Rhythm Pharmaceuticals, Inc. · NASDAQ:RYTM
Rhythm Pharmaceuticals — Q2 2024 Earnings Presentation
23 slides from Rhythm Pharmaceuticals's earnings presentation, Aug 6, 2024
Slide 1: Second Quarter 2024 Financial Results and Business Update
Rhythm Pharmaceuticals Second Quarter 2024 Financial Results and Business Update August 6, 2024 ® © Rhythm® Pharmaceuticals, Inc. All rights reserved.
Slide 2: On Today's Call
On Today’s Call David Connolly, Executive Director of Investor Relations and Corporate Communications David Meeker, MD, Chair, President and Chief Executive Officer Jennifer Lee, Executive Vice President, Head of North America Yann Mazabraud, Executive Vice President, Head of International Hunter Sm
Slide 3: Forward-looking Statements
Forward-looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements,
Slide 4: David Meeker, MD
David Meeker, MD Chair, CEO and President ® 4
Slide 5: Rhythm's Value Drivers
Rhythm’s Value Drivers 1 BBS global commercial execution Hypothalamic obesity offers a significant 2 expansion opportunity Advancing clinical development pipeline 3 with new MC4R agonists, disease states ® 5
Slide 6: Continued Strong Execution in 2Q 2024
Continued Strong Execution in 2Q 2024 Commercial Hypothalamic obesity Next-generation MC4R progress agonists • Steady QoQ • Ph3 topline data on track • First patient dosed in Ph2 revenue growth for 1H2025 trial of oral LB54640 in • First patient in Japanese hypothalamic obesity • Positive decision f
Slide 7: Advancing IMCIVREE Label Expansion to Treat 2-6yo Patients in Europe and United States
Advancing IMCIVREE Label Expansion to Treat 2-6yo Patients in Europe and United States Ph3: Clinically Meaningful Reductions in BMI, BMI-Z in European Commission expanded 2-<6yo Patients with POMC/LEPR Deficiency or BBS IMCIVREE marketing authorization to include children as young as 2 years old 83
Slide 8: Jennifer Lee
Jennifer Lee EVP, Head of North America ® 8
Slide 9: 2Q 2024: Steady Progress with Prescriptions, Prescribers and Access
2Q 2024: Steady Progress with Prescriptions, Prescribers and Access Continued success Consistent demand Continued increase with approvals for with new in both depth and reimbursement as prescriptions QoQ breadth of well as high success prescribers rate with re-authorizations ® 9
Slide 10: Steady Progress with Second Quarter 2024 Prescriptions and Approvals for Reimbursement
Steady Progress with Second Quarter 2024 Prescriptions and Approvals for Reimbursement ~100 ~70 Prescriptions Approvals for received during reimbursement Q2 2024 during Q2 2024 ® 10
Slide 11: Focus on Patient and Physician Engagement to support the BBS Community
Focus on Patient and Physician Engagement to support the BBS Community Physician Engagement Finding and engaging with new Rhythm InTune supporting prescribers and collaborating patients to gain access, and with healthcare providers to initiate and maintain on therapy advance multi-disciplinary care
Slide 12: Yann Mazabraud
Yann Mazabraud EVP, Head of International ® 12
Slide 13: European Commission Expands Marketing Authorization for IMCIVREE to Treat Patients as Young as 2
European Commission Expands Marketing Authorization for IMCIVREE to Treat Patients as Young as 2 Years Old “Annex 2” exemption Underscores Authorization now process already significant unmet includes patients started in Germany need and severe as young as 2yo with BBS or POMC, impact of rare Reimbur
Slide 14: Rhythm Model Presented at ECO 2024 Demonstrates Negative Impact of Early-onset Obesity
Rhythm Model Presented at ECO 2024 Demonstrates Negative Impact of Early-onset Obesity on Life Expectancy and Comorbidities • Early-onset, severe obesity has a major negative impact on life expectancy and Patient with BMI-Z of Likelihood Comorbidities by Age 35 (%) comorbidities 2.5 at age 2, BMI-Z
Slide 15: Childhood obesity should be considered a life-threatening disease
It is clear that childhood obesity should be considered a life- threatening disease. It is vital that treatment isn’t put off until the development of type 2 diabetes, high blood pressure or other ‘warning signs’ but starts early. - Presenter Dr. Urs Wiedeman ® 15
Slide 16: NICE Recommended Reimbursement for IMCIVREE for Treatment of Obesity, Hyperphagia in Patients with BBS
NICE Recommended Reimbursement for IMCIVREE for Treatment of Obesity, Hyperphagia in Patients with BBS IMCIVREE to be funded in England and Wales through the National Health Service in Q3 2024 “Hyperphagia – the feeling of extreme hunger • Funding available for patients 6-17 years that stays with pa
Slide 17: Continued Progress in Securing Market Access for IMCIVREE
Continued Progress in Securing Market Access for IMCIVREE United Kingdom The Netherlands Launched in POMC/LEPR; BBS Launched in POMC/LEPR; BBS launch expected in 2H2024 with launch expected in 2025 NICE reimbursement Germany Launched in BBS and France POMC/LEPR Reimbursed early- access programs for
Slide 18: Hunter Smith
Hunter Smith Chief Financial Officer ® 18
Slide 19: Steady Growth in Net Product Revenues since BBS Launch
Steady Growth in Net Product Revenues since BBS Launch FDA approved IMCIVREE for BBS in June 2022 $35.0 $29.1M $30.0 $26.0M $24.2M $25.0 $22.5M $19.2M $20.0 $15.0 $12.2M $11.5M $10.0 $8.8M $5.0 $4.3M $- 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 US Ex US Global net sales in $M ® 19
Slide 20: 2Q 2024 Financial Snapshot
2Q 2024 Financial Snapshot ($ in millions, except per share data and Three months ended Three months ended shares outstanding) June 30, 2024 June 30, 2023 Product revenue, net $29.1M $19.2M R&D expenses $30.2M $33.5M SG&A expenses $36.4M $30.0M Net Loss attributable to common stockholders ($33.6M) (
Slide 21: 2Q 2024 Financial Highlights
2Q 2024 Financial Highlights $319.1M 74% 2Q 2024 2Q 2024 cash, cash equivalents of 2Q 2024 revenue OpEx includes GAAP EPS of and short-term from U.S. sales $10.4M $(0.55)* investments as of of IMCIVREE, consistent in stock-based reflects convertible June 30, 2024 with 1Q 2024 compensation preferred
Slide 22: 2024 OpEx Guidance
2024 OpEx Guidance $250M to $270M With $150M investment from anticipated non-GAAP convertible preferred financing Operating Expenses* received during 2Q 2024, for 2024 includes: RYTM expects cash to be sufficient to fund R&D: SG&A: $145M to $105M to planned operations into 2026 $160M* $110M * Non-GA
Slide 23: Questions
Questions Rhythm
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