MIRM Stock — Mirum Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

We are a biopharmaceutical company dedicated to transforming the treatment of rare diseases. We have three approved medicines: LIVMARLI® (maralixibat) (“Livmarli”), CHOLBAM® (cholic acid) capsules (“Cholbam”), and CTEXLI® (chenodiol) tablets (“Ctexli”).

Source: 10-K FY2025 via SEC EDGAR

Share price

$94.05

Market cap

$6,139.9M

Cash

$500.5M

Enterprise value

$5,639.4M

Balance sheet

Cash	$500.5M
Debt	$0.0M
Net cash	$500.5M
Enterprise value	$5,639.4M
Basic shares	65.3M shares
Fully diluted shares	88.3M shares
Fully diluted market cap	$8,307.2M
Cash per share	$7.67
Quarterly burn	$44.3M
Cash runway	11.3 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

64.9M

Pre-funded warrants

0.5M

Options

11.1M

RSUs

0.0M

Warrants

0.0M

Converts

10.0M

Conv preferred

0.0M

ESPP reserve

1.8M

FDSO

88.3M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Brelovitug · Est. Nov 15, 2026 · quarter midpoint · guided Now

Recently reported

Brelovitug 300 mg Phase 3 Positive · 2026-11-10

AZURE-4 · AZURE-4 · AZURE-4 · chronic hepatitis d infection

Primary: Proportion of patients achieving a combined virologic response and ALT normalization at Week 24 in the 300 mg QW arm — 59% of patients receiving 300 mg QW and 44% receiving 900 mg Q4W achieving the combined endpoint of virologic response and ALT normalization, compared with 0% in the delayed-treatment arm (p≤0.0001 for both comparisons)

· Virologic response at Week 24: 95% in the 300 mg QW arm and 96% in the 900 mg Q4W arm

· AZURE-4 enrolled 113 treatment-naïve patients randomized 2:1:1, with 53% having cirrhosis, approximately half with baseline HDV RNA levels >6 log10 IU/mL, and mean baseline ALT of 122 U/L

· Brelovitug achieved 100% virologic response and 100% ALT normalization in patients with cirrhosis following up to 108 weeks of treatment, as presented at The Liver Meeting

· No patients in the delayed-treatment arms of the AZURE-1 or AZURE-4 Phase 3 studies achieved the primary endpoint

· U.S. FDA BLA submission expected in H1 2027, with a potential U.S. commercial launch in Q4 2027 if approved

Safety: Well tolerated across dose groups with no new safety signals; most common adverse event was flu-like illness, reported in 17.2% and 18.5% of participants receiving 300 mg QW and 900 mg Q4W, respectively; low rates of injection site reactions were reported in 1.7% and 7.4% of participants, respectively

Source release →

Maralixibat Phase 3 Positive · 2026-10-12

cholestatic liver disease (except algs, pfic, pbc and psc)

Source release →

Brelovitug 300 mg Phase 3 Positive · 2026-09-28

AZURE-1 · chronic hepatitis d infection

Source release →

Zilurgisertib Positive · 2026-09-25

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	Brelovitug Phase 3 AZURE-4 study in chronic hepatitis delta virus	Phase 3	chronic hepatitis delta virus	Q4 2026
Feb 12 - Mar 26 in 13 wks	Volixibat	Phase 2	Primary Biliary Cholangitis; PBC	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
GUIDEDEst. Apr 1, 2027 in 7 wks half midpoint	Volixibat Volixibat NDA in cholestatic pruritus due to PSC	Not disclosed	cholestatic pruritus due to PSC	H1 2027
Aug 11 - Sep 22 in 9 mo	Brelovitug 300 mg	Phase 3	Chronic Hepatitis D Infection	Q3 2026
Oct 12 - Nov 23 in 11 mo	Brelovitug (BJT-778)	Phase 3	Chronic Hepatitis D	Q3 2026
Nov 12 - Dec 24 in 12 mo	Low dose of MRM-3379	Phase 2	Fragile X Syndrome	—
Jun 12 - Jul 24 in 31 mo	Brelovitug 300 mg	Phase 3	Chronic Hepatitis D Infection	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

Maralixibat (LIVMARLI)

Approved · Active Modality: oral ileal bile acid transporter (IBAT) inhibitor

Target IBAT

Partnerships Shire/Takeda: exclusive worldwide royalty-bearing license (Livmarli, volixibat); Takeda: Japan license for Livmarli (ALGS, PFIC, BA); multiple distributor/license agreements in other territories

Indications

Cholestatic pruritus in Alagille syndrome (ALGS) (Stage not disclosed)
Cholestatic pruritus/PFIC in progressive familial intrahepatic cholestasis (Stage not disclosed)
Pruritus in other rare cholestatic settings (EXPAND) (Phase 3)

Catalysts

— Q4 2026

Status note Approved for ALGS and PFIC cholestatic pruritus in US and EU (also Canada, Japan). EXPAND Phase 3 exploring additional rare cholestatic settings.

