Mira Pharmaceuticals, Inc. reported significant financial changes in its 10-Q filing for the quarter ending September 30, 2024. The company experienced a decrease in total current assets, which fell to $4.2 million from $4.9 million at the end of 2023. Cash on hand also declined to $4.1 million, down from $4.6 million. Total assets decreased to $4.3 million, compared to $4.9 million at the end of the previous fiscal year. Conversely, total current liabilities increased to $692,833 from $558,097, contributing to a reduction in total stockholders’ equity, which dropped to $3.6 million from $4.4 million.

For the three months ended September 30, 2024, Mira Pharmaceuticals reported a net loss of $2.0 million, an improvement from a net loss of $3.6 million in the same period of 2023. The basic and diluted loss per share improved to $(0.14) from $(0.26). General and administrative expenses significantly decreased to $1.0 million from $2.1 million, attributed to non-recurring stock-based compensation and IPO-related costs. Total operating costs for the quarter also fell to $2.1 million from $3.2 million.

For the nine months ended September 30, 2024, the net loss was $5.5 million, compared to $6.2 million for the same period in 2023. The company reported net cash flows from operating activities of $(3.8 million), slightly worse than $(3.5 million) in the prior year. Proceeds from the sale of common stock were $3.1 million, down from $7.7 million in 2023, reflecting a decrease in financing activities, which totaled $3.3 million compared to $9.0 million in the previous year.

Mira Pharmaceuticals is focusing on the development of its lead compounds, Ketamir-2 and MIRA-55, both of which are in pre-clinical stages for treating neurologic and neuropsychiatric disorders. The company filed a provisional patent for MIRA-55 in March 2024 and has advanced it as its primary candidate, discontinuing MIRA1a.

The company has also taken steps to address its financial challenges, including entering a loan agreement with MIRALOGX, LLC, allowing it to borrow up to $3.0 million for product development. However, there remains substantial doubt about its ability to continue as a going concern for the next 12 months, as it relies heavily on external funding for ongoing operations and future trials.