Company: MIRA
Filing Date: 2025-08-08
Form Type: DEFM14A
Source: 0001641172-25-022816
Chunk: 200

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-08
Form: DEFM14A
Chunk 200
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% * 53.10% * 86.70% = 5.71%). The following are the cash flows, including the success rates:

p

| Moore Financial Consulting |

| SKNY Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 23 of 25 |

From the Pre-Tax Income, taxes at a rate of 26.5% (Company tax rate) were deducted. The net income resulting was then discounted at a rate of 30% (see in appendix) and a terminal value rate of 3%.

The following is a concise DCF that includes the tax expenses and is discounted by the WACC:

We will add cash and subtract the financial debt from the Company’s enterprise value. SKNY’s Company value is $30,385 thousand (rounded to $30.5 million)

| Moore Financial Consulting |

| SKNY Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 24 of 25 |

Appendix – Discount Rate

SKNY’s forecasted cash flows were discounted using a Weighted Average Cost of Capital (WACC) of 30% calculated using the following formula and parameters:

Comments

1. Debt and Equity ratios are based upon the average of Damodaran’s and comparable companies’ (peer group – see Appendix) data regarding these ratios in the Pharmaceutical industry, as follows:

| 2. | Cost                                                                                                
 of debt is the average of the cost of debts in the pharmaceutical industry according to Damodaran’s 
 data (6.82%).                                                                                       |

3. The beta is based on Damodaran data (unlevered beta of the Pharmaceutical industry) and the peer group average.

| Moore Financial Consulting |

| SKNY Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 25 of 25 |

Appendix – Peer group

The peer group we found relevant to SKNY’s valuation is the largest American companies in the Drug manufacturing Industry:

| Moore Financial Consulting |

Annex C

| MIRA Pharmaceuticals, Inc. | April 2025   |
| Valuation                  | Page 2 of 28 |

Dear Sir,

Upon your request, Moore Financial Consulting Ltd. (hereinafter: “MFC”), performed a valuation of MIRA Pharmaceuticals Inc. (“Mira”, “the Company”).

Our study was performed based on the following:

| ● | Mira’s                                                    
 audited financial reports as of 31.12.2023