Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 410

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 410
---
$47.83  Exercised(2,151,412)$13.50  Canceled and forfeited(206,252)$32.99  Outstanding as of September 30, 2025 9,414,347$24.35 6.6$460,953 Vested and exercisable as of September 30, 2025 5,934,048$16.91 5.5$334,682  The weighted-average grant date fair value per share of stock options granted during the nine months ended September 30, 2025 and 2024 was $31.86 and $19.38 per share, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2025 and 2024 was $94.1 million and $14.3 million, respectively. Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. As of September 30, 2025, the total unrecognized stock-based compensation related to unvested stock option awards granted was $76.5 million, which the Company expects to recognize over a weighted-average period of approximately 2.8 years. The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the expected stock price volatility was based upon the weighting of the Company’s historical volatility and the historical volatility of a peer group of publicly traded companies. The historical volatility data was computed using the daily closing prices for the Company’s and its 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.

19

The following assumptions were used to estimate the fair