
Mirum Pharmaceuticals Reports First Quarter 2025 Financial Results and Provides Business Update
- First quarter 2025 total revenue of $111.6 million; 2025 guidance increased to $435 to $450 million
- VISTAS study in PSC expected to complete enrollment in third quarter of 2025; topline data expected in second quarter of 2026
- LIVMARLI oral tablet formulation FDA approved
- Conference call to provide business updates today, May 7 at 1:30 p.m. PT/4:30 p.m. ET
FOSTER CITY, Calif.--(BUSINESS WIRE)--Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) today reported financial results for the first quarter 2025 and provided a business update.
'It's been a strong start to the year with commercial growth and multiple milestones achieved across our pipeline,' said Chris Peetz, chief executive officer of Mirum. 'We're pleased with the FDA's approval of LIMARLI's tablet formulation, which provides more options for the ALGS and PFIC community in the U.S. in the form of a convenient single tablet dose. Our VISTAS study of volixibat in PSC is enrolling well and we expect to complete enrollment in the third quarter of this year. We're excited to continue our strong execution across our commercial medicines and pipeline throughout the year.'
Commercial: Raising full year revenue guidance to $435 to $450 million
First quarter 2025 global net product sales of $111.6 million.
First quarter 2025 LIVMARLI net product sales were $73.2 million representing 71% growth over first quarter 2024 net product sales.
Bile Acid Medicines net product sales were $38.4 million representing 47% growth over first quarter 2024 net product sales.
LIVMARLI oral tablet formulation approved.
LIVMARLI approved in Japan for ALGS and PFIC.
CTEXLI (chenodiol) approved in the US for cerebrotendinous xanthomatosis.
Regulatory and Pipeline: Clinical milestones on track
Volixibat VISTAS study in primary sclerosing cholangitis (PSC) expected to complete enrollment in third quarter of 2025; topline data expected in the second quarter of 2026.
Oral presentation of 28-week interim data from volixibat in PBC (VANTAGE study) at EASL on Friday May 9th at 9:30am CEST.
Volixibat VANTAGE study in primary biliary cholangitis (PBC) expected to complete enrollment in 2026.
LIVMARLI EXPAND Phase 3 study for pruritus in rare cholestatic conditions expected to complete enrollment in 2026.
Expect to initiate Phase 2 study for MRM-3379 in Fragile X Syndrome (FXS) in 2025.
Corporate and Financial: Strong balance sheet and financial independence
Total revenue for the quarter ended March 31, 2025, was $111.6 million compared to $69.2 million for the quarter ended March 31, 2024.
Total operating expenses were $126.8 million for the quarter ended March 31, 2025 compared to $95.7 million for the quarter ended March 31, 2024.
Total operating expenses for the quarter ended March 31, 2025 included $21.9 million of non-cash stock-based compensation, intangible amortization, and other non-cash expenses compared to $17.1 million for the quarter ended March 31, 2024.
As of March 31, 2025, Mirum had unrestricted cash, cash equivalents and investments of $298.6 million compared to $292.8 million as of December 31, 2024.
Business Update Conference Call
Mirum will host a conference call today, May 7 th at 1:30 p.m. PT/4:30 p.m. ET, to provide business updates. Join the call using the following details:
Conference Call Details:
U.S./Toll-Free: +1 833 470 1428
International: +1 404 975 4839
Passcode: 549600
You may also access the call via webcast by visiting the Events & Presentations section on Mirum's website. A replay of this webcast will be available for 30 days.
About LIVMARLI® (maralixibat) oral solution and LIVMARLI® (maralixibat) tablets
LIVMARLI® (maralixibat) oral solution is an orally administered, ileal bile acid transporter (IBAT) inhibitor approved by the U.S. Food and Drug Administration for two pediatric cholestatic liver diseases. It is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome (ALGS) in the U.S. three months of age and older and in Europe for patients two months of age and older. It is also approved in the U.S. for the treatment of cholestatic pruritus in patients with progressive familial intrahepatic cholestasis (PFIC) 12 months of age and older and in Europe for the treatment of PFIC in patients three months of age and older. For more information for U.S. residents, please visit LIVMARLI.com.
LIVMARLI has received orphan designation for ALGS and PFIC. LIVMARLI is currently being evaluated in the Phase 3 EXPAND study in additional settings of cholestatic pruritus. To learn more about ongoing clinical trials with LIVMARLI, please visit Mirum's clinical trials section on the company's website.
