Mirum Pharmaceuticals (MIRM.O): HDV KOL Expresses Favorable View of Brelovitug; Hepcludex Offers Valuable New Option but Unmet Need Remains

Citi hosted an HDV KOL call with Dr. Joseph Lim, Professor of Medicine at Yale University, who manages ~35 HDV patients annually. Key takeaways: HDV diagnosis appears poised to accelerate over the next ~3 years, with reflex HDV antibody testing in HBV patients (~5% co-infection), greater lab infrastructure, the May 2026 U.S. approval of Gilead's Hepcludex, and a likely U.S. guideline shift toward routine screening. Dr. Lim viewed Mirum's Ph3 AZURE-1 data for brelovitug favorably, seeing the 25% HDV RNA at LLOQ (<10 IU/mL) at Week 24 as a strong early signal and expecting responses to deepen with longer treatment. The field may increasingly emphasize deeper viral suppression, though ALT normalization remains important;