Rhythm Pharma Q3 net loss narrower than estimated on IMCIVREE demand
RYTM•Rhythm Pharmaceuticals reported Q3 product revenue of $92.13 million, up 29% sequentially, and a net loss of $41.37 million, below the $50.07 million analyst estimate. It expects 2026 non-GAAP operating expenses of $360 million to $380 million and says cash and investments should fund operations for at least 24 months.
1. Q3 results
Rhythm said Q3 product revenue rose 29% sequentially, driven primarily by increased demand for IMCIVREE in acquired hypothalamic obesity and continued growth in Bardet-Biedl syndrome. The company reported a net loss of $41.37 million, compared with an analyst estimate of $50.07 million, and said reimbursed patients on IMCIVREE globally rose 20% from the previous quarter.
2. Outlook and financing
Rhythm expects 2026 non-GAAP operating expenses of $360 million to $380 million, including research and development expenses of $165 million to $175 million and selling, general and administrative expenses of $195 million to $205 million. It expects cash and investments to fund operations for at least 24 months, secured a $750 million term loan facility and amended its licensing agreement with LG Chem. The company said its commercial launch of IMCIVREE in Japan for acquired hypothalamic obesity is underway.
