Company: MIRA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024077
Chunk: 28

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 28
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 analgesic effects of its topical Ketamir-2 formulation in a validated
rodent model of pain. The study demonstrated that topical Ketamir-2 significantly reduced both acute and inflammatory pain behaviors
in animals, with a rapid onset of action, durable effect, and efficacy comparable to injected morphine across both phases of the pain
model. These findings support continued development of topical Ketamir-2 for localized pain conditions, including diabetic neuropathy,
postherpetic neuralgia, chemotherapy-induced peripheral neuropathy, osteoarthritis, and other forms of inflammatory pain.

ATM
Sale

On July 1, 2025, under the ATM Agreement, the Company sold and issued 17,373
shares of common stock at an average price per share of $1.3121 and received net proceeds of approximately $0.2 million after deducting
commissions and other fees of $570.

On July 3, 2025, MIRA Pharmaceuticals, Inc. (the “Company”),
sold a total of 1,540,741 shares of its common stock, par value $0.001, in block sales to an institutional investor, at an average price
of $1.2981 share (a premium to the prior days close), through its at-the-market equity offering facility (the “Offering”).
Gross proceeds from the Offering totaled approximately $2.0 million, prior to deducting fees and expenses. The trades for the Offering
were facilitated through Rodman & Renshaw, via the StockBlock platform. The Offering did not include any warrants.

Critical
Accounting Estimates

Research
and development expenses

Research
and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract
research organizations and consultants, who conduct research and development activities on our behalf. Patent-related costs, including
registration costs, documentation costs and other legal fees associated with the application, are expensed in the period in which they
are incurred.

Stock-based
compensation

We
account for stock-based compensation under the provisions of FASB ASC 718, “Compensation - Stock Compensation”, which requires
the measurement and recognition of compensation expense for all stock-based awards made to employees, directors and consultants based
on estimated fair values on the grant date. We estimate the fair value of stock-based awards on the date of grant using the Black-Scholes
model. The value of the portion of the award