Mirum Pharmaceuticals
MIRMNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $94.61 Prior regular-session close from the quote source.
- $92.13–$95.06 Regular-session low and high so far today.
- 392.8K Regular-session shares traded · Nov 12, 4:00 PM ET.
- Jan 11 projected Projected for 2027-01-11 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $63.23–$130.00 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MIRM if that commercial franchise keeps growing and retaining payer access against competitors while justifying a premium multiple.
MIRM price history
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Investment thesis
What must happen next
Continued product-driven scale will convert the company to operating profitability because operating losses have narrowed materially as revenue increased.StrengtheningMateriality: High
operating_income improved from -173,413,000 (2021) to -109,154,000 (2023) to -87,606,000 (2024) to -22,136,000 (2025). If true, Mirum will generate recurring operating profits and justify a premium multiple; if false, the company risks being a high-growth but unprofitable story that faces multiple compression.
Watch: A major competitor launches a lower-cost or clinically superior therapy that wins payer formulary positions, reducing demand for Mirum’s lead product.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income improved from -173,413,000 (2021) to -109,154,000 (2023) to -87,606,000 (2024) to -22,136,000 (2025).
Open source ↗Commercial cash flow has become the company’s primary funding source: positive and growing operating_cash_flow reduces need for equity raises and supports reinvestment.StrengtheningMateriality: High
operating_cash_flow moved from -120,136,000 (2022) to 10,325,000 (2024) to 55,827,000 (2025). If operating cash flow remains positive, Mirum can fund commercialization, R&D and potential M&A without meaningful dilution; if cash flow reverses, the company will likely need external capital, diluting shareholders and pressuring the stock.
Watch: A sudden drop in prescriptions or inventory build at wholesalers that reduces collections and reverses operating cash flow.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow moved from -120,136,000 (2022) to 10,325,000 (2024) to 55,827,000 (2025).
Open source ↗Revenue growth appears concentrated and therefore the business is vulnerable to lead-product disruption (competitive entry, loss of reimbursement or exclusivity).HoldingMateriality: Medium
Revenue ramped steeply from 19,138,000 (2021) to 186,374,000 (2023) to 336,888,000 (2024) to 521,312,000 (2025), consistent with rapid commercialization of a small number of products. A concentrated revenue base means a single negative commercial event will materially damage both revenue and margins; diversified product revenue would make the model more durable.
Watch: Approval and commercial launch of a competing therapy that targets the same indication and secures rapid formulary uptake.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue ramped steeply from 19,138,000 (2021) to 186,374,000 (2023) to 336,888,000 (2024) to 521,312,000 (2025), consistent with rapid commercialization of.
Open source ↗The company's cash balance provides a multi-quarter buffer that enables continued commercial investment and reduces immediate refinancing risk.StrengtheningMateriality: Medium
cash increased from 28,003,000 (2022) to 286,326,000 (2023) and remains high at 296,683,000 (2025). A strong cash position reduces the risk of forced dilution and gives management flexibility to invest in sales/marketing or defend market share; if cash drains quickly, the financing risk rises.
Watch: Rapid liability growth or large contingent liabilities (e.g., milestone payments or legal settlements) that would consume the cash buffer.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
cash increased from 28,003,000 (2022) to 286,326,000 (2023) and remains high at 296,683,000 (2025).
Open source ↗
Full investment case & evidence
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Original research
Continued product-driven scale will convert the company to operating profitability because operating losses have narrowed materially as revenue increased. If true, Mirum will generate recurring operating profits and justify a premium multiple; if false, the company risks being a high-growth but unprofitable story that faces multiple compression.
Commercial cash flow has become the company’s primary funding source: positive and growing operating_cash_flow reduces need for equity raises and supports reinvestment. If operating cash flow remains positive, Mirum can fund commercialization, R&D and potential M&A without meaningful dilution; if cash flow reverses, the company will likely need external capital, diluting shareholders and pressuring the stock.
Revenue growth appears concentrated and therefore the business is vulnerable to lead-product disruption (competitive entry, loss of reimbursement or exclusivity). A concentrated revenue base means a single negative commercial event will materially damage both revenue and margins; diversified product revenue would make the model more durable.
The company's cash balance provides a multi-quarter buffer that enables continued commercial investment and reduces immediate refinancing risk. A strong cash position reduces the risk of forced dilution and gives management flexibility to invest in sales/marketing or defend market share; if cash drains quickly, the financing risk rises.
All standing thesis claims
Original report summary
that commercial franchise keeps growing and retaining payer access against competitors while justifying a premium multiple.
Bull case and bear case
Bull case and bear case for Mirum Pharmaceuticals
Where the evidence on Mirum Pharmaceuticals stands: Holding on the latest evidence (Nov 6, 2026). Of its 4 thesis points, 3 strengthening and 1 holding.
Bull case: what the evidence supports
Continued product-driven scale will convert the company to operating profitability because operating losses have narrowed materially as revenue increased.
Commercial cash flow has become the company’s primary funding source: positive and growing operating_cash_flow reduces need for equity raises and supports reinvestment.
Revenue growth appears concentrated and therefore the business is vulnerable to lead-product disruption (competitive entry, loss of reimbursement or exclusivity).
The company's cash balance provides a multi-quarter buffer that enables continued commercial investment and reduces immediate refinancing risk.
Bear case: what would count against it
A major competitor launches a lower-cost or clinically superior therapy that wins payer formulary positions, reducing demand for Mirum’s lead product.
A sudden drop in prescriptions or inventory build at wholesalers that reduces collections and reverses operating cash flow.
Approval and commercial launch of a competing therapy that targets the same indication and secures rapid formulary uptake.
Company research
Research on Mirum Pharmaceuticals
- Reporting · Biotech2k Tests Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM)'s FOP Upside
Biotech2k says Mirum Pharmaceuticals, Inc. (NASDAQ: MIRM)'s Atebrioz is medically useful but financially modest. The patient pool, licensing costs and an existing rival explain why.
Thesis-Break Engine
What has broken in Mirum Pharmaceuticals’s thesis
Each break OptimistFi flagged on Mirum Pharmaceuticals, dated — with what has historically followed the same kind of break across the market, not a forecast for Mirum Pharmaceuticals.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Mirum Pharmaceuticals filed an SEC 8-K on 2026-11-03: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedOther material event.
Mirum Pharmaceuticals filed an SEC 8-K on 2026-10-26: Other material event. It is a dated development that tests the current thesis.
- MixedOther material event.
Mirum Pharmaceuticals filed an SEC 8-K on 2026-10-13: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A major competitor launches a lower-cost or clinically superior therapy that wins payer formulary positions, reducing demand for Mirum’s lead product.
- A sudden drop in prescriptions or inventory build at wholesalers that reduces collections and reverses operating cash flow.
- Approval and commercial launch of a competing therapy that targets the same indication and secures rapid formulary uptake.
- Rapid liability growth or large contingent liabilities (e.g., milestone payments or legal settlements) that would consume the cash buffer.
MIRM news
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Financial statements
MIRM income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MIRM: quick answers
- When does Mirum Pharmaceuticals (MIRM) report earnings next?
- Mirum Pharmaceuticals's next results are projected for January 11, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 3, 2026. Earnings calendar
- What is MIRM's short interest?
- As of October 30, 2026, 6.5M MIRM shares were sold short, 9.99% of its shares outstanding, down 2.1% from the count before. At the stock's average daily volume that is 12 days to cover. FINRA publishes the count twice a month. MIRM short interest history