RHYTHM PHARMACEUTICALS, INC.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
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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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net loss | $(196,539) | $(260,602) | $(184,678) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Stock-based compensation expense | 66,818 | 39,682 | 32,553 |
| Depreciation and amortization | 1,338 | 1,563 | 1,758 |
| Non-cash interest expense | 20,584 | 20,603 | 13,360 |
| Non-cash accretion & amortization of short-term investments | (6,516) | (8,165) | (9,835) |
| Non-cash rent expense | 428 | 400 | 401 |
| Change in fair value of embedded derivative liability | (910) | (1,420) | (190) |
| Gain on settlement of forward contract | — | (8,900) | — |
| Acquired IPR&D assets classified as investing activities | — | 92,385 | 5,667 |
| Other non-cash items | 90 | — | — |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (7,570) | (3,645) | (8,643) |
| Inventory | (7,474) | (10,117) | (5,707) |
| Prepaid expenses and other current assets | (6,327) | (5,524) | 2,876 |
| Deferred revenue | (1,092) | — | (148) |
| Other long-term assets, net | (397) | 7,943 | 1,656 |
| Accounts payable, accrued expenses and other liabilities | 21,892 | 21,918 | 14,773 |
| Net cash used in operating activities | (115,675) | (113,879) | (136,157) |
| Investing activities | |||
| Purchases of short-term investments | (348,669) | (268,313) | (354,918) |
| Maturities of short-term investments | 252,469 | 260,640 | 354,967 |
| Acquisition of IPR&D assets | (40,000) | (40,500) | (5,667) |
| Purchases of property and equipment | (953) | — | (47) |
| Net cash used in investing activities | (137,153) | (48,173) | (5,665) |
| Financing activities | |||
| Repayment of deferred royalty obligation | (19,917) | (12,900) | (7,398) |
| Proceeds from issuance of common stock upon completion of public offering, net of offering costs | 188,657 | — | — |
| Proceeds from the exercise of stock options | 13,604 | 15,976 | 7,468 |
| Proceeds from issuance of common stock from ESPP | 1,584 | 1,270 | 1,053 |
| Net proceeds from issuance of common stock | 34,035 | 39,146 | 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 financing activities | 217,963 | 191,242 | 74,368 |
| Effect of exchange rates on cash | 87 | 2 | (142) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | (34,778) | 29,192 | (67,596) |
| Cash, cash equivalents and restricted cash at beginning of period | 89,601 | 60,409 | 128,005 |
| Cash, cash equivalents and restricted cash at end of period | $54,823 | $89,601 | $60,409 |
| 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 | $5,378 | $3,970 | $— |
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