Ramasastry Saira 4

What Happened
Saira Ramasastry, a director of Mirum Pharmaceuticals (MIRM), exercised stock options and sold shares on Feb 13, 2026. She exercised 2,000 option-based shares at an exercise price of $23.51 (cost $47,020) and sold 2,000 shares in the open market at $102.09 for proceeds of $204,180. The filing also shows a disposition of a derivative instrument for 2,000 shares at $0, which reflects the option conversion/termination associated with the exercise (not an additional cash sale).

Key Details

• Transaction date: 2026-02-13
  • Exercised 2,000 shares (code M) at $23.51 — total cost $47,020 (F2: option fully vested).
  • Sold 2,000 shares (code S) in open market at $102.09 — proceeds $204,180.
  • Disposition of derivative 2,000 shares at $0 (related to the option conversion).
• Report filed: Form 4 accession 0001547959-26-000005, filed 2026-02-17.
• Footnotes: F1 — sale occurred pursuant to a Rule 10b5-1 trading plan adopted Sept 18, 2025; F2 — stock option was fully vested.
• Shares owned after the transactions: not disclosed in the provided filing details.

Context
Because the sale was executed under a pre-established Rule 10b5-1 plan, the sale was likely pre-arranged rather than an ad-hoc decision. The sequence (exercise followed by an immediate open-market sale) is consistent with a cashless or sell-to-cover style transaction where exercised shares are sold to realize proceeds or cover exercise cost/taxes. This is a routine insider liquidity event and, by itself, should not be interpreted as a judgment on Mirum’s long-term prospects.