Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 366

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 366
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599Reserved for employee stock purchase plan1,806,244Common stock issuable upon conversion of convertible notes9,963,711 26,757,806

11. Stock-Based Compensation

Stock OptionsThe following table summarizes stock option activity during the nine months ended September 30, 2025 (in thousands, except share and per share data):  Number ofAwards Weighted-AverageExercisePriceWeighted-AverageRemainingContractualLife(in Years)AggregateIntrinsicValueOutstanding as of December 31, 2024 10,031,486$18.12 6.5$233,161 Granted1,740,525$47.83  Exercised(2,151,412)$13.50  Canceled and forfeited(206,252)$32.99  Outstanding as of September 30, 2025 9,414,347$24.35 6.6$460,953 Vested and exercisable as of September 30, 2025 5,934,048$16.91 5.5$334,682  The weighted-average grant date fair value per share of stock options granted during the nine months ended September 30, 2025 and 2024 was $31.86 and $19.38 per share, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024 was $94.1 million and $14.3 million, respectively. Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. As of September 30, 2025, the total unrecognized stock-based compensation related to unvested stock option awards granted was $76.5 million, which the Company expects to recognize over a weighted-average period of approximately 2.8 years. The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the expected stock price volatility was based upon the weighting of the Company’s historical volatility and the historical volatility of a peer group of publicly traded companies. The historical volatility data was computed using the daily closing prices for the Company’s and its