Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 713

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 713
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 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 
    $(1,769,635) 
    $4,251,588 

Net
Cash Used in Operating Activities

The
cash used in operating activities resulted primarily from our net losses, stock-based compensation expense and changes in components
of accounts payable and accrued liabilities.

For
the year ended December 31, 2024, operating activities used $5.6 million of cash, primarily due to a net loss of $7.9 million, offset
by $1.9 million in stock-based compensation expense, and a $0.4