Rhythm Pharmaceuticals, Inc. (RYTM) Financial Statements & Historical Data

Rhythm Pharmaceuticals, Inc. (RYTM) — Price $86.44 (closing price, November 3, 2026) — Healthcare — Biotechnology — NASDAQ

Latest reported results:

Detailed financial statements for Rhythm Pharmaceuticals, Inc. (RYTM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.

Rhythm Pharmaceuticals, Inc. is a biopharmaceutical company with commercial products, dedicated to the discovery, development, and market launch of therapies addressing rare genetic conditions that cause obesity. Its leading pharmaceutical, IMCIVREE, functions as a powerful agonist of the melanocortin-4 receptor (MC4R).

Analysis Summary

Trailing-twelve-month margins: gross margin 88.2%, operating margin -66.7%, net margin -69.0%.

At $86.44 (closing price, November 3, 2026), RYTM has negative trailing earnings (P/E not meaningful) and an ROE of -83.68%. Market capitalisation stands at $6.0B.

Balance sheet quality for RYTM: debt-to-equity ratio of 0.02, current ratio of 2.78 over the last 12 months, net cash position of $385.0M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.

Income Statement (10y)

Year2016201720182019202020212022202320242025
Revenue00000$3.2M$23.6M$77.4M$130.1M$189.8M
Cost of Revenue$144,000$223,000$442,000$834,000$690,000$599,000$2.1M$9.3M$13.4M$19.5M
Gross Profit-$144,000-$223,000-$442,000-$834,000-$690,000$2.6M$21.5M$68.1M$116.8M$170.3M
Research & Development$19.6M$22.9M$50.3M$109.5M$90.5M$104.1M$108.6M$135.0M$238.0M$167.3M
Selling, General & Admin$6.3M$9.5M$28.1M$36.5M$46.1M$68.5M$92.0M$117.5M$144.3M$194.9M
Operating Expenses$25.9M$32.4M$78.4M$145.2M$135.9M$172.6M$200.7M$252.5M$382.3M$362.3M
Operating Income-$25.9M-$32.4M-$78.4M-$146.0M-$136.6M-$170.1M-$179.2M-$184.4M-$265.5M-$192.0M
EBITDA-$25.8M-$32.2M-$78.0M-$145.2M-$135.9M-$68.5M-$174.2M-$168.5M-$238.1M-$174.1M
Interest Expense000000$5.2M$13.9M$20.6M$20.6M
Pre-tax Income-$25.9M-$33.7M-$74.1M-$140.7M-$134.0M-$69.6M-$181.1M-$184.1M-$260.3M-$196.0M
Income Tax0000000$564,000$346,000$497,000
Net Income-$25.9M-$33.7M-$74.1M-$134.6M-$130.7M-$69.6M-$181.1M-$184.7M-$260.6M-$196.5M
EPS-$1.55-$1.26-$2.39-$3.70-$2.96-$1.37-$3.51-$3.20-$4.34-$3.11
EPS (Diluted)-$1.55-$1.26-$2.39-$3.70-$2.96-$1.37-$3.51-$3.20-$4.34-$3.11
Shares Outstanding (Diluted)16.7 M26.7 M31.0 M36.4 M44.1 M49.6 M52.1 M57.7 M61.0 M65.0 M

Income Statement (Quarterly)

Year2025-Q42026-Q12026-Q22026-Q3
Revenue$57.3M$60.1M$71.3M$92.1M
Gross Profit$52.5M$53.0M$62.3M$80.0M
Operating Income-$47.1M-$52.4M-$48.6M-$39.3M
EBITDA-$42.6M-$50.3M-$44.1M-$36.3M
Net Income-$47.5M-$55.6M-$49.3M-$41.4M
EPS-$0.73-$0.83-$0.73-$0.61
EPS (Diluted)-$0.73-$0.83-$0.73-$0.61

Balance Sheet (10y)

Year2016201720182019202020212022202320242025
Cash & Equivalents$6.5M$34.2M$49.5M$62.3M$100.9M$59.2M$127.7M$60.1M$89.1M$54.3M
Short-term Investments$4.0M$113.8M$202.5M$230.2M$71.9M$235.6M$205.6M$215.8M$231.4M$334.6M
Receivables00000$1.0M$6.2M$14.9M$18.5M$26.1M
Inventory00000$111,000$2.9M$8.6M$18.7M$25.8M
Total Current Assets$11.2M$150.7M$258.7M$302.4M$181.7M$308.4M$354.2M$308.3M$374.2M$466.9M
Property, Plant & Equipment$930,000$840,000$1.1M$5.7M$5.0M$4.3M$3.4M$2.1M$4.1M$4.2M
Goodwill0000000000
Intangible Assets00000$4.7M$7.9M$7.0M$6.2M$5.3M
Total Assets$12.3M$151.7M$260.2M$308.5M$187.1M$329.5M$382.5M$332.7M$392.3M$480.2M
Accounts Payable$1.9M$2.4M$7.6M$10.4M$4.9M$5.7M$4.8M$4.9M$12.3M$13.9M
Short-term Debt0000000000
Total Current Liabilities$4.7M$6.7M$13.6M$24.4M$18.0M$43.4M$39.8M$55.2M$115.5M$105.9M
Long-term Debt0000000000
Total Liabilities$5.0M$6.9M$14.0M$27.5M$20.5M$45.4M$118.2M$163.0M$227.7M$210.2M
Retained Earnings-$76.5M-$110.3M-$184.6M-$325.3M-$459.3M-$528.9M-$710.1M-$894.7M-$1.16B-$1.35B
Total Equity$7.3M$144.8M$246.3M$281.0M$166.5M$284.2M$264.3M$169.8M$164.5M$270.0M
Total Debt000$3.6M$3.1M$2.6M$1.9M$1.3M$3.9M$4.0M
Net Debt-$10.5M-$148.1M-$252.1M-$288.9M-$169.7M-$292.3M-$331.3M-$274.6M-$316.6M-$385.0M
Working Capital$6.4M$144.0M$245.1M$278.0M$163.7M$265.0M$314.4M$253.1M$258.7M$361.0M

