Mirum Pharmaceuticals, Inc.
MIRM · Pharmaceutical Preparations · 61.0M shares · +10%/yr ↑ shares · EDGAR filings ↗
Reference price $101.95 · est. market cap ~$6.2B — last insider sale, 2026-06-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B71Diversified commercial rare-disease company ($521M revenue, three approved drugs) growing fast with positive FCF and multiple positive pivotal readouts.
Strengths
- Revenue +55% (76th pct), positive FCF $55M (87th), ROA near breakeven (83rd pct)
- Positive Phase 3 MARCH-PFIC (p=0.006) and CTX (p<0.0001) plus a deepening pipeline (volixibat, brelovitug)
Risks
- Still a small net loss (net margin -4.5%) and net income growth -0.73 (12th pct)
- Acquisitive strategy (Travere, Bluejay) adds integration and milestone-payment risk; biliary atresia and NASH trials failed
Notable findings
- High convictionHigh conviction — notable institutional holders, insider buying, and a strong balance sheet
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -4.5%)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$9M, last 6mo) Form 4 ↗
- Strong balance sheetStrong balance sheet — $391M cash & investments
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Insider sellingInsider selling — 34 open-market sale(s) by 6 insider(s) (cluster of 6 insiders, ~$16M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Primary Sclerosing Cholangitis
- AccumulatingInstitutional holders rose 9→10 QoQ (2025-12-31→2026-03-31)
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-4.2%
Net margin
-4.5%
Return on equity
-7.4%
Return on assets
-2.8%
Revenue growth (QoQ)
7.4%
Current ratio
2.7×
Free cash flow
$55M
EBITDA
$2M
Tangible book value
$54M
Cash & investments
$391M
Stock comp / revenue
13.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Howe Jolanda | Sell | 2.6K | $101.95 |
| 2026-06-09 | BJERKHOLT ERIC | Option exercise | 2.4K | $26.49 |
| 2026-06-08 | BJERKHOLT ERIC | Sell | 2.3K | $92.84 |
| 2026-06-08 | BJERKHOLT ERIC | Sell | 1.2K | $93.95 |
| 2026-06-08 | BJERKHOLT ERIC | Sell | 1.6K | $95.12 |
| 2026-06-05 | Radovich Peter | Option exercise | 17K | $19.19 |
| 2026-06-01 | Peetz Christopher | Sell | 17K | $95.34 |
| 2026-06-01 | Peetz Christopher | Option exercise | 30K | $2.94 |
| 2026-06-01 | Peetz Christopher | Sell | 2.6K | $94.64 |
| 2026-06-01 | Peetz Christopher | Sell | 2.0K | $97.56 |
| 2026-06-01 | Peetz Christopher | Sell | 1.0K | $98.20 |
| 2026-06-01 | Peetz Christopher | Sell | 883 | $99.66 |
| 2026-06-01 | Ramasastry Saira | Sell | 4.0K | $100.00 |
| 2026-06-01 | Peetz Christopher | Sell | 6.9K | $96.15 |
| 2026-05-29 | Cardon Lon | Option exercise | 4.0K | — |
| 2026-05-29 | Fischer Laurent | Option exercise | 4.0K | — |
| 2026-05-29 | Ramasastry Saira | Option exercise | 4.0K | — |
| 2026-05-29 | Walbert Timothy P | Option exercise | 4.0K | — |
| 2026-05-15 | Ramasastry Saira | Sell | 2.0K | $109.47 |
| 2026-05-15 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2026-04-15 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2026-04-15 | Ramasastry Saira | Sell | 2.0K | $96.90 |
| 2026-03-16 | Radovich Peter | Sell | 17K | $91.98 |
| 2026-03-16 | Howe Jolanda | Sell | 4.7K | $91.98 |
| 2026-03-16 | Quan Joanne | Sell | 7.3K | $91.98 |
