Company: MIRA
Filing Date: 2025-08-08
Form Type: DEFM14A
Source: 0001641172-25-022816
Chunk: 59

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-08
Form: DEFM14A
Chunk 59
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 deducted. The net income resulting was then discounted at a rate of 30% (see in appendix) and a terminal value rate of 3%.

Based on the above analysis, Moore determined that SKNY’s enterprise value is $30.5 million.

Valuation of MIRA Through Income Approach Using rNPV Analysis

As mentioned above, MIRA’s valuation was performed under the income approach, using the Risk-Adjusted Net Present Value, or the rNPV Analysis method which is able to capture the risks inherent in biotech drug development. rNPV Analysis provides a more accurate asset valuation than basic DCF Analysis as it enables conducting pharma and biotech valuation based on the stage (preclinical, Phase 1-3) of development of assets. As mentioned in MIRA’s 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”); and   |
| ● | Mira-55                                                                                                     
 – a THC analogue under investigation for treating patients suffering from Mild Cognitive Impairment (“MCI”) |

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

Another assumption made for the sake of the valuation is that MIRA 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. The detailed analysis of the DCF Analysis method can be reviewed in the valuation reports attached as Annex C to this proxy statement which is incorporated herein by reference.

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Summary of Analysis

MIRA’s valuation was performed under the income approach, using the Risk-Adjusted Net Present Value (rNPV) method. As determined by Moore, success rates of clinical trials differ according to the area of disease and according to the phase. The probability of success of Phase I is 52% and those of Phase II and Phase III are 28.9% and 57.8% respectively. For