Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 149

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 149
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 primarily from $3.6 million in proceeds
from sale of common stock, less offering costs, $0.1 million from the Bay Shore Trust short-swing disgorgement, and $0.03 million in
advances from related party.

For
the year ended December 31, 2023, financing activities provided $8.8 million of cash, resulting primarily from $7.7 million in proceeds
from sale of common stock, less offering costs and $2.1 million in advances from related party line of credit, offset by $1.1 million
of repayments under related party line of credit.

We
currently anticipate that we will seek to monetize our product candidates, Ketamir-2 and MIRA-55, at the end of our planned Phase II studies.
Prior to that time, we anticipate that additional capital may be required to support ongoing activities and further phases of development.
Should that be required, our available capital may be consumed more rapidly than currently anticipated, resulting in the need for additional
funding. In addition, there can be no assurance that additional funding, when and if required, will be available at commercially favorable
terms, if at all.

62

Accordingly,
we may need to raise additional capital, which may be available to us through a variety of sources, including:

    ●
    public
    equity markets;

    ●
    private
    equity financings;

    ●
    commercialization
    agreements and collaborative arrangements;

    ●
    sale
    of product royalty;

    ●
    grants
    and new license revenues;

    ●
    bank
    loans; and

    ●
    public
    or private debt.

Additional
funding, capital, or loans (including, without limitation, milestone, or other payments from potential commercialization agreements)
may be unavailable on favorable terms, if at all. If adequate funds are not available, we may be required to significantly reduce or
refocus our operations or to obtain funds through arrangements that may require us to relinquish rights to certain technologies and drug
formulations or potential markets, any of which could have a material adverse effect on us, our financial condition, and our results
of operations. To the extent that additional capital is raised through the sale of equity or convertible debt securities or exercise
of warrants and options, the issuance of such securities would result in ownership dilution to existing stockholders.

If
we are unable to attract additional funds on commercially acceptable terms, it