Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 352

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 352
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 time control of the product is transferred, based on the estimated variable consideration. The transaction price, which may include fixed or variable consideration may be subject to constraint and is included in the product sales price only to the extent that it is probable that a significant reversal of the amount of the cumulative revenue recognized will not occur in a future period. The Company recognizes its best estimate of the consideration expected to be received when control of the inventory is transferred. Such estimates may be complex and include estimates as to if and when the distributors and licensed partner’s sales in the market will occur. Estimates are reviewed and updated as additional information, including in-market sales information of our authorized distributors and licensed partners, becomes known. Actual amounts may ultimately differ from the Company’s estimates. If actual results vary, the Company adjusts these estimates, which could have an effect on earnings in the period of adjustment. The Company is entitled to payment in connection with the supply of product under standard industry payment terms. Actual consideration amounts are determined and settled generally quarterly or annually. If the consideration received or receivable exceeds the Company’s estimates of product sales, the Company recognizes a liability. If the estimated product sales exceed the payment received or receivable, the Company records a receivable or contract asset related to the amounts not yet collected, depending on the circumstances. As of September 30, 2025, the Company did not have any contract assets and recorded a liability of $3.6 million related to consideration received in excess of the Company’s estimated net product sales.Liabilities associated with sales deductions are included in accrued expenses and other current liabilities or in other liabilities on the accompanying unaudited condensed consolidated balance sheets depending on contractual settlement timelines.The following table represents total revenues and disaggregates Product sales, net by approved medicine (in thousands): Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024Product sales, net:  Livmarli$92,235 $59,126 $253,619 $149,202 Bile Acid Medicines40,775 31,176 118,761 87,777 Total product sales, net133,010 90,302 372,380 236,979 License and other revenue— 75 — 495 Total revenues$133,010 $90,377 $372,380 $237,474 The following table sets forth Product sales, net by geographic area based on the ship-to location (in thousands): Three