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

Rhea-AI Summary

Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM) announced on September 10-11, 2022, the granting of inducement awards to 11 new employees, comprising 47,750 stock options and 23,900 restricted stock units (RSUs). The stock options have an exercise price of $25.15, equal to the closing price on September 9, 2022, and will vest over four years. The RSUs will vest over three years. This award follows Nasdaq Listing Rule 5635(c)(4) and aims to attract talent to support the company's growth in treating rare diseases.

Positive

• Inducement awards granted to 11 new employees, showcasing the company's commitment to attracting talent.
• Stock options and RSUs align employee interests with company performance, incentivizing long-term growth.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on September 10-11, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 47,750 shares of common stock and 23,900 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 $25.15 per share, Mirum’s closing trading price on September 9, 2022, 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. Mirum’s approved medication is LIVMARLI® (maralixibat) oral solution which is approved in the U.S. for the treatment of cholestatic pruritus in patients with Alagille syndrome one year of age and older. Please view the warnings and precautions available in the Prescribing information or, for more information, visit LIVMARLI.com.

Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. Maralixibat (LIVMARLI), an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the MARCH Phase 3 study for progressive familial intrahepatic cholestasis (PFIC) and the EMBARK Phase 2b study for patients with biliary atresia. In addition, Mirum has an expanded access program open across multiple countries for eligible patients with ALGS and PFIC.

Mirum has submitted a Marketing Authorization Application to the European Medicines Agency for maralixibat for the treatment of cholestatic liver disease in patients with Alagille syndrome.

Mirum’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis, the OHANA Phase 2b clinical trial for pregnant women with intrahepatic cholestasis of pregnancy, and the VANTAGE Phase 2b clinical trial for adults with primary biliary cholangitis.

Learn more about Mirum by visiting www.mirumpharma.com. Follow Mirum on Twitter, Facebook, LinkedIn and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220911005098/en/

Investor Contacts:

Ian Clements, Ph.D.

ir@mirumpharma.com

Sam Martin

Argot Partners

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

What were the stock options granted by Mirum Pharmaceuticals on September 10-11, 2022?

On September 10-11, 2022, Mirum Pharmaceuticals granted 47,750 stock options and 23,900 restricted stock units (RSUs) to 11 new employees.

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

The exercise price for the stock options granted is $25.15, which was Mirum's closing trading price on September 9, 2022.

How will the stock options and RSUs vest for Mirum Pharmaceuticals' new employees?

The stock options will vest over four years, and the restricted stock units (RSUs) will vest over three years.

Why were the inducement awards granted to new employees by Mirum Pharmaceuticals?

The inducement awards were granted to attract and incentivize new employees as part of Mirum's strategy for growth in treating rare diseases.