Company: MIRM
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001759425-25-000032
Chunk: 392

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 8
Chunk 392
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 ended March 31, 2025 (in thousands, except share and per share data):  Number ofAwards Weighted-AverageExercisePriceWeighted-AverageRemainingContractualLife(in Years)AggregateIntrinsicValueOutstanding as of December 31, 2024 10,031,486$18.12 6.5$233,161 Granted1,416,911$47.76  Exercised(555,867)$11.44  Canceled and forfeited(55,494)$23.93  Outstanding as of March 31, 2025 10,837,036$22.31 6.8$250,484 Vested and exercisable as of March 31, 2025 6,772,788$15.46 5.5$200,429  The weighted-average grant date fair value per share of stock options granted during the three months ended March 31, 2025 and 2024 was $31.97 and $19.01 per share, respectively. The total intrinsic value of options exercised during the three months ended March 31, 2025 and 2024 was $20.0 million and $0.7 million, respectively. Intrinsic value is calculated as the difference between the exercise price of the underlying options and the fair value of the common stock for the options that had exercise prices that were lower than the per share fair value of the common stock on the date of exercise. As of March 31, 2025, the total unrecognized stock-based compensation related to unvested stock option awards granted was $88.9 million, which the Company expects to recognize over a weighted-average period of approximately 3.1 years. The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the expected stock price volatility was based upon the weighting of the Company’s historical volatility and the historical volatility of a peer group of publicly traded companies. The historical volatility data was computed using the daily closing prices for the Company’s and its peer companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk