MIRA Pharmaceuticals(US:MIRA)2025-08-14 20:31Financial Performance - MIRA Pharmaceuticals incurred a net loss of $3.3 million for the six months ended June 30, 2025, compared to a net loss of $3.4 million for the same period in 2024[102]. - The company reported a decrease in research and development expenses, incurring $0.5 million for Q2 2025 compared to $0.6 million in Q2 2024, primarily due to reduced costs for MIRA-55[89]. - General and administrative expenses for the six months ended June 30, 2025, were $2.5 million, an increase from $2.1 million in the same period in 2024, mainly due to higher stock-based compensation[92]. - As of June 30, 2025, MIRA Pharmaceuticals had net cash flows from operating activities of $(2.4) million, compared to $(1.9) million for the same period in 2024[100]. - The company generated $0.3 million from financing activities for the six months ended June 30, 2025, compared to $0.1 million in the same period in 2024[104]. Compliance and Regulatory Issues - MIRA Pharmaceuticals has received a notice from Nasdaq regarding non-compliance with the minimum stockholders' equity requirement of $2.5 million[105]. - The Company is at risk of delisting from the Nasdaq Capital Market if it fails to maintain compliance with listing requirements, which could adversely affect liquidity and market price[110]. Strategic Initiatives - The company plans to close a strategic merger with SKNY Pharmaceuticals, expected to add approximately $5 million in cash or assets to its balance sheet[107]. - The Company sold a total of 1,540,741 shares of common stock at an average price of $1.2981 per share, generating approximately $2.0 million in gross proceeds[109]. - The company has approximately $6.6 million in available capital through its at-the-market (ATM) offering facility to strengthen its stockholders' equity position[107]. Clinical Development - MIRA Pharmaceuticals, Inc. is advancing two neuroscience programs, with Ketamir-2 currently in a Phase 1 clinical trial and a Phase IIa trial anticipated to begin by the end of 2025[82]. - MIRA Pharmaceuticals anticipates beginning a Phase IIa clinical trial in neuropathic pain by the end of 2025, advancing the development of Ketamir-2[82]. Internal Controls - As of June 30, 2025, the Certifying Officers concluded that the Company's disclosure controls and procedures were effective[114]. - There were no changes in internal control over financial reporting during the second quarter of 2025 that materially affected the internal control[116]. Intellectual Property - The Company anticipates significant financial and managerial resources will be expended in the defense of its intellectual property rights in the future[119].