Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 425

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 425
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307 10,588 (1,281)Interest expense(10,791)(10,732)(59)Other income, net2,589 982 1,607 Net loss before provision for income taxes(16,464)(62,546)46,082 Provision for income taxes1,169 1,606 (437)Net loss$(17,633)$(64,152)$46,519 

Product Sales, Net

Product sales, net was $372.4 million for the nine months ended September 30, 2025, compared to $237.0 million for the nine months ended September 30, 2024. The increase in product 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):

 Nine Months Ended September 30, 20252024ChangeProduct sales, net:Livmarli$253,619 $149,202 $104,417 Bile Acid Medicines118,761 87,777 30,984 Total product sales, net$372,380 $236,979 $135,401 

Cost of Sales

For the nine months ended September 30, 2025, cost of sales was $72.0 million, compared to $58.9 million for the nine months ended September 30, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $11.2 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements, a $2.3 million increase primarily associated with increased PDUFA fees associated with the approval of our solid dose formulation in Livmarli and higher commercial supply chain costs of $2.8 million. These increases were partially offset by lower product cost of sales of $5.5 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):

Nine Months Ended September 30,Change20252024Product-specific costs:L