Rhythm reports Q3 2026 results as IMCIVREE launch builds and bivamelagon heads to pivotal trials
Rhythm posted $92.1 million in quarterly IMCIVREE sales, amended its LG Chem licensing deal, secured a $750 million loan facility, and plans a bivamelagon Phase 3 trial in acquired HO by year-end.
Rhythm Pharmaceuticals reported third quarter 2026 results on November 3, 2026, covering the period ended September 30, 2026. The company said it has received more than 700 patient start forms for IMCIVREE for acquired hypothalamic obesity (HO) from more than 500 prescribers as of September 30, 2026, following FDA approval on March 19, 20261. On October 13, 2026, the company announced the commercial launch of IMCIVREE in Japan for patients with acquired HO1.
On the pipeline side, Rhythm said it is moving its next MC4R agonist forward: it looks forward to initiating pivotal trials in acquired HO and Prader-Willi syndrome for bivamelagon1. Among near-term milestones, the company said it expects to initiate a pivotal Phase 3 trial evaluating bivamelagon in acquired HO by year-end 2026, complete enrollment in the Phase 1/2 Part D trial evaluating RM-718 in PWS in the second half of 2026, complete enrollment in the setmelanotide substudy in congenital HO in 2027, begin country-level launches of IMCIVREE for acquired HO in Europe beginning with Germany in 2027, and initiate a 6-month hyperphagia study to evaluate bivamelagon in PWS in 2027, pending alignment with the FDA1.
On licensing, on November 2, 2026 the company announced an amendment to its exclusive license agreement with LG Chem for bivamelagon, under which Rhythm agreed to pay LG Chem $350 million in fixed payments over four years to reduce the royalty rate on Rhythm's MC4R portfolio net product revenue to 1%1. The same day, Rhythm entered into a five-year term loan facility led by KKR's HealthCare Royalty in partnership with Blackstone Life Sciences, providing access to up to $750 million of capital1.
Revenue for the quarter was $92.1 million from global IMCIVREE sales, compared with $51.3 million in the third quarter of 20251. Cash position stood at approximately $320.9 million in cash, cash equivalents and short-term investments as of September 30, 2026, compared to $388.9 million as of December 31, 20251, a figure that does not include the $250 million initial draw on the term loan facility or the $70 million payment due to LG Chem under the amended licensing agreement1. The company said based on its current operating plans, it expects its cash, cash equivalents and short-term investments as of September 30, 2026 will be sufficient to fund planned operations for at least 24 months1.
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