Company: MIRA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010301
Chunk: 8

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 8
Chunk 8
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 utilized in the calculation.

Expected
term of options granted is derived using the “simplified method” which computes expected term as the average of the sum of
the vesting term plus contract term. The risk-free rate is based on the 5-year U.S. Treasury yield curve in effect at the time of grant.
The Company recognizes forfeitures as they occur.

     9 

MIRA PHARMACEUTICALS, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

(Unaudited)

During
the three months ended March 31, 2024, a total of 725,000 options to purchase Common Stock, with an aggregate fair market value
of approximately $0.8 million were granted to the members of the Company’s Board of Directors, executive officers and consultants
of the Company. Options have a term of 10 years from the grant date. These option vest as follows: (i) Board of Director and
consultant options vested 50% at grant and the remaining vest at one-year anniversary of date of grant, and (ii) executive officer
option grants vest 50% at 6 months from date of grant and at one-year anniversary of grant date.

During
the three months ended March 31, 2025, there were no grants of stock options.

The
following is option activity during the three months ended March 31, 2025 and 2024.

 Schedule
of option activity

    Number of Shares  
    Weighted Average Exercise Price Per Share  
    Weighted Average Remaining Contractual Life (Years)  
    Aggregate Intrinsic
                                                                                Value 
  
    Outstanding as December 31, 2023 
     1,215,001  
    $5.29  
     8.7  
    $         - 
  
    Options granted 
     725,000  
    $1.20  
     -  
    $- 
  
    Forfeitures 
     (151,667) 
    $5.0  
     -  
    $- 
  
    Outstanding as March 31, 2024 
     1,788,334  
     4.07  
        
    $- 
  
    Outstanding as December 31, 2024 
     4,235