RYTM - Earnings call transcript Q3 2021 | Rhythm Pharmaceuticals, Inc.

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Operator

Good day and thank you for standing by. Welcome to the Rhythm Pharmaceuticals Third Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today’s conference is being recorded. now today, hand Pharmaceuticals. David would to conference I speaker our Connolly Instructions] like the to over [Operator with Rhythm go ahead. Please

David Connolly

IR Thank Connolly, at morning. good Pharmaceuticals. and of Rhythm you, here Corporate I'm Communications and Head David

quarter issued call, provides our For can financial accompanying is This website XXXX going the at be via the our of we by slides Events controlled ir.rhythmtx.com. the section website. business those a and Investors and participating that update, of on to available you third press conference release accessed page results morning on which our

As me concerning which those Meeker, North Jennifer Vice may on I'll President from for Chair, as Smith, the Boston contains and slide Officer. our that with plans these forward-looking our of listed including of David Chief Chien, remarks the Executive call With Hunter X, a results annual recent slide most and Shapiro, on Officer; Officer Actual in expectations, Executive X file SEC. today here America; our Medical of President statements. statements are result prospects, remind Head Chief various Rhythm; with this conference differ Financial call indicated forward-looking by Linda factors in future and discussed those you report materially constitute Chief

specifically to be X. on We any the call forward-looking dates. turn as upon relied will representing statements. David not any of as any With who begin our update should subsequent such addition In as I'll and statements represent only obligation our over slide today that, views of to views disclaim

David Meeker

pleased execution that Rhythm. another the We're by progress date. Rhythm everyone. by we're And and piece, said strong morning to I'll good quarter pleased very and very you I Dave, to like you gene piece with gene building remind report for of Thank

areas first commercial the us. focus IMCIVREE. experience is, with highlight is to for high The of slide of four One course,

in in the prominently to beyond fourth, presence robust XXXX; has the Alstrom's forward program, will health and out look we anticipated to third, is but Bardet-Biedl with the build to launch to foremost addressable our global Europe, and development which patient meaningfully And to clinical continue first increase ability advance a working is population. Second, there. increasingly looking systems care

Now multiple with quarter quarter three execution. a and with again is continued highlights

and First the is US IMCIVREE launch expectations. progressing meeting

well. more we happy on treatment that's for -- As sales, tens million beginning world about patients view really pleased continued net but from $X the to that learnings were of expected we're said, we that accumulate the hold. to clearing of And advanced importantly lay as have Europe has France this We we're and been the the with quarter filed we're initial the and to markets for the some subsequent specifically commercial of in experience, three and markets; discussions markets, the which UK. Bardet-Biedl our smaller reimbursement launch. the with dossiers in foundation markets will have the major in major international And Germany,

hired have a launch will both as more you in and Europe. as field fully US Jennifer the the and around advance know submissions In US filed highly that. provide BBS toward regulatory the in Second, we you we've color been experienced team mid-XXXX with

launch, event. a I'm So good to place in like forward looking are year feel of we ahead that a we anticipated so

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Linda Shapiro

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Jennifer Chien

on Linda. you, start Slide I Thank XX.

these Our full US commercially available making first is meeting strategy in IMCIVREE quarters. our expectations the of through two

through million with and focused on throughout from the third if positive the to IMCIVREE in are We sales process. walking and we process authorizations HCP said, reached net David pleased reimbursement. to forms coverage report in decisions support start the getting that engagement them we access and As appeals remain are needed and patients quarter and $X

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Hunter Smith

Jennifer. Thank slide on I'm XX. you,

in approximately the comparable headcount of million. of third tax came as priority an increase the sale of during our well revenue was the Operating offset from increases our quarter, During both States. Loss no general from comparable in clinical the development, product first revenues the net There the trial to operations to benefit, XXXX. higher and and activity, of in quarter were $X we $XX provision million, million Rhythm quarter, the research due in over United quarter million reducing loss XXXX, by reported administrative and $XX as All tax made was commercial voucher. review due functions. $X revenue

decrease of share cash, and basic was shares investments quarter common loss $X.XX XXXX. versus a was per this XX.X of count cash We with third short-term concluded and Our million $X.XX, equivalents the share of can quarter diluted and conclude. $XXX million, sufficient he into to operations to half back so David, which fund you. now, we second Rhythm's mic the And be the XXXX. to turn of I'll over believe Thank

