Mirum Pharmaceuticals, Inc.
MIRM evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for MIRM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · MIRM
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for rare liver diseases, with approved products Livmarli and Livdelzi, and a pipeline including volixibat and brelovitug.
Key risk: Clinical trial delays
BioSniper Score
Based on 6 of 6 signals
Market Cap
$5.94B
Cash Runway
33.4 moLead Asset
brelovitug (Phase 3)Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 9 pipeline candidates · 23 clinical trials · 9 catalysts for Mirum Pharmaceuticals, Inc..
Similar companies
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for rare liver diseases, with approved products Livmarli and Livdelzi, and a pipeline including volixibat and brelovitug.
- Mirum has three approved medicines: Livmarli (for PFIC and ALGS), Livdelzi (for PBC), and CTEXLI (for Wilson disease) [sec_mda · as of 2026-08-05].
- As of June 30, 2026, Mirum reported unrestricted cash, cash equivalents, and investments of $561.3 million [sec_mda · as of 2026-08-05].
- The company anticipates top-line data from the VISTAS Phase 2b trial of volixibat for PSC in the second quarter of 2026 [sec · filed 2025-12-08].
- Mirum acquired brelovitug in January 2026 and expects to submit a BLA for it in HDV in the first half of 2027 [sec · filed 2025-12-08].
- Net loss was $23.4 million for the year ended December 31, 2025, compared to $87.9 million in 2024 [sec_mda · as of 2026-02-25].
What works
- Mirum has a growing portfolio of approved medicines (Livmarli, Livdelzi, CTEXLI) generating product revenue, with expectations of annual sales increases [sec_mda · as of 2026-08-05].
- Volixibat received FDA Breakthrough Therapy Designation for cholestatic pruritus in PBC, potentially accelerating its development path [sec_mda · as of 2025-11-04].
- The company's cash position strengthened to $561.3 million as of June 30, 2026, up from $391.4 million at year-end 2025, providing runway for operations [sec_mda · as of 2026-08-05].
What to weigh
- Mirum has an accumulated deficit of $661.8 million as of September 30, 2025, and expects to continue generating net losses for the foreseeable future [sec_mda · as of 2025-11-04].
- The company carries significant debt of $750.1 million as of June 30, 2026, which may strain future cash flows [sec].
- Product revenue is subject to volatility due to large periodic orders from Takeda and distributors, which can cause fluctuations in reported revenue [sec_mda · as of 2026-08-05].
From the filings
Quoted directly from source documents.
Cash position as of June 30, 2026
“June 30, 2026, we had unrestricted cash, cash equivalents and investments of $561.3 million”
SEC MD&A · August 5, 2026
Volixibat Breakthrough Therapy Designation
“FDA granted Breakthrough Therapy Designation for volixibat as a potential treatment for cholestatic pruritus in patients with PBC”
SEC MD&A · November 4, 2025
Net loss for 2025
“Our net loss was $23.4 million and $87.9 million for the years ended December 31, 2025 and 2024”
SEC MD&A · February 25, 2026
Brelovitug BLA submission timeline
“may support a potential biologics license application submission to the FDA for brelovitug in HDV in the first half of 2027”
SEC filings · December 8, 2025
Catalyst timeline
- 2026-12-31 · Phase2_Topline · volixibat — Phase 2 Readout: volixibat — Top-line data from the VISTAS Phase 2b trial of volixibat for PSC, which could support an NDA submission.
- 2027-02-01 · Phase3_Topline — Phase 3 Topline: Randomized Double-Blind Placebo-Controlled Phase 3 Study to Evaluate the Efficacy and Safety of Mara — Top-line results from a Phase 3 trial of maralixibat (Livmarli) in a new indication.
- 2027-03-31 · Phase2_Topline · volixibat — Phase 2 Readout: volixibat — Additional Phase 2 readout for volixibat, potentially in PBC.
- 2028-02-21 · Patent_Expiry · CTEXLI — Patent/Exclusivity Expiry: CTEXLI — Patent expiry for CTEXLI, which could lead to generic competition.
