Companies · Pharmaceuticals

Mirum Pharmaceuticals, Inc.

FOSTER CITY · Pharmaceuticals

Diligence memoA one-page analyst read on Mirum Pharmaceuticals, Inc. — recommendation, valuation, rhythm, risks.
$138.5M
Total raised · real
3
Rounds
6.8×
Latest step-up
Top 7%
Sector rank · raised
Series C
Latest stage · inferred · Fri Jan 23 2026 00:00:00 GMT+0000 (Coordinated Universal Time)

Mirum Pharmaceuticals, Inc. looks over-valued against its niche peers and is active on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page. Valuation uses the pharma sector profile.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Over-valued
  • Modeled value is 2.32× the median modeled value of Series C Pharmaceuticals companies in 2025–2027 (26 peers) — value vs value, same stage and era.
Active
  • Last raise 5 mo ago; this sector typically re-raises about every 13 months.
  • Raising on or ahead of the sector's normal rhythm.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Pharmaceuticals

Mirum Pharmaceuticals, Inc. is one of 1613 Pharmaceuticals companies tracked from FOSTER CITY. By capital raised it ranks among the largest (ahead of 94% of sector peers), and in the upper tier by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(c)
Reg D exemption
2
Investors (latest)
2026-01-23
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$1.3B$2.5B$3.8B$5.0BSeries C · 2018-11-05 Raised $60M (real) Modeled valuation $2.1B (est)$60M$2.1BSeries C2018Series C · 2020-12-22 Raised $10M (real) Modeled valuation $298M (est)$10M$298MSeries C2020Series C · 2026-01-23 Raised $68M (real) Modeled valuation $348M (est)$68M$348MSeries C2026+$10M+$68MCumulative $139M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series C$60.1M · 2018
Series C extension$10.0M · 2020
Series C extension$68.5M · 2026

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Seed, Series A, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 20%.

Modeled valuation trajectory
$348.3M
Base estimate est.
$222.4M
Conservative case
$426.8M
Upside case
$456.5M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks scaled by the pharma sector profile. Directional, not a quoted figure.

Series C · modeled $2.1B · 2018-11-052018Series C · modeled $297.5M · 2020-12-22Series C · modeled $348.3M · 2026-01-232026
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
66%
Survival probability
49% low · 76% high
1.42×/yr
Annual markup
1.62×/yr upside case
0.4 yr
Elapsed time used
0.4 yr actual, capped for stale marks
pharma
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
43 mo
Avg between rounds
$19.2M/yr
Capital velocity
7.7 yr
On record since
2018
First round
3
Rounds on file
How it compares to the market

Benchmarked against 1613 companies in Pharmaceuticals. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 17× above median
This company$138.5M
Sector median$8.1M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.5× above median
This company$68.5M
Sector median$46.4M
Modeled value — vs sector median (estimate, all stages) 4.6× above median
This company$348.3M
Sector median$76.1M

Raised more than 94% of sector peers (real $). Modeled value above 77% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #6 of 26.

