MIRMMEDIUM SIGNALFINANCIAL10-K

Mirum significantly improved its operating performance with substantially reduced losses while maintaining strong balance sheet growth across key metrics.

The company's operating losses narrowed meaningfully year-over-year, suggesting improved operational efficiency or revenue growth in their rare disease therapeutics portfolio. The concurrent growth in accounts receivable and current assets indicates expanding commercial activity, likely driven by increased sales of their three approved medicines including LIVMARLI.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Mirum demonstrated strong financial progress with operating losses and net losses both narrowing substantially while SG&A expenses grew modestly by 27%. The balance sheet strengthened across multiple dimensions, with current assets expanding 40%, cash increasing by one-third to $297M, and stockholders' equity growing 40% to $315M. The 58% increase in accounts receivable alongside higher current liabilities suggests accelerating commercial momentum, positioning the company well for continued growth in the rare disease market.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+74.7%
-$87.6M→-$22.1M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+73.4%
-$87.9M→-$23.4M

Net income grew 73.4% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
+62.6%
$126.6M→$205.8M

Current liabilities surged 62.6% — significant near-term obligations; verify ability to meet short-term debt.

Accounts Receivable
Balance Sheet
+57.5%
$78.3M→$123.3M

Receivables surged 57.5% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Assets
Balance Sheet
+39.9%
$392.8M→$549.7M

Current assets grew 39.9% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+39.5%
$225.6M→$314.7M

Equity base grew 39.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Cash & Equivalents
Balance Sheet
+33.3%
$222.5M→$296.7M

Cash position surged 33.3% — strong cash generation or capital raise providing significant financial cushion.

SG&A Expense
P&L
+27.1%
$202.2M→$257.0M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Assets
Balance Sheet
+25.7%
$670.8M→$842.8M

Asset base grew 25.7% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+18.6%
$445.1M→$528.1M

Liabilities increased 18.6% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
into our business and to successfully develop brelovitug; and the accuracy of our estimates regarding expenses, capital requirements and needs for additional financing.
We may need substantial additional financing to continue our commercialization efforts for our approved medicines, develop our product candidates, license or acquire new product candidates and approved medicines, and implement our operating plans.
We have three approved medicines: LIVMARLI (maralixibat) ( Livmarli ), CHOLBAM (cholic acid) capsules ( Cholbam ), and CTEXLI (chenodiol) tablets ( Ctexli ).
), the European Union ( EU ) and various other countries around the world and for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis ( PFIC ) in the U.S., Canada and Japan and for the treatment of PFIC in the EU.
We market and commercialize Livmarli in the U.S., Canada and certain countries in Europe through our specialized and focused commercial team.
In August 2023, we completed the acquisition of assets of Travere Therapeutics, Inc.
Chenodiol is standard of care for the treatment of cerebrotendinous xanthomatosis ( CTX ) in the U.S.
with a medical necessity recognition by the FDA and was commercialized under the brand name Chenodal.
We submitted a New Drug Application ( NDA ) for chenodiol for the treatment of CTX in 2024 and received FDA approval for the treatment of adults with CTX in February 2025.
We currently market and commercialize Cholbam and Ctexli in the U.S.
REMOVED
We may need substantial additional financing to continue our commercialization efforts for our approved medicines, develop our product candidates and implement our operating plans.
We have three approved medicines: LIVMARLI (maralixibat) oral solution ( Livmarli ), CHOLBAM (cholic acid) capsules ( Cholbam ), and CHENODAL or CTEXLI (chenodiol) tablets ( Chenodal or Ctexli ).
) and various other countries around the world and for cholestatic pruritus in patients with progressive familial intrahepatic cholestasis ( PFIC ) in the U.S and for the treatment of PFIC in the European Union ( EU ).
We market and commercialize Livmarli in the United States, Canada and certain countries in Europe through our specialized and focused commercial team.
On August 31, 2023, we completed the acquisition of assets of Travere Therapeutics, Inc.
Chenodiol is standard of care for the treatment of cerebrotendinous xanthomatosis ( CTX ) in the United Sates with a medical necessity recognition by the FDA.
Chenodiol is currently commercialized under the brand name Chenodal.
We submitted an NDA for chenodiol for the treatment of CTX in 2024 and received FDA approval for the treatment of adults with CTX in February 2025, which will be commercialized under the brand name Ctexli.
We currently commercialize Chenodal and Cholbam, and plan to commercialize Ctexli, in the United States through our specialized and focused commercial team.
We expect to complete enrollment of our VISTAS Phase 2b clinical trial in PSC in the second half of 2025 and of our VANTAGE Phase 2b clinical trial in PBC in 2026.
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