$MIRM
Mirum Pharmaceuticals, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021024994 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.479M $4.690M
YoY Change 102.11% 255.3%
% of Gross Profit
Research & Development $38.13M $17.34M
YoY Change 119.92% 256.57%
% of Gross Profit
Depreciation & Amortization $90.00K $73.00K
YoY Change 23.29%
% of Gross Profit
Operating Expenses $47.61M $22.03M
YoY Change 116.11% 256.27%
Operating Profit -$47.61M -$22.03M
YoY Change 116.11% 256.27%
Interest Expense -$2.900M $750.0K
YoY Change -486.67% 226.09%
% of Operating Profit
Other Income/Expense, Net -$16.00K -$23.00K
YoY Change -30.43% 360.0%
Pretax Income -$50.53M -$21.31M
YoY Change 137.15% 257.66%
Income Tax $5.000K $4.000K
% Of Pretax Income
Net Earnings -$50.53M -$21.31M
YoY Change 137.13% 257.73%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.678M -$860.0K
COMMON SHARES
Basic Shares Outstanding 30.42M 25.39M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $213.1M $159.5M
YoY Change 33.59% 222.28%
Cash & Equivalents $90.68M $72.04M
Short-Term Investments $122.4M $87.50M
Other Short-Term Assets $4.600M $2.900M
YoY Change 58.62% 866.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $217.8M $162.4M
YoY Change 34.11% 226.1%
LONG-TERM ASSETS
Property, Plant & Equipment $3.100M $1.397M
YoY Change 121.9% 7.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.500M
YoY Change
Other Assets $1.426M $160.0K
YoY Change 791.25% -60.0%
Total Long-Term Assets $4.441M $10.40M
YoY Change -57.31% 511.94%
TOTAL ASSETS
Total Short-Term Assets $217.8M $162.4M
Total Long-Term Assets $4.441M $10.40M
Total Assets $222.2M $172.8M
YoY Change 28.61% 235.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.658M $3.265M
YoY Change 73.29% 36.04%
Accrued Expenses $27.78M $9.772M
YoY Change 184.29% 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 $35.00M $13.55M
YoY Change 158.34% 108.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $24.00K $34.00K
YoY Change -29.41% -97.17%
Total Long-Term Liabilities $24.00K $34.00K
YoY Change -29.41% -97.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.00M $13.55M
Total Long-Term Liabilities $24.00K $34.00K
Total Liabilities $88.36M $16.69M
YoY Change 429.57% 116.69%
SHAREHOLDERS EQUITY
Retained Earnings -$223.7M -$91.21M
YoY Change 145.26%
Common Stock $357.6M $247.4M
YoY Change 44.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.9M $156.1M
YoY Change
Total Liabilities & Shareholders Equity $222.2M $172.8M
YoY Change 28.61% 235.54%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$50.53M -$21.31M
YoY Change 137.13% 257.73%
Depreciation, Depletion And Amortization $90.00K $73.00K
YoY Change 23.29%
Cash From Operating Activities -$25.21M -$18.35M
YoY Change 37.38% 656.43%
INVESTING ACTIVITIES
Capital Expenditures $3.000K $98.00K
YoY Change -96.94% 122.73%
Acquisitions
YoY Change
Other Investing Activities -$32.78M $33.86M
YoY Change -196.81%
Cash From Investing Activities -$32.78M $33.76M
YoY Change -197.11% -76829.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $44.66M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.594M 44.66M
YoY Change -85.23%
NET CHANGE
Cash From Operating Activities -25.21M -18.35M
Cash From Investing Activities -32.78M 33.76M
Cash From Financing Activities 6.594M 44.66M
Net Change In Cash -51.41M 60.07M
YoY Change -185.59% -2531.78%
FREE CASH FLOW
Cash From Operating Activities -$25.21M -$18.35M
Capital Expenditures $3.000K $98.00K
Free Cash Flow -$25.21M -$18.45M
YoY Change 36.66% 646.92%

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%;color:#000000;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 the revenue interest liability, accrued research and development expenses, the valuation of derivative liabilities, equity award compensation and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based upon historical experience,<font style="color:#000000;"> </font>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<font style="color:#000000;">. </font></p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p>
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CashEquivalentsAndAvailableForSaleDebtSecuritiesAmortizedCostBasis
229432000
CY2020Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
82000
CY2020Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
CashEquivalentsAndAvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2021Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2021Q1 mirm Interest Expense Accrued
InterestExpenseAccrued
3381000
CY2021Q1 mirm Debt Issuances Costs Capitalized
DebtIssuancesCostsCapitalized
-172000
CY2021Q1 mirm Revenue Interest Liability
RevenueInterestLiability
50860000
CY2019Q1 us-gaap Area Of Land
AreaOfLand
5600
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P4Y
CY2021Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
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.
CY2021Q1 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
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3105000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M24D
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
653000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
891000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
920000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
928000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
230000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3622000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
517000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2020Q3 mirm Maximum Amount Of Sale Covered In Shelf Registration Statement
MaximumAmountOfSaleCoveredInShelfRegistrationStatement
300000000
CY2020Q4 mirm Common Stock Aggregate Offering Price Remaining
CommonStockAggregateOfferingPriceRemaining
68400000
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9570594
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8343673
CY2021Q1 us-gaap Share Based Goods And Nonemployee Services Transaction Modification Of Terms Incremental Compensation Cost
ShareBasedGoodsAndNonemployeeServicesTransactionModificationOfTermsIncrementalCompensationCost
300000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5285000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2573000

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