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

Rhea-AI Summary

Mirum Pharmaceuticals (NASDAQ: MIRM) has announced inducement awards granted to four new employees on October 10, 2024. The awards, approved by the Compensation Committee of Mirum's Board of Directors, include:

1. Non-qualified stock options to purchase 34,100 shares of common stock
2. 17,050 restricted stock units (RSUs)

The stock options have an exercise price of $38.48 per share, matching Mirum's closing trading price on October 10, 2024. They 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 are subject to continued employment with Mirum and the terms of the 2020 Inducement Plan and applicable award agreements.

Positive

• Mirum is attracting new talent with stock-based compensation
• The company's stock price is $38.48 per share as of October 10, 2024

Negative

• Potential dilution of existing shareholders due to new stock options and RSUs

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) today announced that on October 10, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 34,100 shares of common stock and 17,050 restricted stock units (“RSUs”) to four 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 $38.48 per share, Mirum’s closing trading price on October 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 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/20241010655873/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What inducement awards did Mirum Pharmaceuticals (MIRM) grant on October 10, 2024?

Mirum Pharmaceuticals granted non-qualified stock options to purchase 34,100 shares of common stock and 17,050 restricted stock units (RSUs) to four new employees.

What is the exercise price of the stock options granted by Mirum Pharmaceuticals (MIRM)?

The stock options have an exercise price of $38.48 per share, which was Mirum's closing trading price on October 10, 2024.

How do the stock options and RSUs vest for new employees at Mirum Pharmaceuticals (MIRM)?

The stock options vest over four years, with 25% vesting after one year and the remainder monthly over 36 months. The RSUs vest over three years, with 33% vesting annually.

Under which plan were the inducement awards granted by Mirum Pharmaceuticals (MIRM)?

The inducement awards were granted under Mirum's 2020 Inducement Plan, in accordance with Nasdaq Listing Rule 5635(c)(4).