Volixibat

Phase 2 · Active Modality: oral, minimally-absorbed IBAT inhibitor

Target IBAT

Partnerships Shire/Takeda: exclusive worldwide royalty-bearing license (milestones + tiered royalties)

Indications

Primary sclerosing cholangitis (VISTAS Phase 2b) (Phase 2)
Primary biliary cholangitis (VANTAGE Phase 2b) (Phase 2)
Chronic HDV infection (AZURE program) (Phase 3)

Catalysts

— H2 2026
— H2 2026
— H1 2028

Status note FDA Breakthrough Therapy and Orphan Drug designation for cholestatic pruritus in PBC. VISTAS Phase 2b in PSC completed enrollment Q3 2025 with topline expected Q2 2026.

Brelovitug

Phase 3 · Active Modality: fully human monoclonal antibody

Aliases BJT-778

Target hepatitis B surface antigen

Partnerships Bluejay Therapeutics: acquired January 23, 2026; Novartis: worldwide license (up to $4.0M development milestones, up to $27.0M commercial milestones, mid-single-digit royalties)

Indications

Chronic hepatitis delta virus infection (Phase 3)

Catalysts

— H2 2026
— H1 2028

Status note FDA Breakthrough Therapy designation; EMA PRIME scheme designation; European Commission orphan medicinal product designation. Global AZURE clinical program ongoing (AZURE-1 and AZURE-4 support US registration; AZURE-2 and AZURE-3 support EU registration).

MRM-3379

Phase 2 · Active Modality: oral, CNS-penetrant PDE4D inhibitor

Target PDE4D

Partnerships Enthorin Therapeutics / Dart Neuroscience: worldwide license (Oct 2024)

Indications

Fragile X syndrome (Phase 2)

Catalysts

— 2027

Status note BLOOM Phase 2 dose-ranging study currently enrolling.

Zilurgisertib

Stage not disclosed · Active

Target ALK2

Indications

Not disclosed (Stage not disclosed)

Status note Named as a clinical-stage product candidate in the development pipeline; no further details in the filing excerpts.

Cholbam (cholic acid)

Approved · Active Modality: oral capsule

Indications

Bile acid synthesis disorders; peroxisomal disorders (PBD-ZSD) (Stage not disclosed)

Status note Commercialized in the US through one specialty pharmacy.

Ctexli (chenodiol)

Approved · Active Modality: oral tablet

Indications

Cerebrotendinous xanthomatosis (CTX) (Stage not disclosed)

Status note Standard of care in the US for CTX; commercialized through one specialty pharmacy.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Livmarli Oral Product
Lead indication	Alagille Syndrome
Lead phase	Phase 4
Active trials	12
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06553768	Phase 3	Active, not recruiting	Sponsor	MIRM	—	Cholestatic Liver Disease (Except ALGS, PFIC, PBC and PSC)	Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT07200908	Phase 3	Recruiting	Sponsor	MIRM	—	Chronic Hepatitis D Infection	Q3 2026 Q4 2026 Est. Dec 31, 2026 · PCD + 6 wks (Dec 31-Dec 31)
NCT07454837	Phase 3	Recruiting	Sponsor	MIRM	—	Chronic Hepatitis D	Q3 2026 Q4 2026 Est. Dec 31, 2026 · PCD + 6 wks (Dec 31-Dec 31)
NCT06907290	Phase 3	Active, not recruiting	Sponsor	MIRM	—	Chronic Hepatitis D Infection	—
NCT07298330	Phase 3	Active, not recruiting	Sponsor	MIRM	—	Chronic Hepatitis D Infection	Q3 2026 Q4 2026 Est. Nov 15, 2026 · quarter midpoint
NCT05050136	Phase 2	Active, not recruiting	Sponsor	MIRM	—	Primary Biliary Cholangitis; PBC	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT07209462	Phase 2	Recruiting	Sponsor	MIRM	—	Fragile X Syndrome	—
NCT04663308	Phase 2	Active, not recruiting	Sponsor	MIRM	—	Primary Sclerosing Cholangitis	Q1 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT07712718	Phase 1	Recruiting	Sponsor	MIRM	—	Healthy Volunteers	—
NCT06193928	Not disclosed	Recruiting	Sponsor	MIRM	—	Alagille Syndrome; Progressive Familial Intrahepatic Cholestasis	—
NCT07290257	Not disclosed	Recruiting	Sponsor	MIRM	—	Alagille Syndrome; Progressive Familial Intrahepatic Cholestasis	—
NCT03115086	Not disclosed	Active, not recruiting	Sponsor	MIRM	—	Bile Acid Synthesis Disorders	—

Sponsor-matched active trials from ClinicalTrials.gov (12 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 15 active trials for Mirum Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Frazier Life Sciences	7,679,684	no change	19.58%	2026-08-14
Tang Capital Partners	1,236,027	no change	6.57%	2026-08-14
BVF Partners	1,056,027	-528,700	3.16%	2026-08-14
Baker Bros. Advisors	445,975	no change	0.26%	2026-08-14
RA Capital Management	318,554	no change	0.32%	2026-08-14
Perceptive Advisors	115,391	+115,391	0.21%	2026-08-14
Deerfield Management	6,027	-69,993,973	0.01%	2026-08-14
ADAR1 Capital Management	3,900	-2,300	0.02%	2026-08-14
Logos Global Management	0	-200,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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MIRM — Mirum Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

MIRM — Mirum Pharmaceuticals Inc.