Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 118

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 118
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See
notes to consolidated financial statements

F-8

MIRA
PHARMACEUTICALS, INC.

NOTES
TO THE FINANCIAL STATEMENTS

DECEMBER
31, 2024 AND 2023

Note
1. Description of business and summary of significant accounting policies:

Overview

MIRA
Pharmaceuticals, Inc. (NASDAQ: MIRA) is a clinical-stage pharmaceutical development company advancing two neuroscience programs targeting
neurologic and neuropsychiatric disorders. The company holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2 and MIRA-55,
two novel drug candidates designed to address unmet medical needs in pain management, depression, PTSD and cognitive function.

The
U.S. Drug Enforcement Administration (DEA)’s scientific review of Ketamir-2 and MIRA-55 concluded that it would not be considered
a controlled substance or listed chemical under the Controlled Substances Act (CSA) and its governing regulations.

As
used herein, the Company’s Common Stock, par value $0.0001 per share, is referred to as the “Common Stock” and the
Company’s preferred stock, par value $0.0001 per share, is referred to as the “Preferred Stock”.

Initial
public offering

On
August 7, 2023, the Company closed its initial public offering consisting of 1,275,000 shares at a price of $7.00 per share for approximately
$8.9 million in gross proceeds. After deducting the underwriting commission and other deferred offering expenses totaling $1.2 million,
the net proceeds to the Company were $7.7 million (the “IPO”).

The
shares were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-273024), originally
filed with the Securities and Exchange Commission (the “SEC”) on June 29, 2023 (the “Registration Statement”)
and the final quarterly report filed with the Commission pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration
Statement was declared effective by the Commission on August 2, 2023. The common stock began trading on The Nasdaq Capital Market on
August 3, 2023 under the symbol “MIRA”. The closing of the IPO occurred on August 7, 2023. (See Note