Mirum Pharmaceuticals (MIRM) as of March 31, 2026 presents a deeply negative liquidation recovery posture for equity holders. Total assets of $890.9M face total liabilities of $648.4M at face value, producing reported book equity of $242.5M. Under liquidation haircuts, recoverable asset value collapses substantially. Cash and equivalents of $324.9M recover at 100%; short-term investments of $61.4M and long-term investments of $34.4M recover at approximately 100% as AFS debt securities. Accounts receivable of $133.1M recover at 90-95% (~$120-126M). Inventory of $25.5M (split across raw materials $2.6M, WIP $19.5M, finished goods $3.4M) recovers at 60% (~$15M), with WIP the most uncertain component. PP&E net of $2.4M recovers at 50-70% (~$1.2-1.7M). Intangible assets of $254.2M (finite-lived, primarily acquired developed technology from the Bile Acid Portfolio and Livmarli programs, gross $321.6M less $67.4M accumulated amortization) receive zero recovery under the liquidation lens. Total tangible asset recovery is roughly $560-570M against $648.4M of face-value liabilities, implying a negative equity recovery of approximately $80-90M before considering off-balance-sheet obligations. The liability stack includes $310.3M carrying value of 4.00% convertible senior notes due 2029 (principal $316.2M), currently in a conditional conversion period through June 30, 2026, which stays at face in liquidation and is the dominant single liability. Contingent consideration liabilities total $74.1M ($25.8M current from the Bluejay Acquisition, $48.3M noncurrent), and operating lease obligations total $13.5M with undiscounted payments of $16.3M through approximately 2029. The Q1 2026 period reflects a major balance-sheet transformation: the Bluejay Acquisition (closed January 2026) added the brelovitug asset and associated contingent milestones, partially offset by $268.5M gross PIPE proceeds. Stock consideration for Bluejay was $415.3M (XBRL-tagged), inflating APIC to $1.70B while the accumulated deficit deepened to $1.46B driven by a $790.2M net loss in Q1 2026, which includes what appears to be a large non-cash IPR&D or acquisition-related charge (the operating loss of $789.5M vastly exceeds recurring cash operating costs; the filing discusses this in the context of the Bluejay Acquisition but the specific IPR&D charge is not separately tagged in XBRL). The MFFAIS-computed liquidation values (CLV $40.9M, LLV $174.0M, OLV $199.5M) are directionally consistent with this analysis. The $200M undrawn ATM (2023 Sales Agreement) remains available but is not an asset for liquidation purposes. No goodwill. Material weakness history noted in prior filings; management represented internal controls effective as of December 31, 2025.
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