Mirum Pharmaceuticals Reports 43% Increase in Net Product Sales, $790.2 Million Net Loss in Q1 2026

Mirum Pharmaceuticals, Inc. reported significant financial results for the first quarter of 2026, with net product sales reaching $159.9 million, a 43% increase from $111.6 million in the same period last year. This growth was primarily driven by the continued commercialization of its approved medicines, particularly LIVMARLI, which generated $113.8 million in sales, up from $73.2 million in the prior year. The company also reported a net loss of $790.2 million for the quarter, a substantial increase from a loss of $14.7 million in the first quarter of 2025, largely due to a one-time charge of $726.3 million related to acquired in-process research and development (IPR&D) from its recent acquisition of Bluejay Therapeutics.

The company's total operating expenses surged to $949.3 million, compared to $126.8 million in the previous year, reflecting increased costs in research and development, selling, general, and administrative expenses, as well as the aforementioned IPR&D charge. Research and development expenses alone rose to $97.9 million, up from $41.0 million, driven by costs associated with clinical trials for its product candidates, including brelovitug, which was acquired in January 2026. Selling, general, and administrative expenses also increased to $96.3 million, influenced by a one-time stock-based compensation expense related to Bluejay employee stock awards.

In terms of operational developments, Mirum completed the acquisition of Bluejay Therapeutics on January 23, 2026, which added the late-stage monoclonal antibody brelovitug to its portfolio for treating chronic hepatitis D virus infection. This acquisition is expected to enhance Mirum's pipeline and market presence. Additionally, the company entered into a commercialization agreement with Incyte Corporation for zilurgisertib, further expanding its product offerings in rare diseases.

As of March 31, 2026, Mirum reported total assets of $890.9 million, up from $842.8 million at the end of 2025, with cash and cash equivalents totaling $324.9 million. The company’s accumulated deficit increased to $1.5 billion, reflecting its ongoing investment in research and development and commercialization efforts. Mirum anticipates continued net losses as it advances its clinical programs and commercial activities, but expects product sales to grow annually, albeit with potential quarterly fluctuations due to large periodic orders.

Looking ahead, Mirum plans to leverage its existing cash reserves and product revenues to fund operations while exploring additional financing options as needed. The company remains focused on its strategic initiatives, including the development of its product candidates and the potential for future regulatory approvals, which could significantly impact its financial performance and market position.