Mirum Pharmaceuticals
MIRM on Nasdaq. Pharmaceutical preparations. Market value $5.3bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-4.45 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$79.25 a share, 25% above its 1-year low
Over the past year the price has ranged from $63.23 to $130.00.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $229 million in the past 12 months, $55 million in the year to December 2025.
| Revenue | |||||
| Revenue | $19m | $77m | $186m | $337m | $521m |
| Operating margin | |||||
| Operating margin | -906.1% | -170.3% | -58.6% | -26.0% | -4.2% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)3 of 7 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 76% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $176 million last quarter, up 38% on a year ago.
- A loss of $67 million, compared with a loss of $6 million a year ago.
- It loses 135 cents on each $1 of sales, compared with 13 cents a year earlier.
- Over the past 12 months it spent $229 million more cash than it brought in. A year earlier it had $9 million spare.
- 27% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $90m |
| December 2024 | $99m |
| March 2025 | $112m |
| June 2025 | $128m |
| September 2025 | $133m |
| December 2025 | $149m |
| March 2026 | $160m |
| June 2026 | $176m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$14m |
| December 2024 | -$24m |
| March 2025 | -$15m |
| June 2025 | -$6m |
| September 2025 | $3m |
| December 2025 | -$6m |
| March 2026 | -$790m |
| June 2026 | -$67m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 327 funds in all.
- Polen CapitalDan Davidowitz
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Polen CapitalDan Davidowitz | $2m | <0.1% | |
| Gotham Asset ManagementJoel Greenblatt | $279,212 | <0.1% | Cut |
Largest holders overall
- Frazier Life Sciences Management, L.P.$899m
- Jupiter Topco$692m
- BlackRock$514mAdded
- FMR$430mAdded
- Price T Rowe Associates$311mAdded
- Vanguard Portfolio Management$278mAdded
- Vanguard Capital Management$264mCut
- State Street$254mAdded
- William Blair Investment Management$164mAdded
- Geode Capital Management$163mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
8 investors own more than 5%.
- Janus Henderson Biotech Innovation Master Fund LtdPassive investor12.7%+2.6 ptsSince 31 March 2025
- JANUS HENDERSON GROUP Ltd.Passive investor9.7%−2.1 ptsSince 30 June 2026
- Patrick J. HeronPassive investorat least 6.8%−0.8 pts(filed with 16 related holders)Since 23 January 2026
What they said
Item 4 is hereby amended and restated in its entirety to read as follows: Each of FLS IX, FLS X, FLSPF, FLS XI and FLS XII acquired the FLS IX Shares, the FLS X Shares, the FLSPF Shares, the FLS XI Shares and the FLS XII Shares, as the case may be, for investment purposes.…
Read the filing - FMR LLCPassive investorat least 6.2%(filed with 1 related holder)Since 30 June 2026
- BlackRock, Inc.Passive investor5.7%Since 31 March 2026
- Eventide Asset Management, LLCPassive investorat least 4.1%−1.3 pts(filed with 2 related holders)Since 31 December 2025
- BVF PARTNERS L P/ILPassive investorat least 3.0%(filed with 9 related holders)Since 30 September 2025
- Frazier Life Sciences Public Overage Fund, L.P.Passive investorat least 1.9%(filed with 5 related holders)Since 18 August 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Janus Henderson Biotech Innovation Master Fund Ltd Passive investor | 12.7%+2.6 pts | 31 March 2025 | |
JANUS HENDERSON GROUP Ltd. Passive investor | 9.7%−2.1 pts | 30 June 2026 | |
Patrick J. Heron Passive investor | at least 6.8%−0.8 pts (filed with 16 related holders) | 23 January 2026 | What they saidItem 4 is hereby amended and restated in its entirety to read as follows: Each of FLS IX, FLS X, FLSPF, FLS XI and FLS XII acquired the FLS IX Shares, the FLS X Shares, the FLSPF Shares, the FLS XI Shares and the FLS XII Shares, as the case may be, for investment purposes.… Read the filing |
FMR LLC Passive investor | at least 6.2% (filed with 1 related holder) | 30 June 2026 | |
BlackRock, Inc. Passive investor | 5.7% | 31 March 2026 | |
Eventide Asset Management, LLC Passive investor | at least 4.1%−1.3 pts (filed with 2 related holders) | 31 December 2025 | |
BVF PARTNERS L P/IL Passive investor | at least 3.0% (filed with 9 related holders) | 30 September 2025 | |
Frazier Life Sciences Public Overage Fund, L.P. Passive investor | at least 1.9% (filed with 5 related holders) | 18 August 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $9m of shares on the open market. 7 sold $42m, $25m of it under preset trading plans.
- BJERKHOLT ERICCHIEF FINANCIAL OFFICERSold
- Date
- 14 September 2026
- Shares
- 9,943
- Price
- $98.37
- Value
- $978,093
- Howe JolandaSVP, GLOBAL CONTROLLERSoldunder a preset trading plan
- Date
- 2 September 2026
- Shares
- 658
- Price
- $100.00
- Value
- $65,800
- Peetz ChristopherCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 1 September 2026
- Shares
- 30,000
- Price
- $98.68
- Value
- $3m
- Howe JolandaSVP, GLOBAL CONTROLLERSold
- Date
- 18 August 2026
- Shares
- 40,000
- Price
- $100.00
- Value
- $4m
- BJERKHOLT ERICCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 6,001
- Price
- $99.90
- Value
- $599,510
- Peetz ChristopherCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 10 August 2026
- Shares
- 20,000
- Price
- $98.92
- Value
- $2m
- Howe JolandaSVP, GLOBAL CONTROLLERSoldunder a preset trading plan
- Date
- 3 August 2026
- Shares
- 1,840
- Price
- $105.29
- Value
- $193,734
- Peetz ChristopherCHIEF EXECUTIVE OFFICER, DirectorSoldunder a preset trading plan
- Date
- 6 July 2026
- Shares
- 20,000
- Price
- $122.27
- Value
- $2m
- BJERKHOLT ERICCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 6 July 2026
- Shares
- 5,000
- Price
- $122.25
- Value
- $611,273
- Howe JolandaSVP, GLOBAL CONTROLLERSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 2,721
- Price
- $120.00
- Value
- $326,520
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 14 September 2026 | BJERKHOLT ERIC CHIEF FINANCIAL OFFICER | Sold | 9,943 | $98.37 | $978,093 |
| 2 September 2026 | Howe Jolanda SVP, GLOBAL CONTROLLER | Sold under a preset trading plan | 658 | $100.00 | $65,800 |
| 1 September 2026 | Peetz Christopher CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 30,000 | $98.68 | $3m |
| 18 August 2026 | Howe Jolanda SVP, GLOBAL CONTROLLER | Sold | 40,000 | $100.00 | $4m |
| 11 August 2026 | BJERKHOLT ERIC CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 6,001 | $99.90 | $599,510 |
| 10 August 2026 | Peetz Christopher CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 20,000 | $98.92 | $2m |
| 3 August 2026 | Howe Jolanda SVP, GLOBAL CONTROLLER | Sold under a preset trading plan | 1,840 | $105.29 | $193,734 |
| 6 July 2026 | Peetz Christopher CHIEF EXECUTIVE OFFICER, Director | Sold under a preset trading plan | 20,000 | $122.27 | $2m |
| 6 July 2026 | BJERKHOLT ERIC CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 5,000 | $122.25 | $611,273 |
| 1 July 2026 | Howe Jolanda SVP, GLOBAL CONTROLLER | Sold under a preset trading plan | 2,721 | $120.00 | $326,520 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 8 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.