Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 371

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 371
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 orders and from our sales of the Bile Acid Medicines. The three months ended June 30, 2025 additionally includes approximately $11.0 million change in estimate from prior quarter revenue estimates on distributor and partner channel inventory as a result of regulatory price approval on that inventory.

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

 Three Months Ended June 30, 20252024ChangeProduct sales, net:  Livmarli$88,160 $47,231 $40,929 Bile Acid Medicines39,625 30,529 9,096 Total product sales, net$127,785 $77,760 $50,025 

Cost of Sales

For the three months ended June 30, 2025, cost of sales was $23.4 million, compared to $20.2 million for the three months ended June 30, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $3.8 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements and a $2.6 million increase primarily associated with general commercial supply chain support costs and PDUFA fees associated with the approval of our solid dose formulation in Livmarli. These increases were partially offset by lower product cost of sales of $2.2 million primarily related to the Bile Acid Medicines as we substantially completed the sale of acquired inventory in prior periods 

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which had been recorded at fair value, and lower API purchase commitment and excess and obsolete charges of $1.3 million. 

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 June 30,Change20252024Product-specific costs:Livmarli$3,321 $7,575 $(4,254)Volixibat12,550 7,842 4,708 MRM-33792,739 — 2,739 Non product-specific costs:Stock-based compensation7,624 3,546 4,078 Personnel14,604 8,460 6,144 Other5,229 5,249 (20)Total research and development expenses$46,067 $32,672 $13,395 

Research and development expenses were $46.1 million for the