mirm-20260423

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )

________________


Filed by the Registrant x			Filed by a party other than the Registrant o

Check the appropriate box:


o			Preliminary Proxy Statement

o			Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

x			Definitive Proxy Statement

o			Definitive Additional Materials

o			Soliciting Material Pursuant to § 240.14a-12


Mirum Pharmaceuticals, Inc.

(Name of Registrant as Specified In Its Charter)

N/A

(Name of Person(s) Filing Proxy Statement if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply)


x			No fee required

o			Fee paid previously with preliminary materials

o			Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

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Notice of Annual Meeting of Stockholders

Dear Stockholder:

You are cordially invited to attend the 2026 Annual Meeting of Stockholders (the “Annual Meeting”) of Mirum Pharmaceuticals, Inc., a Delaware corporation (the “Company”). The Annual Meeting will be held on Monday, June 15, 2026, at 9:00 a.m. (Pacific Time) in person at the Company’s headquarters. The Annual Meeting is being held for the following purposes:

Items of Business




1			To elect the Board’s three Class I nominees for director named in the Proxy Statement to hold office until the Company’s 2029 annual meeting of stockholders and their successors are duly elected and qualified, or until their earlier death, resignation or removal.


2			To ratify the selection by the Audit Committee of the Board of Directors of Ernst & Young LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2026.


3			To approve, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Proxy Statement.


4			To conduct any other business properly brought before the Annual Meeting.

These items of business are more fully described in the Proxy Statement referenced in this Notice.

Stockholders of record at the close of business on April 20, 2026 and their proxy holders will be able to attend the Annual Meeting (or any one or more adjournments or postponements thereof), submit questions and vote in person at the Company’s headquarters located at 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404. Please refer to the additional logistical details and recommendations in the accompanying proxy statement.

By Order of the Board of Directors

Christopher Peetz

Chief Executive Officer

Foster City, California

April 23, 2026

Whether or not you expect to attend the meeting, please vote over the telephone or the internet as instructed in these materials, or, if you receive a paper proxy card by mail, by completing and returning the proxy mailed to you, as promptly as possible in order to ensure your representation at the meeting. Even if you have voted by proxy, you may still vote in person if you attend the meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote at the Annual Meeting, you may be required to obtain a proxy issued in your name from that record holder.



						Date June 15, 2026 (Monday)

						Time 9:00 a.m. (Pacific Time)

			Location

						In Person Company’s Headquarters 989 East Hillsdale Boulevard, Suite 300 Foster City, California 94404


			Voting If you are a stockholder of record, you may vote using the methods below. If you are a beneficial owner of shares registered in the name of your broker, bank or other agent, follow the instructions from such organization.

						In Person At the Company’s headquarters.

						Telephone Dial toll-free 1-800-690-6903 using a touch-tone phone and follow the recorded instructions by 11:59 p.m. (Eastern Time) on June 14, 2026. You will need your control number.

						Internet Go to www.proxyvote.com to complete an electronic proxy card by 11:59 p.m. (Eastern Time) on June 14, 2026. You will need your control number.

						Mail If you received a proxy card by mail, complete, sign and date the proxy card and return it promptly in the envelope provided.


			Important Notice Regarding the Availability of Proxy Materials for the Stockholders’ Meeting to Be Held on Monday, June 15, 2026 at 9:00 a.m. (Pacific Time). The Proxy Statement and Annual Report to stockholders are available at www.proxyvote.com.


Mirum Pharmaceuticals 2026 Proxy Statement			1

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Table of Contents


Questions and Answers About These Proxy Materials and Voting		4


Forward-looking Statements		9



	Proposal 1 : Election of Directors	10


Class I Nominees for Election for a Three-year Term Expiring at the Company's 202 9 Annual Meeting of Stockholders		11
Class I I Directors Continuing in Office Until the Company’s 202 7 Annual Meeting of Stockholders		14
Class II I Directors Continuing in Office Until the Company’s 202 8 Annual Meeting of Stockholders		16

Information Regarding the Board of Directors and Corporate Governance		18


Director Nomination Process and Qualifications		18
Director Candidates Recommend ed by Stockholders		19
Independence of the Board of Directors and Committees		19
Board Leadership Structure		20
Role of the Board in Risk Oversight		20
Meetings of the Board of Directors		20
Information Regarding Committees of the Board of Directors		21
Audit Committee		22
Compensation Committee		23
Nominating and Corporate Governance Committee		24
Board’s Oversight of Strategy		24
Stockholder Engagement Program		24
Stockholder Communications With the Board		25
Code of Conduct		25
Insider Trading Arrangements and Policies		25
Prohibition on Speculative Trading		25


	Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm	26



	Proposal 3: Advisory Vote on Executive Compensation	27


Executive Officers		28


Executive Compensation		29


Compensation Discussion and Analysis		29
Overview		29
Executive Summary		29
Company Performance in 2025 and Early 2026		30


Advisory “Say on Pay” and “Say on Frequency” Votes									30
Objectives, Philosophy and Elements of Executive Compensation									31
How We Determine Executive Compensation									32
Factors Used in Determining Executive Compensation									33
202 5 Executive Compensation Program									34
Tax and Accounting Implications									37
Equity-Related Policies									38
Compensation Risk Assessment									38
Compensation Committee Report									38
Fiscal Year 202 5 Summary Compensation Table									39
Grants of Plan-Based Awards in Fiscal Year 2025									40
Outstanding Equity Awards at 2025 Fiscal Year-End									41
Option Exercises and Stock Vested in Fiscal Year 2025									42
Potential Payments Upon Termination or Change in Control									43
Pay Ratio Disclosure									44
Pay Versus Performance									45
Policies and Practices Related to the Grant of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information									49

Non-Employee Director Compensation in Fiscal Year 2025									50


Stock Ownership Guidelines - Non -Employee Directors									51


Security Ownership of Certain Beneficial Owners and Management									52


Securities Authorized for Issuance under Equity Compensation Plan									54


Equity Compensation Plan Information									54
2020 Inducement Plan									55

Transactions w ith Related Persons and Indemnification									56


Participation in Acquisition of Bluejay and January 2026 Private Placement									56
Indemnification Agreements									56
Policies and Procedures for Transactions with Related Persons									57

Other Information for Stockholders									58


Stockholder Proposals for the 202 7 Annual Meeting of Stockholders									58
Householding of Proxy Materials									59
Additional Filings									59
Other Matters									60


2			Mirum Pharmaceuticals 2026 Proxy Statement

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Mirum Pharmaceuticals, Inc.

989 East Hillsdale Boulevard, Suite 300

Foster City, California 94404

Proxy Statement
for the 2026 Annual Meeting of Stockholders

to be held on June 15, 2026


Proposals		Page	Board Recommendation


1	Elect the Board’s three Class I nominees for director named herein to hold office until the Company’s 2029 annual meeting of stockholders and their successors are duly elected and qualified, or until their earlier death, resignation or removal (“Director Election Proposal ”)	10		FOR each of the Board’s nominees for director


2	Ratify the selection by the Audit Committee of the Board of Directors of Ernst & Young LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2026 (“Auditor Ratification Proposal ”)	26		FOR


3	Approve, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed herein (“Say on Pay Proposal ”)	27		FOR


Mirum Pharmaceuticals 2026 Proxy Statement			3

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Questions and Answers About These Proxy Materials and Voting

1.Why did I receive a notice regarding the availability of proxy materials on the internet?

Pursuant to rules adopted by the Securities and Exchange Commission (the “SEC”), we have elected to provide access to our proxy materials over the internet. Accordingly, we have sent you a Notice of Internet Availability of Proxy Materials (the “Notice”) because the Board of Directors (the “Board”) of Mirum Pharmaceuticals, Inc. (sometimes referred to as “we,” “us,” “our,” or the “Company”) is soliciting your proxy to vote at the 2026 Annual Meeting of Stockholders (the “Annual Meeting”), including at any one or more adjournments or postponements of the Annual Meeting. All stockholders will have the ability to access the proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials over the internet or to request a printed copy may be found in the Notice.

We intend to first mail the Notice and make this Proxy Statement and the form of proxy available on or about April 23, 2026 to all stockholders of record entitled to vote at the Annual Meeting.

2.Will I receive any other proxy materials by mail?

We may send you a proxy card, along with a second Notice, on or after May 3, 2026.

3.How do I attend the Annual Meeting?

Stockholders of record at the close of business as of April 20, 2026 (the “Record Date”) and holders of a valid proxy for the meeting may attend, vote and ask questions at the Annual Meeting in person at the Company’s headquarters located at 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404. If you are a beneficial owner of shares registered in the name of your broker, bank or other agent, follow the instructions from your broker or bank; you should contact the bank, broker or other institution where you hold your account well in advance of the meeting if you have questions about obtaining your control number or a proxy to vote.

The Annual Meeting will begin promptly at 9:00 a.m. (Pacific Time).

Whether or not you participate in the Annual Meeting, it is important that you vote your shares.

4.Will a list of record stockholders as of the Record Date be available?

For the ten days ending the day prior to the Annual Meeting, a list of our stockholders of record as of the close of business on the Record Date will be available for examination by any stockholder of record for any purpose germane to the Annual Meeting at our corporate headquarters during ordinary business hours. To access the list of record stockholders during the 10 days ending the day prior to the Annual Meeting, stockholders should contact the Corporate Secretary at 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404.

5.Who can vote at the Annual Meeting?

Only stockholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting.

Stockholder of Record: Shares Registered in Your Name

If on the Record Date your shares were registered directly in your name with our transfer agent, Equiniti Trust Company, LLC, then you are a stockholder of record. As a stockholder of record, you may vote in person at the meeting or vote by proxy. Whether or not you plan to attend the meeting, we urge you to fill out and return the proxy card that you may request or that we may elect to deliver at a later time or vote by proxy over the telephone or on the internet as instructed below to ensure your vote is counted.


