Company: MIRM
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001759425-25-000041
Chunk: 359

Company: Mirum Pharmaceuticals, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 359
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 approximately 2.9 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-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

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The following assumptions were used to estimate the fair value of stock option awards granted during the following periods:  Three Months Ended June 30,Six Months Ended June 30, 2025202420252024Expected term (in years)5.50-6.085.50-6.085.50-6.085.50-6.08Expected volatility69.68%-70.37%72.34%-77.03%69.68%-71.31%72.34%-80.36%Risk-free interest rate4.05%-4.18%4.31%-4.62%4.05%-4.65%3.82%-4.62%Expected dividend yield————Restricted Stock UnitsThe following table summarizes the activity under the Company’s restricted stock units for the six months ended June 30, 2025: Number ofAwardsWeighted-Average Grant DateFair Value per AwardUnvested and outstanding as of December 31, 2024 1,392,562$26.63 Granted693,226$47.25 Vested(503,916)$23.64 Cancelled/Forfeited(43,686)$32.10 Unvested and outstanding as of June 30, 2025 1,538,186$36.75 The fair value of restricted stock unit