Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 67

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 67
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 Shore Trust under which the Bay Shore Trust agreed to convert, upon
the completion of our initial public offering, $1,100,190 of the outstanding principal balance of the Bay Shore Note into shares of our
common stock at a conversion price equal to our initial public offering price, which resulted in the issuance of 157,170 shares to the
Bay Shore Trust upon the completion of our initial public offering (the “Bay Shore Trust Conversion Agreement”).

In
August 2023, we completed our IPO of common stock selling 1,275,000 shares at an offering price of $7.00 per share, resulting in gross
proceeds of $8.9 million. Net proceeds received after underwriting fees and offering expenses were $8.1 million. We raised $3.2 million
in 2022. Substantially all our equity capital had been raised at $1.00 per share (pre-reverse split).

We
used $5.6 million in operating activities during the year ended December 31, 2024, compared to $4.5 million in operating activities during
the year ended December 31, 2023.

We
have incurred significant losses and negative cash flows from operations since inception and expect to incur additional losses until
such time that we can generate significant revenue and profit. We had negative cash flow from operations of approximately $5.6 million
for the year ended December 31, 2024 and an accumulated deficit of approximately $29.1 million as of December 31, 2024. As of December
31, 2024, we had cash and cash equivalents of approximately $2.8 million. We currently expect that our cash and cash equivalents be sufficient
to fund our operations, development plans, and capital expenditures through at least the third quarter of 2025.

We
did not have any material non-cancellable contractual obligations as of December 31, 2024.

61

Cash
Flows

The
following table provides information regarding our cash flows for the periods presented:

    Year
    ended December 31, 

    2024  
    2023 
  
    Net
    cash provided by (used in): 

    Operating
    activities 
    $(5,560,606) 
    $(4,532,403)
  
    Financing
    activities 
     3,790,971  
     8,783,991 
  
    Net
    change in cash