q4 24	-$19M	-$19M
Q1 25	-$40M	-$40M
Q2 25	-$23M	-$23M
Q3 25	-$27M	-$27M
Q4 25	-$25M	-$26M

Capital Expenditures

Quarter	CapEx
Q1 22	$127.0K
Q2 22	$4M
Q3 22	$95.0K
Q4 22	$1.0K
Q1 23	$47.0K
Q2 23	$875.0K
Q3 23	$1.0K
Q4 23	$1.0K
Q1 24	$40M
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$953.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4180.0%	+57.4%
Q2 22	+3208.8%	+33.1%
Q3 22	+316.7%	-3.8%
Q4 22	+383.8%	-3.6%
Q1 23	+665.6%	+18.1%
Q2 23	+112.0%	+21.5%
Q3 23	+425.3%	+52.6%
Q4 23	+175.7%	+28.7%
Q1 24	+126.4%	+159.1%
Q2 24	+51.3%	+5.7%
Q3 24	+47.8%	+16.1%
Q4 24	+72.6%	+26.8%
Q1 25	+25.9%	-51.9%
Q2 25	+66.8%	+34.9%
Q3 25	+54.3%	+34.8%
Q4 25	+36.9%	+25.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$5M	307.8%
Q2 22	$5M	56.7%
Q3 22	$5M	112.0%
Q4 22	$5M	60.1%
Q1 23	$6M	55.6%
Q2 23	$9M	46.3%
Q3 23	$9M	38.3%
Q4 23	$9M	35.8%
Q1 24	$8M	29.9%
Q2 24	$10M	35.6%
Q3 24	$11M	33.1%
Q4 24	$11M	25.2%
Q1 25	$13M	39.3%
Q2 25	$16M	32.7%
Q3 25	$19M	36.7%
Q4 25	$19M	33.7%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$33M	$21M
Q2 22	$31M	$22M
Q3 22	$21M	$22M
Q4 22	$24M	$26M
Q1 23	$38M	$25M
Q2 23	$34M	$30M
Q3 23	$34M	$30M
Q4 23	$30M	$32M
Q1 24	$128M	$34M
Q2 24	$30M	$36M
Q3 24	$38M	$35M
Q4 24	$41M	$38M
Q1 25	$37M	$39M
Q2 25	$42M	$46M
Q3 25	$46M	$52M
Q4 25	$42M	$57M

Revenue Segments

Quarter	License revenue	Product revenue	Product	License
Q2 22	$7M	$2M	—	—
Q3 22	—	$4M	—	—
Q4 22	—	$9M	—	—
Q2 23	—	$19M	—	—
Q3 23	—	$23M	—	—
Q1 24	—	—	$26M	—
Q2 24	—	—	$29M	—
Q1 25	—	—	$38M	-$5M

Revenue by Geography

Quarter	Germany	Other Countries	United States
Q3 24	$4M	$6M	$23M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$79M	$162M	$241M
Q2 22	$113M	$122M	$236M
Q3 22	$185M	$163M	$348M
Q4 22	$128M	$206M	$333M
Q1 23	$110M	$185M	$295M
Q2 23	$116M	$138M	$254M
Q3 23	$65M	$235M	$299M
Q4 23	$60M	$216M	$276M
Q1 24	$53M	$148M	$201M
Q2 24	$162M	$157M	$319M
Q3 24	$48M	$251M	$298M
Q4 24	$89M	$231M	$321M
Q1 25	$106M	$208M	$314M
Q2 25	$136M	$155M	$291M
Q3 25	$52M	$364M	$416M
Q4 25	$54M	$335M	$389M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	50M	+0.1%	+3.8%
Q2 22	50M	+0.1%	+0.4%
Q3 22	51M	+2.0%	+2.3%
Q4 22	56M	+9.5%	+12.0%
Q1 23	57M	+0.7%	+12.7%
Q2 23	57M	+0.3%	+12.8%
Q3 23	58M	+1.8%	+12.6%
Q4 23	59M	+2.3%	+5.2%
Q1 24	60M	+1.6%	+6.1%
Q2 24	61M	+1.4%	+7.3%
Q3 24	61M	+0.3%	+5.8%
Q4 24	62M	+0.6%	+4.0%
Q1 25	63M	+2.4%	+4.8%
Q2 25	64M	+1.0%	+4.4%
Q3 25	64M	+1.0%	+5.1%
Q4 25	67M	+3.9%	+8.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$10.7K	140
Q2 22	$64.8K	140
Q3 22	$30.6K	140
Q4 22	$49.7K	177
Q1 23	$64.8K	177
Q2 23	$108.6K	177
Q3 23	$127.1K	177
Q4 23	$107.2K	226
Q1 24	$114.9K	226
Q2 24	$128.7K	226
Q3 24	$147.1K	226
Q4 24	$147.8K	283
Q1 25	$115.6K	283
Q2 25	$171.4K	283
Q3 25	$181.3K	283
Q4 25	$143	400K

Revenue / Employee