Fri, Aug 16, 8:08 PM (151 days ago)
MIRA Pharmaceuticals, Inc. filed an amendment to its Form 10-Q for the quarter ending June 30, 2024, reflecting ongoing financial challenges. The company reported zero revenue for the quarter, with operating costs rising to $1.73 million, largely due to increased research and development expenses. The net loss attributable to common stockholders was $1.69 million, a slight increase from $1.27 million in the prior year. Cash reserves declined to approximately $2.82 million from $4.60 million at year-end 2023, raising concerns about liquidity and the ability to sustain operations beyond Q4 2024 without additional funding. The company emphasizes its reliance on external financing and related-party loans to support its clinical development efforts for its lead compounds, Ketamir-2 and MIRA-55. There are significant uncertainties regarding regulatory approvals and market acceptance of its products. The filing also mentions the initiation of an At The Market Offering Agreement to raise up to $19.27 million, which may provide necessary capital but carries risks regarding market conditions and investor appetite. Overall, MIRA Pharmaceuticals' financial health remains precarious, with substantial losses anticipated in the near future.