Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 393

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 393
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-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 March 31, 20252024Expected term (in years)6.086.08Expected volatility70.70%-71.31%78.21%-80.36%Risk-free interest rate4.05%-4.65%3.82%-4.16%Expected dividend yield——Restricted Stock UnitsThe following table summarizes the activity under the Company’s restricted stock units for the three months ended March 31, 2025: Number ofAwardsWeighted-Average Grant DateFair Value per AwardUnvested and outstanding as of December 31, 2024 1,392,562$26.63 Granted557,255$47.69 Vested(409,397)$23.17 Cancelled/Forfeited(18,291)$27.10 Unvested and outstanding as of March 31, 2025 1,522,129$35.27 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 March 31, 2025, the total unrecognized stock-based compensation related to restricted stock unit awards granted was $45.9 million, which the Company expects to recognize over a weighted-average period of approximately 2.4 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 the grant date. PSUs are subject to vest only if certain specified sales-based criteria are achieved and the employees’ continued service with the Company. As of March 31, 2025, certain specified sales-based criteria were deemed probable of achievement or already achieved. Stock-based compensation for PSUs is recognized over the service period beginning in the period the Company determines it is probable that the performance criteria will be achieved. PSUs generally vest over a three-year service period. The number of shares earned is adjusted based on the specified sales-based criteria achievement. The following table summarizes the activity