Logo

MIRM

Mirum Pharmaceuticals, Inc.

MIRM

Mirum Pharmaceuticals, Inc. • NASDAQ
$73.05 ▼ -0.11% (-0.08)
Market Cap $3.61 B
52w High $78.55
52w Low $36.88
Dividend Yield 0%
P/E -86.96
Volume 89.27K
Outstanding Shares 49.36M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $133.01M ▲ $104.87M ▼ $2.905M ▲ 2.184% ▲ $0.057 ▲ $9.06M ▲
Q2-2025 $127.785M ▲ $109.353M ▲ $-5.861M ▲ -4.587% ▲ $-0.12 ▲ $4.186M ▲
Q1-2025 $111.585M ▲ $103.75M ▲ $-14.677M ▲ -13.153% ▲ $-0.3 ▲ $-4M ▲
Q4-2024 $99.414M ▲ $100.856M ▲ $-23.79M ▼ -23.93% ▼ $-0.49 ▼ $-14.731M ▼
Q3-2024 $90.377M $82.255M $-14.235M -15.751% $-0.3 $-4.247M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $375.548M ▲ $785.115M ▲ $493.069M ▲ $292.046M ▲
Q2-2025 $304.552M ▲ $725.825M ▲ $470.667M ▲ $255.158M ▲
Q1-2025 $277.674M ▼ $690.245M ▲ $456.989M ▲ $233.256M ▲
Q4-2024 $280.315M ▼ $670.754M ▲ $445.114M ▲ $225.64M ▼
Q3-2024 $284.445M $667.893M $435.869M $232.024M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.905M ▲ $39.681M ▲ $-2.227M ▲ $16.096M ▲ $53.899M ▲ $39.494M ▲
Q2-2025 $-5.861M ▲ $12.04M ▲ $-6.599M ▲ $8.688M ▲ $16.355M ▲ $11.914M ▲
Q1-2025 $-14.677M ▲ $-1.961M ▲ $-16.134M ▼ $6.359M ▲ $-10.681M ▼ $-2.002M ▲
Q4-2024 $-23.79M ▼ $-5.068M ▼ $641K ▲ $5.34M ▲ $-466K ▲ $-5.088M ▲
Q3-2024 $-14.235M $3.984M $-18.036M $3.863M $-10.101M $-6.197M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $180.00M ▲$110.00M ▼$130.00M ▲$130.00M ▲
License and Other Revenue
License and Other Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily from essentially nothing a few years ago to a meaningful level today, showing that Mirum is clearly making the jump from a pure R&D biotech to a commercial-stage company. The products it has on the market are generating strong margins after production costs, which is a good sign for the economic quality of the business model. That said, the company still spends heavily on R&D and commercialization, so operating results and net income remain negative, although losses have been narrowing over time. Earnings per share are still in the red, but the direction of travel is toward smaller losses, which is typical for a young biotech that is scaling up sales while continuing to fund a pipeline.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown its asset base significantly as it has added products and expanded operations. Cash levels were built up and then drawn down somewhat, suggesting investment in growth and possibly some burn, but there is still a meaningful cash cushion. Debt has become a noticeable part of the capital structure in the last couple of years, introducing leverage where there was none before. Shareholders’ equity has moved from negative to solidly positive, which reflects both capital raises and reduced accumulated losses. Overall, the balance sheet looks stronger than in the early years, but the presence of debt and continued losses means financial flexibility still needs to be watched closely.

Cash Flow

Cash Flow Cash flow has improved from consistently and meaningfully negative to close to breakeven on both operating and free cash flow. This indicates that Mirum’s commercial engine is beginning to support more of its ongoing spending, even as it continues to invest in development and launches. Capital spending is modest, so cash usage is driven mainly by R&D, commercial build-out, and working capital rather than large physical assets. The trajectory is encouraging, but the company is not yet clearly self-funding; future clinical and commercial decisions, as well as how quickly revenues grow, will determine whether it needs additional external capital over time.

Competitive Edge

Competitive Edge Mirum operates in a focused niche: rare liver and bile acid–related diseases, where it already has multiple approved therapies. Its lead product, LIVMARLI, benefits from being first in its indication, backed by strong clinical data and orphan drug protections, which together create a meaningful competitive moat. The company has also assembled a portfolio of bile acid–related products that reinforce its specialist reputation with physicians and patient groups. Competition does exist, particularly from another IBAT inhibitor, and the markets are relatively small and specialized, so execution and ongoing label expansion are critical. Still, Mirum’s early entry, regulatory exclusivities, intellectual property, and dedicated commercial infrastructure give it a defensible and differentiated position in its chosen niche.

Innovation and R&D

Innovation and R&D R&D is tightly focused on mechanisms the company knows well, especially bile acid modulation via IBAT inhibition, with LIVMARLI and volixibat as core assets. This focus allows Mirum to reuse know-how, trial designs, and commercial relationships across several related diseases, which can improve efficiency. At the same time, it is branching into a new area with a PDE4D inhibitor for Fragile X syndrome, which offers upside but carries higher scientific and development risk. The pipeline has clear, visible catalysts: label expansions for LIVMARLI and key trial readouts for volixibat in adult liver diseases that are larger markets than the current pediatric conditions. As with any biotech, these programs carry binary regulatory and clinical risk, but the company’s track record in its main domain suggests it can execute complex rare-disease development plans.

Summary

Mirum looks like a biotech in transition: moving from a research-heavy story toward a more balanced profile with real, growing commercial revenues. Financially, it is still loss-making but trending toward smaller losses and better cash flow, supported by high-margin specialty drugs. The balance sheet has improved from earlier years, though the introduction of debt and ongoing investment needs add some financial risk that depends on how quickly sales and pipeline milestones materialize. Competitively, Mirum holds a strong position in a narrow but meaningful segment of rare liver and bile acid diseases, underpinned by first-in-class assets, regulatory protections, and a focused commercial footprint. Future value will largely hinge on successful label expansions for existing products and pivotal data for pipeline candidates like volixibat, balanced against the typical clinical, regulatory, and reimbursement uncertainties that come with rare-disease drug development.

NEWS

November 25, 2025 · 4:02 PM UTC

Mirum Pharmaceuticals to Participate in Upcoming Investor Conferences

Read more

November 10, 2025 · 8:00 PM UTC

Mirum Pharmaceuticals Reports Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Read more

November 7, 2025 · 8:10 AM UTC

Mirum Pharmaceuticals Showcases Leadership in Liver Disease Innovation With Data From LIVMARLI® and Volixibat Clinical Programs at AASLD's The Liver Meeting®

Read more

November 4, 2025 · 4:01 PM UTC

Mirum Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Business Update

Read more

November 3, 2025 · 4:05 PM UTC

Mirum Pharmaceuticals to Participate in Upcoming Investor Conferences

Read more