David Meeker

think meaningful to very built that. of but years execute it's development Thank of we you, a medical certainly had the Linda and have rare on worked front and with we And component in have Hunter. clinical with you've The problem also who and Jennifer, important and critical capabilities I genetic heard experience in to the are has launch and my in area new really a meetings have preparing some to across share you've make XXXX. look further And in of us, we of I process hopefully data continuing of the opportunity as so and drawing large the of for believe from had progress it to heard built, diseases attention -- diseases, in program obesity. challenge that awareness presence quarter obviously ability is has of we QX to three. and good continuing team we've good that good in anything and in to that Bardet-Biedl you that and a the I as of rare a made experience increasing quarter working balance our significant we've team heard, say progress forward the that being have we have in the into been the highlighted that for the

So, try again us. in the and opportunity last slide is just of in Rhythm front perspective to put the

a Alstrom. biallelic often again for is will and to to to that ultimately of we're genetic or XXX fact still of come time deficiencies, and X,XXX onset be we've number explore expectations. go out full-blown in data grow. presentation the number The POMC, around for have a a defects, will Nothing's on provide changed to initial it we're but to approval they're based that again the believe But talked to our may the and does LEPR As small of underestimate PCSKX, and beginning order that be obesity not of forecast biallelic the And it. guidance X,XXX have meeting screening on presenting as starts have diagnosis. learning over we're we Bardet-Biedl there the group based the the about that It on much defects genetic epidemiology work there the into easily can are patients therefore, that and for be of identified there a and yet a we with perhaps more this they early more been patients there. who and with history bit remains some more if We Bardet-Biedl us start doing are out because said seen with yes, I clinical whether opportunities sure, you of project hunger of they who where that window will. ahead have presentation. order syndrome number But the patients number much to diagnosed that a But testing on of as where them their insignificant on experience, Alstrom's larger URO X,XXX. patients significant. past to are

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and open operator for the to it back Q&A. it up you. turn I'll that, Thank with So,

Operator

Co. Phil question Thank line you. the [Operator Instructions] comes Nadeau with and of Our from Cowen first

Your line is open.

Phil Nadeau

taking our and morning the all Good progress. on thanks questions and congrats for

Just a few from us.

or for of BBS already engaged approval deployed. force goals patients force in the the the next midyear of Are First year? contacted a the time number sales HCPs of BBS terms being there by sales of number on

David Meeker

Jennifer?

Jennifer Chien

For the targets. current with BBS territory managers different are provided

already The our first number XXX sphere that of patients. approximately targets within were with starts have the that BBS HCPs

positions So, remain target them. the will initial of engagement key for a those

addition, working through physicians who biallelic follow-up. for have have who we terms patients, a be learn through BBS to accurately In And patients. machine we includes we of there's within their a who of program. addition learning, more patients outlined patients physicians – also also set URO that opportunity do BBS. to in have who the discovered have to through in on as the of disease these may can learning's, journeys target may are been about BBS identify and histories able care of an call, have through follow-up This There educating broader that – our HCPs, are

they following clinical list BBS physicians they educate So and that, BBS a potentially they identified a already with to have up as patients, as get are can having diagnosis. do that of well patients tiered

Phil Nadeau

life Perfect. quality of improvements changes life it on or That's Was the BMI then specifically combination hyperphagia drove And very BBS second patients? what data, two? quality helpful. of of some in the the for

David Meeker

Thanks. Yeah. Linda?

Linda Shapiro

point weight, questionnaire combination it Life the The it Perfect. your that likely where That's Sure. improved question. of great of the Weight well. Philip about the on – a Q the of is to down questionnaires life ahead. detail, weight quality as but of – component does way is the the drive - not where a could Quality and have Impact a adult hyperphagia into specifically designed, are both is Nadeau And is sorry, the there – hyperphagia designed then go but

David Meeker

and to hunger we hunger quality mirror. going subset, in who about not are life cognitive number benefit impairment that did world BBS patients, those, just be was I where the only do say link there could it of half here some the the of of smaller could so in No, by and have question to those done the

Phil Nadeau

Perfect.

question And us. for Okay. then last

other patients there are the trials, limiting EMANATE door? In those it start and Is first of getting DAYBREAK or activities what's patients to are particularly terms finding in sites the gating? the that the up at

Linda Shapiro

Great Yes. question.

process of standard start-ups. the through going we're So

to there aligned completely we're sequential, the on and our steps. we're timelines track, per through is so limitation So following no just

patients a actually lined of number have We up the at sites.

once already turn and are in up. lined green for beginning who the a on So bolus patients, we anticipate the we light, ready they'll be those go to quite

Phil Nadeau

again progress. congrats taking for on the questions. And our Thanks Perfect.

