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

Rhea-AI Summary

Mirum Pharmaceuticals, Inc. announced the granting of inducement awards to new employees under the 2020 Inducement Plan. The grants consist of stock options and restricted stock units (RSUs) totaling 38,600 shares of common stock and 19,300 RSUs. The stock options have an exercise price of $24.76 per share, will vest over four years, and the RSUs will vest over three years. The awards were approved by the Compensation Committee of Mirum's Board of Directors as an inducement material for the new employees' employment.

Positive

• Mirum Pharmaceuticals granted inducement awards to new employees, which can attract top talent and strengthen the workforce.

• The awards consist of non-qualified stock options and restricted stock units, providing additional incentives for employee retention and motivation.

• The stock options and RSUs will vest over several years, promoting long-term commitment and alignment of interests between employees and the company.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on May 10, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 38,600 shares of common stock and 19,300 restricted stock units (“RSUs”) to 11 new employees under Mirum’s 2020 Inducement Plan. The Compensation Committee of Mirum’s Board of Directors approved the awards as an inducement material to the new employees’ employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $24.76 per share, Mirum’s closing trading price on May 10, 2024, and will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary of the applicable vesting commencement date and the balance of the underlying shares vesting monthly thereafter over 36 months, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The RSUs will vest over three years, with 33% of the underlying shares vesting on each anniversary of the applicable vesting commencement date, subject to the new employees’ continued service relationship with Mirum through the applicable vesting dates. The awards are subject to the terms and conditions of Mirum’s 2020 Inducement Plan and the terms and conditions of an applicable award agreement covering the grant.

About Mirum Pharmaceuticals, Inc.

Mirum Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to transforming the treatment of rare diseases affecting children and adults. Mirum has three available medications: LIVMARLI® (maralixibat) oral solution, Cholbam® (cholic acid) capsules, and Chenodal® (chenodiol) tablets.

LIVMARLI, an IBAT inhibitor, is approved for the treatment of two rare liver diseases affecting children and adults. It is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the U.S. (three months and older), in Europe (two months and older), and in other regions globally. It is also approved in the U.S. in cholestatic pruritus in PFIC patients five years of age and older. Mirum has submitted for approval in Europe for the treatment of PFIC in patients two months of age and older. CHOLBAM is FDA-approved for the treatment of bile acid synthesis disorders due to single enzyme deficiencies and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms or liver disease. CHENODAL has received medical necessity recognition by the FDA to treat patients with cerebrotendinous xanthomatosis (CTX).

Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases. Volixibat, an IBAT inhibitor, is being evaluated in two potentially registrational studies including the Phase 2b VISTAS study for primary sclerosing cholangitis and Phase 2b VANTAGE study for primary biliary cholangitis. Lastly, CHENODAL has been evaluated in a Phase 3 clinical study, RESTORE, to treat patients with CTX, with positive topline results reported in 2023.

To learn more about Mirum, visit mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240510509901/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What type of awards were granted to new employees at Mirum Pharmaceuticals?

Mirum Pharmaceuticals granted non-qualified stock options to purchase 38,600 shares of common stock and 19,300 restricted stock units (RSUs) to new employees.

How many new employees received the inducement awards?

A total of 11 new employees received the inducement awards at Mirum Pharmaceuticals.

What is the vesting period for the stock options granted?

The stock options granted will vest over four years, with 25% of the underlying shares vesting on the one-year anniversary and the balance vesting monthly thereafter over 36 months.

What is the vesting period for the restricted stock units (RSUs) granted?

The RSUs granted will vest over three years, with 33% of the underlying shares vesting on each anniversary of the applicable vesting commencement date.

What is the exercise price per share for the stock options granted?

The stock options have an exercise price per share equal to $24.76, Mirum's closing trading price on May 10, 2024.