Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 552

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 2
Chunk 552
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010 90,377 42,633 Operating expenses:Cost of sales25,537 20,806 4,731 Research and development42,960 31,710 11,250 Selling, general and administrative61,910 50,545 11,365 Total operating expenses130,407 103,061 27,346 Income (loss) from operations2,603 (12,684)15,287 Other income (expense):Interest income3,251 3,469 (218)Interest expense(3,606)(3,586)(20)Other income (expense), net395 (1,087)1,482 Net income (loss) before provision for income taxes2,643 (13,888)16,531 (Benefit from) provision for income taxes(262)347 (609)Net income (loss)$2,905 $(14,235)$17,140 

Product Sales, Net

Product sales, net was $133.0 million for the three months ended September 30, 2025, compared to $90.3 million for the three months ended September 30, 2024. The increase in product sales, net was a result of our continued commercialization of Livmarli in the U.S. for the treatment of ALGS and PFIC, and in certain international markets directly or through distributor and partner orders and from our sales of the Bile Acid Medicines. 

The following table disaggregates total Product sales, net (in thousands):

 Three Months Ended September 30, 20252024ChangeProduct sales, net:  Livmarli$92,235 $59,126 $33,109 Bile Acid Medicines40,775 31,176 9,599 Total product sales, net$133,010 $90,302 $42,708 

Cost of Sales

For the three months ended September 30, 2025, cost of sales was $25.5 million, compared to $20.8 million for the three months ended September 30, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $3.9 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements, $1.0 million PDUFA fees primarily associated with the approval of our solid dose formulation in Livmarli and $0.