Mirum Pharmaceuticals Completes Enrollment in EXPAND Study for Livmarli
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 16 2026
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Should l Buy MIRM?
Mirum Pharmaceuticals announced completion of enrollment in EXPAND, a Phase 3 randomized, double-blind, placebo-controlled study evaluating Livmarli for the treatment of cholestatic pruritus in patients aged six months or older with rare cholestatic liver diseases, including biliary atresia.
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Analyst Views on MIRM
Wall Street analysts forecast MIRM stock price to rise
9 Analyst Rating
9 Buy
0 Hold
0 Sell
Strong Buy
Current: 87.900
Low
81.00
Averages
102.33
High
140.00
Current: 87.900
Low
81.00
Averages
102.33
High
140.00
About MIRM
Mirum Pharmaceuticals, Inc. is a rare disease company with a global footprint of approved products and a pipeline of investigational medicines. Its commercial portfolio includes LIVMARLI (maralixibat) for Alagille syndrome (ALGS) and progressive familial intrahepatic cholestasis (PFIC), CHOLBAM (cholic acid) for bile-acid synthesis disorders, and CTEXLI (chenodiol) for cerebrotendinous xanthomatosis (CTX). Its clinical-stage pipeline includes volixibat, an IBAT inhibitor in late-stage development for primary sclerosing cholangitis (PSC) and primary biliary cholangitis (PBC), brelovitug, a fully human monoclonal antibody in late-stage development for chronic hepatitis delta virus (HDV), and MRM-3379, a PDE4D inhibitor being evaluated for Fragile X syndrome (FXS). Livmarli is an orally administered, minimally absorbed ileal bile acid transporter (IBAT) inhibitor (IBATi) that is used for the treatment of cholestatic pruritus in patients with ALGS in the United States and other countries.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Mirum Pharmaceuticals Grants Stock Options and RSUs to New Employees
- Stock Option Grant: On March 11, 2026, Mirum Pharmaceuticals granted 5,400 stock options and 6,800 restricted stock units (RSUs) to five new employees as an inducement for their employment, in compliance with Nasdaq Listing Rule 5635(c)(4).
- Exercise Price Set: Each stock option has an exercise price of $91.75, matching the closing price on the grant date, and will vest over four years with 25% vesting after the first year and the remainder vesting monthly over 36 months, ensuring employee retention.
- RSU Vesting Schedule: The RSUs will vest over three years with 33% vesting each year, requiring employees to maintain their service relationship with Mirum through the vesting dates, thereby enhancing long-term commitment and stability among the workforce.
- Company Overview: Mirum Pharmaceuticals focuses on rare diseases with a global portfolio of approved products and a broad pipeline, dedicated to delivering breakthrough medicines for overlooked conditions, showcasing significant market potential and strategic development capabilities.
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Mirum Pharmaceuticals Reports Strong Q4 2025 Earnings and 2026 Guidance
- Strong Sales Performance: Mirum Pharmaceuticals reported Q4 2025 net product sales of $149 million, a 50% increase from $99 million in the prior year, with total annual sales reaching $521 million, exceeding guidance and reflecting robust performance in Alagille syndrome and PFIC markets.
- 2026 Sales Outlook: Management projects net product sales for 2026 to be between $630 million and $650 million, indicating confidence in market demand for LIVMARLI and the new drug Brelovitug, which is expected to drive further growth in the rare disease sector.
- Increased R&D Investment: The company anticipates a rise in R&D expenses in 2026, primarily for the Brelovitug clinical program and manufacturing validation, with management emphasizing that these investments will prepare the company for future BLA submissions and maintain its competitive edge.
- Cash Flow and Financial Health: By the end of 2025, Mirum had $391 million in cash and cash equivalents, achieving positive cash flow from operations, demonstrating financial stability that supports business expansion and new product development.
