Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 750

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 7
Chunk 750
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 loan agreement, we may borrow
up to $3.0 million from MIRALOGX to fund the development of licensed products under the license agreement. Together with any advance
request, we will deliver to the Lender a budget for the requested advance. The budget may only include costs directly associated with
preparing an IND application for KETAMIR-2, exclusive of personnel costs. Any advances made by the Lender to us pursuant to this note
may be repaid by us (together with any and all interest accrued thereon) at any time without penalty or premium in accordance with the
terms hereof. Amounts repaid hereunder may not be reborrowed. The loan agreement has a one-year term, and all outstanding principal and
accrued but unpaid interest must be repaid in full on November 15, 2024. Interest on the amounts borrowed under the loan agreement
accrues at an annual fixed rate of 8%. We may prepay all or a portion of the outstanding principal and accrued unpaid interest under the
loan agreement at any time without a prepayment fee. The Company did not borrow any funds from the MIRALOGX loan during the year ended
December 31, 2024 or December 31, 2023 and the Loan Agreement expired on November 15, 2024.

Consulting
and Employment Agreements with Dr. Chris Chapman

On
April 1, 2022, we entered into a Consulting Agreement with Dr. Chapman pursuant to which he provided regulatory and drug development
consulting services to the Company on an as-requested basis. Pursuant to the Consulting Agreement, he was to be paid a one-time fee of
$100,000 upon the completion of our initial public offering (of which $50,000 was prepaid in in the first quarter of 2022) plus a monthly
fee of $20,000 thereafter. The monthly fee was to begin upon the completion of our initial public offering. He was also reimbursed for
reasonable out-of-pocket expenses incurred in connection with his duties under the Consulting Agreement. The agreement had a term of
one year with an automatic one-year extension, provided that either party could terminate the agreement without cause upon 30-days prior
written notice.

In
his capacity as a consultant, Dr. Chapman was also granted on June 15, 2022, an option to purchase up to 200,000 shares of our common
stock at an exercise price