Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 541

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 2
Chunk 541
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Other income (expense):Interest income3,033 3,486 (453)Interest expense(3,589)(3,569)(20)Other income, net86 312 (226)Net loss before provision for income taxes(5,459)(24,003)18,544 Provision for income taxes402 635 (233)Net loss$(5,861)$(24,638)$18,777 

Product Sales, Net

Product sales, net was $127.8 million for the three months ended June 30, 2025, compared to $77.8 million for the three months ended June 30, 2024. The increase in product sales, net was a result of our continued commercialization of Livmarli in the U.S. for the treatment of ALGS and PFIC, and in certain international markets directly or through distributor and partner orders and from our sales of the Bile Acid Medicines. The three months ended June 30, 2025 additionally includes approximately $11.0 million change in estimate from prior quarter revenue estimates on distributor and partner channel inventory as a result of regulatory price approval on that inventory.

The following table disaggregates total Product sales, net (in thousands):

 Three Months Ended June 30, 20252024ChangeProduct sales, net:  Livmarli$88,160 $47,231 $40,929 Bile Acid Medicines39,625 30,529 9,096 Total product sales, net$127,785 $77,760 $50,025 

Cost of Sales

For the three months ended June 30, 2025, cost of sales was $23.4 million, compared to $20.2 million for the three months ended June 30, 2024. The increase in cost of sales was primarily a result of increases in royalty expense of $3.8 million on net sales of Livmarli and the Bile Acid Medicines under licensing agreements and a $2.6 million increase primarily associated with general commercial supply chain support costs and PDUFA fees associated with the approval of our solid dose formulation in Livmarli. These increases were partially offset by lower product cost of sales of $2.2 million primarily related to the Bile Acid Medicines as we substantially completed the sale of acquired inventory in prior periods 

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which had been recorded at fair value, and lower API purchase commitment and excess and obsolete charges