--- title: "Mirum Pharmaceuticals (MIRM) news: offering and convertible notes" url: "https://aibio.space/companies/mirum-pharmaceuticals/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "MIRM offering, convertible notes and lawsuit news. Mirum Pharmaceuticals news for investors: Mirum Pharmaceuticals is a California rare disease company that…" --- Desk view · Opinion · Updated Oct 22, 2026 ## Mirum widens beyond Livmarli with a new approval and two phase 3 wins Mirum has a growing commercial base and a run of positive late-stage data, with a new approval in September and 2026 sales guidance of $680 million to $700 million. The open issue is volixibat, where the FDA recommended a phase 3 study, and whether spending on trials and launches outpaces sales. Read the full desk view aibio.space Investor Rank · Opinion **8** /10 Positive view A growing rare liver franchise with a new approval and two phase 3 wins, though spending still exceeds sales and volixibat needs a phase 3 study. - **Technology**: 2/2 - **Odds**: 2/2 - **Balance sheet**: 1/2 - **Risk**: 1/2 - **Momentum**: 2/2 Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. [How the rank works](https://aibio.space/disclosures/#rank). - **Technology**: **Proven in rare liver disease.** Livmarli is approved and growing, and Mirum is extending the same bile acid transporter approach and adding an antibody for hepatitis delta. - **Odds**: **Strong recent data.** EXPAND and AZURE-1 both met primary endpoints, and Atebrioz was approved, but the FDA recommended a phase 3 study for volixibat in PSC. - **Balance sheet**: **Better after refinancing.** Cash was $561.3 million at June 30, 2026, helped by $690.0 million of zero-coupon converts, though operating expenses still exceed sales. - **Main risk**: **Volixibat timing and concentration.** Livmarli makes up most sales, and volixibat now faces a phase 3 recommendation from the FDA. - **Watch next**: **Late 2026 readouts.** AZURE-4 topline in the fourth quarter and the October launch of Atebrioz. ## Top news on Mirum 1. 2026-08-05 Legal [Mirum sues Sandoz, Hetero, Biophore and Zydus in Delaware over generic Livmarli; trial set for 2028](https://aibio.space/news/mirum-sues-sandoz-hetero-biophore-zydus-delaware-generic-livmarli/) Mirum, Satiogen and Shire Human Genetic Therapies are plaintiffs in four consolidated cases. A 30-month FDA stay runs through March 29, 2029, and the Markman hearing is April 21, 2027. 2. 2026-05-12 Debt Financing [Mirum prices $600 million of 0% convertible notes and refinances 2029 debt](https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/) The notes carry no interest and convert at about $138.94 a share, a 30% premium to the May 12 price. Mirum swapped $237.2 million of 4% notes due 2029 for cash and shares. 3. 2026-05-12 Debt Financing [Mirum proposes $600.0 million convertible notes offering](https://aibio.space/news/mirum-proposes-600-0-million-convertible-notes-offering/) Mirum plans to sell $600.0 million of convertible senior notes due 2032, with an option for up to $90.0 million more. Part of the proceeds would go toward exchanges of its 2029 notes. ## Dates **Q4 2026** Topline results from phase 3 AZURE-4 study of brelovitug in hepatitis delta [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) **October 2026** Expected U.S. commercial availability of Atebrioz [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) **Q1 2027** Topline data from phase 2b VANTAGE study of volixibat in PBC [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) **First half of 2027** Planned supplemental NDA for Livmarli (EXPAND) and targeted NDA submission for volixibat in PSC [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) ## The money Unrestricted cash, cash equivalents and investments of $561.3 million at June 30, 2026, compared with $391.4 million at Dec. 31, 2025. Mirum issued $690.0 million of 0.00% convertible senior notes due 2032 in May 2026. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) Second-quarter 2026 net product sales of $176.2 million: Livmarli $128.7 million (up 46%) and bile acid medicines $47.5 million (up 20%). 2026 net product sales guidance of $680 million to $700 million. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) ## Risks on the record - At a pre-NDA meeting the FDA recommended a phase 3 study of volixibat in PSC, and Mirum plans further discussions before a possible NDA in 1H 2027. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) - Second-quarter operating expenses of $218.8 million exceeded total revenue of $176.2 million. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) - Livmarli provided $128.7 million of the $176.2 million in second-quarter net product sales, and diarrhea occurred in 64.0% of patients on maralixibat in EXPAND versus 11.1% on placebo. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000051/mirm-20261012.htm) ## Questions investors ask ### What is aibio.space's Investor Rank for Mirum Pharmaceuticals? 