Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 407

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 407
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 responsible for commercial supply to Takeda. In accordance with the agreements, in exchange for commercial inventory supply, the Company is eligible to receive a percentage of Takeda’s net sales, which range from high double digits declining to mid double digits over the first four years from commercial launch and thereafter remains at mid double digits. The Company records net product sales at the time control of the product is transferred, based on the estimated variable consideration. 

8. Leases

The Company has operating leases for office spaces in various locations, including its headquarters in Foster City, the lease for which was entered into in January 2024 and has a lease term of approximately five years. In March 2025, the Company entered into an operating lease agreement for office space at an international location. The lease commenced in the second quarter of 2025 and has a lease term of approximately five years.The following tables contain a summary of other information and the undiscounted future minimum payments pertaining to the Company’s operating leases that had commenced as of the end of the periods presented:September 30, 2025Weighted-average incremental borrowing rate7.4%Weighted-average remaining lease term (in years)4.0 yearsUndiscounted Rent Paymentsas of September 30, 2025  (in thousands)2025 (remaining three months)$658 20262,668 20272,733 20282,734 20291,948 Thereafter99 Total undiscounted lease payments10,840 Less: imputed interest(1,444)Total lease liability$9,396 Rent expense was $0.6 million and $1.8 million for the three and nine months ended September 30, 2025, respectively, and $0.6 million and $1.3 million for the three and nine months ended September 30, 2024, respectively. Variable lease payments for operating expenses for the three and nine months ended September 30, 2025 and 2024 were not material.

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9. Convertible Notes

Except as described below, the Company’s convertible notes are described in Note 10 of the “Notes to Consolidated Financial Statements” in the Annual Report.The convertible notes consisted of the following (in thousands): September 30, 2025December 31, 2024Principal amount$316,233 $316,250 Unamortized debt discount and issuance costs(6,865)(8,168)Net carrying amount$309