Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 70

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 70
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capital, potentially through a combination of public or private equity offerings and strategic transactions, including potential alliances
and drug product collaborations; however, none of these alternatives are committed at this time. There can be no assurance that we will
be successful in obtaining sufficient funding on terms acceptable to us to fund continuing operations, if at all, identify and enter
into any strategic transactions that will provide the capital that we will require or achieve the other strategies to alleviate the conditions
that raise substantial doubt about our ability to continue as a going concern. If none of these alternatives are available, or if available,
are not available on satisfactory terms, we will not have sufficient cash resources and liquidity to fund our business operations for
at least the 12 months following the date the financial statements are issued. The failure to obtain sufficient capital on acceptable
terms when needed may require us to delay, limit, or eliminate the development of business opportunities and our ability to achieve our
business objectives and our competitiveness, and our business, financial condition, and results of operations will be materially adversely
affected. In addition, the perception that we may not be able to continue as a going concern may cause others to choose not to deal with
us due to concerns about our ability to meet our contractual obligations.

The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of
recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a
going concern.

63

Recently
Issued and Adopted Accounting Pronouncements

A
description of recently issued and adopted accounting pronouncements that may potentially impact our financial position and results of
operations is disclosed in Note 1 to our financial statements appearing at the end of this Report.

Off-Balance
Sheet Arrangements

During
the periods presented, we did not have, nor do we currently have, any off-balance sheet arrangements as defined under SEC rules.

Summary of Critical Accounting Policies and Estimates

Research
and development expenses

Research
and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract
research organizations and consultants, who conduct research and development activities on our behalf. Patent-related costs, including
registration costs, documentation costs and other legal fees associated with the application, are expensed in the period in which they