Company: MIRA
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010301
Chunk: 27

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 27
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2020, we have financed our operations primarily through an unsecured line of credit with a major shareholder
and an affiliated company, through a private placement of shares of our common stock that occurred during the fourth quarter 2021 and
during 2022, and by the proceeds from our completed initial public offering in August 2023. We intend to finance our clinical development
programs and working capital needs from existing cash, and potentially new sources of debt and equity financing. We may enter into new
licensing and commercial partnership agreements.

Historically,
we have been primarily engaged in developing MIRA-55 and, more recently, have also been focusing on the development of Ketamir-2. During
these activities, we have sustained substantial losses. Our ability to fund ongoing operations and future clinical and clinical trials
required for FDA approval is dependent on our ability to obtain significant additional external funding in the near term. We expect to
be able to fund operations through the fourth quarter of 2025, with the issuance of common stock under our shelf registration statement
described in Note 5 of the accompanying financial statements. We will require additional financing to fund our operations, to continue
and complete clinical and clinical development activities and to commercially develop and ultimately launch our product candidates.
However, and particularly given our early-stage nature and the significant time and capital required to implement our business plan,
there can be no assurance that any fundraising will be achieved on commercially reasonable terms, if at all.

On
August 12, 2024, the Company filed a shelf registration statement on Form S-3 with the SEC. The terms of any offering under the shelf
registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the
SEC prior to completion of any such offering.

We
expect to continue to generate losses in the foreseeable future. Our liquidity needs will be determined largely by the budgeted operational
expenditure incurred in regard to the progression of our product candidates. We do not have sufficient cash and cash equivalents as of
the date of filing this Report to support our operations for at least the 12 months. These conditions raise substantial doubt about our
ability to continue as a going concern through 12 months after the date the financial statements included in this Report are issued.

 16 

To
alleviate the conditions that raise substantial doubt about our ability to continue as a going concern, we plan to secure additional
capital, through public equity offerings under the ATM Agreement and