SEC Filings

Mirum Paid $62.0 Million In Cash To Retire $20.0 Million Of Convertible Notes

The September buyback left $59.0 million of 2029 notes convertible through year-end, while equity fell to a $54.2 million deficit.

Mirum Pharmaceuticals, a rare-disease drugmaker, used about $62.0 million in cash in September to repurchase $20.0 million of its 4.00% convertible notes due 2029, according to its quarterly report filed Tuesday. Stockholders' equity ended September with a deficit of $54.2 million.

Three times face value

The $20.0 million repurchased was about 25% of the remaining 2029 notes, leaving $59.0 million in principal outstanding. The 10-Q puts the cash outlay at $62.0 million, including $0.3 million of accrued interest. The notes convert at $31.74 a share, and the company's stock has traded far above that level.

The notes stay convertible at holders' option during the fourth quarter of 2026. The company can settle any conversion in cash, shares or a mix of the two, and it said the buyback carried inducement offers worth more than the original conversion terms.

The $690.0 million of 0.00% notes due 2032 sold in May are not convertible during the fourth quarter. The September repurchase cut additional paid-in capital by $42.0 million.

A thinner balance sheet

Unrestricted cash, equivalents and investments stood at $500.5 million at September 30, up from $391.4 million at the end of 2025. Operating activities used $277.3 million of cash in the first nine months of 2026, against $49.8 million provided a year earlier. Mirum said the cash is enough to fund operations for at least the next 12 months.

The equity deficit of $54.2 million compares with a deficit of $10.4 million at June 30 and positive equity of $314.7 million at year-end. Convertible notes on the balance sheet were carried at $731.3 million, versus $309.8 million at the end of 2025. The nine-month net loss was $898.1 million, driven by a $756.2 million charge for acquired research, most of it tied to the January purchase of Bluejay Therapeutics.

The company also booked an $11.7 million inducement expense in nine-month results from the exchange and repurchase of 2029 notes in May and September.

Sales growth behind the debt moves

Mirum develops and sells medicines for rare liver and genetic diseases, including Livmarli, Cholbam, Ctexli and the newly approved Atebrioz. Third-quarter net product sales were $185.7 million, up from $133.0 million a year earlier, and the company raised 2026 product sales guidance to $715 million to $720 million. The quarterly net loss was $40.8 million.

Topline data from the AZURE-4 trial of brelovitug in hepatitis D is expected in the fourth quarter. A biologics license application is planned for the first half of 2027.

Holders of the remaining $59.0 million of 2029 notes can convert at any point through the fourth quarter.