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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) has announced inducement grants for eight new employees under its 2020 Inducement Plan. The Compensation Committee approved these awards on August 9, 2024, in accordance with Nasdaq Listing Rule 5635(c)(4). The grants include:

- Non-qualified stock options to purchase 59,000 shares of common stock
- 29,500 restricted stock units (RSUs)

The stock options have an exercise price of $40.02 per share, matching Mirum's closing price on August 9, 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.

Positive

• Mirum is attracting new talent with stock-based compensation
• The company's stock price is $40.02 per share as of August 9, 2024

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on August 9, 2024, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 59,000 shares of common stock and 29,500 restricted stock units (“RSUs”) to eight 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 $40.02 per share, Mirum’s closing trading price on August 9, 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. 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. 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/20240809411011/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

How many new employees received inducement grants from Mirum Pharmaceuticals (MIRM) on August 9, 2024?

Mirum Pharmaceuticals (MIRM) granted inducement awards to eight new employees on August 9, 2024.

What types of inducement grants did Mirum Pharmaceuticals (MIRM) offer to new employees?

Mirum Pharmaceuticals (MIRM) offered two types of inducement grants: non-qualified stock options to purchase 59,000 shares of common stock and 29,500 restricted stock units (RSUs).

What is the exercise price of the stock options granted by Mirum Pharmaceuticals (MIRM) on August 9, 2024?

The exercise price of the stock options granted by Mirum Pharmaceuticals (MIRM) on August 9, 2024, is $40.02 per share, which was the company's closing trading price on that date.

What is the vesting schedule for the stock options granted by Mirum Pharmaceuticals (MIRM)?

The stock options granted by Mirum Pharmaceuticals (MIRM) will vest over four years, with 25% vesting on the one-year anniversary and the remaining balance vesting monthly over 36 months.