Mira Pharmaceuticals Reports $1.8 Million Net Loss in Q1 2025, Plans Acquisition of SKNY Pharmaceuticals

Mira Pharmaceuticals, Inc. reported its financial results for the first quarter of 2025, revealing a net loss of approximately $1.8 million, compared to a net loss of $1.7 million for the same period in 2024. The company, which has not generated any revenue during this period, saw its operating costs increase slightly to $1.8 million from $1.77 million year-over-year. General and administrative expenses rose to $1.49 million, up from $1.01 million, primarily due to increased stock-based compensation. Research and development expenses decreased significantly to $314,404 from $762,276, reflecting the transition of its lead product, Ketamir-2, into Phase 1 clinical trials.

As of March 31, 2025, Mira Pharmaceuticals reported total assets of $1.4 million, a substantial decrease from $2.9 million at the end of 2024. The decline in assets was primarily driven by a reduction in cash and cash equivalents, which fell to $1.2 million from $2.8 million. The company’s total liabilities also decreased significantly to $106,173 from $723,349, largely due to a reduction in accounts payable and accrued liabilities. Stockholders' equity dropped to $1.29 million from $2.2 million, reflecting the ongoing losses and increased stock-based compensation.

Strategically, Mira Pharmaceuticals is pursuing growth through the planned acquisition of SKNY Pharmaceuticals, Inc., which was announced via a binding letter of intent on March 19, 2025. This acquisition is expected to infuse $5 million into Mira, enhancing its financial position and expanding its product pipeline with SKNY-1, a drug candidate aimed at weight loss and smoking cessation. The merger is pending shareholder approval and is anticipated to close in the second or third quarter of 2025.

Operationally, the company is focused on advancing its clinical programs, particularly Ketamir-2, which is being developed for various neurological and psychiatric disorders. The Phase 1 clinical trial for Ketamir-2 commenced in early April 2025, with the first subjects enrolled. Additionally, Mira has initiated preclinical studies for a topical formulation of Ketamir-2 aimed at treating inflammatory pain. The company continues to seek additional funding to support its operations and clinical trials, as it has historically operated at a loss and requires external capital to sustain its business.

Looking ahead, Mira Pharmaceuticals acknowledges the challenges it faces, including the need for significant additional funding to continue its operations and clinical development. The company has indicated that it expects to fund its operations through the third quarter of 2025 with its current cash reserves, but it will need to secure further financing to maintain its business and meet its strategic objectives. The company is actively exploring various financing options, including public equity offerings and strategic partnerships, to bolster its financial position and support its ongoing development efforts.