Company: MIRA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024077
Chunk: 29

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 2
Chunk 29
---
 that is ultimately expected to vest is recognized as expense over the requisite service
periods using the straight-line method. We have elected to account for forfeiture of stock-based awards as they occur.

16

Results
of Operations

For
the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024

Research
and Development Expenses. We incurred $0.5 million in research and development expenses during the three months ended June 30, 2025,
and during the three months ended June 30, 2024, we incurred $0.6 million in research and development expenses. The decrease from 2024 to 2025 is primarily due to decreased costs for the
development of MIRA-55.

We
incurred $0.8 million in research and development expenses during the six months ended June 30, 2025, and during the six months ended
June 30, 2024, we incurred $1.4 million in research and development expenses. The decrease from 2024 to 2025 is primarily due to decreased
costs in for the development of MIRA-55.

General
and Administrative Expenses. We incurred $1.0 million and $1.1 million in general and administrative expenses during the three months
ended June 30, 2025 and 2024, respectively. General and administrative expenses are composed primarily of compensation, insurance, professional
fees, stock-based compensation, administration and other related costs. The decrease from 2024 to 2025 was primarily due to a decrease in stock-based
compensation related to compensation to the officers, directors, and employees.

We
incurred $2.5 million and $2.1 million in general and administrative expenses during the six months ended June 30, 2025 and 2024, respectively.
General and administrative expenses are composed primarily of compensation, insurance, professional fees, stock-based compensation, administration
and other related costs. The difference is primarily due to an increase in stock-based compensation related to compensation to the officers,
directors, and employees during the 2025 fiscal year.

Interest
income. We earned $0.01 and $0.04 million in interest income during the three months ended June 30, 2025 and 2024, respectively.
Interest income during the three months for each respective period consisted of interest earned on bank accounts.

We
earned $0.03 and $0.