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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) announced inducement awards granted by its Compensation Committee to seven new employees on November 8, 2024. The awards include 56,100 non-qualified stock options at $42.00 per share and 28,050 restricted stock units (RSUs). The stock options will vest over four years, with 25% vesting after one year and the remainder monthly over 36 months. The RSUs will vest over three years, with 33% vesting annually. Both awards require continued employment and were granted under Mirum's 2020 Inducement Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Positive

• Stock options granted at current market price ($42.00), aligning employee interests with shareholders
• Implementation of long-term vesting schedules promotes employee retention

Negative

• Potential shareholder dilution from issuance of new shares

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on November 8, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 56,100 shares of common stock and 28,050 restricted stock units (“RSUs”) to seven 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 $42.00 per share, Mirum’s closing trading price on November 8, 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 approved 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 12 months of age and older; in Europe, it is approved for patients with PFIC three months of age and older. Mirum is also initiating the Phase 3 EXPAND study, a label expansion opportunity for LIVMARLI in additional settings of cholestatic pruritus. 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 2 VISTAS study for primary sclerosing cholangitis (PSC) and Phase 2b VANTAGE study for primary biliary cholangitis. Volixibat has been granted Breakthrough Therapy Designation for the treatment of cholestatic pruritus in patients with PBC. Lastly, chenodiol, has been evaluated in a Phase 3 clinical study, RESTORE, to treat patients with CTX, with positive topline results reported in 2023. Mirum has submitted a new drug application with the FDA for the approval of chenodiol to treat CTX in the U.S.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20241108166937/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

How many stock options did MIRM grant in their November 2024 inducement awards?

Mirum Pharmaceuticals granted 56,100 non-qualified stock options to seven new employees.

What is the exercise price for MIRM's November 2024 inducement stock options?

The stock options have an exercise price of $42.00 per share, which was Mirum's closing trading price on November 8, 2024.

What is the vesting schedule for MIRM's November 2024 RSU grants?

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

How many RSUs did MIRM grant in their November 2024 inducement awards?

Mirum Pharmaceuticals granted 28,050 restricted stock units (RSUs) to seven new employees.