$MIRM
Mirum Pharmaceuticals, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022856 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.690M $1.320M
YoY Change 255.3%
% of Gross Profit
Research & Development $17.34M $4.863M
YoY Change 256.57%
% of Gross Profit
Depreciation & Amortization $73.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $22.03M $6.184M
YoY Change 256.27%
Operating Profit -$22.03M -$6.184M
YoY Change 256.27%
Interest Expense $750.0K $230.0K
YoY Change 226.09%
% of Operating Profit
Other Income/Expense, Net -$23.00K -$5.000K
YoY Change 360.0%
Pretax Income -$21.31M -$5.957M
YoY Change 257.66%
Income Tax $4.000K $0.00
% Of Pretax Income
Net Earnings -$21.31M -$5.957M
YoY Change 257.73%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$860.0K -$258.9K
COMMON SHARES
Basic Shares Outstanding 25.39M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.5M $49.50M
YoY Change 222.28%
Cash & Equivalents $72.04M $49.49M
Short-Term Investments $87.50M
Other Short-Term Assets $2.900M $300.0K
YoY Change 866.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $162.4M $49.80M
YoY Change 226.1%
LONG-TERM ASSETS
Property, Plant & Equipment $1.397M $1.300M
YoY Change 7.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.500M
YoY Change
Other Assets $160.0K $400.0K
YoY Change -60.0%
Total Long-Term Assets $10.40M $1.700M
YoY Change 511.94%
TOTAL ASSETS
Total Short-Term Assets $162.4M $49.80M
Total Long-Term Assets $10.40M $1.700M
Total Assets $172.8M $51.50M
YoY Change 235.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.265M $2.400M
YoY Change 36.04%
Accrued Expenses $9.772M $4.100M
YoY Change 138.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.55M $6.500M
YoY Change 108.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $34.00K $1.200M
YoY Change -97.17%
Total Long-Term Liabilities $34.00K $1.200M
YoY Change -97.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.55M $6.500M
Total Long-Term Liabilities $34.00K $1.200M
Total Liabilities $16.69M $7.700M
YoY Change 116.69%
SHAREHOLDERS EQUITY
Retained Earnings -$91.21M
YoY Change
Common Stock $247.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.1M -$23.05M
YoY Change
Total Liabilities & Shareholders Equity $172.8M $51.50M
YoY Change 235.54%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$21.31M -$5.957M
YoY Change 257.73%
Depreciation, Depletion And Amortization $73.00K $0.00
YoY Change
Cash From Operating Activities -$18.35M -$2.426M
YoY Change 656.43%
INVESTING ACTIVITIES
Capital Expenditures $98.00K $44.00K
YoY Change 122.73%
Acquisitions
YoY Change
Other Investing Activities $33.86M
YoY Change
Cash From Investing Activities $33.76M -$44.00K
YoY Change -76829.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $44.66M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 44.66M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -18.35M -2.426M
Cash From Investing Activities 33.76M -44.00K
Cash From Financing Activities 44.66M 0.000
Net Change In Cash 60.07M -2.470M
YoY Change -2531.78%
FREE CASH FLOW
Cash From Operating Activities -$18.35M -$2.426M
Capital Expenditures $98.00K $44.00K
Free Cash Flow -$18.45M -$2.470M
YoY Change 646.92%

Facts In Submission

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CY2020Q1 us-gaap Use Of Estimates
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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 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 investments, 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> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, a novel strain of coronavirus, which causes COVID-19, was identified. Due to the rapid and global spread of the virus, on March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To slow the proliferation of COVID-19, governments have implemented extraordinary measures, which include the mandatory closure of businesses, restrictions on travel and gatherings, and quarantine and physical distancing requirements.</p> <p style="margin-bottom:0pt;margin-top:12pt;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 full extent to which the COVID-19 pandemic will directly or indirectly impact the Company&#8217;s business, results of operations and financial condition, including clinical trials delays and costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. There were no significant estimates contained in the preparation of the Company&#8217;s consolidated financial statements or impacts to the Company&#8217;s consolidated financial statements for the three months ended March 31, 2020 that were directly a result of the COVID-19 pandemic.</p>
CY2020Q1 dei Entity Incorporation Date Of Incorporation
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AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
23292000
CY2019Q4 mirm Cash Equivalents And Available For Sale Securities Debt Securities
CashEquivalentsAndAvailableForSaleSecuritiesDebtSecurities
138603000
CY2019Q4 mirm Cash Equivalents And Available For Sale Debt Securities Amortized Cost Basis
CashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
138447000
CY2019Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
157000
CY2019Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
85863000
CY2020Q1 mirm Available For Sale Securities Debt Maturities After One To Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneToTwoYearsFairValue
8163000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
94026000
CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020Q1 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
4539000
CY2019Q4 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
4795000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
812000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
777000
CY2020Q1 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
AccruedContractManufacturingAndNonClinicalCostsCurrent
3219000
CY2019Q4 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
AccruedContractManufacturingAndNonClinicalCostsCurrent
1540000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1202000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2216000
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
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7108653
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4979255
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2573000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
218000
CY2019Q1 us-gaap Area Of Land
AreaOfLand
5600
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P4Y
CY2020Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Pursuant to the Lease, the lease term is approximately four years with an option to extend the term for one five-year term, which at the time was not reasonably assured of exercise and therefore, not included in the lease term.
CY2020Q1 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2019Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2019Q1 mirm Tenant Improvement Allowance
TenantImprovementAllowance
400000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3614000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y10M24D
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
567000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
865000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
890000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
918000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
928000
CY2020Q1 mirm Lessee Operating Lease Liability Payments Due Year Six
LesseeOperatingLeaseLiabilityPaymentsDueYearSix
230000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4398000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
784000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000

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