Rhythm Q2 results and progress report

 Second quarter 2023 net revenue of $19.2 million from global sales of IMCIVREE® (setmelanotide) --

-- Strong U.S. commercial progress continues with more than 125 new prescriptions for Bardet-Biedl syndrome (BBS) in 2Q 2023, more than 425 since FDA approval --

-- Achieved commercial sales milestone and now eligible to receive third investment tranche of $25 million from Healthcare Royalty Partners --

-- Announced plans to submit an investigational new drug application for RM-718, a new, weekly, MC4R-specific agonist, by end of 2023 --

-- Enrollment ongoing in pivotal Phase 3 trial evaluating setmelanotide in hypothalamic obesity; based on rapid progress, study now expected to be fully enrolled by the end of 2023 --

-- Management to host conference call today at 8:00 a.m. ET --

Financial Guidance: For the year ending December 31, 2023, Rhythm continues to anticipate approximately $200 million to $220 million in Non-GAAP Operating Expenses (see below under "Non-GAAP Financial Measures" for more details), comprised of $120 million to $130 million from R&D expenses and $80 million to $90 million from S,G&A expenses. Based on its current operating plans, Rhythm expects that its existing cash, cash equivalents and short-term investments as of June 30, 2023, together with the anticipated $25 million milestone payment based on commercial sales from Healthcare Royalty Partners, will be sufficient to fund its operating expenses and capital expenditure requirements into 2025.

Conference Call Information
Rhythm Pharmaceuticals will host a live conference call and webcast at 8:00 a.m. ET today to review its second quarter 2023 financial results and recent business activities. Participants may register for the conference call here. It is recommended that participants join the call ten minutes prior to the scheduled start.

A live webcast of the call will also be available under "Events and Presentations" in the Investor Relations section of the Rhythm Pharmaceuticals website at https://ir.rhythmtx.com/. The archived webcast will be available on Rhythm Pharmaceuticals’ website approximately two hours after the conference call and will be available for 30 days following the call.

https://finance.yahoo.com/news/rhythm-pharmaceuticals-reports-second-quarter-110000105.html