RHYTHM PHARMACEUTICALS INC
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
RYTM$113.95+0.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows
(in thousands)
| | | | | | | | |
|---|---|---|---|---|---|---|---|
| · · Nine months ended September 30, | |||||||
| · 2024 · 2023 | |||||||
| Operating activities | | | | | | | |
| Net loss | | $(217,310) | | $(143,045) | | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | | | | ||||
| Stock-based compensation expense | | 29,126 | | 23,879 | | ||
| Depreciation and amortization | | 1,180 | | 1,341 | | ||
| Non-cash interest expense | | | 12,190 | | | 9,342 | |
| Non-cash accretion & amortization of short-term investments | | | (6,027) | | | — | |
| Non-cash accretion of other current liability | | | 2,966 | | | — | |
| Non-cash rent expense | | 289 | | 294 | | ||
| Change in fair value of embedded derivative liability | | | (1,300) | | | (150) | |
| Gain on settlement of forward contract | | | (8,900) | | | — | |
| Acquired IPR&D assets classified as investing activities | | | 92,385 | | | 5,667 | |
| Changes in operating assets and liabilities: | | | | | | ||
| Accounts receivable | | | (4,439) | | | (8,317) | |
| Inventory | | | (5,271) | | | (4,845) | |
| Prepaid expenses and other current assets | | 181 | | (2,367) | | ||
| Deferred revenue | | | — | | | (148) | |
| Other long-term assets, net | | 3,157 | | 1,660 | | ||
| Accounts payable, accrued expenses and other liabilities | | 6,739 | | 9,915 | | ||
| Net cash used in operating activities | | (95,034) | | (106,774) | | ||
| Investing activities | | | | ||||
| Purchases of short-term investments | | (201,935) | | (314,265) | | ||
| Maturities of short-term investments | | 173,105 | | 291,675 | | ||
| Acquisition of IPR&D assets | | | (40,500) | | | (5,667) | |
| Purchases of property and equipment | | — | | (48) | | ||
| Net cash used in investing activities | | (69,330) | | (28,305) | | ||
| Financing activities | | | | ||||
| Repayment of deferred royalty obligation | | | (9,092) | | | (4,824) | |
| Proceeds from the exercise of stock options | | 12,986 | | 2,471 | | ||
| Proceeds from issuance of common stock from ESPP | | 1,270 | | 1,053 | | ||
| Net proceeds from issuance of common stock | | | — | | | 48,875 | |
| Proceeds from royalty financing agreement, net of issuance costs | | | — | | | 24,370 | |
| Gain on settlement of forward contract | | | 8,900 | | | — | |
| Proceeds from Series A Preferred Stock, net of issuance costs | | | 138,850 | | | — | |
| Net cash provided by (used in) financing activities | | 152,914 | | 71,945 | | ||
| Effect of exchange rates on cash | | | (975) | | | 50 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | | (12,426) | | (63,084) | | ||
| Cash, cash equivalents and restricted cash at beginning of period | | 60,409 | | 128,005 | | ||
| Cash, cash equivalents and restricted cash at end of period | | $47,983 | | $64,921 | | ||
| Supplemental disclosure of non-cash investing and financing activities: | | | | | | | |
| Non-current liability issued in exchange for the acquisition of IPR&D | | $33,669 | | $— | | ||
| Issuance of common stock in exchange for IPR&D | | $18,716 | | $— | | ||
| Accretion of preferred stock dividends | | $2,631 | | $— | | ||
Rhythm Pharmaceuticals, Inc.
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