Company: MIRA
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024077
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Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
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FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

(Unaudited)

Note
1. Description of business and summary of significant accounting policies:

Overview

MIRA
Pharmaceuticals, Inc. (NASDAQ: MIRA) is a clinical-stage pharmaceutical development company advancing two neuroscience programs targeting
neurologic and neuropsychiatric disorders. The company holds exclusive rights in the U.S., Canada, and Mexico for Ketamir-2 and MIRA-55,
two novel drug candidates designed to address unmet medical needs in neuropathic and inflammatory pain, as well as neuropsychiatric and
neurocognitive disorders.

The
U.S. Drug Enforcement Administration (DEA)’s scientific review of Ketamir-2 and MIRA-55 concluded that it would not be considered
a controlled substance or listed chemical under the Controlled Substances Act (CSA) and its governing regulations.

As
used herein, the Company’s Common Stock, par value $0.0001 per share, is referred to as the “Common Stock” and the
Company’s preferred stock, par value $0.0001 per share, is referred to as the “Preferred Stock”.

Operating
updates

Planned
Acquisition of SKNY Pharmaceuticals, Inc.

On
March 19, 2025, we entered into a binding letter of intent (the “LOI”) with SKNY Pharmaceuticals, Inc. (“SKNY”),
a privately held Delaware corporation, to acquire SKNY through a stock-for-stock merger (the “Merger”). SKNY is developing
SKNY-1, a novel oral drug candidate targeting weight loss and smoking cessation—two of the leading causes of preventable death.
If completed, the Merger will expand our development pipeline and therapeutic reach.

Under
the LOI, SKNY agreed to provide a $5 million capital infusion in cash or cash equivalents, strengthening our balance sheet and supporting
ongoing growth initiatives. SKNY holds exclusive rights in the United States, Canada, and Mexico to its drug candidates under license
from Miralogx, a related party of the Company.

The
Merger contemplates that each outstanding share of SKNY common stock will be exchanged for shares of our common stock. The final exchange
ratio will be determined by an independent third-party valuation firm based on the relative values of both companies. Completion of the
Merger is contingent upon that firm concluding that SKNY’s valuation is at least equal