Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 356

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 356
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 The Company does not expect that adoption of this new accounting standard will have a material impact on its consolidated financial statements.In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), to modernize the accounting guidance for the costs to develop software for internal use by aligning it with current development practices, especially agile and iterative methods. The guidance removes references to development stages and clarifies when capitalization of software costs should occur. The new guidance also clarifies disclosure requirements for all capitalized internal-use software costs, ASU 2025-06 is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company is currently assessing the impact that adopting this new accounting standard will have on its consolidated financial statements.

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3. Fair Value Measurements

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table (in thousands): September 30, 2025 Level 1Level 2Level 3TotalFinancial assets:   Money market funds$229,140 $— $— $229,140 Corporate debt securities— 71,571 — 71,571 U.S. government bonds— 20,003 — 20,003 Commercial paper— 5,422 — 5,422 Total financial assets$229,140 $96,996 $— $326,136  December 31, 2024 Level 1Level 2Level 3TotalFinancial assets:    Money market funds$202,965 $— $— $202,965 U.S. treasury bills$2,964 $— $— $2,964 Corporate debt securities$— $37,978 $— $37,978 U.S. government bonds$— $26,904 $— $26,904 Agency bonds$— $2,492 $— $2,492 Total financial assets$205,929 $67,374 $— $273,303