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

Rhea-AI Summary

Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) reported that on January 10, 2022, its Compensation Committee granted inducement awards of stock options and restricted stock units to five new employees. The inducement awards consist of 51,700 stock options at an exercise price of $15.50 per share and 7,150 restricted stock units. The stock options vest over four years, while the RSUs vest over three years. These awards aim to attract talent to support Mirum's mission in treating rare diseases, with a focus on the company's approved medication LIVMARLI™ and ongoing clinical trials for other treatments.

Positive

• Granted inducement awards to attract new talent, supporting future growth.
• Stock options and RSUs are structured to incentivize long-term employee retention.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on January 10, 2022, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 51,700 shares of common stock and 7,150 restricted stock units (“RSUs”) to five 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 $15.50 per share, Mirum’s closing trading price on January 10, 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.

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 in Canada, Australia, the UK and several countries in Europe for eligible patients with Alagille syndrome.

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, also an oral IBAT inhibitor, is being evaluated in three potentially registrational studies including the OHANA Phase 2b study for pregnant women with intrahepatic cholestasis of pregnancy, VISTAS Phase 2b study for adults with primary sclerosing cholangitis, and the VANTAGE Phase 2b study for primary biliary cholangitis.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20220110006102/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 stock options were granted by Mirum Pharmaceuticals on January 10, 2022?

On January 10, 2022, Mirum Pharmaceuticals granted 51,700 stock options with an exercise price of $15.50 per share.

How many restricted stock units were awarded to new employees at Mirum Pharmaceuticals?

Mirum Pharmaceuticals awarded 7,150 restricted stock units to five new employees.

What is the vesting period for the stock options and RSUs granted by Mirum Pharmaceuticals?

The stock options vest over four years, while the RSUs vest over three years.

What is the purpose of the inducement awards granted by Mirum Pharmaceuticals?

The inducement awards are designed to attract and retain talent vital for Mirum's growth and development.