Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 628

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 628
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MANAGEMENT’S
DISCUSSION AND ANALYSIS OF

FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis provide information which our management believes is relevant to an assessment and understanding of
our results of operations and financial condition. You should read the following discussion and analysis of our results of operations
and financial condition together with our financial statements and related notes and other information included elsewhere in this Report.

In
addition to historical financial information, this discussion contains forward-looking statements based upon our current expectations
that involve risks and uncertainties. Our actual results could differ materially from such forward-looking statements as a result of
various factors, including those set forth under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”
included elsewhere in this Report. Additionally, our historical results are not necessarily indicative of the results that may be expected
for any period in the future.

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.

We
had net losses of $7.9 million and $12.0 million for the year ended December 31, 2024 and December 31, 2023, respectively.

Reverse
Stock Split

Effective
June 28, 2023, we completed a 1-for-5 reverse stock split of our outstanding common stock. Unless otherwise noted, the share and per
share information in this Report reflects the reverse stock split.

58

Components
of our Results of Operations

Research
and Development Expenses

Research
and development expenses represent costs incurred to conduct research and development of our product candidate. We recognize all research
and development costs as they are incurred. Research and development expenses consist primarily of the following:

    ●
    contracted research and manufacturing;

    ●
    patent-related costs;

    ●
    consulting arrangements; and

    ●
    other expenses incurred to advance