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

Rhea-AI Summary

Mirum Pharmaceuticals (Nasdaq: MIRM) announced inducement awards granted by its Compensation Committee to eight new employees on January 10, 2025. The awards, approved under Nasdaq Listing Rule 5635(c)(4), include:

- Non-qualified stock options to purchase 53,900 shares of common stock at $41.32 per share (closing price on January 10, 2025)
- 26,950 restricted stock units (RSUs)

The stock options 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, subject to continued employment. These grants were made under Mirum's 2020 Inducement Plan.

Positive

• Expansion of workforce with eight new employees
• Stock price of $41.32 per share used as exercise price indicates stable market valuation

Negative

• Potential dilution of existing shareholders through new stock options and RSUs

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on January 10, 2025, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 53,900 shares of common stock and 26,950 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 $41.32 per share, Mirum’s closing trading price on January 10, 2025, 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 of liver disease. CHENODAL has received medical necessity recognition by the FDA to treat patients with cerebrotendinous xanthomatosis (CTX).

Mirum's late-stage pipeline includes investigational treatments for several rare 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. 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. Lastly, Mirum is planning for a Phase 2 study evaluating MRM-3379, a PDE4D inhibitor for the treatment of Fragile X syndrome, a rare genetic neurocognitive disorder.

To learn more about Mirum, visit mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and Twitter (X).

View source version on businesswire.com: https://www.businesswire.com/news/home/20250110973849/en/

Investor Contact:

Andrew McKibben

ir@mirumpharma.com

Media Contact:

Erin Murphy

media@mirumpharma.com

Source: Mirum Pharmaceuticals, Inc.

FAQ

How many shares were granted in MIRM's January 2025 inducement awards?

Mirum Pharmaceuticals granted options to purchase 53,900 shares and 26,950 RSUs to eight new employees.

What is the exercise price for MIRM's January 2025 stock option grants?

The exercise price for the stock options is $41.32 per share, which was Mirum's closing price on January 10, 2025.

What is the vesting schedule for MIRM's January 2025 stock options?

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

How do the RSUs vest in MIRM's January 2025 inducement grants?

The RSUs vest over three years, with 33% of the underlying shares vesting on each anniversary of the vesting commencement date.

Under which plan were MIRM's January 2025 inducement awards granted?

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