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Questions and Answers About These Proxy Materials and Voting

Beneficial Owner: Shares Registered in the Name of a Broker or Bank

If on the Record Date your shares were held, not in your name, but rather in an account at a brokerage firm, bank or other similar organization, then you are the beneficial owner of shares held in “street name” and the Notice should be forwarded to you by that organization. The organization holding your account is considered to be the stockholder of record for purposes of voting at the Annual Meeting. As a beneficial owner, you have the right to direct your broker, bank or other agent regarding how to vote the shares in your account. You must follow the instructions provided by your brokerage firm, bank or other similar organization for your bank, broker or other stockholder of record to vote your shares per your instructions. Alternatively, many brokers and banks provide the means to grant proxies or otherwise instruct them to vote your shares by telephone and via the internet, including by providing you with a control number via email or on your Notice or your voting instruction form. If your shares are held in an account with a broker, bank or other stockholder of record providing such a service, you may instruct them to vote your shares by telephone (by calling the number provided in the proxy materials) or over the internet as instructed by your broker, bank or other stockholder of record. If you did not receive a control number via email or on your Notice or voting instruction form, and you wish to vote prior to or at the Annual Meeting, you must follow the instructions from your broker, bank or other stockholder of record, including any requirement to obtain a valid legal proxy. Many brokers, banks and other stockholders of record allow a beneficial owner to obtain a valid legal proxy either online or by mail, and we recommend that you contact your broker, bank or other stockholder of record to do so.

6.What am I voting on?

There are three matters scheduled for a vote:




1			To elect the Board’s three Class I nominees for directors named herein to hold office until the Company’s 2029 annual meeting of stockholders and their successors are duly elected and qualified, or until their earlier death, resignation or removal.


2			To ratify the selection by the Audit Committee of the Board (the “Audit Committee”) of Ernst & Young LLP as the independent registered public accounting firm of the Company for its fiscal year ending December 31, 2026.


3			To approve, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in this Proxy Statement.

7.What if another matter is properly brought before the meeting?

The Board knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before the Annual Meeting, the persons named in the proxy card have discretionary authority to vote on those matters in accordance with their best judgment. Discretionary authority for them to do so is provided for in the proxy card.

8.How do I vote?

For Proposal 1, you may either vote “For” each of the Board’s nominees for director or you may “Withhold” your vote for any nominee you specify. For each of the other matters to be voted on, you may vote “For” or “Against” or abstain from voting.

The procedures for voting are fairly simple:

Stockholder of Record: Shares Registered in Your Name

If you are a stockholder of record, you may vote using the following mechanisms:

•To vote in person, come to the Annual Meeting at our headquarters located at 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404 and we will give you a ballot when you arrive.

•If you received a proxy card by mail, simply complete, sign and date the proxy card that may be delivered and return it promptly in the envelope provided. If you return your signed proxy card to us before the Annual Meeting, we will vote your shares as you direct.

•To vote over the telephone, dial toll-free 1-800-690-6903 using a touch-tone phone and follow the recorded instructions. You will be asked to provide the company number and control number from the Notice or proxy card. Your telephone vote must be received by 11:59 p.m. (Eastern Time) on June 14, 2026 to be counted.


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Questions and Answers About These Proxy Materials and Voting

•To vote through the internet, go to www.proxyvote.com to complete an electronic proxy card. You will be asked to provide the company number and control number from the Notice or proxy card. Your internet vote must be received by 11:59 p.m. (Eastern Time) on June 14, 2026 to be counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If you are a beneficial owner of shares registered in the name of your broker, bank or other agent, you should receive a notice containing voting instructions from that organization rather than from the Company. You must follow these instructions for your bank, broker or other stockholder of record to vote your shares per your instructions. Alternatively, many brokers and banks provide the means to grant proxies or otherwise instruct them to vote your shares by telephone and via the internet, including by providing you with a control number via email or on your Notice or your voting instruction form. If your shares are held in an account with a broker, bank or other stockholder of record providing such a service, you may instruct them to vote your shares by telephone (by calling the number provided in the proxy materials) or over the internet as instructed by your broker, bank or other stockholder of record. If you did not receive a control number via email or on your Notice or voting instruction form, and you wish to vote prior to or at the Annual Meeting, you must follow the instructions from your broker, bank or other stockholder of record, including any requirement to obtain your control number. Many brokers, banks and other stockholders of record allow a beneficial owner to obtain their control number either online or by mail, and we recommend that you contact your broker, bank or other stockholder of record to do so.



						Internet proxy voting may be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies.

9.How many votes do I have?

On each matter to be voted upon, you are entitled to one vote for each share of common stock you own as of the close of business on the Record Date.

10.If I am a stockholder of record and I do not vote, or if I return a proxy card or otherwise vote without giving specific voting instructions, what happens?

If you are a stockholder of record and do not vote by completing your proxy card, by telephone, through the internet or at the Annual Meeting, your shares will not be voted.

If you return a signed and dated proxy card or otherwise vote without marking voting selections, your shares will be voted, as applicable, “For” the election of all three of the Board’s nominees for director, “For” the ratification of the selection by the Audit Committee of Ernst & Young LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2026 and “For” the advisory vote on executive compensation. If any other matter is properly presented at the Annual Meeting, your proxy holder (one of the individuals named on your proxy card) will vote your shares using his or her best judgment.

11.If I am a beneficial owner of shares held in street name and I do not provide my broker or bank with voting instructions, what happens?

If you are a beneficial owner of shares held in street name and you do not instruct your broker how to vote your shares, the question of whether your broker, bank or other agent will still be able to vote your shares depends on whether the New York Stock Exchange (“NYSE ”) deems the particular proposal to be a “routine” matter. Although our shares are not listed with NYSE, NYSE regulates broker-dealers and their discretion to vote on stockholder proposals. Under NYSE rules applicable to brokers and other similar organizations that are subject to NYSE rules, such organizations may use their discretion to vote your “uninstructed” shares with respect to matters considered to be “routine” under NYSE rules, but not with respect to “non-routine” matters. Under such rules and interpretations, non-routine matters are matters that may substantially affect the rights or privileges of stockholders, such as mergers, stockholder proposals, elections of directors (even if not contested), executive compensation (including any advisory stockholder votes on executive compensation and on the frequency of stockholder votes on executive compensation), and certain corporate governance proposals, even if management-supported. In this regard, Proposal 1 (the Director Election Proposal) and Proposal 3 (the Say on Pay Proposal) should be considered “non-routine” and, accordingly, we


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Questions and Answers About These Proxy Materials and Voting

believe that your broker, bank or other agent may not vote your shares on such proposal without your instructions. Proposal 2 (the Auditor Ratification Proposal) should be considered “routine” and, accordingly, we believe that your broker, bank or other agent may vote your shares on such proposal without instructions from you. Nevertheless, whether a proposal is “routine” or “non-routine” remains subject to the final determination of NYSE.

Accordingly, if you are a beneficial owner of shares held in street name, in order to ensure your shares are voted in the way you would prefer, you must provide voting instructions to your broker, bank or other agent by the deadline provided in the materials you receive from your broker, bank or other agent.

12.What are “broker non-votes”?

As discussed above, when a beneficial owner of shares held in street name does not give voting instructions to his or her broker, bank or other agent holding his or her shares as to how to vote on matters deemed to be “non-routine” under NYSE rules, the broker or other such agent cannot vote the shares. When there is at least one “routine” matter that the broker, bank or other agent votes on, the shares that are un-voted on “non-routine” matters are counted as “broker non-votes.”

13.Who is paying for this proxy solicitation?

We will pay for the entire cost of soliciting proxies. In addition to these proxy materials, our directors and employees may also solicit proxies in person, by email, by telephone, or by other means of communication. Directors and employees will not be paid any additional compensation for soliciting proxies. We may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners.

14.What does it mean if I receive more than one Notice?

If you receive more than one Notice, your shares may be registered in more than one name or in different accounts. Please follow the voting instructions on each of the Notices to ensure that all of your shares are voted.

15.Can I change my vote after submitting my proxy?

Stockholder of Record: Shares Registered in Your Name

Yes. You can revoke your proxy at any time before the final vote at the Annual Meeting. If you are the record holder of your shares, you may revoke your proxy in any one of the following ways:

•You may submit another properly completed proxy card with a later date.

•You may grant a subsequent proxy by telephone or through the internet.

•You may send a timely written notice that you are revoking your proxy to 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404, Attention: Corporate Secretary. Such notice will be considered timely if it is received at the indicated address by the close of business on the business day one week preceding the date of the Annual Meeting.

•You may attend the Annual Meeting and vote in person. Simply attending the Annual Meeting will not, by itself, revoke your proxy.

Your most current proxy card or telephone or internet proxy is the one that is counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If your shares are held by your broker, bank or other agent, you should follow the instructions provided by your broker, bank or other agent.


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Questions and Answers About These Proxy Materials and Voting

16.What vote is required for adoption or approval of each proposal and how will votes be counted?

The following table summarizes the minimum vote needed to approve each proposal and the effect of abstentions and broker non-votes.

Proposal
Number

Proposal
Description

Vote Required for Approval

Voting
Options

Effect of
Abstentions

Effect

of Broker

Non-Votes

Board
Recommendation

Director Election Proposal

Nominees receiving the most “For” votes from the shares present in person or represented by proxy and entitled to vote on the matter; “Withhold” votes will have no effect.

For or Withhold

Not applicable

No effect

FOR

each of the Board’s nominees for director

Auditor Ratification Proposal

“For” votes from a majority of shares present in person or represented by proxy and entitled to vote on the matter.

For, Against or Abstain

Against

Not
applicable

FOR

Say on Pay Proposal

“For” votes from a majority of shares present in person or represented by proxy and entitled to vote on the matter.

For, Against or Abstain

Against

No effect

FOR

17.What is the quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if stockholders holding at least a majority of the outstanding shares of stock entitled to vote are present at the Annual Meeting in person or represented by proxy. On the Record Date, there were 60,977,841 shares of common stock outstanding and entitled to vote. Thus, the holders of 30,488,921 shares of common stock must be present in person or represented by proxy at the Annual Meeting to have a quorum.

Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, the chair of the Annual Meeting or the holders of a majority of shares present at the Annual Meeting in person or represented by proxy may adjourn the meeting to another date.

18.How can I find out the results of the voting at the Annual Meeting?

Preliminary voting results will be announced at the Annual Meeting. In addition, final voting results will be published in a current report on Form 8-K that we expect to file within four business days after the Annual Meeting. If final voting results are not available to us in time to file a Form 8-K within four business days after the Annual Meeting, we intend to file a Form 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additional Form 8-K to publish the final results.


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Forward-looking Statements

This Proxy Statement contains certain “Forward-looking Statements” within the meaning of the Private Securities Litigation Reform Act of 1995, relating to future events. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions. For a nonexclusive list of major factors which could cause the actual results to differ materially from the predicted results in the forward-looking statements, please refer to the “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026 (the “Annual Report”) and in our subsequently filed periodic and current reports on Form 10-Q and Form 8-K.


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PROPOSAL 1

Election of Directors

The Board recommends a vote in favor of each of the Board’s nominees FOR director.

