Rhythm Pharmaceuticals, Inc. (RYTM)

Rhythm Pharmaceuticals, Inc., a commercial-stage biopharmaceutical company, focuses on the rare neuroendocrine diseases in the United States and internationally. The company's lead product candidate is IMCIVREE (setmelanotide), a rare melanocortin-4 receptor for the treatment of pro-opiomelanocortin (POMC), proprotein convertase subtilisin/kexin type 1, leptin receptor (LEPR) deficiency obesity, Bardet-Biedl and Alström syndrome, Prader-Willi syndrome, and hypothalamic obesity. It is in Phase 3 clinical trials for treating acquired hypothalamic obesity, congenital hypothalamic obesity, pro-opiomelanocortin (POMC) and LEPR insufficiency obesities, SRC1 deficiency obesity, and SH2B1 deficiency obesity; and in phase 2 clinical trails for the treatment of Prader-Willi syndrome and MC4R deficiency. The company is also developing bivamelagon, an investigational oral small molecule MC4R agonist that is in phase 2 clinical trial for the treatment of MC4R pathway diseases; and RM-718, a next generation MC4R peptide agonist that is in phase 1 clinical trial for the treatment of hypothalamic obesity. The company was formerly known as Rhythm Metabolic, Inc. and changed its name to Rhythm Pharmaceuticals, Inc. in October 2015. Rhythm Pharmaceuticals, Inc. was founded in 2008 and is headquartered in Boston, Massachusetts.

Ticker
RYTM
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$7.78B
52-week range
$74.50 - $122.20

Valuation

Share price
$112.28 (close of Nov 6, 2026)
P/E (TTM)
-38.72x
Price to book
88.47x
Price to free cash flow
-93.50x
Enterprise value
$7.47B
Book value per share
$1.27

Price performance

PeriodChange
1 day+6.91%
5 days+21.29%
1 month+23.70%
3 months+0.16%
6 months+16.22%
Year to date+4.90%
1 year+14.00%
3 years+314.47%
5 years+707.77%
All time+356.98%

Short interest

As of
Oct 15, 2026
Short % of float
16.00%
Shares short
11.00M
Days to cover
13.48
Change since prior report
+2.19%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-141.32%
Return on invested capital
-134.22%
Return on assets
-40.93%
Return on capital employed
-51.31%
Gross margin
89.73%
Net margin
-103.57%
EBITDA margin
-100.93%
Revenue growth
45.83%

Cash flow and balance sheet

Free cash flow yield (TTM)
-1.07%
Current ratio
2.78x
Net debt to EBITDA
1.83x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$189.76M
Cost of revenue
$19.49M
Gross profit
$170.26M
EBITDA
-$191.52M
Net income
-$196.54M
Earnings per share
$-3.11
Research and development
$167.34M
Interest expense
$20.58M
Shares outstanding
64.98M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$189.76M$170.26M-$196.54M-$3.11
2024-12-31$130.13M$116.76M-$260.60M-$4.34
2023-12-31$77.43M$68.13M-$184.68M-$3.20
2022-12-31$23.64M$21.50M-$181.12M-$3.47
2021-12-31$3.15M$2.56M-$69.61M-$1.40
2020-12-31---$134.00M-$3.04
2019-12-31---$140.73M-$3.86
2018-12-31---$74.06M-$2.39
2017-12-31---$33.71M-$2.83
2016-12-31---$25.87M-$2.85

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3189.73%-103.57%-141.32%-134.22%
2024-12-3189.73%-200.27%--
2023-12-3187.99%-238.52%-108.79%-107.80%
2022-12-3190.98%-766.22%-68.54%-67.30%
2021-12-3181.01%-2,207.10%-24.50%-58.92%
2020-12-31---80.46%-80.52%
2019-12-31---50.08%-51.30%
2018-12-31---30.08%-31.38%
2017-12-31---23.28%-22.39%

Cash and debt by year

Period endCashDebt
2025-12-31$388.90M$100.89M
2024-12-31$320.60M$108.27M
2023-12-31$275.85M$106.14M
2022-12-31$333.29M-
2021-12-31$294.86M-
2020-12-31$172.79M-
2019-12-31$292.46M-
2018-12-31$252.06M-
2017-12-31$148.08M-
2016-12-31$10.54M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$116.63M$66.82M
2024-12-31-$113.88M$39.68M
2023-12-31-$136.20M$32.55M
2022-12-31-$173.71M$19.83M
2021-12-31-$146.44M$20.80M
2020-12-31-$122.19M$17.45M
2019-12-31-$126.14M$11.88M
2018-12-31-$62.78M$6.39M
2017-12-31-$29.59M$2.28M
2016-12-31-$24.28M$1.17M

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-03Sep 2026-$0.68
2026-08-04Jun 2026-$0.81
2026-05-05Mar 2026-$0.86
2026-02-26Dec 2025-$0.79
2025-11-04Sep 2025-$0.72
2025-08-05Jun 2025-$0.66
2025-05-07Mar 2025-$0.69
2025-02-26Dec 2024-$0.69

Filings and sources

Company website
rhythmtx.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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