Mirum Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $90.4 million for the third quarter, a substantial increase from $47.7 million in the same period of 2023. This growth was primarily driven by product sales, which reached $90.3 million, up from $47.7 million year-over-year. For the nine months ended September 30, 2024, total revenue was $237.5 million, compared to $116.8 million in the prior year, reflecting a notable increase of $120.7 million.

The company's operating expenses also rose significantly, totaling $103.1 million for the third quarter, up from $72.9 million in 2023. For the nine-month period, operating expenses were $300.9 million, compared to $193.4 million in the previous year. Despite the increase in expenses, Mirum reported a loss from operations of $12.7 million for the third quarter, an improvement from a loss of $25.1 million in the same quarter of 2023. The net loss for the third quarter was $14.2 million, down from $23.6 million in the prior year. For the nine months, the net loss was $64.2 million, significantly reduced from $127.8 million in 2023.

As of September 30, 2024, Mirum's cash and cash equivalents stood at $223.0 million, a decrease from $303.1 million a year earlier. The accumulated deficit increased to $620.4 million from $556.2 million at the end of 2023. The company’s total assets rose to $667.9 million, while total liabilities increased to $435.9 million.

Strategically, Mirum completed the acquisition of the Bile Acid Portfolio from Travere Therapeutics on August 31, 2023, for an initial payment of $210.4 million, with potential additional payments based on future sales milestones. This acquisition is expected to enhance the company’s product offerings, which include LIVMARLI®, Cholbam®, and Chenodal®. The company is also advancing its clinical pipeline, with a New Drug Application (NDA) for Chenodal submitted in June 2024, targeting cholestatic pruritus in patients with cerebrotendinous xanthomatosis (CTX).

Overall, Mirum's financial performance reflects a strong increase in revenue driven by product sales, alongside strategic acquisitions aimed at expanding its market presence in the biopharmaceutical sector focused on rare diseases.