MIRM

Mirum Pharmaceuticals is a commercial-stage rare-disease company whose revenue ramp is the standout here — and unlike a typical pre-revenue biotech, it has approved, selling products. FY2025 revenue grew 54.7% to $521M, the latest leg of a remarkable trajectory from just $19.1M in FY2021 (through $77.1M, $186M and $337M). Crucially, the company is approaching profitability: net loss narrowed dramatically to -$23.4M from -$87.9M, operating loss shrank to -$22.1M, and operating cash flow swung firmly positive to $55.8M (+440.7%). That is the signature of a specialty-pharma model reaching scale, where commercial revenue is starting to cover the fixed cost base.

The balance sheet supports continued growth. Equity grew 39.5% to $315M and cash rose 33.3% to $297M, with positive operating cash flow now self-funding operations and reducing reliance on dilution (though shares did rise 23.1% during the year). Leverage of 1.68x liabilities/equity is manageable for a company generating cash. The accumulated deficit of -$668M is the legacy of the pre-scale years that the business is now growing past.