8 out of 10, our positive view. A growing rare liver franchise with a new approval and two phase 3 wins, though spending still exceeds sales and volixibat needs a phase 3 study. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. [Source](https://aibio.space/disclosures/#rank) ### What did the FDA approve for Mirum in September 2026? On Sept. 25, 2026 the FDA approved Atebrioz (zilurgisertib), a once-daily oral ALK2 inhibitor, to reduce new heterotopic ossification in patients 12 and older with FOP. Incyte developed it and licensed it to Mirum. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) ### What is Mirum's 2026 sales guidance? Mirum raised its 2026 net product sales guidance to $680 million to $700 million on Aug. 5, 2026, after second-quarter net product sales of $176.2 million. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) ### What were the AZURE-1 phase 3 results for brelovitug? At week 24, 56% of hepatitis delta patients on 300 mg weekly and 45% on 900 mg every four weeks met the combined virologic and ALT endpoint, versus 0% on delayed treatment (p<0.0001). [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) ### Did the EXPAND trial of Livmarli succeed? Yes. The phase 3 EXPAND study met its primary endpoint and all five prespecified secondary endpoints, and Mirum plans a supplemental U.S. application in the first half of 2027. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000051/mirm-20261012.htm) ### What did the FDA say about volixibat in PSC? The FDA granted volixibat Breakthrough Therapy designation, but at a pre-NDA meeting it recommended conducting a phase 3 study. Mirum plans more discussions and targets a possible NDA in the first half of 2027. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) ### What is the latest Mirum Pharmaceuticals (MIRM) stock news? Our latest story on Mirum Pharmaceuticals, dated Aug 5, 2026: "Mirum sues Sandoz, Hetero, Biophore and Zydus in Delaware over generic Livmarli; trial set for 2028". Mirum, Satiogen and Shire Human Genetic Therapies are plaintiffs in four consolidated cases. A 30-month FDA stay runs through March 29, 2029, and the Markman hearing is April 21, 2027. [Source](https://aibio.space/news/mirum-sues-sandoz-hetero-biophore-zydus-delaware-generic-livmarli/) ### Does Mirum Pharmaceuticals have debt, a term loan or convertible notes? Our latest debt story, dated May 12, 2026: "Mirum prices $600 million of 0% convertible notes and refinances 2029 debt". The notes carry no interest and convert at about $138.94 a share, a 30% premium to the May 12 price. Mirum swapped $237.2 million of 4% notes due 2029 for cash and shares. [Source](https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/) ### How much cash does Mirum Pharmaceuticals have? From our story of May 12, 2026: Mirum had $391.4 million of cash and investments at the end of 2025. [Source](https://aibio.space/news/mirum-prices-600-million-0-percent-convertible-notes-refinances-2029/) ### Is Mirum Pharmaceuticals facing a lawsuit? Our latest legal story, dated Aug 5, 2026: "Mirum sues Sandoz, Hetero, Biophore and Zydus in Delaware over generic Livmarli; trial set for 2028". Mirum, Satiogen and Shire Human Genetic Therapies are plaintiffs in four consolidated cases. A 30-month FDA stay runs through March 29, 2029, and the Markman hearing is April 21, 2027. Claims in lawsuits are allegations until a court rules. [Source](https://aibio.space/news/mirum-sues-sandoz-hetero-biophore-zydus-delaware-generic-livmarli/) ### What is Mirum Pharmaceuticals's market cap? We do not publish live share prices. In its annual report, Mirum Pharmaceuticals, Inc. put the market value of shares held by non-affiliates (public float) at $2.30 billion as of Jun 30, 2025. Source ### Is Mirum Pharmaceuticals a smaller reporting company? SEC records list Mirum Pharmaceuticals, Inc.'s filer category as: Large accelerated filer. Source ### Where is Mirum Pharmaceuticals headquartered? SEC records list its business address as 989 EAST HILLSDALE BOULEVARD, SUITE 300, FOSTER CITY, CA, 94404. Source ### When does Mirum Pharmaceuticals's fiscal year end? Mirum Pharmaceuticals, Inc.'s fiscal year ends on December 31, per SEC records. Source ### What did Mirum Pharmaceuticals last file with the SEC? Its most recent filing in our record is an 8-K filed 2026-10-13. All of its filings are on SEC EDGAR. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000051/mirm-20261012.htm) ## Legal and investor matters Checked against Mirum Pharmaceuticals filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. Part II, Item 1 of the 10-Q filed 2026-08-05 incorporates the Legal Proceedings section of Note 13, which describes the LIVMARLI patent infringement suits Mirum and co-plaintiffs filed on December 19, 2025 in the U.S. District Court for the District of Delaware against several generic applicants. Item 1 states that management believes that, other than as described there, there are currently no claims or actions pending against Mirum, the ultimate disposition of which could have a material adverse effect on its results of operations, financial condition or cash flows. [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000045/mirm-20260630.htm) 1. 