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Dec 31, 2025
Rhythm Pharmaceuticals Q4 2025 Earnings Report
Rhythm Pharmaceuticals reported strong fourth quarter 2025 product revenue growth from IMCIVREE, with increased operating expenses and a higher net loss year-over-year.
Key Takeaways
For Q4 2025, Rhythm generated net product revenue of 57253000, up from 41830000 in the prior year, while reporting a net loss attributable to common stockholders of 48837000 and ending the year with 388949000 in cash, cash equivalents and short-term investments.
Q4 2025 net product revenue was 57253000, driven by global IMCIVREE sales growth.
United States revenue was 39000000 and revenue outside the United States was 18300000.
Net loss attributable to common stockholders was 48837000 for the quarter.
Cash, cash equivalents and short-term investments totaled 388949000 as of December 31, 2025.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Rhythm anticipates Non-GAAP Operating Expenses of approximately 385000000 to 415000000 and expects its existing cash balance to fund operations for at least 24 months.
Positive Outlook
- PDUFA goal date of March 20, 2026 for sNDA in acquired hypothalamic obesity.
- On track to report multiple Phase 3 topline data readouts in March 2026.
- Plans to initiate Phase 3 trial of bivamelagon by year-end 2026.
- Cash runway expected to fund operations for at least 24 months.
- Sequential growth in global IMCIVREE revenue.
Challenges Ahead
- Quarterly net loss of 48837000.
- Loss from operations of 47063000 in Q4 2025.
- SG&A expenses increased year-over-year to 57481000.
- R&D expenses remained elevated at 42033000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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