Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 987

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9
Chunk 987
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 stock under our ATM equity program (Note 8). The Company expects to be able to fund operations through
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 a drug product containing 2-(2- chlorophenyl)-2-(methylamino)
cyclopentan-1-one (sometimes referred to by the Parties as “M209” or “KETAMIR-2”) (“the Product”)
as an active agent in North America. (the “Territory”). The exclusive license in the License Agreement includes the right
of the Company to sublicense the licensed intellectual property. The Company and MIRALOGX have the same founder, who is also our largest
shareholder and thus MIRALOGX is considered a related party.

Pursuant
to the terms of the License Agreement, and subject to the conditions set forth therein, the Company paid MIRALOGX a one-time, nonrefundable
payment of $0.1 million upon the signing of the Agreement and will be obligated to pay quarterly