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Jun 30, 2024
Rhythm Pharmaceuticals Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024 and provided a business update.
Key Takeaways
Rhythm Pharmaceuticals reported strong Q2 2024 results with $29.1 million in net revenue from global IMCIVREE sales. The company is progressing with clinical trials and regulatory submissions, including expanding IMCIVREE's label to treat pediatric patients as young as 2 years old. Existing cash is expected to fund operations into 2026.
Net revenue from global sales of IMCIVREE® (setmelanotide) was $29.1 million.
Dosed first patients in supplemental, 12-patient Japanese cohort in global Phase 3 trial evaluating setmelanotide in hypothalamic obesity.
Completed sNDA submission seeking to expand U.S. label of IMCIVREE to treat pediatric patients as young as 2 years old in approved indications.
Cash on-hand expected to support planned operations into 2026.
Rhythm Pharmaceuticals
Rhythm Pharmaceuticals
Rhythm Pharmaceuticals Revenue by Segment
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CapyFin.com Forward Guidance
For the year ending December 31, 2024, Rhythm anticipates approximately $250 million to $270 million in Non-GAAP Operating Expenses. Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents and short-term investments as of June 30, 2024, will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.