Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 363

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 363
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 The Company has not paid milestone payments pursuant to this agreement for the periods presented. Through September 30, 2025, no milestones have been achieved. 

7. License Agreements

Licensing Agreement with Takeda

In September 2021, the Company entered into an exclusive licensing agreement with Takeda for the development and commercialization of Livmarli in Japan for ALGS, PFIC, and BA. Further, in October 2024, the parties entered into a commercial supply agreement. Under the terms of the agreements, Takeda is responsible for development and commercialization of Livmarli for licensed indications in Japan, while the Company is responsible for commercial supply to Takeda. In accordance with the agreements, in exchange for commercial inventory supply, the Company is eligible to receive a percentage of Takeda’s net sales, which range from high double digits declining to mid double digits over the first four years from commercial launch and thereafter remains at mid double digits. The Company records net product sales at the time control of the product is transferred, based on the estimated variable consideration. 

8. Leases

The Company has operating leases for office spaces in various locations, including its headquarters in Foster City, the lease for which was entered into in January 2024 and has a lease term of approximately five years. In March 2025, the Company entered into an operating lease agreement for office space at an international location. The lease commenced in the second quarter of 2025 and has a lease term of approximately five years.The following tables contain a summary of other information and the undiscounted future minimum payments pertaining to the Company’s operating leases that had commenced as of the end of the periods presented:September 30, 2025Weighted-average incremental borrowing rate7.4%Weighted-average remaining lease term (in years)4.0 yearsUndiscounted Rent Paymentsas of September 30, 2025  (in thousands)2025 (remaining three months)$658 20262,668 20272,733 20282,734 20291,948 Thereafter99 Total undiscounted lease payments10,840 Less: imputed interest(1,444)Total lease liability$9,396 Rent expense was $0.6 million and $1.8 million for the three and nine months ended September 30, 2025, respectively, and $0.6 million and $1.3 million for the three and nine months ended September 30