Mirum Pharmaceuticals, Inc.

For the period ended Dec 31, 2025. Filed Feb 25, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 25, 2026

MIRM$94.42+1.3%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows

(In thousands)

	Year Ended December 31,
	2025	2024	2023
Operating activities
Net loss	$(23,363)	$(87,942)	$(163,415)
Reconciliation of net loss to net cash provided by operating activities:
Stock-based compensation	71,424	48,444	35,023
Depreciation and amortization	24,244	23,629	10,829
Inventory reserves and firm commitment losses	2,889	2,614	9,257
Amortization of debt discount and offering costs	1,739	1,661	1,117
Loss from termination of revenue interest purchase agreement	—	—	49,076
Non-cash interest expense related to the revenue interest liability	—	—	5,060
Unrealized foreign exchange (gain) loss	(1,720)	(1,231)	1,764
Non-cash lease expense	1,730	1,354	620
Other	(1,401)	(795)	(1,054)
Change in operating assets and liabilities:
Accounts receivable	(48,055)	(11,426)	(43,974)
Prepaid and other current assets	(5,756)	(849)	(3,600)
Inventory	(8,448)	(3,166)	(974)
Other assets	(5,663)	(1,498)	(511)
Accounts payable, accrued expenses and other liabilities	50,103	40,312	30,778
Operating lease liabilities	(1,896)	(782)	(940)
Net cash provided by (used in) operating activities	55,827	10,325	(70,944)
Investing activities
Purchase of investments	(97,425)	(89,026)	(27,329)
Proceeds from maturities of investments	74,425	19,894	153,000
Purchase of property and equipment	(954)	(993)	(109)
Cash paid for acquisition	—	—	(212,762)
Payments made for additions to intangible assets	—	(20,000)	(20,000)
Net cash used in investing activities	(23,954)	(90,125)	(107,200)
Financing activities
Proceeds from issuance of common stock in private placement, net of issuance costs	—	—	202,204
Proceeds from issuance of common stock in at-the-market offerings, net of issuance costs	—	—	14,480
Proceeds from issuance of convertible notes, net	—	—	305,304
Proceeds from issuance of common stock pursuant to equity plans	40,142	17,699	10,470
Payments of deferred offering costs	—	—	(281)
Payments on revenue interest liability	—	—	(195,577)
Net cash provided by financing activities	40,142	17,699	336,600
Effect of exchange rate on cash, cash equivalents and restricted cash	3,222	(1,297)	(133)
Net increase (decrease) in cash, cash equivalents and restricted cash	75,237	(63,398)	158,323
Cash, cash equivalents and restricted cash at beginning of period	222,928	286,326	128,003
Cash, cash equivalents and restricted cash at end of period	$298,165	$222,928	$286,326
Supplemental disclosure of cash flow information:
Operating cash flows paid for operating lease	$2,590	$1,274	$1,079
Cash paid for interest	$12,650	$12,650	$6,817
Cash paid for income taxes	$2,157	$1,004	$125
Non-cash operating, investing and financing activities:
Accrued milestone payments classified as intangible assets, net	$35,000	$—	$—
Right-of-use assets obtained in exchange for lease liabilities	$2,444	$9,633	$473
Decrease in ROU assets and lease liabilities due to lease modification	$649	$723	$—
Stock-based compensation capitalized to inventory	$688	$1,122	$822
Conversion of convertible notes, net into shares of common stock	$24	$—	$—
Issuance of common stock in connection with settlement of Contingent Milestone and Indemnification Holdback liabilities	$—	$—	$5,188

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