MIRA Pharmaceuticals reported financial results for Q3 2024, with a net loss of $5.5 million for the nine months ended September 30, 2024, compared to $6.2 million in the same period of 2023. The company ended the quarter with $4.1 million in cash, down from $4.6 million at the end of 2023. Research and development expenses increased to $2.4 million from $1.2 million year-over-year, primarily due to pre-clinical research projects.The company made significant progress with its drug development programs, including MIRA-55, its novel oral pharmaceutical marijuana molecule being studied for neuropathic pain, anxiety and cognitive decline. In early 2024, MIRA discovered an improved version of its patented molecule during manufacturing scale-up, leading to the filing of a provisional patent for MIRA-55 which showed enhanced potency and potential efficacy...Show More

MIRA Pharmaceuticals reported financial results for Q3 2024, with a net loss of $5.5 million for the nine months ended September 30, 2024, compared to $6.2 million in the same period of 2023. The company ended the quarter with $4.1 million in cash, down from $4.6 million at the end of 2023. Research and development expenses increased to $2.4 million from $1.2 million year-over-year, primarily due to pre-clinical research projects.The company made significant progress with its drug development programs, including MIRA-55, its novel oral pharmaceutical marijuana molecule being studied for neuropathic pain, anxiety and cognitive decline. In early 2024, MIRA discovered an improved version of its patented molecule during manufacturing scale-up, leading to the filing of a provisional patent for MIRA-55 which showed enhanced potency and potential efficacy in pre-clinical analyses.Management expects current cash reserves to fund operations through Q4 2025, supported by an ATM equity program established in August 2024 that allows for up to $75 million in stock sales. The company has already raised $3.1 million through this program by selling 1.48 million shares at an average price of $1.61. However, management noted substantial doubt about the company's ability to continue as a going concern beyond 12 months without additional funding.