Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 380

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 380
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 be received when control of the inventory is transferred. Such estimates may be complex and include estimates as to if and when the distributors and licensed partner’s sales in the market will occur. Estimates are reviewed and updated as additional information, including in-market sales information of our authorized distributors and licensed partners, becomes known. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. The Company is entitled to payment in connection with the supply of product under standard industry payment terms. Actual consideration amounts are determined and settled generally quarterly or annually. If the consideration received or receivable exceeds the Company’s estimates of product sales, the Company recognizes a liability. If the estimated product sales exceed the payment received or receivable, the Company records a receivable or contract asset related to the amounts not yet collected, depending on the circumstances.Liabilities associated with sales deductions are included in accrued expenses and other current liabilities or in other liabilities on the accompanying unaudited condensed consolidated balance sheets depending on contractual settlement timelines.The following table represents total revenues and disaggregates Product sales, net by approved medicine (in thousands): Three Months Ended March 31, 20252024Product sales, net:  Livmarli$73,224 $42,845 Bile Acid Medicines38,361 26,072 Total product sales, net111,585 68,917 License and other revenue— 305 Total revenues$111,585 $69,222 The following table sets forth Product sales, net by geographic area based on the ship-to location (in thousands): Three Months Ended March 31, 20252024United States$86,922 $56,111 Rest of the world24,663 12,806 Total product sales, net$111,585 $68,917 Foreign CurrencyThe unaudited condensed consolidated financial statements are presented in U.S. dollars. The functional currency for most of the Company’s foreign subsidiaries is their local currency. Balance sheet accounts of international subsidiaries are translated at the current exchange rates as of the end of each accounting period. Income statement items are 

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translated at average exchange rates for the period. The resulting translation adjustments are recorded as a separate component of stockholders’ equity.Foreign currency transaction gains and losses are included in other income (expense), net in the unaudited condensed consolidated statements of operations. Transaction gains and losses result primarily from fluctuations