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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) announced inducement grants on July 10, 2024, under Nasdaq Listing Rule 5635(c)(4). The grants include non-qualified stock options for 40,800 shares of common stock and 20,400 restricted stock units (RSUs) to seven new employees. The stock options have an exercise price of $35.92 per share, based on Mirum's closing trading price on July 10, 2024. These options will vest over four years, starting with 25% on the one-year anniversary and the remaining vesting monthly over the next 36 months. The RSUs will vest over three years, with 33% vesting each year, contingent upon the employees' continued service. The grants fall under Mirum's 2020 Inducement Plan and are aligned with applicable award agreements.

Positive

• None.

Negative

• Inducement grants may lead to potential shareholder dilution.
• Stock options and RSUs are contingent on continued employee service, implying no immediate financial benefit.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on July 10, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 40,800 shares of common stock and 20,400 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 $35.92 per share, Mirum’s closing trading price on July 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 for cholestatic pruritus in PFIC patients five years of age and older in the U.S. and in Europe for PFIC in patients three months 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. Mirum has filed a new drug application with the FDA for chenodiol for the treatment of 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, 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 filed a new drug application with the FDA for the approval 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/20240710270413/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What did Mirum Pharmaceuticals announce on July 10, 2024?

Mirum Pharmaceuticals announced inducement grants of stock options and restricted stock units (RSUs) to new employees under Nasdaq Listing Rule 5635(c)(4).

How many stock options and RSUs did Mirum Pharmaceuticals grant?

Mirum Pharmaceuticals granted 40,800 stock options and 20,400 restricted stock units (RSUs).

What is the exercise price for the stock options granted by Mirum Pharmaceuticals?

The exercise price for the stock options is $35.92 per share.

What is the vesting schedule for Mirum Pharmaceuticals' stock options?

The stock options will vest over four years, with 25% vesting on the one-year anniversary and the remaining vesting monthly over the next 36 months.

What is the vesting schedule for the RSUs granted by Mirum Pharmaceuticals?

The RSUs will vest over three years, with 33% vesting each year.

Are Mirum Pharmaceuticals' inducement grants subject to terms and conditions?

Yes, the grants are subject to the terms and conditions of Mirum's 2020 Inducement Plan and the applicable award agreements.