IMPORTANT SAFETY INFORMATION
Limitation of Use: LIVMARLI is not for use in PFIC type 2 patients who have a severe defect in the bile salt export pump (BSEP) protein.
LIVMARLI can cause side effects, including
Liver injury. Changes in certain liver tests are common in patients with ALGS and PFIC but can worsen during treatment. These changes may be a sign of liver injury. In PFIC, this can be serious or may lead to liver transplant or death. Your healthcare provider should do blood tests and physical exams before starting and during treatment to check your liver function. Tell your healthcare provider right away if you get any signs or symptoms of liver problems, including nausea or vomiting, skin or the white part of the eye turns yellow, dark or brown urine, pain on the right side of the stomach (abdomen), bloating in your stomach area, loss of appetite or bleeding or bruising more easily than normal.
Stomach and intestinal (gastrointestinal) problems. LIVMARLI can cause stomach and intestinal problems, including diarrhea and stomach pain. Your healthcare provider may advise you to monitor for new or worsening stomach problems including stomach pain, diarrhea, blood in your stool or vomiting. Tell your healthcare provider right away if you have any of these symptoms more often or more severely than normal for you.
A condition called Fat Soluble Vitamin (FSV) Deficiency caused by low levels of certain vitamins (vitamin A, D, E, and K) stored in body fat is common in patients with Alagille syndrome and PFIC but may worsen during treatment. Your healthcare provider should do blood tests before starting and during treatment and may monitor for bone fractures and bleeding which have been reported as common side effects.
EU SmPC Canadian Product Monograph
About Volixibat
Volixibat is an oral, minimally absorbed agent designed to selectively inhibit the ileal bile acid transporter (IBAT). Volixibat may offer a novel approach in the treatment of adult cholestatic diseases by blocking the recycling of bile acids, through inhibition of IBAT, thereby reducing bile acids systemically and in the liver. Volixibat is currently being evaluated in Phase 2b studies for primary sclerosing cholangitis (PSC) (VISTAS study), and primary biliary cholangitis (PBC) (VANTAGE study). In June, Mirum announced positive interim results from the Phase 2b VANTAGE study showing statistically significant improvement in pruritus as well as meaningful reductions in serum bile acids and improvements in fatigue for patients treated with volixibat. No new safety signals were observed, and the most common adverse event was diarrhea with all cases mild to moderate. Volixibat has been granted breakthrough therapy designation for the treatment of PBC.
About CHOLBAM® (cholic acid) capsules
The FDA approved CHOLBAM (cholic acid) capsules in March 2015, the first FDA-approved treatment for pediatric and adult patients with bile acid synthesis disorders due to single enzyme defects, and for adjunctive treatment of patients with peroxisome biogenesis disorder-Zellweger spectrum disorder. The effectiveness of CHOLBAM has been demonstrated in clinical trials for bile acid synthesis disorders and the adjunctive treatment of peroxisomal disorders. An estimated 200 to 300 patients are current candidates for therapy.
CHOLBAM® (cholic acid) Indication
CHOLBAM is a bile acid indicated for
Treatment of bile acid synthesis disorders due to single enzyme defects.
Adjunctive treatment of peroxisomal disorders, including Zellweger spectrum disorders, in patients who exhibit manifestations of liver disease, steatorrhea, or complications from decreased fat-soluble vitamin absorption.
LIMITATIONS OF USE
The safety and effectiveness of CHOLBAM on extrahepatic manifestations of bile acid synthesis disorders due to single enzyme defects or peroxisomal disorders, including Zellweger spectrum disorders, have not been established.
IMPORTANT SAFETY INFORMATION
WARNINGS AND PRECAUTIONS – Exacerbation of liver impairment
Monitor liver function and discontinue CHOLBAM in patients who develop worsening of liver function while on treatment.
Concurrent elevations of serum gamma glutamyltransferase (GGT) and alanine aminotransferase (ALT) may indicate CHOLBAM overdose.
Discontinue treatment with CHOLBAM at any time if there are clinical or laboratory indicators of worsening liver function or cholestasis.
ADVERSE REACTIONS
The most common adverse reactions (≥1%) are diarrhea, reflux esophagitis, malaise, jaundice, skin lesion, nausea, abdominal pain, intestinal polyp, urinary tract infection, and peripheral neuropathy.
