Rhythm Pharmaceuticals Inc
RYTMHealthcare|Biotechnology|USA
$108.40
-7.08 (-6.13%)
Tangible Book
$1.72
Financials
Financial Snapshot
Market Cap
$7.44B
Enterprise Value
$222.1M
Revenue (TTM)
$217.2M
Net Income (TTM)
$-202.7M
Cash & Equivalents
—
Net Cash/Share
$1.99
Free Cash Flow (TTM)
$-119.5M
Operating CF (TTM)
$-119.5M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$29.9M
Monthly Burn
$10.0M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $10.5M | $148.1M | $252.1M | $292.5M | $172.8M | $294.9M | $333.3M | $275.8M | $320.6M | $388.9M | $340.6M | |
| Operating Cash Flow | $-23.2M | $-29.5M | $-62.1M | $-122.8M | $-122.0M | $-146.0M | $-173.4M | $-136.2M | $-113.9M | $-115.7M | $-119.5M | |
| Free Cash Flow | $-24.3M | $-29.6M | $-62.8M | $-126.1M | $-122.2M | $-151.4M | $-177.7M | $-136.2M | $-113.9M | $-116.6M | $-119.5M | |
| Capital Expenditure | $-1.1M | $-133.0K | $-722.0K | $-3.4M | $-214.0K | $-5.4M | $-4.3M | $-47.0K | $0.00 | $-953.0K | $0.00 | |
| Financing Cash Flow | $0.00 | $167.2M | $164.7M | $163.5M | $2.0M | $166.5M | $213.8M | $74.4M | $191.2M | $218.0M | $180.1M |
R&D Spending
R&D (TTM)
$172.1M
R&D Intensity
79.2%
R&D Growth YoY
+2.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.2M | $23.6M | $77.4M | $130.1M | $189.8M | $217.2M | |
| R&D Expense | $19.6M | $22.9M | $50.3M | $109.5M | $90.5M | $104.1M | $108.6M | $135.0M | $238.0M | $167.3M | $172.1M | |
| R&D % of Revenue | — | — | — | — | — | 3301.5% | 459.6% | 174.3% | 182.9% | 88.2% | 79.2% | |
| SG&A | $6.3M | $9.5M | $28.1M | $36.5M | $46.1M | $68.5M | $92.0M | $117.5M | $144.3M | $194.9M | $219.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $3.2M | $23.6M | $77.4M | $130.1M | $189.8M | $217.2M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $599.0K | $2.1M | $9.3M | $13.4M | $19.5M | $23.0M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.6M | $21.5M | $68.1M | $116.8M | $170.3M | $194.2M | |
| R&D | $19.6M | $22.9M | $50.3M | $109.5M | $90.5M | $104.1M | $108.6M | $135.0M | $238.0M | $167.3M | $172.1M | |
| SG&A | $6.3M | $9.5M | $28.1M | $36.5M | $46.1M | $68.5M | $92.0M | $117.5M | $144.3M | $194.9M | $219.4M | |
| Operating Income | $-25.9M | $-32.4M | $-78.4M | $-146.0M | $-136.6M | $-170.1M | $-179.2M | $-184.4M | $-265.5M | $-192.0M | $-197.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-5.2M | $-13.9M | $-20.6M | $-20.6M | $-19.8M | |
| Pretax Income | $-25.9M | $-33.7M | $-74.1M | $-140.7M | $-134.0M | $-69.6M | $-181.1M | $-184.1M | $-260.3M | $-196.0M | $-201.7M | |
| Net Income | $-25.9M | $-33.7M | $-74.1M | $-140.7M | $-134.0M | $-69.6M | $-181.1M | $-184.7M | $-260.6M | $-196.5M | $-202.7M | |
| EPS (Diluted) | -1.74 | -2.83 | -2.39 | -3.86 | -3.04 | -1.40 | -3.47 | -3.20 | -4.34 | -3.11 | -3.13 | |
| EBITDA | $-25.8M | $-32.2M | $-78.0M | $-145.2M | $-133.3M | $-68.5M | $-174.2M | $-168.5M | $-238.1M | $-174.1M | $-180.8M | |
| Shares Out. (M) | 16.73 | 13.27 | 31.00 | 36.42 | 44.13 | 49.60 | 52.12 | 57.67 | 60.99 | 64.98 | 67.97 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.5M | $34.2M | $49.5M | $62.3M | $100.9M | $59.2M | $127.7M | $60.1M | $89.1M | $54.3M | $62.1M | |
| Marketable Securities | $4.0M | $113.8M | $202.5M | $230.2M | $71.9M | $235.6M | $205.6M | $215.8M | $231.4M | $334.6M | $278.5M | |
| Total Current Assets | $11.2M | $150.7M | $258.7M | $302.4M | $181.7M | $308.4M | $354.2M | $308.3M | $374.2M | $466.9M | $430.1M | |
| Total Assets | $12.3M | $151.7M | $260.2M | $308.5M | $187.1M | $329.5M | $382.5M | $332.7M | $392.3M | $480.2M | $442.3M | |
| Total Current Liabilities | $4.7M | $6.7M | $13.6M | $24.4M | $18.0M | $43.4M | $39.8M | $55.2M | $115.5M | $105.9M | $103.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $5.0M | $6.9M | $14.0M | $27.5M | $20.5M | $45.4M | $118.2M | $163.0M | $227.7M | $210.2M | $204.7M | |
| Stockholders' Equity | $7.3M | $144.8M | $246.3M | $281.0M | $166.5M | $284.2M | $264.3M | $169.8M | $164.5M | $270.0M | $237.6M | |
