Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1057

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9A
Chunk 1057
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 company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid.
The standard will be effective beginning in fiscal year 2025, with early adoption permitted. The new standard is expected to be applied
prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2023-09 on the consolidated
financial statements and related disclosures. The Company does not expect the adoption of this new guidance to have a material impact
on the consolidated financial statements.

Management
has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will
have a significant impact on the Company’s results of operations or financial position.

    F-11

MIRA
                                            PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

Note
2. Going Concern

The
accompanying financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization
of assets and settlement of liabilities and commitments in the normal course of business.

As
of December 31, 2024, the Company had cash of approximately $2.8 million, and historically the Company has had no revenues.
The Company raised capital of approximately $3.8 million
in 2024 and used approximately $5.6 million
of cash in operations during the year ended December 31, 2024, had a net loss of $7.9 million
in 2024 and had stockholders’ equity of approximately $2.2 million
at December 31, 2024, versus stockholders’ equity of approximately $4.4 million
at December 31, 2023.

Historically,
the Company has been primarily engaged in developing Ketamir-2 and MIRA-55. During these activities, the Company sustained substantial
losses. The Company’s ability to fund ongoing operations and future clinical trials required for FDA approval is dependent on the
Company’s ability to obtain significant additional external funding in the near term. Since inception, the Company has financed
its operations through related party financings-see Note 4, and initial public offering – see Note 1. The Company maintains an
effective shelf registration statement with the SEC for the issuance of shares of common stock under various types of equity offerings,
including the shares of common stock under our ATM equity program (Note 8).