David Meeker

Thank you.

Operator

comes next Stringer the of from line & from Company. Joseph Needham Our question

is open. Your line

Joseph Stringer

for Hi. Good my morning, Thanks questions. everyone. taking

are if in factors question the sort commercially there are in around contribution – any one is the come L'Alleud ex-US quarter and from next to do launches initial – the would year, identified hit the to better running like versus on seems you around are does a just for of and that of US It it more expect soon launch – approval a Bardet-Biedl for sales be ex-US. that? little IMCIVREE ID question of First ground patients the things launch launch patients US little ready around Alstrom's. for gating like and What second of Bardet-Biedl is like infrastructure and Baine bit – what second or in there's a are ex terms there's Alstrom's. potential versus And comparing terms relative Bardet-Biedl you of the potential the maybe bit thereafter patient sort seems general

curious, you. versus compare just and Thank contributions if US that? contrast ex-US. relative you could So to

David Meeker

Jennifer, yeah. Okay.

Jennifer Chien

the question. for Thanks

I launch indication. the around there PPL in So, initial of think are for that IMCIVREE differences terms sure for just the

also the past of teams educating, depends terms based really different PPL that differences diagnosed facing very expectations in the Things and in years. the customers. place of We process couple off in the have is terms for that of first also are really of the – to and outlined low just launch One our of sales also for were of number been has were with in of didn't teams the start in launch. initial the as very and are the biggest our BBS the in place

us patients, well hired hit expect year. as number get if able we because on for of to they're position enrollment of next there to to approval more get more the the be in being approval we BBS drug, and the get BBS ground that to team we have be significant would to in still within on fact the were easily really able the to be will place identified that are aforementioned to once indication. We And this as running call a that able

are genetic As that it well-organized they Europe, getting patient get who specific to that to provide terms to centers of volume to say of diseases relates numbers, more the Europe it to international as of going would which just genetically and I sticks perspective. and specialty patients patients terms suspected of or in also in on are to diagnosed, shift identified also BBS over color more to the been of I'm bit versus US, have that a David genetics but

David Meeker

LEPR the Joe we, POMC almost US, transition. the no the Thanks, is unlike be easier and where program US on number US in to from available so did we had come and patients in maybe just significant more thing to where they'll the development patients think the a and Yeah. the I of add first one the

EUX chain US. talked Jennifer available Second more so launch the that's country-by-country And Access Europe the of reimbursement better -- said initial larger X,XXX we country getting delayed gating patients UK, being unlike start-up across of and channel. is may early products the centers there other. terms some in the all come given and know and organized for in you as that in is well patients meaning and about with was these patients. the the just quite usual We've where that the may Europe the sitting are number of established in The absolutely pricing. be is in factor the supply as excellence. well-identified are in work establishing

issue So setmelanotide. BBS mentioned our reimbursement. filing big AS first the XXXX, running the of of will the first to first over but expect there on timing filing and obviously, in in half hadn't I of there FDA be parallel we approved it, the the indication sales just is

Joseph Stringer

question. taking for Great. Thanks

David Meeker

Okay. Thanks Joe.

Operator

Instructions] from next the [Operator comes question of line Corinne Jenkins Goldman Our Sachs. with

Your line is open.

