Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 2

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 2
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 entire investment.

Certain
of our founding stockholders, plus our existing officers and directors, control a substantial interest in us and thus may influence certain
actions requiring stockholder vote

22

Risks
Related to Our Operations and Financial Condition

We
are an early development-stage company with no revenues. As such, our losses from operations and negative cash flows as of December 31,
2024 raise substantial doubt about our ability to continue as a going concern absent obtaining adequate new debt or equity financings.

As
a very early development-stage enterprise that is focused on the development of a pre-clinical pharmaceutical product, we have generated
no revenue and have an accumulated deficit of $29.1 million through December 31, 2024, and $21.3 million through December 31, 2023. We
have concluded that substantial doubt exists about our ability to continue as a going concern for the 12 months following the issuance
of the financial statements included in this Annual Report on Form 10-K. As of the issuance date of these financial statements, we believe
that we have sufficient resources available to support our development activities and business operations and timely satisfy our obligations
as they come due into the third quarter of 2025. We do not have sufficient cash and cash equivalents as of the date of filing this Annual
Report on Form 10-K to support our operations for at least the 12 months following the issuance of the financial statements.

To
alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, we plan to secure additional
capital, potentially through a combination of public or private equity offerings and strategic transactions, including potential alliances
and drug product collaborations, however, none of these alternatives are committed at this time. There can be no assurance that we will
be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, identify and enter
into any strategic transactions that will provide the capital that we will require or achieve the other strategies to alleviate the conditions
that raise substantial doubt about our ability to continue as a going concern. If none of these alternatives are available, or if available,
are not available on satisfactory terms, we will not have sufficient cash resources and liquidity to fund our business operations for
at least the 12 months following the date the financial statements are issued. The failure to obtain sufficient capital on acceptable
terms when needed may require us to delay, limit, or eliminate the development of business opportunities and our ability to achieve