- 2029-01-01 · Phase3_Topline · brelovitug — Phase 3 Topline: A Randomized, Open-label, Multicenter, Phase 3 Trial Evaluating Brelovitug vs Delayed Treatment for — Top-line data from a Phase 3 trial of brelovitug for HDV.
- 2029-03-30 · Phase3_Topline — Phase 3 Topline: A Phase 2b/3, Open-Label, Multicenter Trial Evaluating the Efficacy and Safety of Switching to Brelo — Top-line data from a Phase 2b/3 trial evaluating switching to brelovitug.
- 2029-09-01 · Phase3_Topline · bjt-778 — Phase 3 Topline: A Global, Randomized, Open-label, Multicenter, Phase 2b/3 Trial Evaluating BJT-778 vs Delayed Treatm — Top-line data from a Phase 2b/3 trial of BJT-778 for HDV.
- 2029-09-30 · Phase3_Topline · bjt-778 — Phase 3 Topline: A Global, Randomized, Open-label, Multicenter Phase 3 Trial Evaluating BJT-778 vs Bulevirtide for th — Top-line data from a Phase 3 trial of BJT-778 vs bulevirtide for HDV.
Risks & what to watch (3)›
Key risks
- Clinical trial delays — Top-line data for volixibat PSC trial expected Q2 2026, but any delay could impact NDA submission timeline [sec · filed 2025-12-08].
- Regulatory approval uncertainty — Brelovitug and volixibat are not yet approved; FDA decisions could be negative or delayed, affecting revenue potential [sec_mda · as of 2026-08-05].
- Revenue concentration risk — Product revenue depends on periodic orders from Takeda and distributors, leading to potential volatility [sec_mda · as of 2026-08-05].
What to watch
- Top-line data from the VISTAS Phase 2b trial of volixibat for PSC, expected in Q2 2026 [sec · filed 2025-12-08].
- BLA submission for brelovitug in HDV, anticipated in the first half of 2027 [sec · filed 2025-12-08].
- NDA submission for volixibat in PSC, expected in the second half of 2026 [sec · filed 2025-12-08].
- Cash runway and ability to fund operations given $750.1M debt and ongoing net losses [sec].
Sources: SEC filings · SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
33.4 months
OCF -$44M · Net income -$67M
Lead: Approved
9 candidates
9 upcoming, next in ~123d
0 buys · 34 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
312
Total value held
$6.27B
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 13,735,052 | $1.27B |
| vanguard capital management llc | 4,829,552 | $446.2M |
| blackrock, inc. | 3,846,530 | $355.3M |
| fmr llc | 1,965,375 | $181.6M |
| state street corp | 1,944,281 | $179.6M |
| bvf inc/il | 1,584,727 | $146.4M |
| vanguard portfolio management llc | 1,432,083 | $132.3M |
| eventide asset management, llc | 1,408,871 | $130.1M |
| wellington management group llp | 1,334,809 | $123.3M |
| novo holdings a/s | 1,325,000 | $122.4M |
Showing top 10 of 312 institutional holders of Mirum Pharmaceuticals, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 18.1%
- Days to cover
- 11.5
- Shares short
- 8,413,814
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
MIRM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Mirum Pharmaceuticals, Inc.?
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company focused on developing and commercializing therapies for rare liver diseases, with approved products Livmarli and Livdelzi, and a pipeline including volixibat and brelovitug.
What is Mirum Pharmaceuticals, Inc.'s lead drug candidate?
Mirum Pharmaceuticals, Inc.'s most advanced tracked candidate is brelovitug (Phase 3) for Chronic Hepatitis D Infection; Chronic Hepatitis D.
What is Mirum Pharmaceuticals, Inc.'s next catalyst?
Mirum Pharmaceuticals, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: volixibat" — expected December 31, 2026.
Who is the CEO of Mirum Pharmaceuticals, Inc.?
Mr. Christopher Peetz is the chief executive officer of Mirum Pharmaceuticals, Inc. (MIRM).
Where is Mirum Pharmaceuticals, Inc. headquartered?
Mirum Pharmaceuticals, Inc. (MIRM) is headquartered in Foster City, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.