Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 383

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 383
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 partially offset by increased expenses associated with the Livmarli Phase 3 EXPAND label expansion study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $182.9 million for the nine months ended September 30, 2025, an increase of $37.5 million compared to the nine months ended September 30, 2024. The increase was primarily due to increases of $24.5 million in personnel and other compensation-related expenses, including an increase of $9.4 million in stock-based compensation, reflecting an increase in the number of our selling, marketing and administrative employees to support commercial activities for our approved medicines, $4.0 million in advertising, promotion and medical affairs expenses associated with commercial activities, $4.0 million in other general administrative expenses, $2.6 million of expenses associated with post marketing studies and $2.4 million associated with legal, accounting and other outside services.

Interest Income

Interest income was $9.3 million for the nine months ended September 30, 2025, a decrease of $1.3 million compared to the nine months ended September 30, 2024 largely due to lower yields on investments. 

Interest Expense

Interest expense for the nine months ended September 30, 2025 was unchanged in comparison to the nine months ended September 30, 2024, and related to interest expense incurred on our convertible notes.

30

Liquidity and Capital Resources

Overview

Since inception, we have funded our operations primarily through debt, equity, revenue interest financings and, to a lesser extent, cash from our product sales and license and collaboration revenue. We had $378.0 million of unrestricted cash, cash equivalents and investments as of September 30, 2025, compared to unrestricted cash, cash equivalents and investments of $292.8 million as of December 31, 2024. We have incurred significant operating losses since our inception. As of September 30, 2025, we had an accumulated deficit of $661.8 million, compared to $644.2 million as of December 31, 2024.

In August 2025, we filed an automatic shelf registration statement on Form S-3 with the SEC (the “2025 Shelf Registration”), which became effective upon filing, pursuant to which we may register for sale from time to time in one or more offerings an unlimited amount of any combination of our common stock, preferred stock, debt securities and warrants, so long as we continue