This companyCohort peer
$100.0M$1.0B$10.0M$100.0M$1.0BCapital raised (log)BlossomHill Therapeutics, Inc. · Series C Raised $245.8M · modeled $452.7M (est)Rivus Pharmaceuticals, Inc. · Series C Raised $223.5M · modeled $416.3M (est)Sparrow Pharmaceuticals, Inc. · Series C Raised $73.3M · modeled $386.6M (est)Arthrosi Therapeutics, Inc. · Series C Raised $132.9M · modeled $385.6M (est)Altesa BioSciences, Inc. · Series C Raised $110.0M · modeled $373.9M (est)Eyenovia, Inc. · Series C Raised $66.0M · modeled $312.6M (est)Alveus Therapeutics, Inc. · Series C Raised $56.9M · modeled $298.1M (est)Aeovian Pharmaceuticals, Inc. · Series C Raised $125.0M · modeled $297.8M (est)Curevo, Inc. · Series C Raised $110.0M · modeled $293.2M (est)Neuropathix, Inc. · Series C Raised $51.3M · modeled $271.0M (est)Verrica Pharmaceuticals Inc. · Series C Raised $77.5M · modeled $269.0M (est)Mirum Pharmaceuticals, Inc. (this company) Raised $138.5M · modeled $348.3M (est)Mirum Pharmaceuticals, Inc.
CompanyStageRaised · realValue · estvs peer med.
BlossomHill Therapeutics, Inc.Series C$245.8M$452.7M3.02×
Rivus Pharmaceuticals, Inc.Series C$223.5M$416.3M2.78×
Sparrow Pharmaceuticals, Inc.Series C$73.3M$386.6M2.58×
Arthrosi Therapeutics, Inc.Series C$132.9M$385.6M2.57×
Altesa BioSciences, Inc.Series C$110.0M$373.9M2.49×
Mirum Pharmaceuticals, Inc. this companySeries C$138.5M$348.3M2.32×
Eyenovia, Inc.Series C$66.0M$312.6M2.08×
Alveus Therapeutics, Inc.Series C$56.9M$298.1M1.99×
Aeovian Pharmaceuticals, Inc.Series C$125.0M$297.8M1.99×
Curevo, Inc.Series C$110.0M$293.2M1.96×
Neuropathix, Inc.Series C$51.3M$271.0M1.81×
Verrica Pharmaceuticals Inc.Series C$77.5M$269.0M1.79×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series C$60.1M2018-11-05$400.4M$2.1B90%
Series C$10.0M2020-12-22$66.7M$297.5M90%
Series C$68.5M2026-01-23$456.5M$348.3M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series C$60.1M2018-11-05
    • First recorded raise — entered as Series C.
    • 14 investors on this round.
  2. Series C$10.0M2020-12-22
    • Raised again after 26 mo — slower than the ~13 mo sector norm.
    • Round 6.0× smaller than the prior — bridge or down round.
    • 3 investors on this round.
  3. Series C$68.5M2026-01-23
    • Raised again after 61 mo — slower than the ~13 mo sector norm.
    • Round 6.8× larger than the prior — scaling up.
    • Switched to Rule 506(c) (was Rule 506(b)).
    • 2 investors on this round.
Intelligence
2029 ~Q3
Modeled next raise · ~43mo cadence
$205.4M
Modeled next size est.range $133.5M$328.7M
6.8×
Last step-up
$19.2M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Ed Mathers10 other2018-11
Jonathan Leff10 other2018-11
Patrick Heron10 other2018-11
Michael Grey9 other2018-11
Tiba Aynechi8 other2018-11
Patrick J. Heron6 other2020-12
Edward T. Mathers2 other2020-12
Laura Brege2 other2026-01
Susan Dube2 other2018-11
Michael G. Grey1 other2020-12
Peter Radovich1 other2026-01
William C. Fairey1 other2026-01
Chris Peetz2018-11
Christopher J. Peetz2020-12
Christopher Peetz2026-01
Edwin Jonathan Tucker2020-12
Eric Bjerkholt2026-01
Ian J. Clements2020-12
Lara J. Longpre2020-12
Laura J. Brege2020-12
Laurent C. Fischer2026-01
Laurent J. Fischer2020-12
Lon C. Cardon2026-01
Michael C. Grey2026-01
Registry & provenance

Mirum Pharmaceuticals, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1759425
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
Reneo Pharmaceuticals, Inc.PharmaceuticalsSeries C$159.4M$519.8Mnetwork4 shared operators · same sector · same stage
Amplyx Pharmaceuticals, Inc.PharmaceuticalsSeries C$116.6M$3.2Bnetwork2 shared operators · same sector · same stage
Collegium Pharmaceutical, IncPharmaceuticalsSeries C$97.5M$701.8Mnetwork1 shared operator · same sector · same stage
BiomX Inc.PharmaceuticalsSeries C$72.3M$16.9Mnetwork1 shared operator · same sector · same stage
Spruce Biosciences, Inc.BiotechnologySeries C$191.6M$274.5Mnetwork2 shared operators · same stage
ARS Pharmaceuticals, Inc.PharmaceuticalsSeries C$63.0M$1.3Bnetwork1 shared operator · same sector · same stage
Iterum Therapeutics Bermuda LtdPharmaceuticalsSeries C$51.6M$1.8Bnetwork1 shared operator · same sector · same stage
Lumena Pharmaceuticals, Inc.PharmaceuticalsSeries C$51.4M$1.6Bnetwork1 shared operator · same sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
Soligenix, Inc.PharmaceuticalsSeries A$60.8M83%
Mirata Pharmaceuticals, LLCPharmaceuticalsSeries A$218.4M83%
Urigen Pharmaceuticals, Inc.PharmaceuticalsSeed$6.3M83%
MedAvail Holdings, Inc.PharmaceuticalsSeries B$679.3M82%
SiO2 Medical Products, Inc.PharmaceuticalsSeries C$1.7B82%
Havix Group, IncPharmaceuticalsSeed$22.8M82%
Ribometrix, Inc.PharmaceuticalsSeries A$464.6M82%
Pharmazz, Inc.PharmaceuticalsSeries A$34.5M81%
Frequently asked
How much funding has Mirum Pharmaceuticals, Inc. raised?
Mirum Pharmaceuticals, Inc. has raised approximately $138.5M in disclosed capital across 3 recorded financing rounds, aggregated from public filings.
What is Mirum Pharmaceuticals, Inc.'s estimated valuation?
Provath's modeled valuation for Mirum Pharmaceuticals, Inc. is approximately $348.3M (modeled range $222.4M–$426.8M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is Mirum Pharmaceuticals, Inc. at?
Mirum Pharmaceuticals, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Fri Jan 23.
What does Mirum Pharmaceuticals, Inc. do and where is it based?
Mirum Pharmaceuticals, Inc. operates in the Pharmaceuticals sector, based in FOSTER CITY.
Explore related

See where Mirum Pharmaceuticals, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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