Rhythm Pharmaceuticals, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 3, 2026, reporting third-quarter net product revenue of $92.1 million and a net loss of $41.4 million.

Key Highlights

  • Product revenue nearly doubled: Net product revenue was $92,128 thousand for the three months ended September 30, 2026, compared with $51,298 thousand for the same period in 2025, according to the filing.
  • Net loss narrowed year over year: The company reported a net loss of $41,369 thousand for Q3 2026, versus a net loss of $52,904 thousand in Q3 2025.
  • Nine-month revenue: Total revenues for the nine months ended September 30, 2026 were $223,494 thousand, compared with $132,504 thousand for the same period in 2025.
  • Accumulated deficit grew: The accumulated deficit reached $1,498,183 thousand as of September 30, 2026, up from $1,351,877 thousand at December 31, 2025.
  • Cash and investments: Cash and cash equivalents stood at $39,981 thousand and short-term investments at $280,963 thousand as of September 30, 2026.
  • Shares outstanding: As of November 2, 2026, 69,330,906 shares of common stock were outstanding.
  • Loss per share: Net loss per share attributable to common stockholders, basic and diluted, was $(0.61) for Q3 2026 and $(2.18) for the nine months ended September 30, 2026.

Rhythm Pharmaceuticals Reports Growing Revenue Alongside Continued Operating Losses in Q3 2026

According to the filing, Rhythm Pharmaceuticals (NASDAQ:RYTM) generated net product revenue of $92,128 thousand in the three months ended September 30, 2026, an increase from $51,298 thousand in the comparable prior-year quarter. For the nine-month period, net product revenue reached $223,494 thousand versus $137,518 thousand a year earlier. The company reported no license revenue in either period of 2026; the nine-month 2025 figure included a negative license revenue adjustment of $5,014 thousand.

Total costs and expenses for Q3 2026 were $131,398 thousand, compared with $103,951 thousand in Q3 2025. Research and development expenses were $52,480 thousand for the quarter, while selling, general, and administrative expenses were $66,752 thousand. Cost of sales rose to $12,166 thousand from $5,499 thousand in the year-ago quarter. The loss from operations for Q3 2026 was $39,270 thousand, narrowing from $52,653 thousand in Q3 2025. After accounting for interest expense of $4,495 thousand and interest income of $3,163 thousand, the company reported a net loss of $41,369 thousand for the quarter.

On the balance sheet as of September 30, 2026, total assets were $443,132 thousand and total liabilities were $241,589 thousand. The deferred royalty obligation totaled $102,666 thousand in aggregate (current and non-current combined). Series A convertible preferred stock had 115,000 shares issued and outstanding with a liquidation preference of $116,725 thousand, down from 132,500 shares and $132,500 thousand at December 31, 2025. During the nine months ended September 30, 2026, 17,500 preferred shares were converted into 364,582 shares of common stock. Total stockholders' equity was $87,966 thousand as of September 30, 2026, compared with $139,069 thousand at December 31, 2025.

What Was Disclosed

Rhythm Pharmaceuticals filed its quarterly report for the period ended September 30, 2026, disclosing product revenue of $92,128 thousand, a net loss of $41,369 thousand, total assets of $443,132 thousand, and 69,330,906 shares of common stock outstanding as of November 2, 2026.