Please see full Prescribing Information for additional Important Safety Information.
About CTEXLI™ (chenodiol) tablets
CTEXLI™ (chenodiol) tablets is FDA-approved for the treatment of adults with cerebrotendinous xanthomatosis (CTX). Chenodiol is another name for chenodeoxycholic acid (CDCA). CDCA is a naturally occurring bile acid that was originally approved for the treatment of people with radiolucent stones in the gallbladder. CTEXLI was evaluated as part of the Phase 3 RESTORE study, the first and only clinical trial for CTX. CTX is a rare progressive disease that can affect the brain, spinal cord, tendons, eyes and arteries.
IMPORTANT SAFETY INFORMATION
CTEXLI can cause side effects, including:
Liver Injury: You will need to undergo laboratory testing before starting and while taking CTEXLI to check your liver function. Changes in certain liver tests may occur during treatment and may be a sign of liver injury. This can be serious. Stop taking CTEXLI immediately and tell your healthcare provider right away if you get any signs or symptoms of liver problems, including, stomach (abdomen) pain, bruising, dark-colored urine, feeling tired (fatigue), bleeding, yellowing of the skin and eyes, nausea, and itching.
Most Common Side Effects: Diarrhea, headache, stomach pain, constipation, high blood pressure, muscular weakness, and upper respiratory tract infection.
Tell your healthcare provider about all the medications that you take, as CTEXLI may interact with other medicines.
US Prescribing Information
About Mirum Pharmaceuticals
Mirum Pharmaceuticals, Inc. is a biopharmaceutical company dedicated to transforming the treatment of rare diseases affecting children and adults. Mirum has three approved medications: LIVMARLI® (maralixibat) oral solution and LIVMARLI® (maralixibat) tablets, CHOLBAM® (cholic acid) capsules, and CTEXLI™ (chenodiol) tablets.
LIVMARLI, an IBAT inhibitor, is approved for the treatment of two rare liver diseases affecting children and adults. It is approved for the treatment of cholestatic pruritus in patients with Alagille syndrome in the U.S. (three months and older), in Europe (two months and older), and in other regions globally. It is also approved in the U.S. in cholestatic pruritus in PFIC patients 12 months of age and older; in Europe, it is approved for patients with PFIC three months of age and older. Mirum has initiated the Phase 3 EXPAND study, a label expansion opportunity for LIVMARLI in additional settings of cholestatic pruritus. CHOLBAM is FDA-approved for the treatment of bile acid synthesis disorders due to single enzyme deficiencies and adjunctive treatment of peroxisomal disorders in patients who show signs or symptoms of liver disease. CTEXLI is FDA-approved for the treatment of cerebrotendinous xanthomatosis (CTX) in adults.
Mirum's late-stage pipeline includes two investigational treatments for several rare diseases. Volixibat, an IBAT inhibitor, is being evaluated in two potentially registrational studies including the Phase 2 VISTAS study for primary sclerosing cholangitis (PSC) and Phase 2b VANTAGE study for primary biliary cholangitis. Volixibat has been granted Breakthrough Therapy Designation for the treatment of cholestatic pruritus in patients with PBC. Mirum is also planning for a Phase 2 study evaluating MRM-3379, a PDE4D inhibitor for the treatment of Fragile X syndrome, a rare genetic neurocognitive disorder.
To learn more about Mirum, visit mirumpharma.com and follow Mirum on Facebook, LinkedIn, Instagram and Twitter (X).
