Mira Pharmaceuticals, Inc. reported its financial results for the first quarter of 2026, revealing a net loss of $1.15 million, a decrease from a net loss of $1.78 million in the same period of 2025. The company did not generate any revenue during the quarter, consistent with its ongoing status as a clinical-stage pharmaceutical development firm focused on novel therapeutics for neuropathic pain, inflammatory pain, weight management, and addiction-related conditions. Operating costs for the quarter totaled $1.1 million, down from $1.8 million in the prior year, primarily due to a significant reduction in general and administrative expenses, which fell to $578,698 from $1.49 million.
The company's total assets decreased to approximately $9.46 million as of March 31, 2026, down from $11.09 million at the end of 2025. This decline was largely attributed to a reduction in cash and cash equivalents, which stood at $4.82 million, compared to $6.35 million at the end of the previous fiscal year. Total liabilities also decreased significantly to $114,761 from $702,068, reflecting a repayment of related party advances and a reduction in accrued compensation. Stockholders' equity was reported at $9.35 million, down from $10.39 million at the end of 2025, primarily due to the net loss incurred during the quarter.
Strategically, Mira Pharmaceuticals has been advancing its product pipeline, which includes three candidates: Ketamir-2, MIRA-55, and SKNY-1. The company completed the acquisition of SKNY Pharmaceuticals in September 2025, which is expected to enhance its capabilities in developing treatments for metabolic and addiction-related conditions. The company is preparing to initiate a Phase 2a clinical trial for Ketamir-2 in chemotherapy-induced peripheral neuropathy, pending regulatory feedback. The ongoing development of MIRA-55 and SKNY-1 is also progressing, with preclinical studies showing promising results.
Operationally, the company reported a decrease in cash used in operating activities to $1.2 million for the first quarter of 2026, down from $1.63 million in the same period of 2025. The company continues to seek additional funding to support its operations and development activities, as it has not yet generated revenue from its product candidates. Management has indicated that the current cash reserves are expected to sustain operations into at least the first quarter of 2027, but there are substantial doubts about the company's ability to continue as a going concern without securing additional capital.
Looking ahead, Mira Pharmaceuticals is focused on advancing its clinical trials and product development while exploring various financing options to support its operations. The company acknowledges the risks associated with its business model, including the need for significant external funding and the uncertainties inherent in drug development. The management's outlook emphasizes the importance of securing additional capital to continue its operations and achieve its strategic objectives.
About MIRA PHARMACEUTICALS, INC.
MIRA Pharmaceuticals Inc. is a clinical-stage biotech focused on developing novel neuroscience therapies. Its key products include Ketamir-2, an oral ketamine analog for neuropathic pain and depression, and MIRA-55, a cannabinoid-based compound targeting neuroinflammation and cognitive decline. The company operates in North America, emphasizing safety, efficacy, and regulatory compliance to address unmet medical needs in neuropsychiatric and neurological disorders.
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