Company: MIRA
Filing Date: 2025-06-17
Form Type: PREM14A
Source: 0001641172-25-015340
Chunk: 199

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-06-17
Form: PREM14A
Chunk 199
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, when successful, of the commercialization of both developments.

It is assumed that the Company will be entitled to an upfront payment upon signing the agreement with the pharma company and, afterward, to royalties paid based on the revenues that this third party will generate from the sales of both Ketamir-2 and Mira-55. The upfront and royalty rates assumed are as follows:

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 23 of 28 |

Costs and Expenses

The Company will incur R&D expenses until the end of the Phase II clinical trials and G&A expenses throughout its lifespan. Also, the Company will finance the costs of the IND, Phase I, and Phase II clinical trials. Following are the assumptions regarding the expenses (The clinical costs are mentioned above) and expenses related to both developments:

In addition, the expenses relating to Ketamir-2 include 8% of revenue as royalties to Miralogixs.

Clinical Trials Success Rates

As mentioned, Mira’s valuation was performed under the income approach, using the Risk-Adjusted Net Present Value (rNPV)method. This method enhances standard DCF analysis by adjusting cash flow projections for the probability of success, i.e., adjusting for the probability of successfully advancing through clinical trials and regulatory approval. The rates used in the current valuation are based upon research performed and published by the Biotechnology Innovation Organization (BIO) 7.

The description of this research, in BIO own words “ A total of 12,728 clinical and regulatory phase transitions were recorded and analyzed from 9,704 development programs over the last decade (2011–2020), across 1,779 companies. Phase transitions occur when a drug candidate advances into the next phase of development or is suspended by the sponsor. By calculating the number of programs progressing to the next phase vs the total number progressing and suspended, we assessed the success rate at each of the four phases of development: Phase I, II, III, and regulatory filing. Having phase-by-phase data in hand, we then compared groups of diseases, drug modalities, and other attributes to generate the most comprehensive analysis yet of biopharmaceutical R&D success.”

7Clinical Development Success rates and Contributing factors 2011 – 2020 / BIO, February 2021

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 24 of 28 |