2026-05-15 Financing Mirum issues $690 million of 0.00% convertible senior notes due 2032 On 2026-05-15 Mirum issued $690.0 million aggregate principal amount of 0.00% Convertible Senior Notes due 2032, including the full exercise of the initial purchasers' option for an additional $90.0 million. The notes are senior unsecured obligations that do not bear regular interest and mature on 2032-06-01 unless earlier converted, redeemed or repurchased. They were sold to qualified institutional buyers in a private offering. [Mirum 8-K filed 2026-05-18](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm) 2. 2026-01-26 Financing Mirum closes Bluejay Therapeutics merger and related private placements Mirum reported that it completed its mergers with Bluejay Therapeutics, Inc. and closed two private placements of common stock. Under the merger agreement signed 2025-12-06, Mirum agreed to pay $250 million in cash and up to 5,196,009 shares at closing, plus up to $200 million in sales milestones. Mirum reported 59,879,958 shares outstanding as of 2026-01-23 after the transactions. [Mirum 8-K filed 2026-01-26](https://www.sec.gov/Archives/edgar/data/1759425/000119312526022582/d35336d8k.htm) 3. 2025-12-18 Financing Mirum agrees to two private placements alongside Bluejay deal Mirum signed two subscription agreements for private placements to close after the Bluejay merger. The 2025-12-07 agreement covers 2,385,149 shares and pre-funded warrants for 536,412 shares, for gross proceeds of about $200 million at $68.48 per share. The 2025-12-18 agreement with TCGX-associated investors covers 1,000,000 shares for approximately $68.48 million at the same price. [Mirum 8-K filed 2025-12-19](https://www.sec.gov/Archives/edgar/data/1759425/000119312525325825/d53644d8k.htm) ## Pipeline | Program | Indication | Stage | |---|---|---| | Livmarli (maralixibat) | Cholestatic pruritus in ultra-rare cholestatic liver diseases incl. biliary atresia (EXPAND) | Phase 3 met primary endpoint (Oct. 2026); supplemental NDA planned 1H 2027 [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000051/mirm-20261012.htm) | | Brelovitug | Chronic hepatitis delta virus infection | Phase 3 AZURE-1 met primary endpoint (Sept. 2026); AZURE-4 topline Q4 2026 [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) | | Atebrioz (zilurgisertib) | Fibrodysplasia ossificans progressiva (FOP), age 12 and older | FDA approved Sept. 25, 2026; EU application under review [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) | | Volixibat | Cholestatic pruritus in primary sclerosing cholangitis (PSC) | Phase 2b VISTAS met primary endpoint; Breakthrough Therapy designation; NDA targeted 1H 2027 [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) | | Volixibat (VANTAGE) | Cholestatic pruritus in primary biliary cholangitis (PBC) | Phase 2b fully enrolled; data expected Q1 2027 [Source](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805xexx991.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open NASDAQ:MIRM on TradingView](https://www.tradingview.com/symbols/NASDAQ-MIRM/). ## SEC filings and registration - **SEC name**: Mirum Pharmaceuticals, Inc. - **CIK**: 1759425 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: MIRM (Nasdaq) - **State or country of incorporation**: DE - **Fiscal year ends**: December 31 - **Filer category**: Large accelerated filer - **Business address**: 989 EAST HILLSDALE BOULEVARD, SUITE 300, FOSTER CITY, CA, 94404 - **Phone**: 650-667-4085 - **Shares outstanding**: 64,932,203 as of 2026-07-31 (10-Q filed 2026-08-05) ### Recent filings (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000051/mirm-20261012.htm) filed 2026-10-13 - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000049/mirm-20260925.htm) filed 2026-09-28 - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000047/mirm-20260902.htm) filed 2026-09-08 - [10-Q](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000045/mirm-20260630.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000044/mirm-20260805.htm) filed 2026-08-05 - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000119312526275811/d74563d8k.htm) filed 2026-06-18 - [8-K](https://www.sec.gov/Archives/edgar/data/1759425/000119312526228902/d113366d8k.htm) filed 2026-05-18 - [10-Q](https://www.sec.gov/Archives/edgar/data/1759425/000175942526000037/mirm-20260331.htm) filed 2026-05-06 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001759425), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/mirum-pharmaceuticals/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Mirum Pharmaceuticals (MIRM) news: offering and convertible notes", 2026-10-31, https://aibio.space/companies/mirum-pharmaceuticals/