RHYTHM (RYTM) EVP Jennifer Kayden Lee Sells $8.9M Shares

What Happened
Jennifer Kayden Lee, EVP & Head of North America at RHYTHM Pharmaceuticals (RYTM), exercised stock options and sold shares on August 13, 2026. The Form 4 shows acquisitions from option exercises of 35,000 shares at $24.29 ($850,150) and 21,601 shares at $6.80 ($146,887). The filing also reports an open‑market sale of 75,834 shares at $117.38 each, netting $8,901,531. The transactions were effected under a Rule 10b5‑1 trading plan.

Key Details

• Transaction date: 2026-08-13 (reported on Form 4 filed 2026-08-14) — filing appears timely.
• Option exercises (code M): 35,000 shares @ $24.29 = $850,150; 21,601 shares @ $6.80 = $146,887 (acquired).
• Open‑market sale (code S): 75,834 shares @ $117.38 = $8,901,531 (disposed).
• Additional derivative entries: the filing lists corresponding derivative dispositions of 35,000 and 21,601 shares at $0, which are linked to the option exercises.
• Shares owned after transaction: Not specified in the provided excerpt of the Form 4.
• Footnotes: Trades were made pursuant to a Rule 10b5‑1 plan adopted May 14, 2026 (F1). Option grants referenced: Nov 9, 2020 (F2) and Feb 9, 2022 (F3) with their respective vesting schedules.

Context

• These were option exercises followed by share sales; when options are exercised and shares are sold the same day, it often functions as a cashless exercise and liquidity event for the insider. The Form 4 indicates both the option exercise (acquisition) and the open‑market sale but does not detail exactly which acquired shares were sold or if shares were withheld for taxes.
• The presence of a Rule 10b5‑1 plan means the sales were made under a prearranged trading plan, which is common and generally viewed as routine insider liquidity rather than an ad hoc trading decision.
• No indication in the filing excerpt that this is a late report.