Mirum Pharmaceuticals (MIRM) shares declined sharply on February 26, 2026, closing at $92, a 15.1% decrease following the release of its fourth-quarter earnings report and the announcement of a share offering, according to key stats for the stock.
The sell-off was triggered, in part, by the potential dilution of shares as selling stockholders may offer up to 8.96 million shares, overshadowing positive financial results. Although Q4 net product sales rose 49.8% to $148.9 million, and 2025 sales increased year-over-year, investors reacted negatively to the equity offering, driving the stock down from its 52-week high of $109.
Despite the recent drop, Mirum’s stock price remains significantly above its 52-week low of $37. The company had previously projected global net product sales of up to $650 million for 2026, but investor focus has shifted to the potential impact of the share offering.
Mirum Pharmaceuticals is a biotechnology company specializing in treatments for rare liver diseases. Its primary product, LIVMARLI, is approved for cholestatic pruritus in Alagille syndrome. The company also markets Cholbam and Chenodal. Recent developments include the completion of the acquisition of Bluejay Therapeutics, announced January 26, 2026, and Health Canada authorization for LIVMARLI in PFIC and Alagille syndrome, both of which are intended to expand the company’s pipeline.
As of February 26, 2026, Mirum holds a net cash position, with net debt at negative $63.9 million and a net debt to EBITDA ratio of -14.2x. The company’s enterprise value is $5.5 billion, compared to a market capitalization of $5.6 billion. The stock’s 5-year beta is 0.50, indicating lower volatility compared to many other biotechnology companies, though secondary offerings can still cause significant price fluctuations.
Mirum Pharmaceuticals is scheduled to announce its fourth quarter and year-end 2025 financial results on February 25, 2026, as initially announced on February 18, 2026.
