Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 382

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 382
---
 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. 

29

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:Livmarli$11,596 $20,187 $(8,591)Volixibat37,382 23,140 14,242 MRM-33796,957 — 6,957 Non product-specific costs:Stock-based compensation18,529 10,978 7,551 Personnel39,015 26,374 12,641 License fees (milestone payments)5,000 — 5,000 Other16,592 15,925 667 Total research and development expenses$135,071 $96,604 $38,467 

Research and development expenses were $135.1 million for the nine months ended September 30, 2025, an increase of $38.5 million compared to the nine months ended September 30, 2024. The increase was primarily due to:

•for volixibat programs, an increase of $14.2 million, primarily due to increased expenses associated with conduct of the PSC and PBC trials as well as manufacturing development expenses;

•for MRM-3379, an increase of $7.0 million, primarily due to planning for our Phase 2 study in FXS and clinical manufacturing expenses;

•for personnel related and stock-based compensation expenses, an increase of $20.2 million related primarily to increased employee headcount and related equity award grants to support our development pipeline; and

•for license fees, an increase of $5.0 million due to a development milestone payment associated with our Livmarli Phase 3 EXPAND label expansion study, partially offset by

•for Livmarli, a decrease of $8.6 million primarily due to completion of clinical trials including the biliary atresia, PFIC rollover study and a safety study, lower general clinical support costs