Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 367

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 367
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 peer companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

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The following assumptions were used to estimate the fair value of stock option awards granted during the following periods:  Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024Expected term (in years)6.08-6.086.08-6.085.50-6.085.50-6.08Expected volatility68.98%-69.30%73.10%-76.30%68.98%-71.31%72.34%-80.36%Risk-free interest rate3.69%-4.03%3.48%-4.24%3.69%-4.65%3.48%-4.62%Expected dividend yield————Restricted Stock UnitsThe following table summarizes the activity under the Company’s restricted stock units for the nine months ended September 30, 2025: Number ofAwardsWeighted-Average Grant DateFair Value per AwardUnvested and outstanding as of December 31, 2024 1,392,562$26.63 Granted727,086$47.76 Vested(616,708)$24.82 Cancelled/Forfeited(87,778)$35.22 Unvested and outstanding as of September 30, 2025 1,415,162$37.74 The fair value of restricted stock unit awards granted to employees and nonemployees is equal to the closing market price of the Company’s common stock on the grant date.As of September 30, 2025, the total unrecognized stock-based compensation related to restricted stock unit awards granted was $39.0 million, which the Company expects to recognize over a weighted-average period of approximately 2.0 years.Performance Stock UnitsThe fair value of performance stock units (“PSUs”) granted to employees is equal to the closing market price of the Company’s common stock on