Company: MIRA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010301
Chunk: 25

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 25
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-2, with subject recruitment beginning in Q1 2025.

●March
                                            19, 2025: We announced that we had signed a binding letter of intent (LOI) to acquire
                                            SKNY Pharmaceuticals, Inc. The transaction includes a $5 million capital infusion—comprised
                                            of cash or equivalent consideration—into MIRA, reinforcing our financial position and
                                            supporting the advancement of SKNY-1, a preclinical-stage oral drug candidate for weight
                                            loss and smoking cessation.

●April
                                            1, 2025: We announced the enrollment of the first subjects in our Phase 1 clinical
                                            trial of Ketamir-2, being conducted in Israel.

●April
                                            16, 2025: We announced compelling data demonstrating the efficacy of the oral ketamine
                                            analog, Ketamir-2, in a validated animal model of diabetic neuropathy.

●April
                                            23, 2025: We announced the completion of in vitro release testing (IVRT) for our
                                            topical formulation of Ketamir-2. The formulation is under investigation for localized applications
                                            in pain-related conditions.

●May
                                            6, 2025: We announced positive results from a neurotoxicity study of Ketamir-2,
                                            a novel oral NMDA receptor antagonist. The study was required by the U.S. Food and Drug Administration
                                            (FDA) prior to initiating human dosing in the United States.

●May
                                            8, 2025: We announced that our Board of Directors had approved the planned acquisition
                                            of SKNY Pharmaceuticals, Inc. (the “Merger”), following the completion of independent
                                            valuation reports on both companies. The Merger remains subject to shareholder approval from
                                            both MIRA and SKNY.

Amendment to Employment Agreement

On May 13, 2025, Erez Aminov amended his employment with the Company to adjust his annual base salary to $485,000
(the “Amendment”). For the full text of the Amendment, please see Exhibit 10.1 of this Form 10-Q.

Critical
Accounting Estimates

Research
and development expenses

Research
and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract
research organizations and consultants, who conduct research and development activities on our behalf. Patent-related costs, including
registration costs, documentation costs and