Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 527

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 527
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 sales, net was a result of our continued commercialization of Livmarli in the U.S. for the treatment of ALGS and PFIC, and in certain international markets directly or through distributor and partner orders and from our sales of the Bile Acid Medicines.

The following table disaggregates total Product sales, net (in thousands):

 Three Months Ended March 31, 20252024ChangeProduct sales, net:  Livmarli$73,224 $42,845 $30,379 Bile Acid Medicines38,361 26,072 12,289 Total product sales, net$111,585 $68,917 $42,668 

Cost of Sales

For the three months ended March 31, 2025, cost of sales was $23.0 million, compared to $17.8 million for the three months ended March 31, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $3.5 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements and a $2.0 million increase primarily associated with excess purchase commitments for APIs associated with Ctexli. These increases were offset by lower product cost of sales of $1.6 million primarily related to the Bile Acid Medicines as we substantially completed the sale of acquired inventory in prior periods which had been recorded at fair value. 

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Research and Development Expenses

The following table summarizes the period-over-period changes in research and development expenses relating to our product candidates in development for the periods indicated (in thousands):

 Three Months Ended March 31,Change 20252024Product-specific costs:Livmarli$5,242 $6,445 $(1,203)Volixibat12,106 7,029 5,077 MRM-3379733 — 733 Non product-specific costs:Stock-based compensation5,229 3,861 1,368 Personnel11,385 9,153 2,232 License fees (milestone payments)5,000 — 5,000 Other6,349 5,734 615 Total research and development expenses$46,044 $32,222 $13,822 

Research and development expenses were $46.0 million for the three months ended March 31, 2025, an increase of $13.8 million compared to