Under our amended and restated certificate of incorporation and amended and restated bylaws, the Board is divided into three classes, with only one class of directors being elected in each year and each class (Class I, Class II and Class III) serving a three-year term. Each Class I director has a term that expires at the Annual Meeting, each Class II director has a term that expires at the Company’s 2027 annual meeting of stockholders (the “2027 Annual Meeting”) and each Class III director has a term that expires at the Company’s 2028 annual meeting of stockholders, and in each case until their respective successors are duly elected and qualified, or until their earlier death, resignation or removal. The directors are currently divided into classes as follows:



Class I:	Class II:	Class III:
Lon Cardon, Ph.D., FMedSci William Fairey Timothy Walbert	Laurent Fischer, M.D. Patrick Heron Saira Ramasastry, MS, M.Phil.	Laura Brege Michael Grey Christopher Peetz

The Board currently has nine members. Upon the recommendation of the Nominating and Corporate Governance Committee of the Board (the “Nominating Committee”), the Board has considered and nominated the three incumbent directors listed below for election to the Board at the Annual Meeting to serve until the Company’s 2029 annual meeting of stockholders and until the director’s successor has been duly elected and qualified, or, if sooner, until the director’s earlier death, resignation or removal. All of the Company’s incumbent director nominees have previously been elected by our stockholders.

We have no reason to believe that any of the nominees will be unavailable or, if elected, will decline to serve. In the event that any of these nominees should become unavailable for election due to any presently unforeseen reason, or should decline to serve, proxies will be voted for a substitute as designated by the Board, or alternatively, the Board may leave a vacancy on the Board or reduce the size of the Board.

The biographies of each of the Board’s nominees for election to the Board as Class I directors, and all other directors, are set forth below, including the offices held, public company directorships and certain other business directorships, and the class and term of each director nominee and director. These biographies include information, as of the date of this Proxy Statement, regarding the specific and particular experience, qualifications, attributes or skills of each director or nominee that led the Nominating Committee to believe that that nominee should continue to serve on the Board. However, each of the members of the Nominating Committee may have a variety of reasons why he or she believes a particular person would be an appropriate nominee for the Board, and these views may differ from the views of other members. Nevertheless, we believe that, as a whole, our Board possesses the requisite skills and characteristics, leadership traits, work ethic and independence to provide effective oversight. No director or executive officer is related by blood, marriage, or adoption to any other director or executive officer. No arrangements or understandings exist between any director and any other person pursuant to which such person was selected as a director or nominee.


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Proposal 1: Election of Directors

Class I Nominees for Election for a Three-year Term Expiring at the Company’s 2029 Annual Meeting of Stockholders

Lon Cardon, Ph.D., FMedSci IND

Age: 60

Director since: 2022

Lon Cardon, Ph.D., FMedSci has served as a member of the Board since November 2022. Dr. Cardon has served as President and Chief Executive Officer at The Jackson Laboratory, an independent, nonprofit biomedical research organization, since November 2021. Prior to joining The Jackson Laboratory, Dr. Cardon served as Chief Scientific Officer at BioMarin Pharmaceutical Inc., a biopharmaceutical company, from September 2017 to November 2021. Prior to joining BioMarin, Dr. Cardon served as Senior Vice President of Genetics, Alternative Drug Discovery and Target Sciences at GlaxoSmithKline plc, a global healthcare company, from 2008 to September 2017. Dr. Cardon previously served as a professor at the University of Oxford and as a professor of biostatistics and human biology at the University of Washington and the Fred Hutchinson Cancer Research Center. Dr. Cardon is a past council member of the NIH/National Human Genome Research Institute and a present advisor to the All of Us Precision Medicine Initiative. Dr. Cardon served as a member of the board of directors and institutional founder of the Altius Institute for Biomedical Sciences, Centre for Therapeutic Target Validation (now Open Targets) and the GSK/Avalon Center of Excellence. Dr. Cardon is an elected fellow of the UK’s Academy of Medical Sciences and the American Association for the Advancement of Science. Dr. Cardon served as a member of the board of directors for public pharmaceutical company Reneo Pharmaceuticals, Inc. from 2019 until 2022. Dr. Cardon received his B.A. from the University of Puget Sound, a Ph.D. from the University of Colorado, Boulder and did his postdoctoral training at Stanford University.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Dr. Cardon’s scientific expertise and experience in the biopharmaceutical industry qualify him to serve on our board of directors.


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Proposal 1: Election of Directors

William Fairey IND

Age: 62

Director since: 2021

William Fairey has served as a member of the Board since 2021. Most recently, from July 2023 to January 2024, Mr. Fairey served as the interim Chief Executive Officer of Respira Therapeutics, Inc, a privately held pharmaceutical company. From January 2019 to November 2020, Mr. Fairey served as Executive Vice President and Chief Commercial Officer at MyoKardia, Inc., a biopharmaceutical company, where he built the commercial and portfolio strategy, established the company’s European headquarters, and was structuring the expansion in Latin America and Asia when the company was acquired by Bristol-Myers Squibb. Prior to serving at MyoKardia, Mr. Fairey served as Executive Vice President and Chief Operating Officer at ChemoCentryx, Inc., a biopharmaceutical company, from March 2018 to January 2019, where, he was responsible for the sales, marketing, medical affairs and market access functions, including commercialization of late stages compounds. Prior to ChemoCentryx, Mr. Fairey served in a number of roles at Actelion Pharmaceuticals Ltd. and its subsidiaries including as President of Actelion Pharmaceuticals US, Inc., a pharmaceuticals and biotechnology company, from April 2013 to December 2017, Regional Vice President, Australia Asia Pacific, of Actelion Pharmaceuticals Ltd. from July 2008 to March 2013, President of Actelion Pharmaceuticals Canada Inc. from June 2003 to June 2008, and Vice President of Sales and Management Markets of Actelion Pharmaceuticals US, Inc. from January 2001 to June 2003. Mr. Fairey currently serves on the boards of directors of Ascendis Pharma, Inc., Rein Therapeutics, Inc. (formerly Aileron Therapeutics, Inc.) and KalVista Pharmaceuticals, Inc., each publicly held biopharmaceutical companies, as well as Respira Therapeutics, Inc., a privately held pharmaceutical company. Mr. Fairey received his B.S. in biology from the University of Oregon and an M.B.A. from Saint Mary’s College.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Mr. Fairey’s extensive experience building and operating global the commercial arms of several biotechnology businesses qualifies him to serve on the Board.


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Proposal 1: Election of Directors

Timothy Walbert IND

Age: 59

Director since: 2023

Timothy Walbert has served as a member of the Board since April 2023. Mr. Walbert is currently a senior advisor to Amgen, a biotechnology company. Mr. Walbert was chairman, president and chief executive officer of the then public company Horizon Therapeutics, a biotechnology company, from June 2008 to October 2023, when it was acquired by Amgen for $28 billion. Before joining Horizon, he was president, chief executive officer and director of IDM Pharma Inc., a public biotechnology company, which was acquired by Takeda in June 2009. Before IDM, Mr. Walbert served as executive vice president, commercial operations at NeoPharm Inc., a public biotechnology company. From 2001 to 2005, he was divisional vice president and general manager, immunology, at Abbott, now AbbVie, leading the global development and launch of the multi-indication biologic HUMIRA, and served as divisional vice president, global cardiovascular strategy. From 1998 to 2001, Mr. Walbert served as director, CELEBREX North America, and arthritis team leader, Asia Pacific, Latin America and Canada, at G.D. Searle & Company. From 1991 to 1998, he also held sales and marketing roles with increasing responsibility at G.D. Searle, Merck & Co. Inc. and Wyeth.

Mr. Walbert serves on the boards of directors of Century Therapeutics, Inc., BioMarin Pharmaceutical Inc. and Sagimet Biosciences Inc., each public biotechnology companies, as well as Cour Pharmaceuticals Development Co., Inc., Latigo Biotherapeutics, Inc., Catalent, Inc., Odyssey Therapeutics, Inc. and Crystalys Therapeutics Inc., each privately held biotechnology companies. He is also a member of the National Organization for Rare Disorders (NORD) Advisory Board, the Wall Street Journal CEO Council and the CNBC CEO Council. He previously served on the board of directors for Aurinia Pharmaceuticals Inc., a public pharmaceutical company, from 2020 to 2022, Exicure, Inc., a public biotechnology company, from 2019 to 2022, Assertio Holdings, Inc., a public biopharma company, from 2014 to 2020, Raptor Pharmaceutical Corp., a public biotechnology company, from 2010 to 2014, XOMA Corporation, a public biotechnology company, from 2011 to 2017 and Sucampo Pharmaceuticals Inc., a public biopharmaceutical company, from 2016 to 2018. He is also a member of Economic Club of Chicago, the Commercial Club of Chicago and the Civic Committee of the Commercial Club of Chicago. Mr. Walbert was a previous board member of the Biotechnology Innovation Organization (BIO), the Pharmaceutical Research and Manufacturing Association (PhRMA), the Illinois Biotechnology Innovation Organization (iBIO) and World Business Chicago and served on the Board of Trustees of Muhlenberg College. Mr. Walbert received a B.A. in business from Muhlenberg College in Allentown, Pennsylvania.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Mr. Walbert’s extensive experience in the biotechnology business, including as a president and chief executive officer, qualifies him to serve on the Board.


