Company: MIRA
Filing Date: 2025-08-08
Form Type: DEFM14A
Source: 0001641172-25-022816
Chunk: 220

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-08
Form: DEFM14A
Chunk 220
---
 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 expenses and is discounted by the WACC:

Under all the above assumptions, the company’s value is $29,523 thousand (Rounded to $30 million).

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April