Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Teeing me up nicely for hypothalamic obesity. So maybe just set the stage for us in terms of the -- where we are with the development of IMCIVREE in HO?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Great. You mentioned that the IMCIVREE working in HO is somewhat of an empirical finding, so maybe you talk to us now that we've seen that what the rationale is for targeting MC4R in the space.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Correct. You do have the Phase III study that you referenced. It's ongoing with data probably early next year. Walk us through the parameters of what you're evaluating in that study, how many patients, what are the endpoints? How long is it, all of these things?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Perfect. And then how does the trial compared to the Phase II with respect to the inclusion criteria, background meds or any of the other endpoints that are going to be evaluated. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 10, 2024 / 1:20PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. And then back on GLPs, I think it's a question that people often ask me, so are they allowed in the study? How does that compare to the Phase II? How do you think about implications of their use?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Maybe you can contextualize and spend a bit more time on this conversation because I know one of the questions is, why not just use GLPs here. So we've seen how some early data around how GLPs behave in this population. Maybe you could expand on that, how do they work, how well, how often are they used?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. So how should we think about the market opportunity for IMCIVREE in this indication? And in particular, how does HO compare to some of the other indications you've explored the drug in the past?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : So finding the patient seems to be a bit easier. But one of the other things that came up, I think, at the R&D Day was just like motivation, both by patients and physicians to seek therapy and stay on treatment. Maybe you could talk a little more about that. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 10, 2024 / 1:20PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : So as you think about the infrastructure that you would need to build out and kind of all the things you have to do to support a launch in HO. How should we think about kind of like the SG&A spend and infrastructure build that will be required on the back of likely positive data next year?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Yes. Last year, you announced a next-generation MC4R agonist called RM718 at this stage. Maybe you could share some of the key kind of differences between those two assets with respect to MC1R, for example, the dosing paradigm.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. You've highlighted some preclinical data, which I think is relatively derisking for the product. Maybe you could expand on the confidence that you have from that preclinical data as you enter the clinic with 718.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. So maybe you could help us understand the development path from here for 718, in particular, like the efficiencies you think you can get given your prior experience?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Great. One of the benefits is also on patents. So just remind us what the patent extension is here.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Awesome. You've talked about it a couple of times. So now let's transition to the oral. You acquired this oral MC4 agonist earlier in the year. So talk to us about the impetus behind that deal. without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 10, 2024 / 1:20PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Walk us through the development strategy then for this program and when we could see next update.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Maybe then we talked about all of the assets within this franchise. So how do you think about the fit where you've got, obviously, IMCIVREE upfront. You've got the weekly, you've got the oral, these two programs in development? Like how do you think about where each of the asset fits within a broader franchise?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. Maybe we'll talk a little bit about BBS and obviously, ongoing commercial launch. We've now got about two years of the launch behind us. So what have you learned about the BBS market during that time? And how has it informed your expectations kind of the peak opportunity here? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 10, 2024 / 1:20PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : And how would you say the physician awareness and the patient awareness of IMCIVREE as an option for this patient population has evolved over time? And what do you expect to come from here?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. I think there's been more than something like 700 patients with written prescriptions kind of over time, but not all of these are still on drug or got kind of reimbursed. And so talk to us about the translation from patient identification and a script getting written to actual revenues?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. You've also had the launch underway in Europe now. I guess how should we think about the adoption curve in that region? And what should we expect in terms of contribution over the near to intermediate term?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Perfect. Beyond the two indications we've talked HO and BBS, you also have some work going on in the EMANATE study and DAYBREAK study referenced earlier. Maybe just briefly talk to us about the strategy there.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : How do you think about how these trials could expand to the market opportunity overall for the franchise?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Okay. So as you think about 2024 and like what you would view a commercial success for the year, how do you think about that? And then how does it set you on a path to -- I think you've talked about a couple of hundred million in terms of peak sales in BBS.

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Maybe last question for me. As you think about cash runway, obviously, you just did some financing. What is the update in terms of cash runway? And how do you think about capital sources from here?

Question: Corinne Jenkins - Goldman Sachs Group Inc - Analyst : Yes. Obviously, convert most recently, but like as you think about sources of capital, anything you'd highlight in terms of preferences? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. JUNE 10, 2024 / 1:20PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at Goldman Sachs Global Healthcare Conference