| Retained Earnings | $-76.5M | $-110.3M | $-184.6M | $-325.3M | $-459.3M | $-528.9M | $-710.1M | $-894.7M | $-1.16B | $-1.35B | $-1.41B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-23.2M | $-29.5M | $-62.1M | $-122.8M | $-122.0M | $-146.0M | $-173.4M | $-136.2M | $-113.9M | $-115.7M | $-119.5M | |
| Capital Expenditure | $-1.1M | $-133.0K | $-722.0K | $-3.4M | $-214.0K | $-5.4M | $-4.3M | $-47.0K | $0.00 | $-953.0K | $0.00 | |
| Free Cash Flow | $-24.3M | $-29.6M | $-62.8M | $-126.1M | $-122.2M | $-151.4M | $-177.7M | $-136.2M | $-113.9M | $-116.6M | $-119.5M | |
| Investing Cash Flow | $-5.1M | $-110.0M | $-87.1M | $-28.0M | $158.5M | $-62.2M | $28.0M | $-5.7M | $-48.2M | $-137.2M | $-104.9M | |
| Financing Cash Flow | $0.00 | $167.2M | $164.7M | $163.5M | $2.0M | $166.5M | $213.8M | $74.4M | $191.2M | $218.0M | $180.1M | |
| Issuance of Stock | $0.00 | $125.7M | $162.9M | $161.4M | $0.00 | $161.7M | $131.1M | $48.9M | $39.1M | $222.7M | $188.7M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.2M | $2.3M | $6.4M | $11.9M | $17.5M | $20.8M | $19.8M | $32.6M | $39.7M | $66.8M | $77.1M | |
| Net Change in Cash | $-28.3M | $27.7M | $15.5M | $12.8M | $38.6M | $-41.7M | $68.4M | $-67.6M | $29.2M | $-34.8M | $-43.8M |
Dilution Tracker
Shares outstanding grew 37.0% over 5 years — significant dilution
Shares Outstanding
68M
5-Year Share Growth
+37.0%
Stock Issuance (TTM)
$188.7M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 16.73 | 13.27 | 31.00 | 36.42 | 44.13 | 49.60 | 52.12 | 57.67 | 60.99 | 64.98 | 67.97 | |
| YoY Change % | — | -20.7% | 133.7% | 17.5% | 21.2% | 12.4% | 5.1% | 10.7% | 5.8% | 6.5% | 4.6% | |
| Stock Issuance | $0.00 | $125.7M | $162.9M | $161.4M | $0.00 | $161.7M | $131.1M | $48.9M | $39.1M | $222.7M | $188.7M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.2M | $2.3M | $6.4M | $11.9M | $17.5M | $20.8M | $19.8M | $32.6M | $39.7M | $66.8M | $77.1M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 81.0% | 91.0% | 88.0% | 89.7% | 89.7% | 89.4% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -5391.9% | -757.9% | -238.1% | -204.0% | -101.2% | -90.9% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -2207.1% | -766.2% | -238.5% | -200.3% | -103.6% | -93.3% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -2170.4% | -737.1% | -217.6% | -183.0% | -91.8% | -83.2% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -4801.4% | -751.8% | -175.9% | -87.5% | -61.5% | -55.0% | |
| ROE % | -131.7% | -44.3% | -37.9% | -53.4% | -59.9% | -30.9% | -66.1% | -85.1% | -155.9% | -90.5% | -92.1% | |
| ROA % | -104.3% | -41.1% | -36.0% | -49.5% | -54.1% | -26.9% | -50.9% | -51.6% | -71.9% | -45.1% | -46.3% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S33.09
Historical16.17 / 34.78 / 22550.00
Industry Med.9.51
P/B60.36
Historical0.69 / 7.84 / 367.92
Industry Med.2.93
EV/EBITDA-39.91
Historical-43.03 / -8.16 / 0.40
Industry Med.13.14
EV/Revenue33.22
Historical-16.35 / 29.91 / 19769.40
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$1.72
Net Current Assets
$1.620
Net-Net Working Capital
$0.89
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | 155.94 | 64.14 | 34.23 | 26.24 | 36.66 | 33.09 | |
| PB Ratio | 0.00 | 5.48 | 3.76 | 3.59 | 7.90 | 1.77 | 6.24 | 16.09 | 160.86 | 51.74 | 60.36 | |
| EV/EBITDA | 0.00 | -20.03 | -8.63 | -4.97 | -8.59 | -3.06 | -7.56 | -14.59 | -13.94 | -39.86 | -39.91 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 66.43 | 55.72 | 31.74 | 25.50 | 36.57 | 33.22 |
Analyst Estimates & Quality
Altman Z-Score
17.36
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.73
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $298.1M | $539.2M | $866.5M |
| Net Income | $-215.2M | $-48.1M | $229.8M |
| EPS | -3.20 | -0.64 | 2.83 |
| Book Value per Share | 9.04 | 19.48 | 26.81 |
| Operating Cash Flow per Share | 3.44 | 7.70 | 0.00 |
| Operating CF | $233.83M | $523.40M | $0.00M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Development and commercialization of therapies for patients with rare diseases | $189.8M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $133.6M |
| International | $61.2M |
| License revenue | $-5.0M |