Company: MIRM
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001759425-25-000014
Chunk: 141

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 141
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2024.

93

Table of Contents

The following table summarizes our results of operations for the years ended December 31, 2024 and 2023 (in thousands):

 Year Ended December 31, Change  20242023Revenue:Product sales, net$336,409 $178,874 $157,535 License and other revenue479 7,500 (7,021)Total revenue336,888 186,374 150,514 Operating expenses:Cost of sales81,643 47,039 34,604 Research and development140,630 102,609 38,021 Selling, general and administrative202,221 145,880 56,341 Total operating expenses424,494 295,528 128,966 Loss from operations(87,606)(109,154)21,548 Other income (expense):Interest income13,792 13,735 57 Interest expense(14,311)(15,105)794 Loss from termination of revenue interest purchase agreement— (49,076)49,076 Other income (expense), net1,213 (2,824)4,037 Loss before provision for income taxes(86,912)(162,424)75,512 Provision for income taxes1,030 991 39 Net loss$(87,942)$(163,415)$75,473 

Product Sales, Net

Product sales, net was $336.4 million for the year ended December 31, 2024, compared to $178.9 million for the year ended December 31, 2023. The increase in product sales, net was a result of sales of the Bile Acid Medicines following the completion of the Bile Acid Portfolio Acquisition in August 2023 and our continued commercialization of Livmarli in the U.S. for the treatment of ALGS and PFIC, and in certain international markets directly or through partner market supply orders for the treatment of ALGS. 

The following table disaggregates total Product sales, net:

 Year Ended December 31, 20242023ChangeProduct sales, net:   Livmarli$213,295 $141,795 $71,500 Bile Acid Medicines123,114 37,079 86,035 Total product sales, net336,409 178,874 157,535 

License and Other Revenue

License