Company: MIRA
Filing Date: 2025-06-17
Form Type: PREM14A
Source: 0001641172-25-015340
Chunk: 200

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-06-17
Form: PREM14A
Chunk 200
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One of the results of the BIO research is the following table containing the success rates per disease area:

As can be seen, the success rates of clinical trials differ according to the area of disease and according to the phase. The average success rates are represented by “All Indication” in which the probability of success of Phase I is 52% and those of Phase II and Phase III are 28.9% and 57.8% respectively. For the Company’s indications development, we used the Neurology success rates from the above table. Also, the success rate in IND application is around 90% 8.

The following table contains the success rates per application:

Lapteva L, Pariser AR. Investigational
New Drug applications: a 1-year pilot study on rates and reasons for clinical hold. J Investig Med. 2016 Feb;64(2):376-82. doi: 10.1136/jim-2015-000010.
PMID: 26911627.

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 25 of 28 |

Cash Flows

Following are the cash flows based on the assumptions described above, prior to the implementation of the clinical trials success rates:

According to the rNPV method used in this valuation, all the revenues and expenses in the model are multiplied by the probability of success, for instance, the Ketamir-2 R&D expenses until Phase II are to be multiplied by the probability of success of the Ketamir-2 Phase I (47.70%). Another example, Royalties revenue from the Mira-55 must be multiplied by the product of the probability of success of IND, Phase I, Phase II, Phase III and NDA (90.0% * 47.7% * 28.9% * 53.1% * 86.7% = 5.71%).

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 26 of 28 |

Following are the cash flows, including the success rates:

From the Pre-Tax Income, taxes at a rate of 26.5% (US, Florida 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%.

Following is a concise DCF that includes the tax