Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 526

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 526
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, we adjust these estimates, which could have an effect on earnings in the period of adjustment.

We are obligated to pay rebates for mandated discounts under the Medicaid Drug Rebate Program and other foreign government programs. Our rebate calculations may require estimates based upon our actual historical experience, customer and payor mix and revenue projections. We update estimates and assumptions on a quarterly basis and record any necessary adjustments to revenue in the period identified. Estimated rebates are recorded as a reduction of revenue in the period the related sale is recognized. To date, actual government rebates have not differed materially from our estimates.

Recent Accounting Pronouncements

A description of recent accounting pronouncements that may potentially impact our financial position, results of operations or cash flows is disclosed in Note 2 to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.

25

Results of Operations for the Three Months Ended March 31, 2025 and 2024

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024 (in thousands): 

 Three Months Ended March 31,Change  20252024Revenue:Product sales, net$111,585 $68,917 $42,668 License and other revenue— 305 (305)Total revenue111,585 69,222 42,363 Operating expenses:Cost of sales23,018 17,830 5,188 Research and development46,044 32,222 13,822 Selling, general and administrative57,706 45,638 12,068 Total operating expenses126,768 95,690 31,078 Loss from operations(15,183)(26,468)11,285 Other income (expense):Interest income3,023 3,633 (610)Interest expense(3,596)(3,577)(19)Other income, net2,108 1,757 351 Net loss before provision for income taxes(13,648)(24,655)11,007 Provision for income taxes1,029 624 405 Net loss$(14,677)$(25,279)$10,602 

Product Sales, Net

Product sales, net was $111.6 million for the three months ended March 31, 2025, compared to $68.9 million for the three months ended March 31, 2024. The increase in product