$MIRM
Mirum Pharmaceuticals, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020053201 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.730M $3.710M $2.450M
YoY Change 54.45%
% of Gross Profit
Research & Development $15.98M $12.16M $11.59M
YoY Change 31.46% 405200.0%
% of Gross Profit
Depreciation & Amortization $80.00K $40.00K $40.00K
YoY Change 100.0%
% of Gross Profit
Operating Expenses $21.72M $15.87M $14.03M
YoY Change 36.86% 24310.77%
Operating Profit -$21.72M -$15.87M -$14.03M
YoY Change 36.86% 24310.77%
Interest Expense $240.0K $780.0K $480.0K
YoY Change -69.23%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$5.000K $9.000K
YoY Change 500.0%
Pretax Income -$21.51M -$15.09M -$13.56M
YoY Change 42.57%
Income Tax -$3.000K $0.00 $0.00
% Of Pretax Income
Net Earnings -$21.51M -$15.09M -$13.56M
YoY Change 42.55% 22417.91% 135470.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$855.9K -$655.5K -$589.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.7M $126.3M $84.19M
YoY Change 5.93%
Cash & Equivalents $48.78M $30.81M $41.82M
Short-Term Investments $84.97M $95.45M $42.38M
Other Short-Term Assets $4.400M $3.100M $700.0K
YoY Change 41.94%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $138.2M $129.3M $84.90M
YoY Change 6.87%
LONG-TERM ASSETS
Property, Plant & Equipment $3.400M $631.0K $1.400M
YoY Change 438.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $27.30M $16.10M
YoY Change -100.0%
Other Assets $300.0K $84.00K $1.900M
YoY Change 257.14%
Total Long-Term Assets $3.700M $28.96M $19.40M
YoY Change -87.22%
TOTAL ASSETS
Total Short-Term Assets $138.2M $129.3M $84.90M
Total Long-Term Assets $3.700M $28.96M $19.40M
Total Assets $141.9M $158.3M $104.3M
YoY Change -10.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.200M $2.665M $2.300M
YoY Change 95.12%
Accrued Expenses $13.60M $7.912M $8.800M
YoY Change 71.89%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.80M $10.91M $11.10M
YoY Change 72.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.800M $37.00K $1.300M
YoY Change 7467.57%
Total Long-Term Liabilities $2.800M $37.00K $1.300M
YoY Change 7467.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.80M $10.91M $11.10M
Total Long-Term Liabilities $2.800M $37.00K $1.300M
Total Liabilities $21.60M $12.07M $12.40M
YoY Change 78.96%
SHAREHOLDERS EQUITY
Retained Earnings -$51.95M -$36.86M
YoY Change
Common Stock $198.1M $1.894M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.3M $146.2M -$34.94M
YoY Change
Total Liabilities & Shareholders Equity $141.9M $158.3M $104.3M
YoY Change -10.34%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$21.51M -$15.09M -$13.56M
YoY Change 42.55% 22417.91% 135470.0%
Depreciation, Depletion And Amortization $80.00K $40.00K $40.00K
YoY Change 100.0%
Cash From Operating Activities -$17.45M -$15.22M -$8.010M
YoY Change 14.65%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$170.0K $0.00
YoY Change -70.59%
Acquisitions
YoY Change
Other Investing Activities -$18.87M -$64.02M -$58.40M
YoY Change -70.52%
Cash From Investing Activities -$18.91M -$64.19M -$58.41M
YoY Change -70.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.100M 68.42M 58.76M
YoY Change -96.93%
NET CHANGE
Cash From Operating Activities -17.45M -15.22M -8.010M
Cash From Investing Activities -18.91M -64.19M -58.41M
Cash From Financing Activities 2.100M 68.42M 58.76M
Net Change In Cash -34.26M -10.99M -7.660M
YoY Change 211.74%
FREE CASH FLOW
Cash From Operating Activities -$17.45M -$15.22M -$8.010M
Capital Expenditures -$50.00K -$170.0K $0.00
Free Cash Flow -$17.40M -$15.05M -$8.010M
YoY Change 15.61%

Facts In Submission

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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, 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 trial 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 or nine months ended September 30, 2020 that were directly a result of the COVID-19 pandemic.<font style="font-size:8pt;"> </font><font style="color:#000000;">The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company&#8217;s assets or liabilities as of the date of this filing.</font></p>
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AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
84680000
CY2020Q3 mirm Available For Sale Securities Debt Maturities After More Than Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterMoreThanTwoYearsFairValue
291000
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
84971000
CY2019Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2019Q3 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020Q3 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2020Q3 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
4564000
CY2019Q4 mirm Accrued Clinical Trials Current
AccruedClinicalTrialsCurrent
4795000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1334000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
777000
CY2020Q3 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
AccruedContractManufacturingAndNonClinicalCostsCurrent
3493000
CY2019Q4 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
AccruedContractManufacturingAndNonClinicalCostsCurrent
1540000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3608000
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
CY2020Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7097008
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4979255
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3428000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2144000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8975000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4003000
CY2019Q1 us-gaap Area Of Land
AreaOfLand
5600
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P4Y
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.
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
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3404000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
213000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
866000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
892000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
920000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
929000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
230000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4050000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
646000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000

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