Q1 2024 Rhythm Pharmaceuticals Inc Earnings Call Transcript
Key Points
- Rhythm Pharmaceuticals Inc (RYTM) reported a solid quarter with a focus on expanding the use of IMCIVREE in rare MC4R-related conditions.
- The company successfully completed a convertible preferred financing, extending its financial runway well into 2026, which fully funds its investment in the LG Chem molecule.
- Phase 2 HO data published in Lancet Diabetes and Endocrinology showed significant patient improvement, with mean BMI decreasing by 14.5% at 16 weeks and 25.5% at one year.
- The 120-patient pivotal cohort of the Phase 3 HO trial is fully enrolled, with low dropout rates, indicating strong commitment from the patient community.
- Rhythm Pharmaceuticals Inc (RYTM) is expanding internationally, with new countries coming online and expected to contribute to revenue in the second half of the year.
- A change in one state's Medicaid plan increased the stringency of approval criteria, leading to the removal of 30 patients from the company's internal models.
- The company experienced an increase in patient discontinuations, which are expected to level out in the 20% to 30% range long term.
- There were challenges with hyperpigmentation and perceived lack of efficacy leading to discontinuations in about 9% of patients.
- The adolescent age group showed higher discontinuation rates, posing challenges in maintaining adherence to the chronic daily injectable therapy.
- Rhythm Pharmaceuticals Inc (RYTM) faces normal ups and downs in building out a novel therapy for a complex rare disease, including payer challenges and the need for continuous patient and physician education.
Good day, and thank you for standing by, and welcome to the Rhythm Pharmaceuticals Q1 2024 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your first speaker today, David Connolly, Executive Director of Investor Relations and Corporate Communications. Please go ahead.
Thank you, Steven. I'm Dave Connolly here at Rhythm Pharmaceuticals. For those of you participating on the conference call, o ur slides can be accessed and controlled by going to the Investors section on the investors page of our website, ir.rhythmtx.com. This morning, we issued our press release that provides our first quarter of 2024 financial results and business update, and that is available on our website.
As listed on slide 2 is our agenda. Here with me today in Boston are David Meeker, our Chairman, Chief Executive Officer, and President; Jennifer Lee, Executive Vice
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