MIRM Mirum Pharmaceuticals, Inc.

Overview and Growth

Fiscal 2025 results for Mirum Pharmaceuticals, Inc. combined $521.31M of revenue with net loss of $23.36M and an operating cash inflow of $55.83M. The $521.31M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $336.89M in fiscal 2024, revenue recorded a 54.7% year-over-year increase. The company reported diluted EPS of -$0.47, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 50.20M, linking total earnings with the per-share result received by shareholders. The company employed $842.81M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.62x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Operations produced a $22.14M operating loss before non-operating and tax effects. An operating margin of -4.2% reflected costs exceeding revenue-level gross profit by 4.2% of sales. After all below-operating-line items, the company recorded a net loss of $23.36M for the fiscal year. Net margin was -4.5%, reflecting a loss equal to 4.5% of reported revenue. EBITDA was $2.11M, supplying an additional view of reported operating earnings before interest, taxes, depreciation, and amortization. Before income taxes, the company recorded a loss of $21.43M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 4.1%. The reported income-tax provision was $1.94M, the amount recognized between pretax income and the final net-income result. The loss-to-equity relationship was 7.4%, placing the bottom-line deficit against shareholder capital. The loss-to-assets relationship was 2.8%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit decreased from $87.94M in fiscal 2024 to $23.36M.

Liquidity and Capital Structure

Total assets were $842.81M, supported by $528.12M of liabilities and $314.69M of shareholder equity. At period end, current assets of $549.68M compared with current liabilities of $205.80M, defining the company’s short-term resource position. At 2.67x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $296.68M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 144.2% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled 37.3% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 62.7%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 35.2% of total assets, showing the liquid cash component within the company’s broader resource base. Total assets were 25.7% higher than fiscal 2024 assets of $670.75M, measuring the company’s own balance-sheet change. Reported equity changed 39.5% from $225.64M in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 33.3% higher than fiscal 2024 cash of $222.50M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $55.83M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. The cash-flow statement records $954.00K of capital expenditures, the investment amount considered after operating cash generation. Capital spending absorbed 1.7% of operating cash flow, quantifying the share of cash from operations directed to investment. Free cash flow came to $54.87M, leaving a positive amount after capital expenditures. The free-cash-flow margin was 10.5%, measuring cash remaining after capital spending against revenue. The free-cash-flow-to-assets relationship was 6.5%, comparing post-investment cash with the balance-sheet asset base. Operating cash flow of $55.83M finished above fiscal 2024 operating cash flow of $10.32M, showing the year-over-year direction of cash generation.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.