08:58 AM EDT, 05/07/2024 (MT Newswires) -- Rhythm Pharmaceuticals ( RYTM ) reported a Q1 net loss Tuesday of $2.35 per diluted share, wider than the loss of $0.92 a year earlier.

Analysts polled by Capital IQ expected a loss of $2.02.

Net revenue for the quarter ended March 31 was $26 million, up from $11.5 million a year earlier.

Analysts surveyed by Capital IQ expected $26.9 million.

As of March 31, the company said its cash, cash equivalents, short-term investments, and proceeds from a $150 million sale of preferred stock are sufficient to fund operations and capital expenditure requirements into 2026.

Rhythm Pharmaceuticals ( RYTM ) shares were down more than 13% in recent Tuesday premarket activity.

Price: 38.00, Change: -5.88, Percent Change: -13.40