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Proposal 1: Election of Directors

Class II Directors Continuing in Office Until the Company’s 2027 Annual Meeting of Stockholders

Laurent Fischer, M.D. IND

Age: 62

Director since: 2019

Laurent Fischer, M.D., has served as a member of the Board since June 2019. Dr. Fischer served as the President and Chief Executive Officer of Adverum Biotechnologies, Inc., a clinical stage gene therapy company, from June 2020 until its acquisition by Eli Lilly and Company in December 2025. Prior to Adverum, he served as Senior Vice President, Head of the Liver Therapeutic Area at Allergan plc, a pharmaceutical company, from November 2016 to June 2020. Previously, he served as Chief Executive Officer of Tobira Therapeutics, Inc., a public biotechnology company, until its acquisition by Allergan in November 2016. From 2012 to 2014, Dr. Fischer served as Chairman and Chief Executive Officer of Jennerex Biotherapeutics, Inc. Prior to Jennerex, Dr. Fischer was President and Chief Executive Officer of Ocera Therapeutics, Inc., a privately-held, clinical-stage biopharmaceutical company focused on the development and commercialization of therapeutics for gastrointestinal and liver diseases, since 2005. Prior to Ocera, Dr. Fischer was President and Chief Executive Officer of life sciences company Auxeris Therapeutics, Inc. from 2003 to 2005, President and Chief Operating Officer of technology company RXCentric.com, Inc. (now part of Allscripts Healthcare Solutions, Inc.) from 1999 to 2000 and Chief Medical Officer and Vice President of Corporate Development of medication management company MedVantx Inc. from 2001 to 2003. Dr. Fischer served as Senior Vice President of the Global Virology Franchise at Dupont Pharmaceuticals/Dupont-Merck from 1997 to 1999. From 1995 to 1997, Dr. Fischer served as Medical Director for the Virology Group at healthcare company Hoffman-LaRoche, Ltd. Dr. Fischer served as Chairman of the board of directors of CTI BioPharma Corp. until its acquisition by SOBI in June 2023 and as a member of the board of directors of Adverum until its acquisition by Eli Lilly and Company in December 2025. Dr. Fischer serves on the board of directors of publicly held AtaiBeckley Inc. (formerly ATAI Life Sciences N.V.), as well as privately held biopharmaceutical companies Lycia Therapeutics, Inc and Shinobi Therapeutics, Inc. Dr. Fischer also served as a member of the board of directors of the then privately held company Senti Biosciences from 2019 until 2020 and privately held company Teal Bio from 2023 to 2025. Dr. Fischer received his Medical Degree from the University of Geneva and his Doctorate in Medicine from the Geneva Medical School, Switzerland.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Dr. Fischer’s considerable experience as an executive in the pharmaceutical industry and board experience, along with his medical degrees and knowledge of biopharmaceuticals, qualifies him to serve on the Board.


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Proposal 1: Election of Directors

Patrick Heron IND

Age: 55

Director since: 2018

Patrick Heron has served as a member of the Board since November 2018. Mr. Heron is a General Partner with Frazier Life Sciences (“Frazier”), a private equity and venture capital firm, a position he has held since September 1999. Mr. Heron has been active in company formations and initial investments in various biotechnology companies, including Marcadia Biotech Inc., Calixa Therapeutics, Inc. and Silvergate. Prior to joining Frazier, Mr. Heron helped develop McKinsey & Co.’s west coast biotechnology consulting practice. Mr. Heron currently serves on the board of directors of Arcutis Biotherapeutics, Inc. and MBX Biosciences, Inc., both public biopharmaceutical companies, as well as private companies Alpha-9 Oncology, Inc., Alceptor Therapeutics, Inc., Bluewater Biosciences, Inc., Tubulis GmbH and Breakwater Therapeutics. Mr. Heron previously served on the boards of directors of public biopharmaceutical companies Imago Biosciences, Inc. from 2014 until 2022, Vaxcyte, Inc. from 2017 until 2021, Iterum Therapeutics plc from 2016 until 2021, Passage Bio, Inc. from 2018 until 2021 and HilleVax, Inc. from 2021 to 2025. Mr. Heron also previously served on the board of directors of privately held Scout Bio, Inc. from 2018 until 2023. Mr. Heron received his B.A. in Political Science from the University of North Carolina at Chapel Hill and an MBA from Harvard Business School.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Mr. Heron’s extensive business background and his experience in venture capital and the life science industry qualifies him to serve on the Board.

Saira Ramasastry, MS, M.Phil. IND

Age: 50

Director since: 2022

Saira Ramasastry, MS, M.Phil. has served as a member of the Board since June 2022. Ms. Ramasastry has served as the Managing Partner of Life Science Advisory, LLC, an independent firm that she founded to provide strategic advice and business development solutions for life science companies, since April 2009. Ms. Ramasastry also co-founded Sanacor, Inc., a privately held biotechnology company, and has served as the Chief Operating Officer since April 2022. Previously, Ms. Ramasastry was an investment banker with Merrill Lynch & Company from August 1999 to March 2009, where she helped establish the biotechnology practice and advised on mergers and acquisitions and strategic and capital market transactions. Prior to joining Merrill Lynch, Ms. Ramasastry served as a financial analyst in the mergers and acquisitions group at Wasserstein Perella & Co., an investment banking firm, from July 1997 to September 1998. Ms. Ramasastry currently serves on the board of directors for public companies Vir Biotechnology, Inc., Glenmark Pharmaceuticals, Ltd. and Day One Biopharmaceuticals, Inc., where she has experience overseeing cybersecurity risks. Ms. Ramasastry previously served on the board of directors of public companies Pain Therapeutics, Inc. from 2013 until 2020, Innovate Biopharmaceuticals, Inc. from 2018 until 2020, Sangamo Therapeutics, Inc. from 2012 until 2022 and Akouos, Inc. from 2020 until its acquisition by Eli Lilly and Company in 2022. Ms. Ramasastry also serves on the Industry Advisory Board of the Michael J. Fox Foundation for Parkinson’s Research, as a health innovator fellow of the Aspen Institute and as a member of the Aspen Global Leadership Network. Ms. Ramsastry is also a guest lecturer for the Bioscience Enterprise Programme at the University of Cambridge. Ms. Ramasastry received her B.A. in economics with honors and distinction and her M.S. in management science and engineering from Stanford University, as well as her M. Phil. in management studies from the University of Cambridge.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Ms. Ramasastry’s substantial financial markets experience, experience overseeing cybersecurity risks and her experience advising life science companies qualifies her to serve on the Board.


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Proposal 1: Election of Directors

Class III Directors Continuing in Office Until the Company’s 2028 Annual Meeting of Stockholders

Laura Brege IND

Age: 68

Director since: 2019

Laura Brege has served as a member of the Board since July 2019. Since April 2017, Ms. Brege has served as a Senior Advisor to BridgeBio Pharma, a biotechnology research company. From September 2015 to December 2017, Ms. Brege served as managing director of Cervantes Life Science Partners, LLC, a consulting firm providing integrated business solutions to life sciences companies. She has over 20 years of executive management experience in the pharmaceutical, biotechnology and venture capital industries. From September 2012 to July 2015, Ms. Brege was President and Chief Executive Officer of Nodality, Inc., a life sciences company focused on innovative personalized medicine. Prior to joining Nodality in 2012, Ms. Brege held several senior-level positions at Onyx Pharmaceuticals, Inc., a biopharmaceutical and biotherapeutics company, from 2006 to 2012, including positions as Executive Vice President and Chief Operating Officer. While at Onyx, she led multiple functions, including commercialization, strategic planning, corporate development and medical, scientific and government affairs. Prior to Onyx, Ms. Brege was a General Partner at Red Rock Capital Management, a venture capital firm specializing in early stage financing for technology companies. Previously, Ms. Brege was Senior Vice President and Chief Financial Officer at COR Therapeutics Inc. where she helped build the company from an early stage research and development company through commercial launch of a successful cardiovascular product. Earlier in her career, she served as Chief Financial Officer at Flextronics, Inc. and Treasurer of The Cooper Companies. She currently serves on the boards of directors of public biopharmaceutical companies Acadia Pharmaceuticals Inc., Pacira BioSciences, Inc. and Edgewise Therapeutics Inc. Ms. Brege previously served on the boards of directors of public pharmaceutical companies HLS Therapeutics, Inc. from 2019 to 2024, Portola Pharmaceuticals, Inc. from 2015 until 2021, Dynavax Technologies Inc. from 2015 to 2020, and Aratana Therapeutics, Inc. from 2014 until 2019. Ms. Brege earned her undergraduate degree from Ohio University (Honors Tutorial College) and her MBA degree from the University of Chicago.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Ms. Brege’s extensive background in finance and management of biotechnology companies and her participation as a member of the audit committees of other public companies qualifies her to serve on the Board.


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Proposal 1: Election of Directors

Michael Grey IND

Age: 73

Director since: 2020

Michael Grey is our co-founder and has served as Chair of the Board since January 2020. Mr. Grey previously served as our Executive Chairman from March 2019 to December 2019 and as our Chief Executive Officer from our inception in May 2018 to March 2019. Mr. Grey has served as a venture partner at Pappas Ventures, a venture capital firm, since January 2010. Mr. Grey served from January 2019 to September 2019 as President and Chief Executive Officer of Curzion Pharmaceuticals, Inc., a pharmaceutical company (sold to Horizon Therapeutics plc in April 2020), from October 2015 to January 2017 as President and Chief Executive Officer of Amplyx Pharmaceuticals, Inc., and from September 2014 to December 2017 as Chairman and Chief Executive Officer of Reneo Pharmaceuticals, Inc. From February 2011 to June 2014, Mr. Grey served as President and Chief Executive Officer of Lumena Pharmaceuticals, Inc., which was acquired by Shire plc in June 2014. Mr. Grey has more than 45 years of experience in the pharmaceutical and biotechnology industries and has held senior positions at a number of companies, including President and Chief Executive Officer of SGX Pharmaceuticals, Inc. (sold to Eli Lilly and Company in 2008), President and Chief Executive Officer of Trega Biosciences, Inc. (sold to LION Bioscience, Inc. in 2001) and President of BioChem Therapeutic Inc. Prior to these, Mr. Grey served in various roles with Glaxo, Inc. and Glaxo Holdings PLC, culminating in his position as Vice President, Corporate Development and director of international licensing. Mr. Grey currently serves on the board of directors of public companies OnKure Therapeutics, Inc. (formerly Reneo), and Spruce Biosciences, Inc., as well as privately held biotechnology companies Alethio Therapeutics, Ltd., Altay Therapeutics Inc., Plexium Inc., Sorriso Pharmaceuticals, Inc. and Theolytics Ltd. Mr. Grey served as a member of the board of directors for BioMarin Pharmaceuticals, Inc. from 2005 to 2021, Horizon Therapeutics plc from 2011 to 2023, Mirati Therapeutics, Inc. from 2014 until 2021 and Amplyx Pharmaceuticals, Inc. from January 2017 to April 2021. Mr. Grey received his B.S. in chemistry from the University of Nottingham in the United Kingdom.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Mr. Grey’s perspective and experience as our co-founder and former Executive Chairman, as well as his extensive experience managing and leading both early stage and established companies within the pharmaceutical and biotechnology industries qualifies him to serve on the Board.