See More
Mirum (MIRM) Q4 2025 Earnings Call Transcript
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Mirum Pharmaceuticals Reports Q4 Revenue Growth of 49.8%
- Significant Revenue Growth: Mirum Pharmaceuticals reported Q4 revenue of $148.9 million, reflecting a 49.8% year-over-year increase, surpassing market expectations by $7.12 million, which underscores the company's strong performance in market demand and product promotion, solidifying its position in the biopharmaceutical sector.
- Net Loss Reported: Despite the substantial revenue growth, Mirum recorded a net loss of $5.73 million in Q4, indicating ongoing investments in R&D and market expansion, which are expected to lay the groundwork for long-term growth.
- Funding Initiative: Mirum plans to raise $68.5 million through a private placement with TCGX, with the funds aimed at accelerating product development and market outreach, enhancing the company's competitiveness in the highly competitive pharmaceutical market.
- Future Outlook: At the upcoming J.P. Morgan Healthcare Conference, Mirum will present its positive outlook on VOLIXIBAT PSC treatment data, anticipating greater market potential by 2026, which is expected to further bolster investor confidence in the company.
See More
Penn Capital Increases Stake in ACM Research, Inc.
- New Investment Dynamics: Penn Capital Management established a new position in ACM Research during Q4 2025, acquiring 435,843 shares, with a quarter-end value increase of $17.21 million, reflecting strong confidence in the semiconductor equipment market.
- Asset Allocation Shift: This new position accounts for 1.37% of Penn Capital's 13F reportable assets under management, indicating a strategic focus on the semiconductor industry, particularly in the context of AI and advanced chip manufacturing.
- Outstanding Stock Performance: As of February 6, 2026, ACM Research shares were priced at $62.48, up 171.5% over the past year, outperforming the S&P 500 by 157.6 percentage points, showcasing market recognition of its growth potential.
- Industry Outlook Analysis: ACM Research specializes in providing advanced cleaning and plating equipment for semiconductor manufacturing, and with the surge in AI processor demand, the company’s revenue from the Chinese market is significant, facing dual challenges of self-sufficiency and export controls.
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Penn Capital Initiates Position in ACM Research with $17.21 Million Investment
- New Investment Position: Penn Capital initiated a position in ACM Research during Q4 2025 by purchasing 435,843 shares for an estimated $17.21 million, reflecting confidence in the semiconductor sector.
- Value Appreciation: As of December 31, 2025, the position's quarter-end value stood at $17.21 million, indicating a positive impact from both the share purchase and price movements, showcasing market recognition of ACM Research.
- Strong Market Performance: As of February 6, 2026, ACM Research shares were priced at $62.48, representing a 171.5% increase over the previous year, generating 157.6 percentage points of alpha compared to the S&P 500, highlighting its robust performance in the semiconductor equipment market.
- Promising Industry Outlook: ACM Research focuses on advanced wafer cleaning and plating equipment, and with the rising demand for AI processors, its products are becoming increasingly vital in semiconductor manufacturing, positioning the company for greater market share amidst China's push for semiconductor self-sufficiency.
See More
Mirum Pharmaceuticals Grants Stock Options and RSUs to New Employees
- Stock Option Grant: On March 11, 2026, Mirum Pharmaceuticals granted 5,400 stock options and 6,800 restricted stock units (RSUs) to five new employees as an inducement for their employment, in compliance with Nasdaq Listing Rule 5635(c)(4).
- Exercise Price Set: Each stock option has an exercise price of $91.75, matching the closing price on the grant date, and will vest over four years with 25% vesting after the first year and the remainder vesting monthly over 36 months, ensuring employee retention.
- RSU Vesting Schedule: The RSUs will vest over three years with 33% vesting each year, requiring employees to maintain their service relationship with Mirum through the vesting dates, thereby enhancing long-term commitment and stability among the workforce.
- Company Overview: Mirum Pharmaceuticals focuses on rare diseases with a global portfolio of approved products and a broad pipeline, dedicated to delivering breakthrough medicines for overlooked conditions, showcasing significant market potential and strategic development capabilities.
