Rhythm Pharmaceuticals reported first-quarter 2026 net product revenue of $60.1 million, up from $37.7 million a year earlier and 5% higher than the fourth quarter of 2025.
The company said U.S. revenue was $36.9 million in the quarter, down 5% sequentially, while international revenue rose to $23.2 million, up $4.9 million, or 27%, from the prior quarter.
Rhythm ended March with $340.6 million in cash, cash equivalents and short-term investments, down from $388.9 million at the end of 2025.
Research and development spending increased to $41.7 million from $37.0 million in the first quarter of 2025. Selling, general and administrative expenses climbed to $63.6 million from $39.1 million a year earlier.
The company’s net loss widened to $56.7 million, or $0.83 per share, from $50.8 million, or $0.81 per share, in the same quarter last year.
Rhythm said it had received more than 150 patient start forms for Imcivree in acquired hypothalamic obesity in the first six weeks after FDA approval on March 19.
On the commercial side, the company said global sales of Imcivree were driven by treatment for Bardet-Biedl syndrome and a larger number of patients on reimbursed therapy worldwide.
Regulatory progress accelerated in Europe and Japan. Rhythm said the European Commission granted marketing authorization for Imcivree in acquired hypothalamic obesity on May 1, following a positive CHMP opinion on March 26. In Japan, the company said its new drug application for setmelanotide in acquired hypothalamic obesity has been accepted and is under review by PMDA, with a decision expected in the second half of 2026.
Rhythm also pointed to data updates from its pipeline, including May 4 presentations showing sustained reductions in BMI and BMI z-score through 2.5 years of setmelanotide treatment in pediatric patients with acquired hypothalamic obesity, along with weight-category improvement after one year in a pediatric subgroup.
For 2026, Rhythm said it expects non-GAAP operating expenses of $385 million to $415 million. The company said its cash position is expected to fund planned operations for at least 24 months. Following these announcements, the company's shares moved 9.03%, and are now trading at a price of $93.305. If you want to know more, read the company's complete 8-K report here.