Christopher Peetz

Age: 47

Director since: 2019

Christopher Peetz is our co-founder and has served as our Chief Executive Officer since March 2019. He served as our President from December 2018 to January 2024. Mr. Peetz has been an Entrepreneur-in-Residence at Frazier since May 2017. Prior to joining our company, Mr. Peetz served as the Chief Executive Officer of Flashlight Therapeutics, Inc., a biotechnology company, from May 2017 to May 2019. From May 2014 to December 2016, Mr. Peetz served as Chief Financial Officer and head of corporate development at Tobira Therapeutics, Inc., a public biotechnology company acquired by Allergan plc, in November 2016. Prior to joining Tobira, Mr. Peetz served as Vice President, Finance and Corporate Development of Jennerex Biotherapeutics, Inc., a biopharmaceutical company, from April 2012 to March 2014. Prior to Jennerex, Mr. Peetz held various positions at Onyx Pharmaceuticals, Inc., including oversight of financial planning and analysis, corporate strategy, product lifecycle management and commercial roles. Prior to Onyx, Mr. Peetz provided merger and acquisition advisory services at LaSalle Corporate Finance, a part of ABN AMRO, and held positions at Abgenix Inc. and Solazyme Inc. He previously served on the board of directors of Alpine Immune Sciences, Inc. before its sale to Vertex Pharmaceuticals Incorporated. Mr. Peetz received an MBA from Stanford Graduate School of Business and a B.S.B.A. in Finance, International Business and French from Washington University in St. Louis.

Skills and Qualifications specific to Mirum Pharmaceuticals, Inc.:

The Board and Nominating Committee believe that Mr. Peetz’s perspective and experience as our co-founder and President and Chief Executive Officer, as well as his extensive experience managing and leading both early stage and established companies within the pharmaceutical and biotechnology industries qualifies him to serve on the Board.


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Information Regarding the Board of Directors and Corporate Governance

Director Nomination Process and Qualifications

We believe that an effective board of directors should be made up of individuals who collectively provide an appropriate balance of diverse occupational and personal backgrounds and perspectives and who have a range of skills and expertise sufficient to provide guidance and oversight with respect to the Company’s strategy and operations. Our Board and the Nominating Committee seek to assemble a board that, as a whole, possesses the appropriate balance of professional and industry knowledge, financial expertise and high-level management experience necessary to oversee and direct the Company’s business. To that end, the Nominating Committee identifies and evaluates nominees in the broader context of the operating requirements of the Company, the long-term interests of stockholders and the Board’s overall composition, with the goal of recruiting members who complement and strengthen the skills of other members and who also exhibit integrity, collegiality and other qualities that the Nominating Committee views as critical to effective functioning of the Board. To provide a mix of experience and perspective on the Board, the Nominating Committee also takes into account skills, experiences, backgrounds and such other factors as it deems appropriate, given the current needs of the Board and the Company, to maintain a balance of knowledge, experience and capability.

Our Nominating Committee considers the diversity of the Board overall with respect to skills, perspective, background and experience. Our Board monitors the mix of skills and experience of its directors to help ensure it has the necessary tools to perform its oversight function effectively.

The Nominating Committee believes that candidates for director should have certain minimum qualifications, including the ability to read and understand basic financial statements, being over 21 years of age and having the highest personal integrity and ethics. The Nominating Committee also intends to consider such factors as possessing relevant expertise upon which to be able to offer advice and guidance to management, having sufficient time to devote to the affairs of the Company, demonstrated excellence in his or her field, having the ability to exercise sound business judgment and having the commitment to rigorously represent the long-term interests of the Company’s stockholders. However, the Nominating Committee retains the right to modify these qualifications from time to time.

The Nominating Committee also appreciates the value of thoughtful Board refreshment, and seeks to identify and consider qualities, skills and other director attributes that would enhance the composition of the Board. In the case of incumbent directors whose terms of office are set to expire, the Nominating Committee reviews these directors’ overall service to the Company during their terms, including the number of meetings attended, level of participation, quality of performance and any other relationships and transactions that might impair the directors’ independence. The Committee also takes into account the results of the Board’s self-evaluation, conducted annually on a group and individual basis. In the case of new director candidates, the Nominating Committee also determines whether the nominee is independent for Nasdaq purposes, which determination is based upon applicable Nasdaq listing rules, applicable SEC rules and regulations and the advice of counsel, if necessary. The Nominating Committee then uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate, a professional search firm. The Nominating Committee then conducts any appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates after considering the function and needs of the Board. The Nominating Committee meets to discuss and consider the candidates’ qualifications and then selects a nominee for recommendation to the Board by majority vote.


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Information Regarding the Board of Directors and Corporate Governance

Director Candidates Recommended by Stockholders

The Nominating Committee will consider director candidates recommended by stockholders. The Nominating Committee does not intend to alter the manner in which it evaluates candidates, including the minimum criteria set forth above, based on whether or not the candidate was recommended by a stockholder. Stockholders who wish to recommend individuals for consideration by the Nominating Committee to become nominees for election to the Board may do so in writing to 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404, Attention: Corporate Secretary, and should include any supporting material the stockholder considers appropriate in support of that recommendation but must include information that would be required under the “advance notice” provisions of the Company’s bylaws and rules of the SEC to be included in a proxy statement soliciting proxies for the election of such candidate. Stockholders must also satisfy the notification, timeliness, consent, and information requirements set forth in our amended and restated bylaws. These requirements are also described under the section entitled “Other Information for Stockholders—Stockholder Proposals for the 2027 Annual Meeting of Stockholders”.

Independence of the Board of Directors and Committees

As required under the Nasdaq Stock Market (“Nasdaq”) listing rules, a majority of the members of a listed company’s board of directors must qualify as “independent,” as affirmatively determined by the board of directors. Members of the Audit Committee and Compensation Committee of the Board (the “Compensation Committee”) are subject to the additional independence requirements of applicable SEC rules and Nasdaq listing rules. The Board consults with the Company’s counsel to ensure that the Board’s determinations are consistent with relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in the Nasdaq listing rules, as in effect from time to time.

Consistent with these considerations, after review of all relevant identified transactions, arrangements or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent auditors, the Nominating Committee recommended to the Board, and the Board has affirmatively determined, that the following eight directors are independent directors within the meaning of the applicable Nasdaq listing rules: Drs. Cardon and Fischer, Mses. Brege and Ramasastry, and Messrs. Fairey, Grey, Heron and Walbert. In making this determination, the Board found that none of these directors or nominees for director had a material or other disqualifying relationship with the Company.

In addition, our Board has affirmatively determined that the members of the Audit Committee, Ms. Brege, Mr. Fairey and Ms. Ramasastry, are “independent” in accordance with the Nasdaq listing rules and SEC rules applicable to boards of directors in general and audit committee members in particular, and that that the members of the Compensation Committee, Mr. Fairey, Dr. Fischer, Mr. Heron and Ms. Ramasastry, are “independent” in accordance with the Nasdaq listing rules and SEC rules applicable to boards of directors in general and compensation committee members in particular.


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Information Regarding the Board of Directors and Corporate Governance

Board Leadership Structure

The Board has an independent, non-executive Chair, Mr. Grey, who has authority, among other things, to call and preside over Board meetings, including meetings of the independent directors, to set meeting agendas and to determine materials to be distributed to the Board. Accordingly, the Board Chair has substantial ability to shape the work of the Board. Our Board believes that it is in the best interests of the Company and its stockholders for Mr. Grey to continue to serve as Chair of the Board, in part given his significant knowledge and experience in our industry and therapeutic areas of interest, as well as a deep understanding of our company, our business and our strategic objectives, all of which our Board believes will continue to benefit the Company during the year ahead. Our Board believes that separation of the positions of Board Chair and Chief Executive Officer reinforces the independence of the Board in its oversight of the business and affairs of the Company. In addition, we believe that having an independent Board Chair creates an environment that is more conducive to objective evaluation and oversight of management’s performance, increasing management accountability and improving the ability of the Board to monitor whether management’s actions are in the best interests of the Company and its stockholders. As a result, we believe that the leadership structure of our Board is appropriate and enhances its ability to effectively carry out its roles and responsibilities on behalf of our stockholders. We also have a separate Chair for each committee of the Board. The Chair of each committee reports periodically to the Board on the activities of their committee in fulfilling their responsibilities as detailed in their respective charters.

Role of the Board in Risk Oversight

One of the Board’s key functions is informed oversight of the Company’s risk management process. The Board does not have a standing risk management committee, but rather administers this oversight function directly through the Board as a whole, as well as through various Board standing committees that address risks inherent in their respective areas of oversight. In particular, the Board is responsible for monitoring and assessing strategic risk exposure, including a determination of the nature and level of risk appropriate for the Company. The Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee’s responsibilities also include oversight of our cybersecurity risk management processes, including oversight of mitigation of risks from cybersecurity threats, and, to that end, receives annual reports from our Vice President of Information Technology concerning our significant cybersecurity threats and risk and the processes we have implemented to address them, and also receives and has access to various presentations related to cybersecurity threats, risk and mitigation. The Nominating Committee monitors compliance with legal and regulatory requirements, as well as the effectiveness of our corporate governance guidelines. The Compensation Committee assesses and monitors whether any of our compensation policies and programs has the potential to encourage excessive risk-taking. Typically, the entire Board meets with the personnel in charge of the Company’s risk management efforts at least annually, and the applicable Board committees meet at least annually with the personnel responsible for risk management efforts in the committees’ respective areas of oversight. Both the Board as a whole and the various standing committees receive periodic reports from the head of risk management, as well as incidental reports as matters may arise. It is the responsibility of the committee Chairs to report findings regarding material risk exposures to the Board as quickly as possible.

Meetings of the Board of Directors

The Board met seven times during 2025. During 2025, the Audit Committee met five times, the Compensation Committee met four times and the Nominating Committee met two times. Each Board member attended at least 75% of the aggregate of the total number of meetings of the Board and the total number of meetings held by all of the committees on which they served, held during the portion of 2025 for which they were directors or committee members, respectively, other than Mr. Heron. Although we do not have a formal policy regarding attendance by Board members at annual meetings of stockholders, we encourage our directors to attend such meetings. One of our current directors who served at the time of our 2025 Annual Meeting of Stockholders (the “2025 Annual Meeting”) attended that meeting.

As required under applicable Nasdaq listing rules, in 2025, the Company’s independent directors met four times in regularly scheduled executive sessions at which only independent directors were present.