See More
Mirum Pharmaceuticals Reports Strong Q4 2025 Earnings and 2026 Guidance
- Strong Sales Performance: Mirum Pharmaceuticals reported Q4 2025 net product sales of $149 million, a 50% increase from $99 million in the prior year, with total annual sales reaching $521 million, exceeding guidance and reflecting robust performance in Alagille syndrome and PFIC markets.
- 2026 Sales Outlook: Management projects net product sales for 2026 to be between $630 million and $650 million, indicating confidence in market demand for LIVMARLI and the new drug Brelovitug, which is expected to drive further growth in the rare disease sector.
- Increased R&D Investment: The company anticipates a rise in R&D expenses in 2026, primarily for the Brelovitug clinical program and manufacturing validation, with management emphasizing that these investments will prepare the company for future BLA submissions and maintain its competitive edge.
- Cash Flow and Financial Health: By the end of 2025, Mirum had $391 million in cash and cash equivalents, achieving positive cash flow from operations, demonstrating financial stability that supports business expansion and new product development.
See More
Mirum (MIRM) Q4 2025 Earnings Call Transcript
See More
Mirum Pharmaceuticals Reports Q4 Revenue Growth of 49.8%
- Significant Revenue Growth: Mirum Pharmaceuticals reported Q4 revenue of $148.9 million, reflecting a 49.8% year-over-year increase, surpassing market expectations by $7.12 million, which underscores the company's strong performance in market demand and product promotion, solidifying its position in the biopharmaceutical sector.
- Net Loss Reported: Despite the substantial revenue growth, Mirum recorded a net loss of $5.73 million in Q4, indicating ongoing investments in R&D and market expansion, which are expected to lay the groundwork for long-term growth.
- Funding Initiative: Mirum plans to raise $68.5 million through a private placement with TCGX, with the funds aimed at accelerating product development and market outreach, enhancing the company's competitiveness in the highly competitive pharmaceutical market.
- Future Outlook: At the upcoming J.P. Morgan Healthcare Conference, Mirum will present its positive outlook on VOLIXIBAT PSC treatment data, anticipating greater market potential by 2026, which is expected to further bolster investor confidence in the company.
See More
Penn Capital Increases Stake in ACM Research, Inc.
- New Investment Dynamics: Penn Capital Management established a new position in ACM Research during Q4 2025, acquiring 435,843 shares, with a quarter-end value increase of $17.21 million, reflecting strong confidence in the semiconductor equipment market.
- Asset Allocation Shift: This new position accounts for 1.37% of Penn Capital's 13F reportable assets under management, indicating a strategic focus on the semiconductor industry, particularly in the context of AI and advanced chip manufacturing.
- Outstanding Stock Performance: As of February 6, 2026, ACM Research shares were priced at $62.48, up 171.5% over the past year, outperforming the S&P 500 by 157.6 percentage points, showcasing market recognition of its growth potential.
- Industry Outlook Analysis: ACM Research specializes in providing advanced cleaning and plating equipment for semiconductor manufacturing, and with the surge in AI processor demand, the company’s revenue from the Chinese market is significant, facing dual challenges of self-sufficiency and export controls.
See More
Penn Capital Initiates Position in ACM Research with $17.21 Million Investment
- New Investment Position: Penn Capital initiated a position in ACM Research during Q4 2025 by purchasing 435,843 shares for an estimated $17.21 million, reflecting confidence in the semiconductor sector.
- Value Appreciation: As of December 31, 2025, the position's quarter-end value stood at $17.21 million, indicating a positive impact from both the share purchase and price movements, showcasing market recognition of ACM Research.
- Strong Market Performance: As of February 6, 2026, ACM Research shares were priced at $62.48, representing a 171.5% increase over the previous year, generating 157.6 percentage points of alpha compared to the S&P 500, highlighting its robust performance in the semiconductor equipment market.
- Promising Industry Outlook: ACM Research focuses on advanced wafer cleaning and plating equipment, and with the rising demand for AI processors, its products are becoming increasingly vital in semiconductor manufacturing, positioning the company for greater market share amidst China's push for semiconductor self-sufficiency.
See More
