Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 228

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1C
Chunk 228
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 expenses of $0.5 million. The decrease in general and administrative expenses
during 2024 relate primarily to a decrease in personnel in 2024 compared to 2023 and a concerted effort to conserve cash until the shelf
registration statement and at-the-market offering was put into place in August 2024.

Related
Party Travel Costs. We incurred $0.5 million in related party travel costs during the year ended December 31, 2023. There were no
related party travel costs incurred during the year ended December 31, 2024. Related party travel costs consisted of a lease and use
of an airplane with an entity under common control. The airplane lease was terminated in March 2023, and hence, we ceased use of the
airplane and there were no further costs incurred.

Interest
income (expense). We earned $0.2 million, in interest income (expense) net, during the year ended December 31, 2024, which consisted
of income earned from funds in a money market account. We incurred $3.5 million, in interest income (expense) net, during the year ended
December 31, 2023, which consisted of $2.8 million of write-off of unamortized deferred financing costs, $0.7 million of debt issuance
costs, offset by $0.02 million of interest income.

Research
and Development Expenses. During the year ended December 31, 2024, we incurred $3.3 million in research and development expenses,
which were primarily related to pre-IND submission work, consultants and stock compensation. During the year ended December 31, 2023,
we incurred $1.6 million in research and development expenses, which were primarily related to initial payments for toxicology studies,
consultants and stock compensation. The increase in research and development expenses during 2024 are related to the IND enabling studies
and submission. Major components of research and development expenses during the year ended December 31, 2024 are as follows:

    R&D
    Category 
    Expense 
  
    R&D
    consultants 
    $0.53
                                            million 
  
    R&D
    research 
    $0.96
                                            million 
  
    R&D
    toxicology 
    $1.72
                                            million 
  
    R&D
    stock compensation 
    $0.10
                                            million 

Liquidity
and Capital Resources

Since
our