MIRM · Mirum Pharmaceuticals, Inc.

Mirum Pharmaceuticals' 8-K/A filing provides investors with critical financial information regarding the recently completed acquisition of Bluejay Therapeutics. The audited financial statements reveal Bluejay's pre-acquisition financial position, showing a clinical-stage biopharmaceutical company with substantial operating losses ($101.7 million for 2025) driven primarily by research and development expenses ($87.1 million) as it advances its lead candidate brelovitug for chronic hepatitis delta. Bluejay's balance sheet as of December 31, 2025, showed $20.0 million in cash and equivalents with an accumulated deficit of $190.1 million, accompanied by a going concern disclosure that was alleviated by Mirum's funding commitment. The acquisition, completed on January 23, 2026, was structured as an asset acquisition with total consideration of approximately $771.1 million, reflecting the strategic value placed on Bluejay's pipeline. The pro forma financial information illustrates the significant accounting impact, with $704.3 million allocated to acquired in-process research and development expenses, resulting in a pro forma combined net loss of $864.0 million for 2025. This treatment, while creating substantial non-cash expenses, aligns with the asset acquisition accounting required when substantially all fair value is concentrated in a single IPR&D asset. The filing provides investors with transparency into both the target's standalone financial performance and the combined entity's pro forma results, enabling assessment of the acquisition's financial implications and Bluejay's contribution to Mirum's therapeutic pipeline.