Rhythm Pharmaceuticals reported strong financial and operational performance for the fourth quarter and full year 2024, with $41.8 million in revenue from IMCIVREE® (setmelanotide) sales, a 26% sequential increase, primarily driven by Bardet-Biedl syndrome (BBS) treatment. The company also raised $75 million through its ATM equity offering, extending its cash runway into 2027.

Rhythm remains on track to report topline data from its Phase 3 trial evaluating setmelanotide for acquired hypothalamic obesity (HO) in Q2 2025. Enrollment was completed for its Phase 2 trial of oral MC4R agonist bivamelagon and a supplemental 12-patient Japanese cohort for the global Phase 3 trial. The FDA expanded IMCIVREE’s label to include children as young as 2 years old, and the UK’s MHRA extended its marketing authorization for broader indications.

Key upcoming milestones include starting enrollment in trials for congenital HO, Prader-Willi syndrome, and the weekly MC4R agonist RM-718, along with multiple data readouts in 2025 and 2026. The company reported a net loss of $44.6 million for Q4 2024 and $264.6 million for the full year, reflecting increased R&D and SG&A expenses.

Rhythm expects 2025 non-GAAP operating expenses between $285 million and $315 million, excluding stock-based compensation. The company believes its current cash reserves will support operations through 2027.