Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 3

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 3
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 our
business objectives and our competitiveness, and our business, financial condition, and results of operations will be materially adversely
affected. In addition, the perception that we may not be able to continue as a going concern may cause others to choose not to deal with
us due to concerns about our ability to meet our contractual obligations.

Additionally,
we filed a shelf registration statement with the SEC to facilitate the issuance of our common stock and entered into an At The Market
Offering Agreement with Rodman & Renshaw LLC, under which we may offer and sell shares of our Common Stock. The maximum amount eligible
to be sold under the ATM Agreement is $75 million. However, although we have received net proceeds of $3.6 million during 2024 from the
ATM, there are no assurances that we will be successful in raising any additional capital from the ATM.

The
report of our independent registered accounting firm on our audited financial statements for the fiscal year ended December 31, 2024
contains an explanatory paragraph relating to our ability to continue as a going concern.

The auditor’s opinion on our audited financial statements for the
year ended December 31, 2024 includes an explanatory paragraph stating that we have no revenue and incurred recurring losses from operations
and cash used in operations that raise substantial doubt about our ability to continue as a going concern. While we believe that we will
be able to obtain the capital we need to continue our operations, there can be no assurances that we will be successful in these efforts
or will be able to resolve our liquidity issues or eliminate our operating losses. If we are unable to obtain sufficient funding, we would
need to significantly reduce our operating plans and curtail some or all of our development efforts. Accordingly, our business, prospects,
financial condition, and results of operations will be materially and adversely affected, and we may be unable to continue as a going
concern. If we seek additional financing to fund our business activities in the future and there remains substantial doubt about our ability
to continue as a going concern, investors or other financing sources may be unwilling to provide additional funding on commercially reasonable
terms or at all.

23

We
may not be successful in the integration of our potential acquisition of SKNY.

As
discussed earlier in this Annual Report of Form 10-K, we have entered into a binding letter of intent to acquire SKNY. Integrating SKNY’s
business, processes, and operations presents new risks to the business that must be