Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 68

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 68
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    $(1,769,635) 
    $4,251,588 

Net
Cash Used in Operating Activities

The
cash used in operating activities resulted primarily from our net losses, stock-based compensation expense and changes in components
of accounts payable and accrued liabilities.

For
the year ended December 31, 2024, operating activities used $5.6 million of cash, primarily due to a net loss of $7.9 million, offset
by $1.9 million in stock-based compensation expense, and a $0.4 million change in accounts payable, accrued and prepaid expenses. Accounts
payable, accrued and prepaid expenses was primarily composed of research and development payables, consultant costs, insurance costs
and investor relations expenses.

For
the year ended December 31, 2023, operating activities used $4.5 million of cash, primarily due to a net loss of $12 million, a $0.6
million change in accounts payable, accrued and prepaid expenses, offset by $2.5 million in stock-based compensation expense, $0.7 million
in amortization of debt issuance costs, $3.5 million of interest expense, and $1.1 million of repayments under related party line of
credit. Interest income (expense), net was primarily composed of debt issuance costs, offset by interest income.
Accounts payable, accrued and prepaid expenses was primarily composed of research and development payables, consultant costs, insurance
costs and investor relations expenses.

Net
Cash Provided by Financing Activities

For
the year ended December 31, 2024, financing activities provided $3.8 million of cash, resulting 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