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Information Regarding the Board of Directors and Corporate Governance

Information Regarding Committees of the Board of Directors

The Board has three committees: the Audit Committee, Compensation Committee and Nominating Committee. The following table provides membership and meeting information for 2025 for each of the Board committees:


Name	Audit	Compensation	Nominating and Corporate Governance
Christopher Peetz
Laura Brege	X*		X
Lon Cardon, Ph.D., FMedSci			X
William Fairey	X	X
Laurent Fischer, M.D.		X*
Michael Grey
Patrick Heron		X
Saira Ramasastry, M.S., M.Phil.	X	X
Timothy Walbert			X*
Total meetings in fiscal year 2025	5	4	2

* Committee Chair

Each of the committees has authority to engage legal counsel or other experts or consultants, as it deems appropriate to carry out its responsibilities. The Board has determined that each member of each committee meets the applicable Nasdaq listing rules and SEC rules and regulations regarding “independence” and each member is free of any relationship that would impair his or her individual exercise of independent judgment with regard to the Company. The Board has adopted a written charter for each of the Audit Committee, Compensation Committee and Nominating Committee, which charters are available to stockholders on the Company’s website at ir.mirumpharma.com. The information on the Company’s website is not incorporated by reference into this Proxy Statement or the Annual Report.


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Information Regarding the Board of Directors and Corporate Governance

Below is a description of each committee of the Board.


			Audit Committee

The Audit Committee was established by the Board in accordance with Section 3(a)(58)(A) of the Exchange Act to oversee the Company’s corporate accounting and financial reporting processes and audits of its financial statements. The primary purpose of the Audit Committee is to discharge the responsibilities of the Board with respect to our corporate accounting and financial reporting processes, systems of internal control and financial-statement audits, and to oversee our independent registered accounting firm.


Specific responsibilities of the Audit Committee include: •overseeing our corporate accounting and financial reporting processes; •managing the selection, engagement, qualifications, independence and performance of a qualified firm to serve as the independent registered public accounting firm to audit our consolidated financial statements; •discussing the scope and results of the audit with the independent registered public accounting firm, and reviewing, with management and the independent accountants, our interim and year-end operating results; •developing procedures for employees to submit concerns anonymously about questionable accounting or audit matters; •oversight of risks relating to data privacy, technology and information security, including cybersecurity, threats and back-up of information systems and the Company’s processes for assessing, identifying, and managing such risks; •reviewing related person transactions; •obtaining and reviewing a report by the independent registered public accounting firm at least annually, that describes our internal quality control procedures, any material issues with such procedures, and any steps taken to deal with such issues when required by applicable law; and •approving, or, as permitted, pre-approving, audit and permissible non-audit services to be performed by the independent registered public accounting firm.


The Board has also determined that Ms. Brege qualifies as an “audit committee financial expert,” as defined in applicable SEC rules. In making this determination, the Board made a qualitative assessment of Ms. Brege’s level of knowledge and experience based on a number of factors, including her formal education and experience as a chief financial officer.


			Report of the Audit Committee of the Board* The Audit Committee has reviewed and discussed the audited financial statements for the fiscal year ended December 31, 2025 with management of the Company. The Audit Committee has discussed with the independent registered public accounting firm the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the SEC. The Audit Committee has also received the written disclosures and the letter from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent accountants’ communications with the Audit Committee concerning independence, and has discussed with the independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee has recommended to the Board that the audited financial statements be included in the Annual Report. Laura Brege, Chair William Fairey Saira Ramasastry, M.S., M.Phil.

* The material in this report is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended (the “Securities Act”) or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.


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Information Regarding the Board of Directors and Corporate Governance


			Compensation Committee

The primary purpose of the Compensation Committee is to discharge the responsibilities of the Board in overseeing our compensation policies, plans and programs and to review and determine the compensation to be paid to our executive officers, directors and other senior management, as appropriate.


Specific responsibilities of the Compensation Committee include: •reviewing and approving the compensation of our Chief Executive Officer, other executive officers and senior management; •reviewing and recommending to our Board the compensation paid to our directors; •reviewing and approving the compensation arrangements with our executive officers and other senior management; •administering our equity incentive plans and other benefit programs; •establishing and overseeing the Company’s compensation clawback or similar policies; •assessing whether risks arising from the Company’s compensation policies and practices are reasonably likely to have a material adverse effect on the Company; •reviewing, adopting, amending and terminating, incentive compensation and equity plans, severance agreements, profit sharing plans, bonus plans, change-of-control protections and any other compensatory arrangements for our executive officers and other senior management; and •reviewing, evaluating and recommending to the Board succession plans for our executive officers.


Compensation Committee Interlocks and Insider Participation During 2025, each of Dr. Fischer, Mr. Heron, Ms. Ramasastry and Mr. Fairey served as a member of the Compensation Committee. No such individual is a current or former officer or employee of the Company. During 2025, none of our executive officers served on the board of directors or compensation committee of any other company that has an executive officer serving on our Board or the Compensation Committee. Except as described under the section entitled “Transactions with Related Persons and Indemnification—Participation in Acquisition of Bluejay and January 2026 Private Placement,” no person who served as a member of the Compensation Committee during 2025 had any relationship requiring disclosures by us under Item 404 of Regulation S-K. Delegation of Authority The Compensation Committee may delegate to one or more officers of the Company the authority to grant, amend and/or administer awards of cash or options or other equity securities to any employees or other service providers of the Company who, in either case, are not officers subject to Section 16 of the Exchange Act (“Section 16 Officers”) under the Company’s incentive-compensation or other equity-based plans as the Compensation Committee deems appropriate. The Compensation Committee has delegated limited authority to our Equity Award Committee, currently composed solely of Mr. Peetz, our Chief Executive Officer and member of the Board, to make equity grants to employees and new hires who are not Section 16 Officers as well as to consultants, in each case, pursuant to our 2019 Equity Incentive Plan (the “2019 Plan”). The delegation is subject to maximum numbers of shares underlying all awards and maximum grant date values of equity that can be granted to any one person. Compensation Committee Processes and Procedures For a discussion of the Compensation Committee’s processes and procedures for determining executive compensation, including the role of our executive officers and compensation consultant, see the section titled “Executive Compensation—Compensation Discussion and Analysis—How We Determine Executive Compensation”. Compensation Committee Report The Report of the Compensation Committee is set forth under the section titled “Executive Compensation—Compensation Discussion and Analysis—Compensation Committee Report”.


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Information Regarding the Board of Directors and Corporate Governance


			Nominating and Corporate Governance Committee

The Nominating Committee is responsible for identifying, reviewing and evaluating candidates to serve as directors of the Company, reviewing and evaluating incumbent directors, recommending to the Board for selecting candidates for election to the Board, making recommendations to the Board regarding the membership of the committees of the Board, assessing the performance of the Board, and developing and making recommendations regarding corporate governance matters.


Specific responsibilities of the Nominating and Corporate Governance Committee include: •identifying and evaluating candidates, including the nomination of incumbent directors for reelection and nominees recommended by stockholders, to serve on the Board; •considering and making recommendations to the Board regarding the composition and chair of the committees of the Board; •instituting plans or programs for the continuing education of the Board and orientation of new directors; •developing and making recommendations to the Board regarding corporate governance guidelines and matters; and •overseeing periodic evaluations of the Board’s performance, including committees of the Board and management.

Board’s Oversight of Strategy

The Board is deeply engaged and involved in overseeing our long-term strategy, including evaluating key market opportunities, patient trends and competitive developments. This also includes aspects of our environmental, social and governance (ESG) initiatives that relate to our strategy. The Board’s oversight of risk is another integral component of the Board’s oversight and engagement on strategic matters. Strategy-related matters are regularly discussed at Board meetings and, when relevant, at Committee meetings. We also dedicate at least one Board meeting every year to an even more intensive review and discussion of our strategic plan. Matters of strategy also inform committee-level discussions of many issues, including enterprise risk. Engagement of the Board on these issues and other matters of strategic importance continues in between meetings, including through updates to the Board on significant items and discussions between the Chief Executive Officer and our Chair on a periodic basis. Each director is expected to and does bring to bear their own talents, insights, and experiences to these strategy discussions.

Stockholder Engagement Program

Our relationship with our stockholders is an important part of our corporate governance program. We regularly engage with our stockholders to solicit their feedback on key topics, including executive compensation, corporate governance, ESG initiatives, and overall company strategy. The insights gained from these discussions are highly valued by our Board and management team and help ensure stockholder perspectives are considered in our governance, compensation, and sustainability initiatives. Our commitment to transparency and responsiveness helps us align our policies and practices with the interests of our investors, reinforcing our dedication to long-term value creation.

In 2025, we engaged with stockholders whose ownership, in the aggregate, represented greater than 70% of our shares outstanding as of December 31, 2025. These discussions covered a range of topics, including our corporate strategy, business development, Company updates and governance matters, including the level of support for Ms. Brege’s reelection at our 2025 Annual Meeting.

Based on this engagement, we believe that support for Ms. Brege may have been negatively impacted by concerns regarding Mirum’s anti-takeover provisions in our governing documents, including our classified board structure and the supermajority vote requirement to enact certain changes to the governing documents. Although these provisions were not a defining topic in our conversations, we recognize that proxy advisory firms and certain institutional investors deem these provisions to adversely impact stockholder rights.

Our Nominating Committee continues to review and assess our governance framework, including our classified board structure and supermajority voting provisions, in the context of our stage of development, stockholder feedback, best practices, and industry trends. The Nominating Committee also considers the prevalence of these provisions among similarly situated companies in our industry. Our Nominating Committee will consider recommending to our Board changes to our governance practices as appropriate in light of this review. At the same time, we believe these protections


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Information Regarding the Board of Directors and Corporate Governance

provide important stability to our Board and business that supports long-term execution of our strategy. Notably, none of the stockholders with whim we met indicated that removing Ms. Brege from the Board was an expected response to the 2025 vote.

Our Nominating Committee has evaluated Ms. Brege’s contributions to our company, and following such review, we believe that her extensive background in finance and management of biotechnology companies, her participation as a member of the audit committees of other public companies, and her continued dedication to our company continue to make her an important member of our Board and allow us to execute on our financing, business development and commercial strategy, which we believe generates long-term value for our stockholders.

We remain committed to continually evaluating our corporate governance framework and Board composition and will continue to engage with stockholders on these important topics.

Stockholder Communications With the Board

The Board has adopted a formal process by which stockholders may communicate with the Board or any of its directors. Stockholders who wish to communicate with the Board may do so by sending written communications addressed to 989 East Hillsdale Boulevard, Suite 300, Foster City, California 94404, Attention: Corporate Secretary. Such written communications must set forth the name and address of the stockholder on whose behalf the communication is sent and the number of shares of our capital stock that are owned beneficially by such stockholder as of the date of the communication. All communications will be compiled by our Corporate Secretary and submitted to the Board or the individual directors on a periodic basis.

