MIRA Pharmaceuticals (NASDAQ: MIRA) is a clinical-stage pharmaceutical company developing small-molecule drug candidates targeting neurological and metabolic conditions. The company generates no product revenue. Its activities are funded entirely through equity offerings and related-party financing: in FY2025, MIRA raised approximately $8.2 million from financing activities, including $7.0 million from common stock sales and $0.9 million from stock option exercises. Three drug candidates are in development: Ketamir-2, MIRA-55, and SKNY-1, with the company planning to monetize each at the conclusion of Phase II studies. Total operating costs were $10.5 million in FY2025, comprising $8.8 million in general and administrative expenses and $1.7 million in research and development. Net loss was $10.4 million for FY2025 versus $7.9 million for FY2024. The company's auditor, Salberg & Company P.A., has flagged going-concern doubt as of the filing date of March 31, 2026.

Revenue model

No revenue as of FY2025 or FY2024. The company is pre-commercial and funds operations through equity issuances and financing activities. Monetization of drug candidates is planned at the end of Phase II clinical studies, through potential licensing, alliances, or drug product collaborations.

Products and services

Three drug candidates in development as of the FY2025 10-K: Ketamir-2, MIRA-55, and SKNY-1 (developed under the SKNY subsidiary). All candidates are pre-commercialization and subject to FDA IND and approval processes.

Customers and end markets

No commercial customers as of FY2025. Target end markets include patients, physicians, and third-party payers such as government healthcare programs and insurance companies, contingent on future regulatory approvals and commercialization.

Value-chain role

Early-stage drug developer. Conducts pre-clinical and clinical research, relies on third-party contract manufacturers and research consultants. R&D spend in FY2025 included $1.17 million in research, $0.37 million in R&D consultants, and $0.13 million in toxicology studies.

Geographic exposure

Primarily U.S.-focused operations based on FDA regulatory pathway references. Subject to U.S. Foreign Corrupt Practices Act, suggesting some international operational exposure, though no geographic revenue breakdown is disclosed.

Source: SEC 10-K, filed 2026-03-31

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