Mirum Pharmaceuticals, a biopharmaceutical company, has recently released its annual report, providing a detailed insight into its financial performance and business operations. The company focuses on developing and commercializing novel therapies for rare and orphan diseases. Its lead product candidate, LIVMARLI (maralixibat), is an orally administered and minimally absorbed ileal bile acid transporter (IBAT) inhibitor approved for the treatment of cholestatic pruritus in patients with Alagille syndrome and PFIC. Mirum Pharmaceuticals also markets and commercializes Cholbam and Chenodal and is developing another product candidate, Volixibat, for the treatment of cholestatic liver diseases.
In the 10-K report, Mirum Pharmaceuticals reported a net loss of $163.4 million for the year ended December 31, 2023, compared to $135.7 million in 2022. The company's accumulated deficit increased to $556.2 million in 2023 from $392.8 million in 2022. As of December 31, 2023, Mirum Pharmaceuticals had cash and cash equivalents of $286.3 million, up from $251.7 million in 2022.
The company anticipates continued losses as it focuses on commercial activities for its approved medicines, conducts ongoing and planned clinical trials, seeks regulatory approvals for its product candidates, and makes potential milestone payments to licensors and other third parties. Mirum Pharmaceuticals expects its total product sales to continue increasing annually, though it foresees quarterly fluctuations.
Mirum Pharmaceuticals highlighted geopolitical and macroeconomic developments, including ongoing military conflicts between Ukraine and Russia and in Israel, which have led to global financial market volatility and disruptions to trade, commerce, pricing stability, credit availability, and supply chain continuity. The company acknowledged that these developments could potentially impact its business operations, supply chain, employees' ability to travel, ongoing trials, and access to healthcare providers and patients.
Furthermore, the 10-K report detailed significant business transactions, including the completion of the acquisition of assets of Travere Therapeutics related to the development, manufacture, and commercialization of Bile Acid Medicines. Mirum Pharmaceuticals paid $210.4 million upon closing the transaction, with additional payments of up to $235.0 million based on specified annual net sales of the Bile Acid Medicines. The company also completed a private placement of 8,000,000 shares of its common stock at a price per share of $26.25, resulting in net proceeds of approximately $202.2 million.
In addition, Mirum Pharmaceuticals completed the acquisition of Satiogen for total consideration of $24.2 million, obtaining all Satiogen-owned intellectual property related to Livmarli and volixibat. The company also entered into a transitional services agreement with Travere and a license agreement with Shire (Takeda), making aggregate development, regulatory, and sales milestone payments of $71.0 million related to its Livmarli and volixibat programs.
If you want to know more, read the company's complete 10-K report here.
