Company: MIRM
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001759425-25-000054
Chunk: 368

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 368
---
 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 September 30, 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 under the Company’s performance 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 284,955$25.15 Granted217,547$40.18 Vested(147,675)$23.92 Cancelled/Forfeited(1,084)$25.39 Unvested and outstanding as of September 30, 2025 353,743$34.91 As of September 30, 2025, the total unrecognized stock compensation related to performance stock units granted was $11.9 million, which the Company expects to recognize over a weighted-average period of approximately 1.6 years.

20

Compensation ExpenseTotal stock-based compensation is reflected in the accompanying unaudited condensed consolidated statements of operations as follows (in thousands):  Three Months Ended September 30,Nine Months Ended September 30, 2025202420252024Selling, general and administrative$12,122 $8,018 $32,971 $23,578 Research and development5,676 3,571 18,529 10,978 Cost of sales329 319 898 637 Total$18,127 $11,908 $52,398 $35,193 Stock-based compensation capitalized into inventory was $0.2 million for each of the three months ended September 30, 2025 and 2024, and $0.5 million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

12. Segment Reporting

The Company’s chief operating decision maker (“CODM”), the Chief Executive Officer, manages the Company’s operations and business as one operating segment and allocates resources to operations of the Company on an entity