Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 393

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 393
---
 an affiliated company and through a private placement of shares of our common stock that occurred during the fourth quarter 2021
and during 2022. We intend to finance our clinical development programs and working capital needs from existing cash, potential new sources
of debt and equity financing, including the proceeds from our completed IPO in August 2023, and through proceeds of an ATM offering.
We may also enter into new licensing and commercial partnership agreements.

60

On
August 12, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC. The terms of any offering under the shelf
registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the
SEC prior to completion of any such offering

On
April 28, 2023, we entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by our founder, and
under which various of his family members are beneficiaries (the “Bay Shore Trust”). Under this Promissory Note and Loan
Agreement (the “Bay Shore Note”), we have the right to borrow up to an aggregate of $5,000,000 from the Bay Shore Trust at
any time up to the second anniversary of the issuance of the Bay Shore Note or, if earlier, upon the completion of our initial public
offering. Our right to borrow funds under the Bay Shore Note is subject to the absence of a material adverse change in our assets, operations,
or prospects. The Bay Share Note, together with accrued interest, will become due and payable on the second anniversary of the issuance
of the note, provided that it may be prepaid at any time without penalty. The Bay Shore Note will accrue interest at a rate equal 7%
per annum, simple interest, during the first year that the note is outstanding and 10% per annum, simple interest, thereafter. The Bay
Shore Note is unsecured. As of December 31, 2024, the Bay Shore Note was paid in full. In consideration of the loan facility provided
by the Bay Shore Trust, we issued to the Bay Shore Trust a common stock purchase warrant on April 28, 2023, giving the Bay Shore Trust
the right to purchase up to 1,000,000 shares of common stock at an exercise price of $5.00 per share, which warrant will expire five
years after the date of grant.

Since
January 1,