Cash flow generation remains volatile, though the company demonstrated its potential for self-funding with a 29.7% free cash flow margin achieved in 2025Q3.
| Cash from Operations | -170.97M | 55.83M | 10.32M | -70.94M | -120.14M | -132.76M | -89.08M | -39.36M | -373K |
| Operating CF Margin % | - | 10.71% | 3.06% | -38.07% | -155.9% | -693.69% | - | - | - |
| Operating CF Growth % | -10033.32% | 440.7% | 114.55% | 40.95% | 9.51% | -49.04% | -126.3% | -10452.82% | - |
| Net Income | -798.84M | -23.36M | -87.94M | -163.41M | -135.66M | -83.99M | -103.27M | -52.55M | -17.35M |
| Depreciation & Amortization | 25.07M | 24.24M | 23.63M | 10.83M | 3.68M | 975K | 623K | 324K | 0 |
| Stock-Based Compensation | 55.62M | 71.42M | 48.44M | 35.02M | 27.01M | 23.09M | 12.55M | 6.07M | 51K |
| Deferred Taxes | 0 | 0 | 0 | 0 | -6.58M | 595K | 72K | 0 | 0 |
| Other Non-Cash Items | 453.38M | 3.24M | 3.6M | 69.26M | 12.47M | -90.41M | 335K | -326K | 12.09M |
| Working Capital Changes | 93.8M | -19.71M | 22.59M | -22.64M | -21.05M | 16.98M | 611K | 7.12M | 2.44M |
| Change in Receivables | -44.11M | -48.05M | -11.43M | -43.97M | -20.73M | 0 | 0 | 0 | 0 |
| Change in Inventory | -7.7M | -8.45M | -3.17M | -4.39M | -3.45M | -495K | 0 | 0 | 0 |
| Change in Payables | 95.61M | 50.1M | 40.31M | 30.78M | 7.64M | 22.66M | 3.68M | 10.06M | 2.45M |
| Cash from Investing | -19.39M | -23.95M | -90.13M | -107.2M | 7.7M | 48.55M | 37.87M | -127.78M | -7.5M |
| Capital Expenditures | -11.58M | -954K | -993K | -109K | -278K | -19.02M | -225K | -281K | -7.5M |
| CapEx % of Revenue | 2.83% | 0.18% | 0.29% | 0.06% | 0.36% | 99.4% | - | - | - |
| Acquisitions | 0 | 0 | 0 | -212.76M | -7.98M | -19M | -38.1M | 127.5M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -20M | -20M | 7.98M | 127M | 38.1M | -127.5M | -11.25M |
| Cash from Financing | 303.86M | 40.14M | 17.7M | 336.6M | 109.09M | 73.47M | 181.29M | 127.18M | 59.84M |
| Debt Issued (Net) | 0 | 0 | 0 | 305.3M | 0 | 0 | 0 | 0 | 50K |
| Equity Issued (Net) | 303.86M | 40.14M | 17.7M | 216.68M | 107.37M | 6.91M | 131.87M | 127.18M | 59.79M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -185.39M | 1.72M | 66.55M | 49.42M | 0 | 0 |
| Net Change in Cash | 114.14M | 75.24M | -63.4M | 158.32M | -3.34M | -10.75M | 130.12M | -39.99M | 51.96M |
| Free Cash Flow | -172.55M | 54.87M | 9.33M | -91.05M | -120.41M | -151.78M | -89.3M | -39.64M | -7.87M |
| FCF Margin % | -42.11% | 10.53% | 2.77% | -48.85% | -156.26% | -793.09% | - | - | - |
| FCF Growth % | -519.15% | 488.01% | 110.25% | 24.38% | 20.67% | -69.97% | -125.26% | -403.53% | - |
| FCF per Share | -2.93 | 1.09 | 0.20 | -2.23 | -3.54 | -5.01 | -3.54 | -1.72 | -0.34 |
| FCF Conversion (FCF/Net Income) | 0.22x | -2.39x | -0.12x | 0.43x | 0.89x | 1.58x | 0.86x | 0.75x | 0.02x |
| Interest Paid | 6.33M | 0 | 12.65M | 6.82M | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 1.49M | 0 | 1M | 125K | 0 | 0 | 11K | 21K | 0 |
Clinical label expansion failure
According to reported financial statements, the relationship between net income and operating cash flow remains highly volatile, with the OCF/NI ratio fluctuating significantly from -1.06 in 2025Q4 to 13.66 in 2025Q3, suggesting that GAAP earnings currently provide a limited view of the company's underlying cash generation capabilities.
The frequent divergence between net losses and positive operating cash flow indicates that non-cash charges and working capital movements are the primary drivers of liquidity rather than core operational profitability. Investors should monitor whether this disconnect narrows as the company approaches consistent GAAP profitability, as current cash flow appears heavily influenced by timing differences.
As indicated by recent quarterly filings, MIRM has transitioned from significant cash burn to intermittent positive free cash flow, peaking at a 29.7% FCF margin in 2025Q3, which suggests that the business is successfully scaling its revenue base relative to its fixed operating cost structure.
The shift toward positive FCF in recent quarters implies that the commercial infrastructure for LIVMARLI is beginning to generate meaningful returns. However, the volatility in these margins warrants caution, as the company must demonstrate that this trend is sustainable rather than a result of temporary fluctuations in working capital.
Based on the provided financial data, capital expenditures remain remarkably low, with the CapEx/Revenue ratio consistently below 0.5% in recent periods, which suggests that the company's business model is highly capital-light and does not require significant ongoing investment in physical manufacturing or infrastructure to support growth.
This low capital intensity is a hallmark of the orphan drug model, where the primary investment is in clinical development and commercial sales force rather than heavy machinery. The minimal spending on property and equipment implies that the company can direct the vast majority of its cash toward R&D and strategic acquisitions.
Analysis of recent quarterly reports shows that working capital changes have been a significant source of cash flow volatility, with a notable $102.2M inflow in 2026Q1, suggesting that the company's cash position is sensitive to the timing of inventory management and accounts receivable collections.
The substantial swings in working capital indicate that the company's cash flow is susceptible to the timing of international shipments and the reimbursement cycles of specialty pharmacies. Analysts should investigate whether these movements represent structural improvements in collection efficiency or merely temporary timing benefits that could reverse in subsequent quarters.
Financial disclosures reveal that stock-based compensation has been a persistent non-cash expense, reaching $19.0M in 2025Q4, which effectively masks the true economic cost of operations and complicates the assessment of the company's progress toward achieving self-sustaining, organic cash flow generation.
By adding back significant stock-based compensation to arrive at operating cash flow, the company presents a more favorable liquidity picture than a pure cash-basis analysis would suggest. Investors should treat these adjustments as a recurring cost of talent acquisition, which may continue to dilute shareholders even as the company approaches operational break-even.
Quick answers to the most common questions about buying MIRM stock.
Mirum Pharmaceuticals, Inc. (MIRM) generated $55.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mirum Pharmaceuticals, Inc. (MIRM) generated $54.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Mirum Pharmaceuticals, Inc. (MIRM) spent $1.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.