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Red Flags Detected

  • Livmarli Patent Litigation (unchanged) — Four generic filers (Sandoz, Hetero, Biophore, Zydus) challenged LIVMARLI patents; 30-month stay prevents generic entry through March 2029, but trial set for September 2028 creates exclusivity uncertainty for the company's largest revenue product.
  • Volixibat Liver Safety Signals (new) — VISTAS PSC trial showed more frequent liver-lab elevations (ALT, AST, ALP, bilirubin) and related AEs (jaundice) in volixibat arm vs placebo; independent committee evaluating potential hepatotoxicity.
  • Medicare Drug Price Negotiation Program (unchanged) — HHS empowered to negotiate prices for single-source drugs on market 7+ years; up to 20 products/year selected, with significant per-unit reimbursement reductions expected for those selected.
NASDAQ: MIRM Mirum Pharmaceuticals, Inc. 10-Q

MIRM revenue +37.9% YoY but net loss widens 1047% on $742.7M Bluejay IPR&D charge

Filed August 5, 2026 · Period ending June 30, 2026 · Compared to 10-Q Aug 6, 2025 · ~2 min read

Key Changes

  • high

    Net loss widened 1047% YoY to $67.2M (vs operating loss widening 753%) — the bottom-line deterioration did NOT come from operations. The $23.8M net below-the-line drag (non-operating/other -$22.5M, income tax -$1.3M) drove the divergence.

    MD&A: Net Loss & Below-the-Line verify on EDGAR →
  • high

    Acquired Bluejay Therapeutics for $415.3M in stock (Jan 2026), adding brelovitug (late-stage monoclonal antibody for hepatitis delta) with BLA submission expected H1 2027. Recorded $726.3M IPR&D charge.

    MD&A: Bluejay Acquisition verify on EDGAR →
  • high

    Issued $690M 0% convertible notes due 2032 (net $672M) and used $474.7M cash + 3.2M shares to repurchase $237.2M of 2029 Notes, extending debt maturity and reducing near-term interest expense.

    Notes: 2032 Notes & 2029 Notes Exchange verify on EDGAR →

2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.

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View original filing on SEC.gov View full financials on EDGAR ↗

Figures/quotes linked to EDGAR · Narrative written by AI · Aug 6, 2026 · How we verify