Summary by Futu AI
MIRA Pharmaceuticals reported a net loss of $1.7 million for Q2 2024, with total operating costs of $1.7 million. Research and development expenses increased to $0.6 million, primarily for pre-clinical research of Ketamir-2, while general and administrative expenses reached $1.1 million. The company ended the quarter with $2.8 million in cash.The company is advancing two key neuroscience programs - Ketamir-2, an oral ketamine analog targeting treatment-resistant depression, and MIRA-55, a novel pharmaceutical marijuana molecule being studied for neuropathic pain and early-stage dementia symptoms. Both compounds have received favorable DEA reviews confirming they would not be considered controlled substances.Management expects current funding to support operations through Q4 2024 but requires additional financing for continued development. The company has implemented enhanced internal controls and entered an At The Market Offering Agreement on August 12, 2024, allowing for potential sales of up to $19.3 million in common stock. However, substantial doubt exists about the company's ability to continue as a going concern beyond 12 months.
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