MIRA Pharmaceuticals Reports $7.9 Million Net Loss, Advances Key Drug Candidates

MIRA Pharmaceuticals, Inc. (NASDAQ: MIRA) reported a net loss of $7.9 million for the fiscal year ending December 31, 2024, a decrease from a loss of $12.0 million in the previous year. The company, which specializes in developing treatments for neurologic and neuropsychiatric disorders, has not generated any revenue since its inception. As of December 31, 2024, MIRA had an accumulated deficit of approximately $29.1 million. The decrease in losses is attributed to a reduction in general and administrative expenses, which fell to $4.7 million from $6.5 million in 2023, primarily due to decreased personnel costs and a focus on conserving cash.

In terms of operational developments, MIRA Pharmaceuticals is advancing two key drug candidates: Ketamir-2 and MIRA-55. Ketamir-2, an oral ketamine analog, is currently undergoing a Phase I clinical trial for diabetic neuropathy, while MIRA-55, a novel oral cannabinoid analog, is in preclinical studies targeting cognitive function and neuropsychiatric disorders. The U.S. Drug Enforcement Administration (DEA) has determined that neither compound will be classified as a controlled substance, which is expected to facilitate their clinical development and commercialization.

The company has also made strategic moves to strengthen its financial position, including a binding letter of intent to acquire SKNY Pharmaceuticals, which would introduce a new drug candidate targeting weight loss and smoking cessation into MIRA's pipeline. This acquisition is expected to provide a $5 million capital infusion, further supporting MIRA's growth initiatives. Additionally, MIRA completed an initial public offering in August 2023, raising approximately $8.1 million in net proceeds, which will be utilized to fund ongoing clinical trials and operational expenses.

As of the end of 2024, MIRA Pharmaceuticals had approximately $2.8 million in cash and cash equivalents, which is projected to sustain operations through at least the third quarter of 2025. However, the company has indicated that it will need to secure additional funding to continue its development activities and achieve its business objectives. The management has expressed confidence in its ability to raise capital through various means, including public or private equity offerings and strategic partnerships, although there are no committed agreements at this time.

Looking ahead, MIRA Pharmaceuticals remains focused on advancing its clinical programs and exploring opportunities for additional product candidates. The company acknowledges the inherent risks associated with drug development, including the potential for clinical trial failures and regulatory challenges. Despite these uncertainties, MIRA aims to establish proof of concept for its drug candidates and is actively seeking collaborations to enhance its development capabilities and market reach.