Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 404

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 404
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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 the three months ended March 31, 2024. The increase was primarily due to:

•for volixibat programs, an increase of $5.1 million, primarily due to increased expenses associated with conduct of the PSC and PBC trials;

•for personnel related expenses, an increase of $2.2 million related primarily to increased employee headcount to support our development pipeline; and

•for license fees, an increase of $5.0 million due to a development milestone payment associated with our EXPAND study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses were $57.7 million for the three months ended March 31, 2025, an