These communications will be reviewed by our Corporate Secretary, who will determine whether the communication should be presented to the Board. The purpose of this screening is to allow the Board to avoid having to consider irrelevant or inappropriate communications (such as advertisements, solicitations and hostile communications). The screening procedures have been approved by a majority of the independent directors.

Code of Conduct

We maintain a Code of Conduct that applies to all our employees, officers and directors. This includes our principal executive officer, principal financial officer and principal accounting officer or controller, or persons performing similar functions. The full text of our Code of Conduct is posted on our website at ir.mirumpharma.com. The information on our website is not incorporated by reference into this Proxy Statement or the Annual Report. If we make any amendments to the Code of Conduct or grant any waiver from a provision of the Code of Conduct to any principal executive officer, principal financial officer, principal accounting officer or controller, or any person performing similar functions that are required to be disclosed pursuant to SEC rules, we will promptly disclose the nature of the amendment or waiver on our website or in a Current Report on Form 8-K. In the case of a waiver for an executive officer or a director, the disclosure required under applicable Nasdaq listing standards also will be made available on our website.

Insider Trading Arrangements and Policies

We have adopted an Insider Trading and Window Period Policy governing the purchase, sale, and/or other dispositions of the Company’s securities by directors, officers and employees that is designed to promote compliance with insider trading laws, rules and regulations, as well as procedures designed to further the foregoing purposes. Pursuant to our Insider Trading and Window Period Policy, it is the Company’s policy to comply with applicable laws and regulations relating to insider trading when engaging in transactions in the Company’s securities. A copy of our Insider Trading and Window Period Policy is filed as an exhibit to our Annual Report.

Prohibition on Speculative Trading

Under the terms of our Insider Trading and Window Period Policy, none of our officers, directors, other employees or consultants may engage in short sales, transactions in put or call options, hedging transactions or other inherently speculative transactions with respect to our capital stock at any time. In addition, none of our officers, directors, other employees or consultants may margin, or make any offer to margin, or otherwise pledge as security, any of our capital stock, including without limitation, borrowing against such stock, at any time.


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PROPOSAL 2

Ratification of Selection of Independent Registered Public Accounting Firm

The Board Recommends a Vote in Favor of Proposal 2.

The Audit Committee has selected Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 and has further directed that management submit the selection of its independent registered public accounting firm for ratification by the stockholders at the Annual Meeting. Ernst & Young LLP has audited the Company’s financial statements since its inception in 2018. Representatives of Ernst & Young LLP are expected to be present at the Annual Meeting. They will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.

Neither the Company’s amended and restated bylaws nor other governing documents or law require stockholder ratification of the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm. However, the Audit Committee is submitting the selection of Ernst & Young LLP to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee will reconsider whether or not to retain that firm. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of different independent auditors at any time during the year if they determine that such a change would be in the best interests of the Company and its stockholders.

Principal Accountant Fees and Services

The following table represents aggregate fees billed by Ernst & Young LLP for the fiscal years ended December 31, 2025 and 2024:

Audit Fees. Consists of fees billed for professional services by Ernst & Young LLP for audit and quarterly review of our financial statements and review of our registration statements on Form S-8 and Form S-3 and related services that are normally provided in connection with statutory and regulatory filings or engagements, including comfort letters.


	Fiscal Year Ended December 31, 2025			Fiscal Year Ended December 31, 2024
	(in thousands)
Audit Fees		$	2,387		$	2,166
Total Fees		$	2,387		$	2,166

All fees described above were pre-approved by the Audit Committee.

Pre-Approval Policies and Procedures

Pursuant to its charter, the Audit Committee must review and approve, in advance, the scope and plans for the audits and the audit fees and approve in advance (or, where permitted under the rules and regulations of the SEC, subsequently) all non-audit services to be performed by the independent registered public accounting firm that are not otherwise prohibited by law and any associated fees. The Audit Committee may delegate to one or more members of the Audit Committee the authority to pre-approve audit and permissible non-audit services, as long as this pre-approval is presented to the full committee at scheduled meetings.


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PROPOSAL 3

Advisory Vote on Executive Compensation

The Board Recommends a Vote in Favor of Proposal 3.

In accordance with the requirements of Section 14A of the Exchange Act and the related rules of the SEC, our stockholders are being asked to approve, in an advisory, non-binding vote, the compensation of our named executive officers as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion. In considering their vote, we urge stockholders to review the information on our compensation policies and decisions regarding the named executive officers presented in the section titled “Executive Compensation—Compensation Discussion and Analysis”.

This vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement. We believe that our compensation policies and decisions are consistent with current market practices, and that our compensation components provide a reasonable balance of base compensation and long-term equity-based incentive compensation that is closely aligned with the Company’s overall performance. We aim to provide executive officers with a reasonable level of security through base salary and benefits, while rewarding them through cash and equity-based incentive compensation to achieve business objectives and create stockholder value. We believe that each of our compensation components is integral to attracting, retaining, and rewarding qualified named executive officers.

This advisory resolution, commonly referred to as a “say on pay” resolution, is non-binding. Although this resolution is non-binding, the Board and the Compensation Committee value the opinions of our stockholders and will review and consider the voting results when making future compensation decisions for our named executive officers. We expect that we will conduct our next say on pay vote at the 2027 Annual Meeting.

The text of the resolution in respect of this proposal is as follows:



						“RESOLVED, that the compensation paid to the Company’s named executive officers as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables and narrative discussion, is hereby approved.”


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Executive Officers

Each of our executive officers serves at the discretion of the Board. The determination as to which of our employees qualify as executive officers was made by the Board in accordance with the rules of the SEC. Biographical information for our executive officers as of the Record Date is set forth below. The following table identifies our current executive officers, their age, and their respective offices and positions as of the Record Date.

Christopher Peetz, 47

Chief Executive Officer and Director

Eric Bjerkholt, 66

Chief Financial Officer

Peter Radovich, 48

President and Chief Operating Officer

Joanne Quan, M.D., 62

Chief Medical Officer

Christopher Peetz. Biographical information regarding Mr. Peetz is set forth under “Proposal 1: Election of Directors.”

Eric Bjerkholt has served as our Chief Financial Officer since September 2023. Previously, he served as the Chief Financial Officer of Chinook Therapeutics, Inc., a biopharmaceutical company, from November 2020 to August 2023, where he was responsible for overseeing financial reporting, planning and budgeting, internal controls, investor relations, facilities, and information technology functions. Prior to joining Chinook, Mr. Bjerkholt served as the Chief Financial Officer of Aimmune Therapeutics, Inc., a biotechnology company, from April 2017 to October 2020. Before Aimmune, Mr. Bjerkholt held various senior executive financial positions at Sunesis Pharmaceuticals, Inc., IntraBiotics Pharmaceuticals, Inc., LifeSpring Nutrition, Inc. and Age Wave, LLC, and spent seven years in healthcare investment banking at J.P. Morgan & Company, Inc. Mr. Bjerkholt currently serves on the board of directors for public companies Cerus Corporation, Surrozen, Inc. and Metagenomi, Inc. and privately held company Altay Therapeutics Inc. Mr. Bjerkholt holds a Cand. Oecon degree in Economics from the University of Oslo and an M.B.A. from Harvard Business School.

Peter Radovich has served as our Chief Operating Officer since April 2020 and our President since January 2024. Previously, Mr. Radovich worked in various positions at Global Blood Therapeutics, Inc., a biopharmaceutical company, from November 2014 through April 2020, including as vice president, program leadership and business strategy, senior vice president, operations and executive vice president, operations. During his tenure at Global Blood Therapeutics, Mr. Radovich was responsible for the company’s technical operations, supply chain, program management and leadership, quality assurance and commercial strategy and analytics functions. From 2013 to 2014, Mr. Radovich served as Vice President, Global Product Leader – Kyprolis at Onyx Pharmaceuticals, Inc., which was acquired by Amgen, Inc., where he led the company’s global, cross-functional product team responsible for the development and commercialization of Kyprolis®. Between 2006 and 2013, he held a variety of roles of increasing responsibility in Onyx’s commercial organization supporting Kyprolis and Nexavar® and was a key member of the deal team for Onyx’s acquisition of Proteolix. From 2004 to 2006, Mr. Radovich was at Chiron Corporation (acquired by Novartis AG) in product marketing supporting Proleukin® (interleukin-2) in multiple oncology indications. Mr. Radovich received a B.A. in biology and chemistry from Texas Christian University and an MBA from Washington University in St. Louis.

Joanne Quan, M.D. has served as our Chief Medical Officer since January 2024. Previously, Dr. Quan served as Chief Medical Officer at Nuvig Therapeutics Inc, a biotechnology research company, from August 2022 to June 2023. From 2018 to August 2021, she served as Chief Medical Officer at Modis Therapeutics, a company focused on rare genetic diseases (acquired by Zogenix, Inc., and subsequently, UCB). Before Modis, she held clinical development leadership positions at Eiger Biopharmaceuticals, InterMune, Arena Pharmaceuticals, Bayhill Therapeutics, ALZA Corporation (Johnson and Johnson), Genentech and PathoGenesis. Dr. Quan received a B.A. in molecular biology at the University of California, Berkeley and an M.D. at Stanford University School of Medicine. She completed a residency in internal medicine at Massachusetts General Hospital and a fellowship in pulmonary and critical care medicine at the University of Washington.


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Executive Compensation

Compensation Discussion and Analysis

Overview

This Compensation Discussion and Analysis discusses our executive compensation policies and how and why our Compensation Committee arrived at specific compensation decisions for the year ending December 31, 2025 for the individuals who served as our principal executive officer, principal financial officer and our two other executive officers as of such date. These individuals are referred to as our “named executive officers” for 2025:

Christopher Peetz

Chief Executive Officer

Eric Bjerkholt

Chief Financial Officer

Peter Radovich

President and Chief Operating Officer

Joanne Quan, M.D.

Chief Medical Officer

Executive Summary

The important features of our executive compensation program include the following:

•A substantial portion of executive pay is tied to performance. We structure a significant portion of our named executive officers’ compensation to be variable, at risk and tied directly to our measurable performance. For 2025, 92.5% of our Chief Executive Officer’s total reported compensation and an average of 84.1% of our other named executive officers’ total reported compensation was linked to performance, consisting of annual performance bonus earned and equity incentives awarded, as reported in the “Fiscal Year 2025 Summary Compensation Table”.

