Company: MIRA
Filing Date: 2025-07-29
Form Type: PRER14A
Source: 0001641172-25-021434
Chunk: 219

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-07-29
Form: PRER14A
Chunk 219
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., adjusting for the probability of successfully advancing through clinical trials and regulatory approval. As a result, this method is also referred to as the expected net present value (eNPV) method. Among the various early-stage biotech valuation methods, the rNPV method is the most appropriate. This method is suited for valuing:

| ● | Preclinical                       
 and clinical stage biotech assets |

| ● | Novel                                           
 pharma and biotech drugs undergoing development |

| ● | Other                                                
 life sciences assets that undergo phased development |

The mechanics of rNPV involve:

| ● | Estimating                                
 clinical trial and approval probabilities |

| ● | Adjusting                                                
 cash flow projections for risk using these probabilities |

| ● | Discounting                               
 risk-adjusted cash flows to present value |

| ● | Summing                                 
 risk-adjusted cash flows to derive rNPV |

This captures the risks inherent in biotech drug development. rNPV provides a more accurate asset valuation than basic DCF as it enables conducting pharma and biotech valuation based on the stage (preclinical, Phase 1-3) of development of assets.

As mentioned in the company description, Mira is currently in the process of developing two indications:

| ■ | Ketamir-2                                                                                    
 - A ketamine analog under investigation for the potential to treat Diabetic Neuropathic Pain 
 (“DNP”)                                                                                      |

| ■ | Mira-55                                                                                  
 - A THC analogue under investigation for treating patients suffering from Mild Cognitive 
 Impairment (“MCI”)                                                                       |

We have valued Mira under the assumption that these are the only two projects, therefore we accounted for expected income and expenses related to these indications alone and did not take into consideration developments that the Company might be performing in the future.

Another assumption made for the sake of the current valuation is that the Company will develop the two indications on its own until the successful termination of the Phase II clinical trials and following that will seek for a business agreement with a large pharma company that will perform the Phase III clinical trials (on its own account) and after the successful conclusion of the trials will continue and market the finished products. Mira will be entitled to an upfront payment at the end of Phase II and royalties from the third-party revenues.

| Moore Financial Consulting |

| MIRA Pharmaceuticals, Inc. | April 2025    |
| Valuation                  | Page 20 of 28 |

Timeline of the development of the Indications

Based on information received from the company and our