Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 360

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 360
---
 awards granted to employees and nonemployees is equal to the closing market price of the Company’s common stock on the grant date.As of June 30, 2025, the total unrecognized stock-based compensation related to restricted stock unit awards granted was $44.7 million, which the Company expects to recognize over a weighted-average period of approximately 2.2 years.Performance Stock UnitsThe fair value of performance stock units (“PSUs”) granted to employees is equal to the closing market price of the Company’s common stock on the grant date. PSUs are subject to vest only if certain specified sales-based criteria are achieved and the employees’ continued service with the Company. As of June 30, 2025, certain specified sales-based criteria were deemed probable of achievement or already achieved. Stock-based compensation for PSUs is recognized over the service period beginning in the period the Company determines it is probable that the performance criteria will be achieved. PSUs generally vest over a three-year service period. The number of shares earned is adjusted based on the specified sales-based criteria achievement. The following table summarizes the activity under the Company’s performance stock units for the six months ended June 30, 2025: Number ofAwardsWeighted-Average Grant DateFair Value per AwardUnvested and outstanding as of December 31, 2024 284,955$25.15 Granted217,547$40.18 Vested(147,675)$23.92 Cancelled/Forfeited(1,084)$25.39 Unvested and outstanding as of June 30, 2025 353,743$34.91 As of June 30, 2025, the total unrecognized stock compensation related to performance stock units granted was $8.6 million, which the Company expects to recognize over a weighted-average period of approximately 1.7 years.

19

Compensation ExpenseTotal stock-based compensation is reflected in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands):  Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Selling, general and administrative$10,606 $7,971 $20,849 $15,560 Research and development7,624 3,546 12,853 7,407 Cost of sales238 318 569 318 Total$18,468 $11,835 $34,271 $23,285 Stock-based