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

Rhea-AI Summary

On February 10, 2023, Mirum Pharmaceuticals (NASDAQ: MIRM) granted inducement awards to a new employee, which included non-qualified stock options for 5,000 shares and 2,500 restricted stock units (RSUs). The stock options have an exercise price of $23.67, equal to the closing price on the grant date, and will vest over four years. The RSUs will vest over three years. These awards are part of Mirum’s 2020 Inducement Plan, adhering to Nasdaq Listing Rule 5635(c)(4). Mirum is focused on rare liver diseases with an approved treatment, LIVMARLI, and ongoing clinical trials for additional treatments.

Positive

• Inducement awards increase employee retention with stock options and RSUs.
• Stock options priced at $23.67, aligning with the market value on grant date.

Negative

• None.

FOSTER CITY, Calif.--(BUSINESS WIRE)-- Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today announced that on February 10, 2023, the Compensation Committee of Mirum’s Board of Directors granted inducement awards consisting of non-qualified stock options to purchase 5,000 shares of common stock and 2,500 restricted stock units (“RSUs”) to one new employee 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 employee’s employment in accordance with Nasdaq Listing Rule 5635(c)(4).

Each stock option has an exercise price per share equal to $23.67 per share, Mirum’s closing trading price on February 10, 2023, 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 employee's 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 employee’s 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 liver 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, and in Europe for the same indication in patients two months of age and older.

Mirum’s late-stage pipeline includes two investigational treatments for debilitating liver diseases affecting children and adults. LIVMARLI, an oral ileal bile acid transporter (IBAT) inhibitor, is currently being evaluated in clinical trials for pediatric liver diseases and includes the EMBARK Phase 2b clinical trial 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’s second investigational treatment, volixibat, an oral IBAT inhibitor, is being evaluated in two potentially registrational studies including the VISTAS Phase 2b clinical trial for adults with primary sclerosing cholangitis and the VANTAGE Phase 2b clinical trial for adults with primary biliary cholangitis.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230210005397/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 inducement awards did Mirum Pharmaceuticals grant on February 10, 2023?

Mirum Pharmaceuticals granted 5,000 stock options and 2,500 restricted stock units (RSUs) to a new employee.

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

The exercise price for the stock options is $23.67 per share.

Under which plan were the inducement awards granted by Mirum Pharmaceuticals?

The inducement awards were granted under Mirum's 2020 Inducement Plan.

How long will the stock options and RSUs vest for the new employee at Mirum Pharmaceuticals?

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