Rhythm Pharmaceuticals Inc at TD Cowen Healthcare Conference Transcript

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

Question: Phil Nadeau - TD Cowen - Analyst : What's the state of Rhythm today? What are the strengths, what are the weaknesses, and what does Rhythm need to do to create shareholder value over the next year?

Question: Phil Nadeau - TD Cowen - Analyst : So maybe to move on to that point before we dive into the programs in more detail. In terms of the commercial life of IMCIVREE, how should we think about it? What's IMCIVREE's patent life? What kind of tail do you think it'll have? And then how do you work in the next generation compounds to create a full commercial portfolio?

Question: Phil Nadeau - TD Cowen - Analyst : Maybe to dive into hypothalamic obesity. That is where investor focus is today. For those less familiar, could you summarize the Phase 2 long term extension and early access program data that's been released?

Question: Phil Nadeau - TD Cowen - Analyst : So the Phase 3 data is in Q2. Our analysis suggests probably first half of Q2. Does that seem -- you don't have to.

Question: Phil Nadeau - TD Cowen - Analyst : And what would you anticipate releasing with that top line release? Can you give us some sense of what will be disclosed and what will be saved for a medical meeting in the second half of the year?

Question: Phil Nadeau - TD Cowen - Analyst : Why shouldn't investors take the EAP experience or the long term extension data and say, okay, that's what the pivotal is going to produce? What -- can you talk about some of the differences between the design of the long term extension, patient populations enrolled, and also how the data is going to be analyzed?

Question: Phil Nadeau - TD Cowen - Analyst : So on the top line release, so we'll get the BMI data and then what else do you think?

Question: Phil Nadeau - TD Cowen - Analyst : Maybe to really drill down on that top line point, we just did a survey of investors. TD Cowen did a survey of investors and the weighted average response for expectations on the top line was a 16% reduction in BMI. Sounds like you think that's reasonable, but there's wide error bars around exactly what could happen. Maybe could you coach investors when we see that top line data? How should they process it? What should they look at to better understand not just the number and react to the number, but the true significance of the result?

Question: Phil Nadeau - TD Cowen - Analyst : Maybe one more on the HO clinical trials before moving on to commercialization. You recently disclosed or you're going to start soon at trial on congenital HO. Can you talk about that opportunity? What gives you confidence that IMCIVREE will work there as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 03, 2025 / 6:10PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at TD Cowen Healthcare Conference

Question: Phil Nadeau - TD Cowen - Analyst : Moving to the commercial opportunity in HO. Can you discuss how you think utilization will ramp in HO and maybe compare in contrast the HO market to the BBS market we're currently commercializing IMCIVREE?

Question: Phil Nadeau - TD Cowen - Analyst : And how should we -- as we begin to model the ramp, how should we begin to think about the speed of uptake? What hurdles will you have to overcome to get patients up there?

Question: Phil Nadeau - TD Cowen - Analyst : Maybe last question on the HO market before moving to the pipeline. TD Cowen estimates $984 million in 2030 revenue in HO worldwide. How does that estimate strike you? Is it reasonable? Is it aggressive? And if so, how could we be wrong and could it be conservative? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 03, 2025 / 6:10PM, RYTM.OQ - Rhythm Pharmaceuticals Inc at TD Cowen Healthcare Conference And if so, what could drive utilization even higher than what we're projecting?

Question: Phil Nadeau - TD Cowen - Analyst : We need to wrap that.

Question: Phil Nadeau - TD Cowen - Analyst : Turning to the pipeline, we expect data, from the small molecule mid-year. Can you talk about why you're excited about that compound and what we should think the bar is into that data? Does it have to be as good as IMCIVREE and HO or is there some room for error?

Question: Phil Nadeau - TD Cowen - Analyst : And can you discuss RM718? What are the different characteristics of that molecule and how could that fit into the portfolio?

Question: Phil Nadeau - TD Cowen - Analyst : Great. With that, I think we're out of time. So thank you for an interesting discussion.