| 2026-03-16 | Peetz Christopher | Sell | 41K | $91.98 |
| 2026-03-16 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2026-03-16 | Ramasastry Saira | Sell | 2.0K | $90.76 |
| 2026-03-16 | BJERKHOLT ERIC | Sell | 7.3K | $91.98 |
| 2026-03-15 | Howe Jolanda | Option exercise | 2.7K | — |
| 2026-03-15 | Peetz Christopher | Option exercise | 25K | — |
| 2026-03-15 | Peetz Christopher | Option exercise | 50K | — |
| 2026-03-15 | Howe Jolanda | Option exercise | 6.0K | — |
| 2026-03-15 | Radovich Peter | Option exercise | 23K | — |
| 2026-03-15 | Quan Joanne | Option exercise | 13K | — |
| 2026-03-15 | BJERKHOLT ERIC | Option exercise | 13K | — |
| 2026-03-15 | Radovich Peter | Option exercise | 7.2K | — |
| 2026-03-06 | Radovich Peter | Option exercise | 5.9K | $15.87 |
| 2026-02-13 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2026-02-13 | Ramasastry Saira | Sell | 2.0K | $102.09 |
| 2026-02-02 | Howe Jolanda | Sell | 968 | $103.30 |
| 2026-02-02 | Peetz Christopher | Sell | 9.1K | $103.30 |
| 2026-02-02 | Radovich Peter | Sell | 2.6K | $103.30 |
| 2026-01-31 | Howe Jolanda | Option exercise | 1.8K | — |
| 2026-01-26 | Peetz Christopher | Sell | 6.8K | $96.19 |
| 2026-01-26 | Howe Jolanda | Sell | 842 | $96.19 |
| 2026-01-26 | Radovich Peter | Sell | 3.1K | $96.19 |
| 2026-01-26 | BJERKHOLT ERIC | Sell | 1.1K | $96.19 |
| 2026-01-23 | Heron Patrick J | Buy | 131K | $68.48 |
| 2026-01-23 | BJERKHOLT ERIC | Option exercise | 2.7K | — |
| 2026-01-23 | Howe Jolanda | Option exercise | 1.5K | — |
| 2026-01-23 | Radovich Peter | Option exercise | 5.8K | — |
| 2026-01-23 | Peetz Christopher | Option exercise | 12K | — |
| 2026-01-23 | Heron Patrick J | Other | 159K | — |
| 2026-01-22 | Quan Joanne | Sell | 1.8K | $93.33 |
| 2026-01-22 | Radovich Peter | Sell | 2.4K | $93.33 |
| 2026-01-22 | Peetz Christopher | Sell | 7.1K | $93.33 |
| 2026-01-22 | BJERKHOLT ERIC | Sell | 1.4K | $93.33 |
| 2026-01-22 | Howe Jolanda | Sell | 926 | $93.33 |
| 2026-01-21 | Radovich Peter | Option exercise | 4.2K | — |
| 2026-01-21 | Howe Jolanda | Option exercise | 1.5K | — |
| 2026-01-21 | Quan Joanne | Option exercise | 3.3K | — |
| 2026-01-21 | Peetz Christopher | Option exercise | 13K | — |
| 2026-01-21 | BJERKHOLT ERIC | Option exercise | 3.3K | — |
| 2026-01-20 | Quan Joanne | Sell | 6.9K | $90.27 |
| 2026-01-16 | Quan Joanne | Option exercise | 12K | — |
| 2026-01-15 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2026-01-15 | Ramasastry Saira | Sell | 2.0K | $90.99 |
| 2025-12-31 | Peetz Christopher | Gift | 21K | — |
| 2025-12-22 | Ramasastry Saira | Sell | 5.0K | $80.00 |
| 2025-12-22 | Ramasastry Saira | Option exercise | 5.0K | $23.51 |
| 2025-12-19 | GREY MICHAEL G | Option exercise | 50K | $2.94 |
| 2025-12-19 | GREY MICHAEL G | Sell | 50K | $78.00 |
| 2025-12-18 | Ramasastry Saira | Option exercise | 2.0K | $23.51 |
| 2025-12-18 | Ramasastry Saira | Sell | 1.0K | $69.46 |
| 2025-12-18 | Ramasastry Saira | Sell | 1.0K | $70.00 |
| 2025-12-01 | GREY MICHAEL G | Option exercise | 50K | $2.94 |
| 2025-12-01 | GREY MICHAEL G | Sell | 50K | $74.00 |
| 2025-11-21 | GREY MICHAEL G | Sell | 50K | $70.00 |
| 2025-11-21 | GREY MICHAEL G | Option exercise | 50K | $2.94 |
