Company: MIRA
Filing Date: 2025-06-17
Form Type: PREM14A
Source: 0001641172-25-015340
Chunk: 60

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-06-17
Form: PREM14A
Chunk 60
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 performed under the income approach, using the Risk-Adjusted Net Present Value (rNPV) method. As determined by Moore, success rates of clinical trials differ according to the area of disease and according to the phase. The probability of success of Phase I is 52% and those of Phase II and Phase III are 28.9% and 57.8% respectively. For MIRA’s indications development, Moore used the Neurology success rateThe success rate in IND applications is around 90%.

According to the rNPV method used in this valuation, all the revenues and expenses in the model are multiplied by the probability of success, for instance, the Ketamir-2 R&D expenses until Phase II are to be multiplied by the probability of success of the Ketamir-2 Phase I (47.70%). Another example, Royalties revenue from the Mira-55 must be multiplied by the product of the probability of success of IND, Phase I, Phase II, Phase III and NDA (90.0% * 47.7% * 28.9% * 53.1% * 86.7% = 5.71%).

From the Pre-Tax Income, taxes at a rate of 26.5% (US, Florida company tax rate) were deducted. The net income resulting was then discounted at a rate of 30% (see in appendix) and a terminal value rate of 3%.

Based on the above analysis, Moore determined that MIRA’s enterprise value is approximately $30 million.

Determination of Fairness of Exchange Ratio

In order to examine the fairness of the Exchange Ratio proposed in the Merger, Moore calculated the relative values of both companies, and then calculated each party’s relative part from the combined company (which was assumed to be at an aggregate value of MIRA and SKNY). Moore concluded that the Exchange Ratio is fair, from a financial point of view.

Background of Moore

The compensation paid to Moore for the valuation report and fairness opinion was $15,000. The study was performed by Tzach Kasuto, M.Sc. Mr. Kasuto is a partner at Moore. He has approximately 20 years of experience in consulting and management, including extensive experience in business, strategic and economic consulting. Mr. Kasuto holds a bachelor’s degree in economics and an MBA from Tel Aviv University. His areas of expertise include: company valuation, fairness opinions, common share valuations, purchase price allocations, employee stock option valuation, expert opinions