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, significant increase or continued commercial results for our approved medicines, including continued financial growth, the potential achievement of our yearly financial guidance, continued strong execution across our approved medicines and pipeline, the results, enrollment, conduct and progress of our ongoing and planned studies for our product candidates, the timing and results of interim analyses of our ongoing studies and the regulatory approval path for our product candidates in any indication or any specific territory. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as 'expected,' 'will,' 'could,' 'would,' 'guidance,' 'potential,' 'continue' and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Mirum's current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Mirum's business in general, the impact of geopolitical and macroeconomic events, and the other risks described in Mirum's Annual Report for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 26, 2025, and subsequent filings with the Securities and Exchange Commission, which are available at www.sec.gov. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management's assumptions and estimates as of such date. Mirum undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Mirum Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheet Data
(in thousands)
(Unaudited)
March 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
211,822
$
222,503
Short-term investments
65,852
57,812
Accounts receivable
95,852
78,286
Inventory
22,418
22,403
Prepaid expenses and other current assets
14,874
11,784
Total current assets
410,818
392,788
Restricted cash
425
425
Long-term investments
20,912
12,526
Intangible assets, net
243,845
249,819
Other noncurrent assets
14,245
15,196
Total assets
$
690,245
$
670,754
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable
$
11,639
$
14,618
Accrued expenses and other current liabilities
115,938
111,933
Total current liabilities
127,577
126,551
Operating lease liabilities, noncurrent
7,003
7,972
Convertible notes payable, net, noncurrent
308,509
308,082
Other liabilities
13,900
2,509
Total liabilities
456,989
445,114
Commitments and contingencies
Stockholders' equity:
Preferred stock
—
—
Common stock
5
5
Additional paid-in capital
892,367
870,189
Accumulated deficit
(658,858
)
(644,181
)
Accumulated other comprehensive loss
(258
)
(373
)
Total stockholders' equity
233,256
225,640
Total liabilities and stockholders' equity
$
690,245
$
670,754
Expand
Contacts
Investor Contact:
Andrew McKibben
ir@mirumpharma.com
Media Contact:
Erin Murphy
media@mirumpharma.com
Industry:
Biotechnology
Pharmaceutical
Health
Mirum Pharmaceuticals to Announce First Quarter 2025 Financial Results and Host Conference Call on May 7, 2025
FOSTER CITY, Calif.--(BUSINESS WIRE)--Mirum Pharmaceuticals to Announce First Quarter 2025 Financial Results and Host Conference Call on May 7, 2025...
Mirum Pharmaceuticals to Present Data at Upcoming Medical Congresses

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From wireless connectivity IPs (Bluetooth, Wi-Fi, UWB and 5G platform IP), to scalable Edge AI NPU IPs and sensor fusion solutions, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 20 billion of the world's most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks. Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market. Ceva is committed to being a responsible and respected global corporate citizen and a more sustainable company in the countries where we have operations and employees. We adhere to our Code of Business Conduct and Ethics and emphasize and focus on environmental controls, resource conservation and recycling and the welfare of our employees. Ceva: Powering the Smart Edge™ Visit us at and follow us on LinkedIn, X, YouTube, Facebook, and Instagram. Ceva, Inc. AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP U.S. dollars in thousands, except per share data Three months ended Six months endedJune 30, June 30,2025 2024 2025 2024Unaudited Unaudited Unaudited Unaudited Revenues: Licensing and related revenues $ 15,022 $ 17,278 $ 30,064 $ 28,692 Royalties 10,656 11,159 19,859 21,817Total revenues 25,678 28,437 49,923 50,509Cost of revenues 3,549 2,933 7,036 5,436Gross profit 22,129 25,504 42,887 45,073Operating expenses: Research and development, net 18,758 18,758 36,367 36,749 Sales and marketing 3,322 3,095 6,771 5,911 General and administrative 4,381 3,537 8,314 7,109 Amortization of intangible assets 150 149 299 299 Total operating expenses 26,611 25,539 51,751 50,068Operating loss (4,482) (35) (8,864) (4,995) Financial income, net 2,121 1,406 4,221 2,663 Revaluation of marketable equity securities (208) (58) (262) (118)Income (loss) before taxes on income (2,569) 