Balance Sheet (Quarterly)

Year2025-Q32025-Q42026-Q12026-Q2
Cash & Equivalents$52.1M$54.3M$62.1M$65.6M
Total Assets$506.9M$480.2M$442.3M$437.3M
Total Liabilities$211.2M$210.2M$204.7M$220.0M
Total Equity$295.7M$270.0M$237.6M$217.3M
Total Debt$4.1M$4.0M$3.8M$3.7M

Cash Flow (10y)

Year2016201720182019202020212022202320242025
Net Income-$25.9M-$33.7M-$74.1M-$140.7M-$134.0M-$69.6M-$181.1M-$184.7M-$260.6M-$196.5M
Depreciation & Amortization$144,000$223,000$442,000$834,000$690,000$1.2M$1.7M$1.8M$1.6M$1.3M
Stock-based Compensation$1.2M$2.3M$6.4M$11.9M$17.5M$20.8M$19.8M$32.6M$39.7M$66.8M
Change in Working Capital$1.3M-$39,000$667,000$5.1M-$5.9M$1.9M-$19.7M$4.8M$10.6M-$968,000
Operating Cash Flow-$23.2M-$29.5M-$62.1M-$122.8M-$122.0M-$146.0M-$173.4M-$136.2M-$113.9M-$115.7M
Capital Expenditure-$1.1M-$133,000-$722,000-$3.4M-$214,000-$5.4M-$4.3M-$47,0000-$953,000
Acquisitions000$24.6M0$100.0M$4.0M000
Stock Repurchased0000000000
Dividends Paid00000000-$4.0M0
Free Cash Flow-$24.3M-$29.6M-$62.8M-$126.1M-$122.2M-$151.4M-$177.7M-$136.2M-$113.9M-$116.6M

Cash Flow (Quarterly)

Year2025-Q32025-Q42026-Q12026-Q2
Operating Cash Flow-$26.6M-$25.4M-$44.2M-$53.3M
Capital Expenditure0-$953,00000
Free Cash Flow-$26.6M-$26.3M-$44.2M-$53.3M
Dividends Paid0000
Stock-based Compensation$18.8M$19.3M$23.1M$49.2M

Growth & Margins (10y)

Year2016201720182019202020212022202320242025
Revenue Growth (YoY)+649.5%+227.6%+68.1%+45.8%
Net Income Growth (YoY)-30.3%-119.7%-81.8%+2.9%+46.8%-160.2%-2.0%-41.1%+24.6%
EPS Growth (YoY)+18.7%-89.7%-54.8%+20.0%+53.7%-156.2%+8.8%-35.6%+28.3%
Shares Change (YoY)+59.8%+16.0%+17.5%+21.2%+12.4%+5.1%+10.7%+5.8%+6.5%
FCF Growth (YoY)-21.9%-112.1%-100.9%+3.1%-23.9%-17.3%+23.4%+16.4%-2.4%
Gross Margin81.0%91.0%88.0%89.7%89.7%
Operating Margin-5,391.9%-757.9%-238.1%-204.0%-101.2%
EBITDA Margin-2,170.4%-737.1%-217.6%-183.0%-91.8%
Net Margin-2,207.1%-766.2%-238.5%-200.3%-103.6%
FCF Margin-4,801.4%-751.8%-175.9%-87.5%-61.5%
Effective Tax Rate-0.0%-0.0%-0.0%-0.0%-0.0%-0.0%-0.0%-0.3%-0.1%-0.3%

Per-Share Data (10y)

Year2016201720182019202020212022202320242025
FCF Per Share-$1.45-$1.11-$2.02-$3.46-$2.77-$3.05-$3.41-$2.36-$1.87-$1.79
Dividends Per Share$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.07$0.00
Shares Outstanding (Basic)16.7 M26.7 M31.0 M36.4 M44.1 M49.6 M52.1 M57.7 M61.0 M65.0 M

What to look at in Biotech

Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.

Profitability

Return on Equity-83.68%
Return on Invested Capital-63.91%
Return on Assets-43.74%
Gross Margin88.23%
Operating Margin-66.70%
Net Margin-69.03%

Financial Health

Debt / Equity0.02
Current Ratio2.78
Piotroski F-Score5
Altman Z-Score15.89

Key Ratios (10y)

Year2016201720182019202020212022202320242025
P/E-19.35-23.06-11.25-6.21-10.04-7.28-8.30-14.37-12.90-34.42
P/B68.785.363.382.987.881.745.7415.6220.7525.76
P/S0.000.000.000.000.00156.9564.2134.2426.2436.66
Gross Margin0.0%0.0%0.0%0.0%0.0%81.0%91.0%88.0%89.7%89.7%
Operating Margin0.0%0.0%0.0%0.0%0.0%-5,391.9%-757.9%-238.1%-204.0%-101.2%
Net Margin0.0%0.0%0.0%0.0%0.0%-2,207.1%-766.2%-238.5%-200.3%-103.6%

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Explore sector: Healthcare · Biotechnology

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