| 2025-11-18 | Peetz Christopher | Option exercise | 19K | $19.24 |
| 2025-09-12 | BJERKHOLT ERIC | Sell | 9.6K | $76.01 |
| 2025-09-11 | Brege Laura | Sell | 1.5K | $75.07 |
| 2025-09-11 | Brege Laura | Sell | 16K | $74.34 |
| 2025-09-11 | BJERKHOLT ERIC | Option exercise | 18K | — |
| 2025-09-11 | Brege Laura | Option exercise | 17K | $15.00 |
| 2025-09-08 | Ramasastry Saira | Sell | 17K | — |
| 2025-09-08 | Ramasastry Saira | Option exercise | 17K | $23.51 |
| 2025-08-12 | BJERKHOLT ERIC | Option exercise | 3.0K | $26.49 |
| 2025-08-11 | BJERKHOLT ERIC | Sell | 8.0K | — |
| 2025-08-11 | Peetz Christopher | Option exercise | 40K | $2.94 |
| 2025-08-11 | Peetz Christopher | Sell | 40K | $62.00 |
| 2025-08-07 | Peetz Christopher | Option exercise | 40K | $2.94 |
| 2025-08-07 | Howe Jolanda | Option exercise | 10K | $6.27 |
| 2025-08-07 | Howe Jolanda | Sell | 10K | $58.00 |
| 2025-08-07 | Peetz Christopher | Sell | 40K | $55.25 |
| 2025-07-03 | Howe Jolanda | Sell | 477 | $49.08 |
| 2025-07-02 | Howe Jolanda | Sell | 564 | $48.25 |
| 2025-07-01 | Howe Jolanda | Option exercise | 1.0K | — |
| 2025-06-11 | Fairey William | Sell | 3.2K | $48.42 |
| 2025-06-03 | Ramasastry Saira | Option exercise | 2.5K | $14.12 |
| 2025-06-03 | Ramasastry Saira | Sell | 2.5K | $45.74 |
| 2025-06-02 | Ramasastry Saira | Sell | 5.7K | $46.20 |
| 2025-05-29 | Ramasastry Saira | Option exercise | 5.7K | — |
| 2025-05-29 | Heron Patrick J | Option exercise | 5.7K | — |
| 2025-05-29 | Brege Laura | Option exercise | 5.7K | — |
| 2025-05-29 | Fairey William | Option exercise | 5.7K | — |
| 2025-05-29 | Cardon Lon | Option exercise | 5.7K | — |
| 2025-05-29 | Walbert Timothy P | Option exercise | 5.7K | — |
| 2025-03-18 | Howe Jolanda | Sell | 2.4K | $44.45 |
| 2025-03-17 | Howe Jolanda | Sell | 1.8K | $44.36 |
| 2025-03-17 | Howe Jolanda | Sell | 2.9K | $44.21 |
| 2025-03-17 | Howe Jolanda | Option exercise | 53K | $2.94 |
| 2025-03-17 | Howe Jolanda | Sell | 50K | $44.33 |
| 2025-03-17 | Howe Jolanda | Sell | 2.8K | $44.75 |
| 2025-03-17 | Radovich Peter | Sell | 7.9K | $44.21 |
| 2025-03-17 | Peetz Christopher | Sell | 27K | $44.21 |
| 2025-03-17 | Heron Patrick J | Buy | 21 | $43.93 |
| 2025-03-15 | Howe Jolanda | Option exercise | 5.3K | — |
| 2025-03-15 | Radovich Peter | Option exercise | 14K | — |
| 2025-03-15 | Peetz Christopher | Option exercise | 50K | — |
| 2025-03-14 | Heron Patrick J | Buy | 528 | $44.11 |
| 2025-03-11 | Heron Patrick J | Buy | 963 | $43.77 |
| 2025-03-10 | Heron Patrick J | Buy | 758 | $42.66 |
| 2025-03-10 | Heron Patrick J | Buy | 577 | $43.37 |
| 2025-03-07 | Heron Patrick J | Buy | 580 | $43.21 |
| 2025-03-06 | Heron Patrick J | Buy | 1.3K | $43.89 |
| 2025-03-05 | Heron Patrick J | Buy | 267 | $44.55 |
| 2025-03-04 | Heron Patrick J | Buy | 56 | $45.96 |
| 2025-03-04 | Radovich Peter | Sell | 1.2K | $45.74 |
| 2025-03-04 | Radovich Peter | Sell | 14K | $45.57 |
| 2025-03-04 | Heron Patrick J | Buy | 1.3K | $45.55 |
| 2025-03-03 | Peetz Christopher | Option exercise | 40K | $2.94 |
| 2025-03-03 | Peetz Christopher | Sell | 19K | $46.61 |
| 2025-03-03 | Peetz Christopher | Sell | 21K | $47.19 |
| 2025-02-03 | Radovich Peter | Sell | 2.6K | $48.22 |
