$MIRM
Mirum Pharmaceuticals, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019041030 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.280M $3.710M
YoY Change
% of Gross Profit
Research & Development $14.38M $12.16M
YoY Change 405200.0%
% of Gross Profit
Depreciation & Amortization $60.00K $40.00K
YoY Change
% of Gross Profit
Operating Expenses $18.66M $15.87M
YoY Change 24310.77%
Operating Profit -$15.87M
YoY Change 24310.77%
Interest Expense $730.0K $780.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$5.000K
YoY Change
Pretax Income -$17.93M -$15.09M
YoY Change
Income Tax $20.00K $0.00
% Of Pretax Income
Net Earnings -$17.95M -$15.09M
YoY Change 22417.91%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$779.8K -$655.5K
COMMON SHARES
Basic Shares Outstanding 22.99M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.7M $126.3M
YoY Change
Cash & Equivalents $11.97M $30.81M $51.96M
Short-Term Investments $104.7M $95.45M
Other Short-Term Assets $2.700M $3.100M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $119.4M $129.3M $51.98M
YoY Change 129.65%
LONG-TERM ASSETS
Property, Plant & Equipment $1.372M $631.0K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.30M $27.30M
YoY Change
Other Assets $324.0K $84.00K
YoY Change
Total Long-Term Assets $27.35M $28.96M $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $119.4M $129.3M $51.98M
Total Long-Term Assets $27.35M $28.96M $0.00
Total Assets $146.7M $158.3M $51.98M
YoY Change 182.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.351M $2.665M $269.0K
YoY Change 1145.72%
Accrued Expenses $9.328M $7.912M $2.180M
YoY Change 327.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.08M $10.91M $2.449M
YoY Change 433.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $36.00K $37.00K
YoY Change
Total Long-Term Liabilities $36.00K $37.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.08M $10.91M $2.449M
Total Long-Term Liabilities $36.00K $37.00K
Total Liabilities $16.36M $12.07M $2.449M
YoY Change 568.15%
SHAREHOLDERS EQUITY
Retained Earnings -$69.90M -$51.95M -$17.35M
YoY Change 302.93%
Common Stock $200.1M $198.1M $35.00K
YoY Change 571674.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.3M $146.2M -$17.31M
YoY Change
Total Liabilities & Shareholders Equity $146.7M $158.3M $51.98M
YoY Change 182.27%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$17.95M -$15.09M
YoY Change 22417.91%
Depreciation, Depletion And Amortization $60.00K $40.00K
YoY Change
Cash From Operating Activities -$13.70M -$15.22M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$70.00K -$170.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$5.080M -$64.02M
YoY Change
Cash From Investing Activities -$5.140M -$64.19M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 68.42M
YoY Change
NET CHANGE
Cash From Operating Activities -13.70M -15.22M
Cash From Investing Activities -5.140M -64.19M
Cash From Financing Activities 0.000 68.42M
Net Change In Cash -18.84M -10.99M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$13.70M -$15.22M
Capital Expenditures -$70.00K -$170.0K
Free Cash Flow -$13.63M -$15.05M
YoY Change

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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company&#8217;s unaudited condensed consolidated financial statements relate to accrued research and development expenses, the valuation of common stock, equity awards and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates. </p>
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LesseeOperatingLeaseOptionToExtend
The lease term is approximately four years with an option to extend the term for one five-year term, which is not reasonably assured of exercise and therefore, not included in the lease term.
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2018-05-02
CY2019Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.125
CY2019Q3 mirm Cash Cash Equivalents And Short And Long Term Investments
CashCashEquivalentsAndShortAndLongTermInvestments
153600000
mirm Investments Classified As Cash And Cash Equivalent Original Maturities
InvestmentsClassifiedAsCashAndCashEquivalentOriginalMaturities
P3M
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2019Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
100000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3629859
CY2019Q3 mirm Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
151338000
CY2019Q3 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
3484000
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2018Q4 mirm Accrued Costs Current
AccruedCostsCurrent
1310000
CY2019Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2019Q1 mirm Tenant Improvement Allowance
TenantImprovementAllowance
400000
CY2018Q4 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
785000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1099000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
70000
CY2019Q3 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
AccruedContractManufacturingAndNonClinicalCostsCurrent
2035000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1294000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
15000
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4979255
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9347681
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2144000
CY2019Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.080
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
108000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
436000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
448000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
461000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
215000
CY2019Q3 mirm Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
15000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1683000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
227000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1456000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019Q3 us-gaap Short Term Lease Commitment Amount
ShortTermLeaseCommitmentAmount
400000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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