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MIRM · Mirum Pharmaceuticals, Inc.

Company guidance, FDA catalysts, dilution risk and cash runway, built from SEC, FDA and ClinicalTrials.gov filings and updated every day.

$824M Cash on Hand

18.1mo Cash Runway

12.5% Short Interest

$145.79 Analyst Target (14)

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📣 What MIRM Says Is Next

second half of 2027 · “Topline results from the Phase 3 AZURE-2 and AZURE-3 studies are expected in the second half of 2027.”
Company press release, Sep 28, 2026 · SEC filing
first half of 2027 · “The Company expects to submit a Biologics License Application (“BLA”) to the FDA in the first half of 2027, with potential commercial launch in the U.S. in the fourth quarte r of 2027.”
Company press release, Sep 28, 2026 · SEC filing
fourth quarter of 2026 · “Topline results from the Phase 3 AZURE-4 study, the second of the two pivotal studies supporting the U.S. registration package, are expected in the fourth quarter of 2026.”
Company press release, Sep 28, 2026 · SEC filing

Quoted word for word from the company's press releases filed with the SEC. Timing is the company's own guidance, not a BioRadar estimate.

🧪 Trial & FDA Catalysts

Jan 2027 · Phase 2 · Active Trial · A Study to Evaluate Efficacy and Safety of an Investigational Drug Named Volixibat in Pati
Registry primary completion date, not a results date
Jun 2027 · Phase 3 · Recruiting · A Trial Evaluating Brelovitug (BJT-778) vs Bulevirtide for the Treatment of Chronic Hepati
Registry primary completion date, not a results date
Aug 2027 · Phase 2/3 · Recruiting · Study to Evaluate Switching to Brelovitug for the Treatment of CHD in Participants Receivi
Registry primary completion date, not a results date
Oct 2027 · Phase 2 · Recruiting · Study of MRM-3379 in Male Participants With Fragile X Syndrome (BLOOM)
Registry primary completion date, not a results date
Sep 2028 · N/A · Recruiting · Long-Term SafEty and Clinical Outcomes of LivmArli in Patients in the United States (LEAP-
Registry primary completion date, not a results date
Jan 2029 · Phase 2 · Upcoming Trial · MRX-901: An Open-label Study to Assess Safety and Tolerability of Maralixibat in Participa
Registry primary completion date, not a results date

📊 Drug Pipeline

Drug	Indication	Most advanced trial	Status
Maralixibat FDA approved Sep 2021 · Livmarli	Alagille Syndrome	Phase 4 · NCT07290257	Recruiting
Cholic Acid FDA approved Mar 2015 · Cholbam	Inborn Errors of Bile Acid Synthesis	Phase 3 · NCT01115582	Completed
Open-Label CDCA 250 mg TID	CTX	Phase 3 · NCT04270682	Completed
Rescue Medication CDCA 250 mg TID	CTX	Phase 3 · NCT04270682	Completed
Brelovitug	Chronic Hepatitis D Infection	Phase 2/3 · NCT06907290	Active not recruiting
CDCA Weight-Based Dose TID	CTX	Phase 3 · NCT04270682	Completed
Blinded CDCA 250 mg TID	CTX	Phase 3 · NCT04270682	Completed
Ursodiol	PBC	Phase 2 · NCT01904058	Completed
Volixibat	Primary Biliary Cholangitis	Phase 2 · NCT05050136	Active not recruiting
Middle Dose of MRM-3379	Fragile X Syndrome	Phase 2 · NCT07209462	Recruiting
LUM001	Progressive Familial Intrahepatic Cholestasis (PFI	Phase 2 · NCT02057718	Completed
Low dose of MRM-3379 Open-Label	Fragile X Syndrome	Phase 2 · NCT07209462	Recruiting
High dose of MRM-3379	Fragile X Syndrome	Phase 2 · NCT07209462	Recruiting
[14C]-MRM-3379	Healthy Volunteers	Phase 1 · NCT07712718	Recruiting

Also used in these trials (approved or third-party drugs, not MIRM's own candidates): Bulevirtide.

