Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 148

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1B
Chunk 148
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 million. We currently expect that our cash and cash equivalents be sufficient
to fund our operations, development plans, and capital expenditures through at least the third quarter of 2025.

We
did not have any material non-cancellable contractual obligations as of December 31, 2024.

61

Cash
Flows

The
following table provides information regarding our cash flows for the periods presented:

    Year
    ended December 31, 

    2024  
    2023 
  
    Net
    cash provided by (used in): 

    Operating
    activities 
    $(5,560,606) 
    $(4,532,403)
  
    Financing
    activities 
     3,790,971  
     8,783,991 
  
    Net
    change in cash 
    $(1,769,635) 
    $4,251,588 

Net
Cash Used in Operating Activities

The
cash used in operating activities resulted primarily from our net losses, stock-based compensation expense and changes in components
of accounts payable and accrued liabilities.

For
the year ended December 31, 2024, operating activities used $5.6 million of cash, primarily due to a net loss of $7.9 million, offset
by $1.9 million in stock-based compensation expense, and a $0.4 million change in accounts payable, accrued and prepaid expenses. Accounts
payable, accrued and prepaid expenses was primarily composed of research and development payables, consultant costs, insurance costs
and investor relations expenses.

For
the year ended December 31, 2023, operating activities used $4.5 million of cash, primarily due to a net loss of $12 million, a $0.6
million change in accounts payable, accrued and prepaid expenses, offset by $2.5 million in stock-based compensation expense, $0.7 million
in amortization of debt issuance costs, $3.5 million of interest expense, and $1.1 million of repayments under related party line of
credit. Interest income (expense), net was primarily composed of debt issuance costs, offset by interest income.
Accounts payable, accrued and prepaid expenses was primarily composed of research and development payables, consultant costs, insurance
costs and investor relations expenses.

Net
Cash Provided by Financing Activities

For
the year ended December 31, 2024, financing activities provided $3.8 million of cash, resulting