MIRMMirum Pharmaceuticals, Inc.
Pharmaceutical Preparations
- Revenue
- $521M
- 55% YoY
- Operating margin
- -4.2%
- 84% YoY
- EBITDA
- $2M
- 103% YoY
- Market cap
- $5.5B
- Employees
- 54,000
- $10K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.3
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersNo0 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes70% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$10K · 22nd pctBottom quartile of its SIC industry
- Quiet on AIYes0.3 per 10K words · 17th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.5B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$33M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $19M | $77M | $186M | $337M | $521M | 55% |
| Operating income | −$173M | −$131M | −$109M | −$88M | −$22M | 75% |
| Net income | −$84M | −$136M | −$163M | −$88M | −$23M | 73% |
| Operating cash flow | −$133M | −$120M | −$71M | $10M | $56M | 441% |
| Capex | $24K | $278K | $109K | $993K | $954K | 3.9% |
| Stock-based comp | $23M | $27M | $35M | $48M | $71M | 47% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 27, 2026 | Frazier Life Sciences IX, L.P. | SCHEDULE 13D/A | 5.9% | Passive |
| Nov 4, 2025 | Frazier Life Sciences IX, L.P. | SCHEDULE 13D/A | 7.1% | Passive |
| Aug 20, 2025 | Frazier Life Sciences IX, L.P. | SCHEDULE 13D/A | 7.1% | Passive |
| Dec 29, 2023 | New Enterprise Associates 16, L.P. | SC 13D/A | — | Passive |
| Sep 5, 2023 | Frazier Life Sciences IX, L.P. | SC 13D/A | 8.7% | Passive |
| Jun 23, 2023 | New Enterprise Associates 16, L.P. | SC 13D/A | 5.8% | Passive |
| Apr 14, 2023 | Frazier Life Sciences IX, L.P. | SC 13D/A | 9.4% | Passive |
| Dec 1, 2022 | RiverVest Venture Fund IV, L.P. | SC 13D/A | 4.4% | Passive |
| Aug 18, 2022 | Novo Holdings A/S | SC 13D/A | 4.8% | Passive |
| Aug 16, 2022 | Frazier Life Sciences IX, L.P. | SC 13D/A | 9.7% | Passive |
Insider trading
- Open-market buys, 12 mo
- $9M · 1
- Open-market sells, 12 mo
- $42M · 59
- Net
- −$33M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $10M | $30M | 495 | 125 |
| FY2024 | $7M | $13M | 259 | 93 |
| FY2023 | $6M | $9M | 185 | 94 |
| FY2022 | $4M | $7M | 122 | 90 |