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Mirum Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product sales to $90.3 million from $47.7 million in the same quarter the previous year. The increase is attributed to sales of Bile Acid Medicines and continued commercialization of Livmarli.
Cost of sales for the quarter was $20.8 million, compared to $10.2 million in the same quarter of the previous year. This increase is due to higher royalty expenses and amortization expenses related to acquired intangibles.
The company reported a net loss of $14.2 million for the quarter, compared to $23.6 million in the previous year, with the decrease attributed to increased product sales.
Research and development expenses increased to $31.7 million from $26.1 million, primarily due to increased expenses associated with the volixibat programs and personnel-related costs.
Selling, general, and administrative expenses increased to $50.5 million from $36.5 million, driven by increased personnel costs and advertising expenses.
Interest income for the quarter was $3.5 million, a decrease from $4.1 million in the previous year, largely due to lower yields on investments.
Interest expense remained consistent at $3.6 million, related to interest incurred on convertible notes.
Other income (expense), net was an expense of $1.1 million, compared to an income of $1.3 million in the previous year, primarily due to unrealized currency gains and losses.
Mirum Pharmaceuticals continues to focus on the development and commercialization of its approved medicines and product candidates, with ongoing efforts in clinical trials and regulatory approvals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Mirum Pharmaceuticals Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.