RYTM

Rhythm Pharmaceuticals is a commercial-stage rare-disease biopharma built around IMCIVREE (setmelanotide), the first approved MC4R-agonist for genetic obesity/hyperphagia diseases. Commercial momentum is real: revenue grew 45.8% to $190M in FY2025, the continuation of a steep ramp from $3.15M (2021), $23.6M (2022), $77.4M (2023) and $130M (2024). The loss is also narrowing -- net income improved 24.6% to -$197M and operating income improved 27.7% to -$192M -- as R&D fell 29.7% to $167M. The pipeline is rich with near-term, binary catalysts: an FDA PDUFA date of March 20, 2026 for setmelanotide in acquired hypothalamic obesity, Phase 3 EMANATE topline data expected March 2026, a positive end-of-Phase-2 FDA meeting on oral bivamelagon, and early PWS signal data, addressing markets like PWS estimated at ~20,000 U.S. patients.