The combination of strong revenue growth, improving financial position, and multiple near-term catalysts (PDUFA decision, topline data readouts) creates a favorable risk-reward profile. Traders should monitor the March 20 FDA decision on setmelanotide for acquired HO as a potential significant upside catalyst.
Price Chart
Executive Summary
Rhythm Pharmaceuticals reported strong fourth quarter and full year 2025 financial results, with Q4 net product revenue of $57.3 million, representing 12% sequential growth and 37% year-over-year growth. The company also highlighted key clinical progress, including a positive end-of-Phase-2 meeting with the FDA for bivamelagon and upcoming PDUFA decision for setmelanotide in acquired hypothalamic obesity on March 20, 2026. Cash position increased to $388.9 million, providing funding for at least 24 months.
Key Financial Metrics
Key Facts
- Q4 2025 net product revenue was $57.3 million, up 12% sequentially and 37% year-over-year from $41.8 million in Q4 2024
- Full year 2025 revenue was $194.8 million, up 50% from $130.1 million in 2024
- Net loss attributable to common stockholders was $48.8 million in Q4 2025, improved from $44.6 million in Q4 2024
- Cash, cash equivalents and short-term investments were $388.9 million as of December 31, 2025, up from $320.6 million as of December 31, 2024
- FDA PDUFA goal date for sNDA for setmelanotide in acquired hypothalamic obesity is March 20, 2026
- Company expects to initiate Phase 3 trial for bivamelagon in acquired HO by year-end 2026
Financial Impact
Revenue grew 37% year-over-year in Q4 and 50% for the full year, while cash position increased by $68.3 million year-over-year
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| IMCIVREE | $194.8M | +49.7% |
Risk Factors
- FDA may not approve setmelanotide for acquired hypothalamic obesity indication
- Upcoming clinical trial data readouts in March 2026 could be disappointing
- Operating expenses are expected to increase significantly in 2026 ($385M-$415M non-GAAP)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011987 |
| Document: 0001628280-26-011987-index.html | 0001628280-26-011987 |
| Document: 0001628280-26-011987.txt | 0001628280-26-011987 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 14, 2026 17d ago | 144 | $96.77 $99.27 | ▼ −2.58% | ▼ −0.47% | $93.68 (+3.19%) |
Aug 17, 2026 6w ago | Insider Cluster | $115.25 $113.35 | ▲ +1.65% | ▲ +1.45% | $93.68 (+18.72%) |
Aug 17, 2026 6w ago | Insider Cluster | $115.25 $113.35 | ▼ −1.65% | ▼ −1.45% | $93.68 (−18.72%) |
Aug 4, 2026 8w ago | 8-K | $105.78 $112.85 | ▲ +6.68% | ▲ +6.78% | $93.68 (−11.44%) |
Aug 4, 2026 8w ago | Press Release | $105.78 $112.85 | ▲ +6.68% | ▲ +6.78% | $93.68 (−11.44%) |
Jul 8, 2026 12w ago | Press Release | $115.48 $106.09 | ▼ −8.13% | ▼ −8.00% | $93.68 (−18.88%) |
Jun 22, 2026 14w ago | 144 | $106.19 $110.04 | ▲ +3.63% | ▲ +2.61% | $93.68 (−11.78%) |
Jun 15, 2026 15w ago | 8-K | $89.72 $106.19 | ▲ +18.36% | ▲ +20.59% | $93.68 (+4.41%) |
Jun 15, 2026 15w ago | Press Release | $89.72 $106.19 | ▲ +18.36% | ▲ +20.59% | $93.68 (+4.41%) |
Jun 13, 2026 15w ago | Press Release | $89.70 $101.39 | ▲ +13.03% | ▲ +14.42% | $93.68 (+4.44%) |
US Market Status
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