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MIRA Pharmaceuticals, Inc. has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $7.9 million for the year, compared to a net loss of $12.0 million in the previous year. The decrease in net loss is attributed to a reduction in general and administrative expenses and related party travel costs.
Research and development expenses increased to $3.3 million from $1.6 million in the previous year, primarily due to pre-IND submission work and toxicology studies.
MIRA Pharmaceuticals is advancing two drug candidates, Ketamir-2 and MIRA-55, targeting neurologic and neuropsychiatric disorders. Ketamir-2 is in a Phase I clinical trial for diabetic neuropathy, while MIRA-55 is in preclinical studies for cognitive function enhancement.
The company has secured a binding letter of intent to acquire SKNY Pharmaceuticals Inc., which will bring SKNY-1, a drug candidate for weight loss and smoking cessation, into MIRA's pipeline.
MIRA Pharmaceuticals has a working capital of $2.8 million as of December 31, 2024. The company plans to secure additional capital through equity offerings and strategic transactions to fund its operations beyond the third quarter of 2025.
The U.S. Drug Enforcement Administration has determined that neither Ketamir-2 nor MIRA-55 will be classified as controlled substances, enhancing their commercial viability.
The company acknowledges its dependence on positive operating results and potential financing to meet future obligations. It plans to begin Phase I clinical trials for Ketamir-2 in Israel in the first quarter of 2025.
MIRA Pharmaceuticals' executive compensation plan includes a target bonus for its CEO, Erez Aminov, based on clinical milestones, strategic partnerships, and capital raise achievements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MIRA Pharmaceuticals Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.