1,313 (4,905) (2,450) Income tax expense 1,135 1,604 2,126 3,289 Net loss $ (3,704) $ (291) $ (7,031) $ (5,739)Basic and diluted net loss per share $ (0.15) $ (0.01) $ (0.30) $ (0.24)Weighted-average shares used to compute net loss per share (in thousands): Basic and diluted 23,898 23,628 23,832 23,568 Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures U.S. Dollars in thousands, except per share amountsThree months ended Six months endedJune 30, June 30,2025 2024 2025 2024Unaudited Unaudited Unaudited Unaudited GAAP net loss $ (3,704) $ (291) $ (7,031) $ (5,739) Equity-based compensation expense included in cost of revenues 166 191 325 394 Equity-based compensation expense included in research and development expenses 2,673 2,438 5,139 4,445 Equity-based compensation expense included in sales and marketing expenses 598 451 1,164 816 Equity-based compensation expense included in general and administrative expenses 1,465 820 2,597 1,816 Amortization of intangible assets related to acquisition of businesses 209 278 417 556 Costs associated with asset acquisition 144 252 288 532 Loss associated with the remeasurement of marketable equity securities 208 58 262 118 Non-GAAP net income $ 1,759 $ 4,197 $ 3,161 $ 2,938 GAAP weighted-average number of Common Stock used in computation of diluted net loss and loss per share (in thousands) 23,898 23,628 23,832 23,568 Weighted-average number of shares related to outstanding stock-based awards (in thousands) 1,763 1,482 1,690 1,421 Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding the above (in thousands) 25,661 25,110 25,522 24,989 GAAP diluted loss per share $ (0.15) $ (0.01) $ (0.30) $ (0.24) Equity-based compensation expense $ 0.19 $ 0.16 $ 0.38 $ 0.32 Amortization of intangible assets related to acquisition of businesses $ 0.01 $ 0.01 $ 0.02 $ 0.02 Costs associated with asset acquisition $ 0.01 $ 0.01 $ 0.01 $ 0.02 Loss associated with the remeasurement of marketable equity securities $ 0.01 $ 0.00 $ 0.01 $ 0.00 Non-GAAP diluted earnings per share $ 0.07 $ 0.17 $ 0.12 $ 0.12 Three months ended Six months endedJune 30, June 30,2025 2024 2025 2024Unaudited Unaudited Unaudited Unaudited GAAP Operating loss $ (4,482) $ (35) $ (8,864) $ (4,995) Equity-based compensation expense included in cost of revenues 166 191 325 394 Equity-based compensation expense included in research and development expenses 2,673 2,438 5,139 4,445 Equity-based compensation expense included in sales and marketing expenses 598 451 1,164 816 Equity-based compensation expense included in general and administrative expenses 1,465 820 2,597 1,816 Amortization of intangible assets related to acquisition of businesses 209 278 417 556 Costs associated with asset acquisition 144 252 288 532 Total non-GAAP Operating Income $ 773 $ 4,395 $ 1,066 $ 3,564 Three months ended Six months endedJune 30, June 30,2025 2024 2025 2024Unaudited Unaudited Unaudited UnauditedGAAP Gross Profit $ 22,129 $ 25,504 $ 42,887 $ 45,073 GAAP Gross Margin 86 % 90 % 86 % 89 %Equity-based compensation expense included in cost of revenues 166 191 325 394 Amortization of intangible assets related to acquisition of businesses 59 129 118 257 Total Non-GAAP Gross profit 22,354 25,824 43,330 45,724 Non-GAAP Gross Margin 87 % 91 % 87 % 91 % Ceva, Inc. AND ITS SUBSIDIARIES INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands)June 30, December 31, 2025 2024 (*) Unaudited Unaudited ASSETSCurrent assets:Cash and cash equivalents$ 29,082 $ 18,498 Marketable securities and short-term bank deposits128,422 145,146 Trade receivables, net11,832 15,969 Unbilled receivables24,851 21,240 Prepaid expenses and other current assets14,621 15,488 Total current assets208,808 216,341 Long-term assets:Severance pay fund7,864 7,161 Deferred tax assets, net1,630 1,456 Property and equipment, net6,484 6,877 Operating lease right-of-use assets4,645 5,811 Investment in marketable equity securities50 312 Goodwill58,308 58,308 Intangible assets, net1,460 1,877 Other long-term assets13,593 10,805 Total assets$ 302,842 $ 308,948 LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Trade payables$ 1,771 $ 1,125 Deferred revenues3,212 3,599 Accrued expenses and other payables17,749 23,207 Operating lease liabilities1,610 2,598 Total current liabilities24,342 30,529 Long-term liabilities: Accrued severance pay8,155 7,365 Operating lease liabilities2,755 2,963 Other accrued liabilities1,698 1,535 Total liabilities36,950 42,392 Stockholders' equity:Common stock24 24 Additional paid in-capital267,743 259,891 Treasury stock(5,874) (3,222) Accumulated other comprehensive income (loss)344 (1,330) Retained earnings3,655 11,193 Total stockholders' equity265,892 266,556 Total liabilities and stockholders' equity$ 302,842 $ 308,948(*) Derived from audited financial statements. 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5 Stocks Ben Graham Might Buy, If He Were Alive Today
