Mirum Pharmaceuticals, Inc. Fair Value Disclosure
| December 31, 2025 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
| Money market funds | $ | 254,376 | $ | — | $ | — | $ | 254,376 | ||||||||||||||||||
| Corporate debt securities | — | 72,277 | — | 72,277 | ||||||||||||||||||||||
| U.S. government bonds | — | 17,016 | — | 17,016 | ||||||||||||||||||||||
| Commercial paper | — | 5,456 | — | 5,456 | ||||||||||||||||||||||
| Total financial assets | $ | 254,376 | $ | 94,749 | $ | — | $ | 349,125 | ||||||||||||||||||
| December 31, 2024 | ||||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
| Financial assets: | ||||||||||||||||||||||||||
| Money market funds | $ | 202,965 | $ | — | $ | — | $ | 202,965 | ||||||||||||||||||
| U.S. treasury bills | $ | 2,964 | $ | — | $ | — | $ | 2,964 | ||||||||||||||||||
| Corporate debt securities | $ | — | $ | 37,978 | $ | — | $ | 37,978 | ||||||||||||||||||
| U.S. government bonds | $ | — | $ | 26,904 | $ | — | $ | 26,904 | ||||||||||||||||||
| Agency bonds | $ | — | $ | 2,492 | $ | — | $ | 2,492 | ||||||||||||||||||
| Total financial assets | $ | 205,929 | $ | 67,374 | $ | — | $ | 273,303 | ||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Mar 15, 2024 | |
| 2022 | Mar 8, 2023 | |
| 2021 | Mar 9, 2022 | |
| 2020 | Mar 9, 2021 | |
| 2019 | Mar 12, 2020 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.