| 2025-02-03 | Peetz Christopher | Sell | 9.1K | $48.22 |
| 2025-02-03 | Howe Jolanda | Sell | 1.1K | $48.22 |
| 2025-01-31 | Howe Jolanda | Option exercise | 1.8K | — |
| 2025-01-24 | Radovich Peter | Sell | 3.2K | $47.92 |
| 2025-01-24 | Peetz Christopher | Sell | 6.8K | $47.92 |
| 2025-01-24 | Howe Jolanda | Sell | 902 | $47.92 |
| 2025-01-23 | Howe Jolanda | Option exercise | 1.5K | — |
| 2025-01-23 | Radovich Peter | Option exercise | 5.8K | — |
| 2025-01-23 | Peetz Christopher | Option exercise | 12K | — |
| 2025-01-23 | BJERKHOLT ERIC | Option exercise | 2.7K | — |
| 2025-01-17 | Quan Joanne | Sell | 7.0K | $45.86 |
| 2025-01-16 | Quan Joanne | Option exercise | 12K | — |
| 2025-01-07 | Radovich Peter | Sell | 2.0K | $42.82 |
| 2025-01-07 | Howe Jolanda | Sell | 750 | $42.82 |
| 2025-01-07 | Peetz Christopher | Sell | 7.5K | $42.82 |
| 2025-01-06 | Howe Jolanda | Option exercise | 1.2K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT03115086 ↗ | The REPLACE Registry for Cholbam® (Cholic Acid) Bile Acid Synthesis Disorders | — | Active Not Recruiting | 2038-07-01 |
| NCT07290257 ↗ | Long-Term Low-Intervention SafEty and Clinical Outcomes Clinical Study of LivmArli® in Patients With Alagille Syndrome or Progressive Familial Intrahepatic Cholestasis in the European Union (LEAP-EU) Alagille Syndrome, Progressive Familial Intrahepatic Cholestasis | PHASE4 | Recruiting | 2030-09-22 |
| NCT06907290 ↗ | A Trial Evaluating BJT-778 vs Delayed Treatment for the Treatment of Chronic Hepatitis Delta Infection Chronic Hepatitis D Infection | PHASE2/PHASE3 | Active Not Recruiting | 2029-05-01 |
| NCT06193928 ↗ | Long-Term SafEty and Clinical Outcomes of LivmArli in Patients in the United States (LEAP-US) Alagille Syndrome, Progressive Familial Intrahepatic Cholestasis | — | Recruiting | 2028-09-20 |
| NCT07209462 ↗ | Study of MRM-3379 in Male Participants With Fragile X Syndrome (BLOOM) Fragile X Syndrome | PHASE2 | Recruiting | 2027-10-01 |
| NCT07454837 ↗ | Study to Evaluate Switching to Brelovitug for the Treatment of CHD in Participants Receiving Bulevirtide Chronic Hepatitis D | PHASE2/PHASE3 | Recruiting | 2027-08-31 |
| NCT07200908 ↗ | A Trial Evaluating Brelovitug (BJT-778) vs Bulevirtide for the Treatment of Chronic Hepatitis Delta Infection (AZURE-2) Chronic Hepatitis D Infection | PHASE3 | Recruiting | 2027-06-30 |
| NCT05050136 ↗ | A Study to Evaluate Efficacy and Safety of an Investigational Drug Named Volixibat in Patients With Itching Caused by Primary Biliary Cholangitis Primary Biliary Cholangitis, PBC | PHASE2 | Recruiting | 2027-04-01 |
| NCT06553768 ↗ | Evaluation of Maralixibat in Pruritus Associated With General Cholestatic Liver Disease (EXPAND) Cholestatic Liver Disease (Except ALGS, PFIC, PBC and PSC) | PHASE3 | Active Not Recruiting | 2026-10-01 |
| NCT07298330 ↗ | A Trial Evaluating Brelovitug vs Delayed Treatment for the Treatment of Chronic Hepatitis Delta Infection (AZURE-4) Chronic Hepatitis D Infection | PHASE3 | Recruiting | 2026-08-01 |
| NCT04663308 ↗ | A Study to Evaluate Efficacy and Safety of an Investigational Drug Named Volixibat in Patients With Itching Caused by Primary Sclerosing Cholangitis (PSC) Primary Sclerosing Cholangitis | PHASE2 | Active Not Recruiting | 2026-06-01 |
