Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 416

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 8
Chunk 416
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 partner orders and from our sales of the Bile Acid Medicines.

The following table disaggregates total Product sales, net (in thousands):

 Six Months Ended June 30, 20252024ChangeProduct sales, net:Livmarli$161,384 $90,076 $71,308 Bile Acid Medicines77,986 56,601 21,385 Total product sales, net$239,370 $146,677 $92,693 

Cost of Sales

For the six months ended June 30, 2025, cost of sales was $46.4 million, compared to $38.1 million for the six months ended June 30, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $7.3 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements, a $1.3 million increase primarily associated with increased PDUFA fees associated with the approval of our solid dose formulation in Livmarli and higher commercial supply chain costs of $2.1 million. These increases were partially offset by lower product cost of sales of $4.0 million primarily related to the Bile Acid Medicines, as we substantially completed the sale of acquired inventory in prior periods which had been recorded at fair value. 

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Research and Development Expenses

The following table summarizes the period-over-period changes in research and development expenses relating to our product candidates in development for the periods indicated (in thousands):

Six Months Ended June 30,Change20252024Product-specific costs:Livmarli$8,563 $14,020 $(5,457)Volixibat24,656 14,870 9,786 MRM-33793,448 — 3,448 Non product-specific costs:Stock-based compensation12,853 7,407 5,446 Personnel25,988 17,614 8,374 License fees (milestone payments)5,000 — 5,000 Other11,603 10,983 620 Total research and development expenses$92,111 $64,894 $27,217 

Research and development expenses were $92.1 million for the six months ended June 30, 2025, an increase of $27.2 million compared to the six months ended June 30, 2024. The increase was primarily due to: