“The decrease was primarily due to the following: • a decrease of $2.3 million of non-cash interest expense in the six months ended June 30, 2026, associated with the accretion of the LG Chem liability, which was paid in July 2025.”10-Q · Aug 4, 2026 ↗
Rhythm Pharmaceuticals, Inc.
RYTM
Market read
Rhythm Pharmaceuticals, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- Revenue increased 46.9% versus the comparable filing period.
- The operating loss widened by 3.3M.
- Reported product revenue rose to $60.1M (up $22.4M, +59% YoY) driven by higher volume sold domestically and internationally.
- Personnel costs increased $20.1M (including $7.8M stock-based comp and $12.3M salaries) to support expanded operations and establishment of international commercial operations.
Invalidation: The isolated read changes if RYTM's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 0 directly disclosed connections are confirming.
- Revenue increased 46.9% versus the comparable filing period.
- The operating loss widened by 3.3M.
- Operating cash flow remained negative at -53.3M.
- Cash declined 70.0M versus the comparable period.
- Reported product revenue rose to $60.1M (up $22.4M, +59% YoY) driven by higher volume sold domestically and internationally.
- Personnel costs increased $20.1M (including $7.8M stock-based comp and $12.3M salaries) to support expanded operations and establishment of international commercial operations.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +45.8% year over year.
- Operating margin changed +102.8 percentage points in the latest annual period.
- Net margin changed +96.7 percentage points in the latest annual period.
- Diluted shares increased 6.5% in the latest annual period.
- EV/sales is 94% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 11, 2026
104.82Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The above decreases were partially offset by: ● an increase in other income of $1.3 million driven by a gain on unrealized foreign exchange as well as a gain on the fair value of the embedded derivative.”10-Q · Aug 5, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 35.9× · EV/sales 36.1×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for RYTM. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment
The latest filing has limited comparable evidence
10-Q filed 2026-08-04 against the comparable filing from 2025-08-05.
Capital and cash conversion
Inventory built faster than revenue
Inventory growth exceeded revenue growth and inventory intensity increased.
- Stock compensation / revenue
- +69.0%
- Inventory intensity change
- +3.9 pts
Capex, revenue, and operating cash flow are matched to the same reported duration. Reported accounting context, not a forecast or trading recommendation.
What improved
- Revenue increased 46.9% versus the comparable filing period.
What weakened
- The operating loss widened by 3.3M.
- Operating cash flow remained negative at -53.3M.
- Cash declined 70.0M versus the comparable period.
Filing receipts
“The net increase was primarily due to the following: • an increase of $10.4 million related to personnel costs, including $5.7 million related to salaries, benefits and other compensation costs related to the hiring of additional full-time employees in order to support the growth of our research and development programs, and $4.7 million of stock-based compensation, • an increase of $1.2 million in data analytics primarily related to the Company's sponsored genetic testing program, • an increase of $1.0 million in non-clinical expenses due to an increase in CHI-related costs, and • an increase of $0.9 million in patents, licenses and other regulatory expenses.”
“Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials.”
“The decrease was primarily due to the following: • a decrease of $1.2 million of non-cash interest expense in the three months ended June 30, 2026, associated with the accretion of the LG Chem liability, which was fully settled in July 2025.”
Historical filing backfill generated after the original filing window. It is not part of Jodie's live track record.
Business ecosystem
The relationships behind RYTM
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Filing peers
Companies whose filings use similar operating language.
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What is moving around it
Live connections
RYTM is currently a Follower in the organic co-movement group Biotechnology. This group is discovered from market behaviour rather than assigned from an industry taxonomy. No verified filing-linked names are available yet.
This group is retained as the last observed read for RYTM; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.