Corinne Jenkins

everybody. morning good Yeah,

you've various setmelanotide or respect you've of as in either clinical with conferences this respect the the to from community need physician's you engaged attended learned to curious the profile? Just the on the specifically What fall. with BBS have view medical

David Meeker

Corinne. Thanks

I I'll think then lead or Jennifer I'll off and let in. jump Linda

and data recent you is clinical trials story thing really interesting have it's Alstrom's. here they're top-line think and by p-values enlightening you whole where but And driven and very tell the that whole do tell been -- doesn't story the I for the clear interviews. doesn't know, the You the most BBS absolutely data it become been in the us sets what's and

and the but mind the the publication age in is at that poster not away a if mean in quotes I it's my understand young disease. stands both this it's that you their fault. of as impact So in devastating quote his it because for think child you Linda distant four viewed overfeeding interviews for a their at essentially I and family Jennifer, look posters was in and future, the from taken the facility out that think begin exit has really today that and child the one had that absolutely I of the by and think done family, it's years to not who and publication social will we the heard child one from in too the be -- put of you abusing and was X.X something if in coming the a I a services his as out and in not was is couple

and that disease where same the them would the they prescribe And the market low presented relatively where I That's remarkable that's in -- on is think disease research line XX% of is with did out data a absolutely physicians drug, report are the is on in. the the the of those first area unmet clear. Jennifer said coming nuance this an where it emerging educating awareness So area profile an and at both recognition need is this time educating you're pretty and again drug. you're

we're thing that that if kind we know we don't the but So that's helps today learning last I of spoke. time have didn't that

Corinne Jenkins

helpful. that's Yeah,

Linda Shapiro

I'll just quickly…

Corinne Jenkins

Go ahead.

Linda Shapiro

addressing family. of priorities that up, of patient, that, and population one physicians the obesity with interactions well terms pops or or through in on market I'll this because just particular this within and aspect caregiver patient insights of of from impact the indication tag but whether as physicians, hyperphagia on the simply as only the the quickly The of support being key the it's syndromic not in has even patients, it themselves. the really

So to it patient be something the is definitely a of waiting population. have are need out specifically the there able to address physicians needs where to

Corinne Jenkins

the more-and-more then you on can in we or doing URO help about HCPs that's how primarily are the patients? driven HCPs testing, it growth just whether you expect testing us driven. understand And forward be that think testing, as existing And the of new already Thanks. to

Jennifer Chien

So…

David Meeker

Yeah. Yeah go ahead.

Jennifer Chien

in place in addition through also the supporting on are to that that a that's managers our ongoing the territory ground, put were Look, which are team efforts MSLs.

it managers. be program the for to to I and kits, URO able testing easier development in test, place see as area around last We have have also terms -- efficiencies that should we and our physicians results. outlined order of our in initiatives, in And put earnings call, the make

increasing additional increasing the targets in initial the in of definitely volume, see educating who terms then awareness But of already and are physicians around there target testing, efficiencies. as terms is general, they RGDO through also be keys that So well. are will just have to certainly in the if testing interest suspecting

David Meeker

the And and a kits And we describe that request care Corinne, which There's add health on posters to -- kits program. one of recent number our just went website, just URO been let providers up the the testing physicians, that thing. in other in there of requesting number speaks have most returns. our me poster

health providers X,XXX order have kits. the on care So returned

health are and vast one this answer, of the physicians' interest an again indicating They've care and and top is if So done sent fabulous point -- are And are health to you medical piece bulk other [indiscernible] care the real the interest. test. the the who providers that's question may it in me, a back once. clearly an They've providers your driving the signaled genetics for XX, driving which or that in are Jennifer's poster. just be who all genetics again terms The majority of recognizing already majority it. in will today in utilizers opportunity those the high starting

patients And XX. And also from of and scale -- six in number another the age good. who ages the less the so that posters years ability to are really of there about that want And XX% than the just fully then of seven is what's to last, the, being interesting talking old. I is XX% tested. the are are I'm And between

XX% So surprise. for children a are and disease genetic not a

presenting would The at You early. kids expect they these problem seek be to essentially it. And and arises help. notice birth parents

and think, opportunity in development. -- a but the to lot like the of learned is play going that around optimism lot role a we a be this have I said to overall I lot URO there, So testing

Corinne Jenkins

you. thank Great,

David Meeker

Thanks, Corinne.

question? Next

Operator

further at this There no questions are time.

I'll turn the Meeker. over to call back Now David

David Meeker

all. thanks you Thanks Great. to you at in forward That's all tuning for three in to talking Goodbye. months' we to the update. Well fourth quarter this of time, And everyone. morning. again, look

Operator

today's you conference Thank for concludes call. This participating.

disconnect. You now may

Rhythm Pharmaceuticals (RYTM) 2 Nov 212021 Q3 Earnings call transcript