August 11, 2025 -- (Maple Hill Syndicate) I wish I had known Benjamin Graham in person. Graham was a hedge-fund manager, Columbia University professor, mentor to Warren Buffett (Trades, Portfolio), author and bon vivant. He's widely considered the father of the value (bargain-hunting) school of investing. Alas, I didn't know Graham, who was born in 1894 and died in 1976. But he lives on in his books, and in the investment philosophies of dozens of money managers (including me). Once a year in this column, I attempt to guess what stocks Graham would pick if he were alive today. The average return on my Graham recommendations, over 22 years, has been 15.1%. That beats the 12.4% average return for the Standard & Poor's 500 Total Return Index over the same years. Bear in mind that my column results are hypothetical and shouldn't be confused with results I obtain for clients. Also, past performance doesn't predict the future. Graham's Method Graham's stock-selection methods are set out in his books and other writings. For this column, I use a simplified version of his criteria. To qualify as a potential Graham stock, a company must have: Debt no more than 50% of corporate net worth. A stock price that is 12 times earnings or less. A stock price that is less than a company' book value (corporate net worth per share). Today very few stocks meet these stringent criteria. I'd like to draw your attention to five of them. Mosaic The Mosaic Co. (NYSE:MOS), based in Tampa, Florida, makes fertilizer, especially potash fertilizer. Its sales fell 5% in the past year, but have averaged 7% growth over the past decade. The stock is cheap, selling for 11 times earnings and 82% of book value. One reason it's cheap is that a lot of potash is imported from Canada, and Canada is slated to face a 25% tariff under the Trump administration's trade plan. Bank OZK From Little Rock, Arkansas, comes Bank OZK (NASDAQ:OZK), a regional bank with big ambitions. A year ago, I included it among my Graham-inspired choices, and it rose 24.8%. The rise surprised many people, since Bank OZK does a lot of commercial real-estate lending, including construction loans. Ever since Covid-19 drove many people out of office buildings five years ago, commercial real estate has been poison. The loan portfolio's make-up scares me a bit, but I have a lot of faith in the bank's chief executive officer, George Gleason. Meritage Just under book value is Meritage Homes Corp. (NYSE:MTH), a mid-sized homebuilding company with headquarters in Scottsdale, Arizona. It builds homes in ten states, most of them in the sun belt. I like that service territory as the South and West is gaining population. Debt is only 36% of equity at Meritage. That should help the company navigate its way through the current downturn in home sales, which is caused mainly by high mortgage rates. Seadrill Sometimes investors love energy stocks, and sometimes they hate them. Seadrill Ltd. (NYSE:SDRL), which does offshore drilling, is untimely. No one wants to drill under the ocean when oil fetches $60 a barrel. So, Seadrill has lost money in eight of the past ten years. Its stock, down 25% this year, sells for less than it did a decade ago. But if oil hits $80 or $90 a barrel, it would be a different story. I expect that to happen in the next three years, and I like this stock at its current valuation of less than six times recent earnings. Nacco Selling for only 67% of book value is Nacco Industries Inc. (NYSE:NC). Based in Cleveland, Ohio, it's a coal mining company that is barely covered by Wall Street analysts. Nacco has shown a profit in 13 of the past 15 years, and had a good year last year. The stock sells for eight times recent earnings. Last Year The past year has been an unpleasant one for the value approach. So, it's not surprising that my Graham-inspired picks from a year ago trailed the overall market. They rose 6.6% while the Standard & Poor's 500 Total Return Index jumped 21.1%. Two stocks -- Unum Group (NYSE:UNM) and Bank OZK (NASDAQ:OZK) did well, returning 33% and 25% respectively. But G-III Apparel Group Ltd. (NASDAQ:GIII) and HF Sinclair Corp. (NYSE:DINO) had small losses, and Peabody Energy Corp. (NYSE:BTU) shed 22% of its value. In 22 years, my Graham stocks have beaten the index 14 times, and shown a profit 15 times. Disclosure: I own Meritage Homes personally and for most of my clients. John Dorfman is chairman of Dorfman Value Investments LLC in Boston, Massachusetts, and a syndicated columnist. His firm or clients may own or trade securities discussed in this column. He can be reached at jdorfman@ This article first appeared on GuruFocus. Sign in to access your portfolio