| NCT04185363 ↗ | An Extension Study of Maralixibat in Patients With Progressive Familial Intrahepatic Cholestasis (PFIC) Progressive Familial Intrahepatic Cholestasis (PFIC) | PHASE3 | Completed | 2025-04-23 |
| NCT04729751 ↗ | A Study to Evaluate the Safety and Tolerability of Maralixibat in Infant Participants With Cholestatic Liver Diseases Including Progressive Familial Intrahepatic Cholestasis (PFIC) and Alagille Syndrome (ALGS). Progressive Familial Intrahepatic Cholestasis, Alagille Syndrome | PHASE2 | Completed | 2024-12-17 |
| NCT04168385 ↗ | MRX-800: A Long-Term Safety Study of Maralixibat in the Treatment of Cholestatic Liver Disease in Subjects Who Previously Participated in a Maralixibat Study Cholestatic Liver Disease | PHASE2 | Completed | 2024-09-04 |
| NCT04524390 ↗ | Evaluation of Maralixibat in Biliary Atresia Response Post-Kasai Biliary Atresia | PHASE2 | Completed | 2023-11-07 |
| NCT04270682 ↗ | Study to Evaluate Patients With Cerebrotendinous Xanthomatosis (RESTORE) CTX | PHASE3 | Completed | 2023-07-13 |
| NCT04718961 ↗ | A Placebo-controlled Study of Volixibat in Subjects With Elevated Serum Bile Acids Associated With Intrahepatic Cholestasis of Pregnancy (OHANA) Intrahepatic Cholestasis of Pregnancy | PHASE2 | Terminated | 2022-12-07 |
| NCT03905330 ↗ | A Study to Evaluate the Efficacy and Safety of Maralixibat in Subjects With Progressive Familial Intrahepatic Cholestasis (MARCH-PFIC) Progressive Familial Intrahepatic Cholestasis (PFIC) | PHASE3 | Completed | 2022-09-01 |
| NCT02047318 ↗ | An Extension Study to Evaluate the Long-Term Safety and Durability of Effect of LUM001 in the Treatment of Cholestatic Liver Disease in Subjects With Alagille Syndrome (ALGS) Alagille Syndrome | PHASE2 | Completed | 2020-06-17 |
| NCT03353454 ↗ | A Placebo-controlled Study of Maralixibat (SHP625) in Pediatric Subjects With Progressive Familial Intrahepatic Cholestasis (PFIC) Progressive Familial Intrahepatic Cholestasis (PFIC) | PHASE3 | Withdrawn | 2020-06-15 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Shareholder vote | filing ↗ |
| 2026-05-18 | Material agreementDebt obligation3.02OtherExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-04 | Other | filing ↗ |
| 2026-04-27 | Other | filing ↗ |
| 2026-04-08 | Exhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2026-01-26 | Acquisition/dispositionReg FDOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-15 | 0001193125-26-275811 ↗ |
| 8-K | 2026-05-18 | 2026-05-12 | 0001193125-26-228902 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001759425-26-000037 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001759425-26-000036 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001193125-26-202609 ↗ |
| 8-K | 2026-04-27 | 2026-04-27 | 0001193125-26-179048 ↗ |
| 8-K/A | 2026-04-08 | 2026-01-23 | 0001759425-26-000021 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001759425-26-000013 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001759425-26-000010 ↗ |
| 8-K | 2026-01-26 | 2026-01-23 | 0001193125-26-022582 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001759425-26-000004 ↗ |
| 8-K | 2025-12-19 | 2025-12-19 | 0001193125-25-326822 ↗ |