Source: ClinicalTrials.gov trials sponsored by the company, one row per candidate at its most advanced registered trial. FDA approvals: Drugs@FDA. Wrong or missing drug? Report it

💰 Cash Runway & Dilution Risk

MIRM holds $824M in cash and short-term investments (as of Jun 30, 2026) and burns about $136.5M/quarter from operations, an estimated runway of 18.1 months at that rate (BioRadar estimate, not company guidance).

Dilution pressure: 47 · Elevated

Cash runway 18 months +8
ATM program on file since Aug 2025 +15
Shelf registration (S-3ASR, Aug 2025) +10
Share count +29% in a year +14

Recent financing filings on SEC EDGAR:

May 18, 2026 · Private placement (8-K Item 3.02) · 8-K
Dec 19, 2025 · Private placement (8-K Item 3.02) · 8-K
Dec 8, 2025 · Private placement (8-K Item 3.02) · 8-K
Aug 12, 2025 · Shelf registration with ATM program, up to $200M · S-3ASR
Nov 2, 2023 · ATM program, up to $200M · 424B5

Source: SEC EDGAR (XBRL cash flow and financing filings). Dilution Watch: every company ranked → · Get an alert when MIRM files for a raise →

👥 Who Owns MIRM

Insiders 7.5% Other 5%+ holders 5.8% Institutions (441 holders) 86.7% Public and other holders 0%

Holder	Type	Shares	% of shares	As of
Frazier Life Sciences Management, L.P.	Institution (13F)	7,679,684	11.83%	2026-06-30
JANUS HENDERSON GROUP Ltd.	Institution (13G, 5%+)	5,909,184	9.10%	2026-06-30
Jupiter Topco LLC	Institution (13F)	5,909,184	9.10%	2026-06-30
Patrick J Heron Director · +5,752 options	Insider	4,031,625	6.21%	2026-01-23
FMR LLC	Institution (13G, 5%+)	3,777,851	5.82%	2026-06-30
James N. Topper	5%+ holder (13D)	3,735,220	5.75%	2025-11-01
BlackRock, Inc.	Institution (13G, 5%+)	3,465,559	5.34%	2026-03-31
Price (T.Rowe) Associates Inc	Institution (13F)	2,655,607	4.09%	2026-06-30
Vanguard Portfolio Management LLC	Institution (13F)	2,377,019	3.66%	2026-06-30
Vanguard Capital Management LLC	Institution (13F)	2,254,109	3.47%	2026-06-30
State Street Corporation	Institution (13F)	2,170,689	3.34%	2026-06-30
William Blair Investment Management, LLC	Institution (13F)	1,404,741	2.16%	2026-06-30

Share count 64,932,203 (latest 10-Q/10-K). Insiders: each officer's, director's and 10% owner's latest Form 3, 4 or 5, direct and indirect shares; options are not counted. 5%+ holders: latest Schedule 13D or 13G of each holder above 5%. Institutions: the total held by all 13F filers (Yahoo Finance); the table lists the largest (13F quarter ending 2026-06-30). Sources have different dates, so the split is approximate. Source: SEC EDGAR.

📈 Recent Insider Activity (Form 4)

Trade date	Insider	Transaction	Shares	Price	Owned after
2026-09-14 filed 2026-09-15	BJERKHOLT ERIC	Sale (S)	9,943	$98.37	44,745
2026-09-11 filed 2026-09-15	BJERKHOLT ERIC	Option exercise (M)	18,333	–	–
2026-09-11 filed 2026-09-15	BJERKHOLT ERIC	Option exercise (M)	18,333	–	54,688
2026-09-02 filed 2026-09-03	Howe Jolanda	Sale (S)	658	$100.00	616
2026-09-01 filed 2026-09-03	Peetz Christopher	Option exercise (M)	30,000	–	–

Only open-market purchases (P) and sales (S) are trading decisions. Awards (A), option exercises (M) and tax withholding (F) are compensation mechanics. Source: SEC Form 4.

📅 Past FDA Decisions & Stock Reactions

Date	Drug	Type	Run-up 30d	Decision 1d	After 5d
2026-09-26	Atebrioz (zilurgisertib)	NDA	-8.9%	—	—

Browse all historical PDUFA outcomes →

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Data: SEC EDGAR, FDA, ClinicalTrials.gov, Yahoo Finance • Informational purposes only, not investment advice. • All tracked stocks A–Z