Company: MIRA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010301
Chunk: 5

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 8
Chunk 5
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 equity of approximately $1.3 million at March
31, 2025, versus stockholders’ equity of approximately $2.2 million at December 31, 2024.

Historically,
the Company has been primarily engaged in developing Ketamir-2 and MIRA-55. During these activities, the Company sustained
substantial losses. The Company’s ability to fund ongoing operations and future clinical trials required for FDA approval is
dependent on the Company’s ability to obtain significant additional external funding in the near term. The Company maintains
an effective shelf registration statement with the Securities and Exchange Commission (SEC) for the issuance of shares of common
stock under various types of equity offerings, including the shares of common stock under our At The Market (ATM) equity program
(Note 5). The Company expects to be able to fund operations to the third quarter of 2025, with the cash on hand. However, the
Company has the ability to issue common stock under its shelf registration statement to assist in liquidity needs.

As
of the date of filing this Report, the Company will continue to generate losses and have insufficient cash and cash equivalents on hand
to support its operations for at least the 12 months following the date the financial statements are issued. These factors raise substantial
doubt about the Company’s ability to continue as a going concern for a period of twelve months from the issuance date of this report.
Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive or raise
additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund
our operations in the future. If the Company is unable to raise additional capital or secure additional lending in the near future, management
expects that the Company will need to curtail its operations. These financial statements do not include any adjustments related to the
recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company
be unable to continue as a going concern.

Note
3. License agreement, related party:

MIRALOGX

On
November 15, 2023, the Company and MIRALOGX, LLC, a Florida limited liability company (“MIRALOGX”) entered into an exclusive
license agreement (the “License Agreement”) to develop and commercialize Ketamir-2, a drug product containing 2-(2- chlorophenyl)-2-(methylamino)
c