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Dec 31, 2023
Rhythm Pharmaceuticals Q4 2023 Earnings Report
Reported fourth quarter 2023 financial results and business update.
Key Takeaways
Rhythm Pharmaceuticals reported Q4 2023 net revenue from global sales of IMCIVREE® (setmelanotide) of $24.2 million. Enrollment was completed in the 120-patient, pivotal cohort of the Phase 3 setmelanotide trial in hypothalamic obesity, with top-line data expected in 1H2025. The company also announced Phase 3 development plans for setmelanotide in hypothalamic obesity in Japan and acquired global rights to oral MC4R agonist LB54640 from LG Chem.
Reported $24.2 million in net revenue from global IMCIVREE sales for Q4 2023.
Completed enrollment in the Phase 3 setmelanotide trial for hypothalamic obesity, with top-line data expected in the first half of 2025.
Announced Phase 3 development plans for setmelanotide in hypothalamic obesity in Japan.
Acquired global rights to oral MC4R agonist LB54640 from LG Chem and IND application for RM-718 accepted by the FDA.
Forward Guidance
Rhythm anticipates approximately $250 million to $270 million in Non-GAAP Operating Expenses for the year ending December 31, 2024. Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents and short-term investments as of December 31, 2023, will be sufficient to fund its operating expenses and capital expenditure requirements into the second half of 2025.
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