Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 351

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 351
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 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 and expects the lease to commence in the second quarter of 2025. The Company will be paying approximately $1.8 million in base rent over the 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:March 31, 2025Weighted-average incremental borrowing rate7.5 %Weighted-average remaining lease term (in years)4.4 yearsUndiscounted Rent Paymentsas of March 31, 2025  (in thousands)2025 (remaining nine months)$1,664 20262,259 20272,324 20282,331 20291,551 Total undiscounted lease payments10,129 Less: imputed interest(1,482)Total lease liability$8,647 Rent expense was $0.6 million and $0.3 million for the three months ended March 31, 2025 and 2024, respectively. Variable lease payments for operating expenses for the three months ended March 31, 2025 and 2024 were insignificant.

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9. Convertible Notes

Except as described below, the Company’s convertible notes are described in Note 10 of the “Notes to Consolidated Financial Statements” in the Annual Report.The convertible notes consisted of the following (in thousands): March 31, 2025December 31, 2024Principal amount$316,244 $316,250 Unamortized debt discount and issuance costs(7,735)(8,168)Net carrying amount$308,509 $308,082 During the fourth quarter of 2024 and the first quarter of 2025, the last reported sale price of the Company’s common stock exceeded 130% of the conversion price of the 4.00% Convertible Senior Notes due 2029 (the “Notes”)