Summary by Moomoo AI
MIRA Pharmaceuticals reported financial results for Q2 2024, ending June 30. The company recorded a net loss of $1.69 million, or $0.11 per share, compared to $1.27 million, or $0.10 per share, in Q2 2023. Research and development expenses increased to $0.6 million from $0.3 million year-over-year, primarily due to initial payments for Ketamir pre-clinical research projects.General and administrative expenses rose slightly to $1.1 million from $1.0 million in Q2 2023. The company reported $2.8 million in cash as of June 30, 2024, down from $4.6 million at the end of 2023. MIRA expects current funds to support operations through Q4 2024, with access to a $3 million related-party loan facility.MIRA is advancing two neuroscience programs: Ketamir-2 for depression and MIRA-55 for neuropathic pain and cognitive decline. The company entered an At The Market offering agreement on August 12, allowing for up to $19.27 million in potential stock sales. Management noted that additional financing will be required to fund ongoing operations and clinical development beyond Q4 2024.
