[SCHEDULE 13D/A] Mirum Pharmaceuticals, Inc. SEC Filing
Rhea-AI Filing Summary
Frazier-affiliated investment vehicles amended a Schedule 13D for Mirum Pharmaceuticals (MIRM) to correct prior attributions and restate holdings. The filing shows Frazier Life Sciences IX, L.P. directly holds 3,566,912 shares (about 7.1% of 50,237,647 outstanding shares as of August 1, 2025). Related Frazier funds and vehicles report additional direct holdings: Frazier Life Sciences X (168,308 shares), Frazier Life Sciences XI (544,954 shares), Frazier Life Sciences Public Fund (1,574,374 shares) and Frazier Life Sciences Public Overage Fund (940,573 shares). Reporting clarifies that certain investment committee members are not attributed beneficial ownership and corrects prior overstatements. Individual reporting persons James N. Topper and Patrick J. Heron are shown with aggregate beneficial ownership positions reflecting the fund holdings and, for Heron, options that affect percentage calculations.
Positive
- Clarifies beneficial ownership across multiple Frazier funds, reducing prior overstatements and improving disclosure accuracy
- Provides specific share counts and percentages for key Frazier vehicles (e.g., 3,566,912 shares for Frazier Life Sciences IX, ~7.1%)
- Explains governance attribution by noting committee-managed entities where members are not attributed ownership
Negative
- None.
Insights
TL;DR: Amendment restates and corrects beneficial ownership disclosures for Frazier funds in MIRM, clarifying prior over-attributions.
The amendment provides precise holdings by multiple Frazier entities and clarifies governance attribution: several funds directly hold material stakes (largest: Frazier Life Sciences IX with 3,566,912 shares, ~7.1%). The filing corrects past attributions to investment committee members where committees act by majority vote and thus committee members are not deemed beneficial owners. For investors, this improves the accuracy of ownership profiles and group attribution in the issuer's cap table.
TL;DR: Governance detail: committee-managed LLCs clarified to avoid attributing ownership to individual committee members.
The filing emphasizes legal attribution principles: where an LLC is managed by a committee that acts by majority vote, committee members are not automatically attributed beneficial ownership of the LLC's holdings. The amendment corrects prior statements and reduces apparent individual ownership figures. This is a corrective governance disclosure rather than a change in underlying economic positions.