Rhythm Pharmaceuticals (RYTM) Q1 FY26 earnings call: guidance and Q&A

Can you provide an update on the total number of identified patients for HO, and how many of the received start forms came from pre-identified patients versus newly discovered ones?

The previously stated 2,000+ identified patient number has increased but will no longer be updated; the focus is now on start forms. The vast majority of the 150+ start forms received came from physicians who had been engaged by the field teams prior to approval, indicating strong initial activation.

“So many of those start forms that we've received, if you take a look at them, have come from the list of physicians that we educated prior to approval. I would say that overall, the vast majority of these start forms were from physicians that our field teams had some type of engagement with prior to approval.”

asked by Phil Nadeau · answered by Jennifer Chien

Is the current cadence of approximately 20 new patients per week (excluding trial conversions) sustainable for 2026, or is it more of an initial bolus?

While there was an initial bolus from highly activated physicians, the majority will integrate discussions into regular patient visits, suggesting a steady growth pace throughout the year. There remains significant opportunity for ongoing education to drive further uptake.

“But the vast majority of the patients or the physicians are waiting to have those conversations with their patients as they come in for their regularly scheduled visits. So that will flow through on, I would say, more of a steady pace moving forward. And we still have a lot of opportunity in terms of education as we move forward into the launch.”

asked by Paul Matteis · answered by Jennifer Chien

For doctors who have prescribed IMCIVREE to one HO patient, what are the primary factors preventing them from prescribing it to a second or third patient?

The primary gating factors are the pace and schedule of patient visits, as well as the ongoing need for education about the broader causes of acquired HO beyond tumor-related cases. Physicians are still learning to identify other potential HO patients in their practice.

“So I would say that the primary gating factors are -- could be two pieces. The primary one is the pace and the schedule just in terms of those patients coming in to have that dialogue around IMCIVREE.”

asked by Yuchen Ding · answered by Jennifer Chien

Can you quantify the reimbursement dynamics for HO patients and how this might impact the net price per patient as HO becomes a larger portion of revenue?

It is too early in the launch to quantify the exact payer mix. Initial approvals for reimbursement have been positive, benefiting from prior education for BBS. However, formal HO-specific policies are still expected to take approximately three to nine months to be established. The company will continue to monitor the payer mix and net price.

“The caveat here is that in terms of actually having those policies in place, I reiterate that expectation continues to be approximately three to nine months from approval. So we're going to continue to monitor what that payer mix looks like as we move forward and update in future calls.”

asked by Corinne Jenkins · answered by Jennifer Chien

How do the 150 HO start forms compare to the first six weeks of the BBS launch, and what is the mix of tumor-related versus other HO causes among these patients?

The HO launch has seen a steeper rate of start forms compared to the BBS launch. The vast majority of current HO patients are tumor or tumor treatment-related, but the broad label is allowing for prescriptions for other causes like stroke, TBI, or inflammation, indicating a diverse patient pool is emerging.

“The vast majority of these patients are with tumor or a tumor treatment-related background. However, our indication is broader, and it covers things like stroke, TBI, or inflammation. And we have received Rxs from patients with these backgrounds as well.”

asked by Joseph Stringer · answered by David Meeker