Company: MIRA
Filing Date: 2025-06-17
Form Type: PREM14A
Source: 0001641172-25-015340
Chunk: 58

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-06-17
Form: PREM14A
Chunk 58
---
 within the Assumed Markets; and                                |
| ● | For                                                                                        
 combatting nicotine dependence, it was assumed that SKNY-1 will obtain a 15% market share, 
 collectively, within the Assumed Markets.                                                  |

Treatments: Schedule and Price and Upfront Royalties

Moore assumed that SKNY-1 for Nicotine dependence will be given to patients for twelve months at approximately $300 per month and that SKNY-1 for weight loss will be given each month at approximately $900 per month.

Additionally, one of Moore’s main assumptions is that SKNY will continue developing and testing the SKNY-1 until the successful termination of phase II clinical trials and afterward will come to an agreement with a large pharmaceutical company that will take charge of the continuation of the clinical testing (Phase III) and, when successful, for commercialization of both developments.

Moore assumed that SKNY will be entitled to an upfront payment upon signing the agreement with a pharma company and, afterward, to royalties paid based on the revenues that this third party will generate from the sales of SKNY-1. The upfront and royalty rates assumed for each indication were an upfront amount of $30,000,000 based on a royalty rate of 10%. Moore also assumed that SKNY will incur R&D expenses until the end of the Phase II clinical trials and G&A expenses throughout its lifespan. Also, SKNY will finance the costs of the IND, Phase I, and Phase II clinical trials. For each of the Weight Loss the Nicotine Dependence indication, SKNY-1 is expected to assume a total of $24,040,000 of R&D costs through Phase III testing (for each indication, and not collectively).

Summary of Analysis

Moore began its analysis through performing the income approach and 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

According to the rNPV method used in this valuation, all the revenues and expenses in the model are multiplied by the probability of success; for instance, the SKNY-1(Nicotine Dependence) R&D expenses until Phase I are to be multiplied by the probability of success of the SKNY-1(Nicotine Dependence) IND (90%). Another example, Royalties revenue from the SKNY-1(Nicotine Dependence) must be multiplied by the product