Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 374

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 374
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 net sales of Livmarli and the Bile Acid Medicines under licensing agreements, a $1.3 million increase primarily associated with increased PDUFA fees associated with the approval of our solid dose formulation in Livmarli and higher commercial supply chain costs of $2.1 million. These increases were partially offset by lower product cost of sales of $4.0 million primarily related to the Bile Acid Medicines, as we substantially completed the sale of acquired inventory in prior periods which had been recorded at fair value. 

28

Research and Development Expenses

The following table summarizes the period-over-period changes in research and development expenses relating to our product candidates in development for the periods indicated (in thousands):

Six Months Ended June 30,Change20252024Product-specific costs:Livmarli$8,563 $14,020 $(5,457)Volixibat24,656 14,870 9,786 MRM-33793,448 — 3,448 Non product-specific costs:Stock-based compensation12,853 7,407 5,446 Personnel25,988 17,614 8,374 License fees (milestone payments)5,000 — 5,000 Other11,603 10,983 620 Total research and development expenses$92,111 $64,894 $27,217 

Research and development expenses were $92.1 million for the six months ended June 30, 2025, an increase of $27.2 million compared to the six months ended June 30, 2024. The increase was primarily due to:

•for volixibat programs, an increase of $9.8 million, primarily due to increased expenses associated with conduct of the PSC and PBC trials as well as manufacturing development expenses;

•for MRM-3379, an increase of $3.4 million, primarily due to planning for our Phase 2 study in Fragile X Syndrome and clinical manufacturing expenses;

•for personnel related and stock-based compensation expenses, an increase of $13.8 million related primarily to increased employee headcount and related equity award grants to support our development pipeline; and

•for license fees, an increase of $5.0 million due to a development milestone payment associated with our EXPAND study, partially offset by

•for Livmarli, a decrease of $5.5 million primarily due to completion of clinical trials including the biliary atres