Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 344

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 344
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U 2025-01”) to clarify the effective date of ASU 2024-03. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. 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): March 31, 2025 Level 1Level 2Level 3TotalFinancial assets:   Money market funds$182,259 $— $— $182,259 U.S. treasury bills4,981 — — 4,981 Corporate debt securities— 54,457 — 54,457 U.S. government bonds— 24,918 — 24,918 Commercial paper— 2,408 — 2,408 Total financial assets$187,240 $81,783 $— $269,023  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 The carrying amounts of certain financial instruments such as cash and cash equivalents, accounts receivable, prepaid expenses, other current assets, accounts payable and accrued expenses as of March 31, 2025 and December 31, 2024 approximate their related fair values due to their short-term nature.Money market funds and U.S. treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of