FOR CEO


			7.2% Salary
			10.1% Bonus
			17.6% PSUs
			17.6% RSUs
			47.2% Options
			0.3% Other Compensation

FOR NEOs*


			15.4% Salary
			14.4% Bonus
			14.9% PSUs
			14.9% RSUs
			39.9% Options
			0.5% Other Compensation

* The chart includes all NEOs except for the CEO.


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Executive Compensation

•Our executive bonuses are dependent on meeting corporate objectives. Our annual performance-based bonus opportunities for all of our named executive officers are dependent upon our achievement of annual corporate objectives established each year and the individual officer’s contributions towards such corporate objectives. In March 2025, the Compensation Committee established a maximum payout for non-equity incentive plan awards payable to our named executive officers for fiscal year 2025 equal to 200% of the target value.

•We emphasize long-term equity incentives. Equity awards are an integral part of our executive compensation program, and comprise the primary “at-risk” portion of our named executive officer compensation package. These awards strongly align our executive officers’ interests with those of our stockholders by providing a continuing financial incentive to maximize long-term value for our stockholders and by encouraging our executive officers to remain in our long-term employ.

•We do not provide our executive officers with any excise tax gross ups.

•We do not provide executive fringe benefits or perquisites to our executives.

•Our Compensation Committee has retained an independent third-party compensation consultant for guidance in making compensation decisions. We have retained Alpine Rewards since 2022 to advise the Compensation Committee on market practices, including identifying a peer group of companies and their compensation practices, so that our Compensation Committee can regularly assess the Company’s individual and total compensation programs against these peer companies, the general marketplace and other industry data points.

•We prohibit hedging and pledging of Company stock. Please see the section titled “Information Regarding the Board of Directors and Corporate Governance—Prohibition on Speculative Trading” for further details.

Company Performance in 2025 and Early 2026

We achieved significant growth during 2025 as we continued to expand the reach of our three commercial medicines within our patient communities and achieved total net product sales of $521.3 million for the year ended December 31, 2025. Our global Livmarli business grew to 33 countries with commercial access.

Our pipeline also demonstrated success throughout 2025, including:

•Completion of enrollment in the volixibat VISTAS study in primary sclerosing cholangitis;

•Receipt of FDA approval and European Commission marketing authorization of LIVMARLI tablets for the treatment of cholestatic pruritus in patients with Alagille syndrome (“ALGS”) and progressive familial intrahepatic cholestasis (“PFIC”);

•Receipt of Health Canada authorization of LIVMARLI oral solution and tablets for the treatment of cholestatic pruritus in patients with PFIC, and authorization of LIVMARLI tablets for the treatment of cholestatic pruritus in patients with ALGS;

•Approval of LIVMARLI oral solution in Japan for the treatment of cholestatic pruritus in patients with ALGS and PFIC;

•Receipt of FDA approval of CTEXLI® for cerebrotendinous xanthomatosis;

•Initiation of MRM-3339 BLOOM Phase 2 study in Fragile X syndrome (“FXS”); and

•Receipt of FDA Fast Track Designation for MRM-3379 in FXS.

Further, in January 2026, we completed our acquisition of Bluejay Therapeutics, adding worldwide rights to brelovitug for chronic hepatitis delta virus.

Advisory “Say on Pay” and “Say on Frequency” Votes

At the 2025 Annual Meeting, we conducted an advisory vote on our executive compensation program (commonly referred to as a “Say on Pay” vote), and of the shares present in person or represented by proxy and entitled to vote, approximately 96% were in favor of the proposal. We believe that this strongly positive vote is an affirmation of our approach to executive compensation, and as such we did not make material changes to our executive compensation program for 2025. We will continue to monitor closely the results of future Say on Pay votes, which we conduct on an annual basis, in accordance with the results of our “Say on Frequency” vote, which was conducted at our 2024 annual meeting of stockholders. We expect our next Say on Frequency vote to occur at our 2030 annual meeting of stockholders.


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Executive Compensation

Objectives, Philosophy and Elements of Executive Compensation

Our compensation program aims to achieve the following main objectives:

•attract, retain and reward highly qualified executives;

•provide incentives that motivate and reward for achievement of our key performance goals intended to increase stockholder value over the long-term;

•align our executives’ interests with those of our stockholders; and

•link pay to company performance.

Our executive compensation program generally consists of, and is intended to strike a balance among, the following three principal components: base salary, annual performance-based bonuses and long-term incentive compensation. We also provide some of our executive officers with benefits available to all our employees, including retirement benefits under the Company’s 401(k) plan and participation in employee benefit plans. The following chart summarizes the three main elements of compensation, their objectives and key features.


Element of Compensation	Objectives	Key Features

Base Salary (fixed cash)	Provides financial stability and security through a fixed amount of cash for performing job responsibilities.	Generally reviewed annually and determined based on a number of factors (including individual performance and the overall performance of our Company) and by reference, in part, to market data provided by our independent compensation consultant.


Performance Bonus (at-risk cash)	Motivates and rewards for attaining key annual corporate performance goals and individual contributions that relate to our key business objectives.	Target bonus amounts are generally reviewed annually and determined based upon positions that have similar impact on the organization and competitive bonus opportunities in our market. Bonus opportunities are dependent upon achievement of specific corporate performance objectives consistent with our long-term strategic plan and individual performance objectives that relate to the officer’s role and expected contribution toward reaching our corporate goals, generally determined by the Compensation Committee and communicated at the beginning of the year. Actual bonus amounts earned are determined after the end of the year, taking into account corporate and individual performance objectives.


Long-Term Incentive (at-risk equity)	Motivates and rewards for long-term Company performance; aligns executives’ interests with stockholder interests and changes in stockholder value. Attracts highly qualified executives and encourages their continued employment over the long-term.	Equity opportunities are generally reviewed annually and may be granted during the first half of the year or as appropriate during the year for new hires, promotions, or other special circumstances, such as to encourage retention, or as a reward for significant achievement. Individual awards are determined based on a number of factors, including current corporate and individual performance and market data provided by our independent compensation consultant.

We focus on providing a competitive compensation package to our executive officers which provides significant short and long-term incentives for the achievement of measurable corporate objectives. We believe that this approach provides an appropriate blend of short-term and long-term incentives to maximize stockholder value.

We do not have any formal policies for allocating compensation among salary, performance bonus awards and equity grants, short-term and long-term compensation or among cash and non-cash compensation. Instead, the Compensation Committee uses its judgment to establish a total compensation program for each named executive officer that is a mix of current, short-term and long-term incentive compensation, and cash and non-cash compensation, that it believes appropriate to achieve the goals of our executive compensation program and our corporate objectives. However, we have historically structured a significant portion of the named executive officers’ total target compensation so that it is comprised of performance-based bonus opportunities and long-term equity awards, in order to align the executive officers’ incentives with the interests of our stockholders and our corporate goals.


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Executive Compensation

How We Determine Executive Compensation

Role of our Compensation Committee, Management and the Board

The Compensation Committee is appointed by the Board and has responsibilities related to the compensation of the Company’s directors, officers, and employees and the development and administration of the Company’s compensation plans. For details on the Compensation Committee, see the section titled “Information Regarding Committees of the Board of Directors—Compensation Committee”. Our Compensation Committee consists solely of independent members of the Board (as determined under the Nasdaq listing rules).

The Compensation Committee reviews all compensation paid to our executive officers, including our named executive officers. The Chief Executive Officer evaluates and provides to the Compensation Committee performance assessments and compensation recommendations. While the Chief Executive Officer discusses his recommendations with the Compensation Committee, he does not participate in the deliberations concerning, or the determination of, his own compensation. The Compensation Committee discusses and makes final determinations with respect to executive compensation matters without the Chief Executive Officer present during discussions of the Chief Executive Officer’s compensation. From time to time, various other members of management and other employees as well as outside advisors or consultants may be invited by the Compensation Committee to make presentations, provide financial or other background information or advice or otherwise participate in the Compensation Committee meetings.

The Compensation Committee meets periodically throughout the year to manage and evaluate our executive compensation program, and generally determines the principal components of compensation (base salary, performance bonus and equity awards) for our executive officers on an annual basis; however, decisions may occur at other times for new hires, promotions or other special circumstances as our Compensation Committee determines appropriate. The Compensation Committee does not delegate authority to approve executive officer compensation. The Compensation Committee does not maintain a formal policy regarding the timing of equity awards to our executive officers.

Role of Compensation Consultant

The Compensation Committee has the sole authority to retain compensation consultants to assist in its evaluation of executive compensation, including the authority to approve the consultant’s reasonable fees and other retention terms. The Compensation Committee has retained Alpine Rewards as its compensation consultant. Alpine Rewards developed a group of peer companies to use as a reference in making executive compensation decisions, evaluating current executive pay practices and considering different compensation programs to aid making executive pay decisions for 2025. Alpine Rewards also conducted market research and analysis to assist the Compensation Committee in developing executive compensation levels, including appropriate salaries, target bonus amounts and equity awards for our executives, including the named executive officers. Alpine Rewards also conducted a review of our director compensation policies and practices, our long-term incentive compensation design, and an annual risk assessment.

The Compensation Committee has analyzed whether the work of Alpine Rewards as compensation consultant raises any conflict of interest, taking into account relevant factors in accordance with SEC guidelines. Based on its analysis, our Compensation Committee determined that the work of Alpine Rewards and the individual compensation advisors employed by Alpine Rewards does not create any conflict of interest pursuant to the SEC rules and the Nasdaq listing rules.

Use of Competitive Market Compensation Data

The Compensation Committee believes that it is important when making its compensation decisions to be informed as to the current practices of comparable public companies with which we compete for top talent. To this end, the Compensation Committee directed Alpine Rewards to develop a proposed list of our peer group companies to be used in connection with assessing the compensation practices of the publicly traded companies with whom we compete.


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Executive Compensation

In September 2024, Alpine Rewards proposed, and the Compensation Committee approved, a group of companies that would be appropriate peers to be utilized with respect to compensation decisions based on the following criteria:

•Industry Sector and Stage – Commercial companies with a focus on rare disease with similar therapeutic focus, where appropriate

•Market Capitalization – Range of $600 million to $6.0 billion

•Revenue – Range of $150 million to $650 million

•Location – Biotechnology hub markets with an emphasis on companies with a global presence

At the time we selected our peer group, we were approximately the 50th percentile of the peer group in terms of the key metrics listed above. The peer group utilized with respect to 2025 compensation decisions was as follows:

SEC Form DEF 14A filed by Mirum Pharmaceuticals Inc.