Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 629

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 629
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 our research and development activities.

Our
operating expenses have historically been the costs associated with our patent prosecution and initial investment in pre-clinical research
and development activities. We expect research and development expenses will increase in the future as we advance Ketamir-2 and MIRA-55
into and through clinical trials and pursue regulatory approvals, which will require a significant investment in costs of clinical trials,
regulatory support, and contract manufacturing. In addition, we will evaluate opportunities to acquire or in-license additional product
candidates and technologies, which may result in higher research and development expenses due to license fee and/or milestone payments,
as well as added clinical development costs.

The
process of conducting clinical trials necessary to obtain regulatory approval is costly and time consuming. We may never succeed in timely
development and achieving regulatory approval for our product candidates. The probability of success of our product candidates may be
affected by numerous factors, including clinical data, competition, manufacturing capability and commercial viability. As a result, we
are unable to determine the duration and completion costs of our development projects or when and to what extent we will generate revenue
from the commercialization and sale of our product candidates.

General
and Administrative Expenses

General
and administrative expenses consist of employee-related expenses, including salaries, benefits, and travel, and other administrative
functions, as well as fees paid for legal, accounting and tax services, consulting fees and facilities costs not otherwise included in
research and development expense. Legal costs include general corporate legal fees. We expect to incur additional expenses
as a result of becoming a public company, including expenses related to compliance with the rules and regulations of the SEC and Nasdaq,
additional insurance, investor relations and other administrative expenses and professional services.

Interest
expense

Interest
expense, net consists of accrued interest on a related party line of credit, net of earned interest income.

59

Results
of Operations for the year ended December 31, 2024 and 2023

    Year
                                            Ended December
                                            31, 

    2024  
    2023 
  
    Revenues 
    $-  
    $- 

    Operating
    costs: 

    General
    and administrative expenses 
     4,712,753  
     6,499,537 
  
    Related
    party travel costs 
     -  
     453,550 
  
    Research
    and development expenses 
     3,305,575