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MIRA Pharmaceuticals, Inc., a Florida-based biopharmaceutical company with a market capitalization of $14.18 million, received a notification from the Nasdaq Listing Qualifications Staff on Monday, stating that the company does not meet the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. As of December 31, 2024, MIRA Pharmaceuticals’ stockholders’ equity stood at $2,199,750, which falls short of the Nasdaq’s minimum requirement of $2.5 million. According to InvestingPro data, the company’s overall financial health score is rated as WEAK, with a score of 1.41 out of 5.
Despite the notice, trading of MIRA’s common stock remains unaffected and will continue on the Nasdaq under the ticker symbol "MIRA," currently trading at $0.86 per share. The company has 45 days, until May 23, 2025, to submit a plan to regain compliance. If Nasdaq finds the plan acceptable, MIRA may be granted an extension of up to 180 days from the notice date to meet the listing requirements.
MIRA Pharmaceuticals is actively working on a compliance plan and is confident in its ability to address the shortfall within the given timeframe. The plan includes the completion of a pending acquisition of SKNY Pharmaceuticals, Inc., which is expected to infuse $5 million in capital, significantly bolstering MIRA’s balance sheet. InvestingPro analysis shows the company maintains a strong current ratio of 3.99, with liquid assets exceeding short-term obligations. Additionally, the company is in talks with strategic investors to further improve its financial position.
The company also highlighted its ongoing clinical developments, including the progression of its Phase 1 trial of Ketamir-2, an oral ketamine analog for neuropathic pain, with the first subject dosed and the trial advancing as planned. Early data suggests potential for a topical formulation of the drug, which could expand its clinical applications. While InvestingPro data indicates the company is not yet profitable, with analysts projecting continued losses this year, MIRA holds more cash than debt on its balance sheet.
MIRA Pharmaceuticals is focusing on its neuroscience pipeline and upcoming regulatory milestones, and is optimistic about the prospects of SKNY-1, a novel therapeutic candidate for obesity and smoking cessation. These efforts are aimed at maintaining its Nasdaq listing and enhancing long-term shareholder value. Based on current market conditions, InvestingPro analysis suggests the stock may be undervalued, though investors should note it trades at a high Price-to-Book ratio of 6.5x.
This information is based on a press release statement from MIRA Pharmaceuticals, Inc.
In other recent news, MIRA Pharmaceuticals has initiated a Phase 1 clinical trial for its oral ketamine analog, Ketamir-2, targeting neuropathic pain. This trial, conducted at Hadassah Medical (TASE:BLWV) Center in Jerusalem, will assess safety and efficacy, with results expected by the end of 2025. Additionally, MIRA Pharmaceuticals announced its intent to acquire SKNY Pharmaceuticals, aiming to integrate SKNY-1, a drug candidate for obesity and smoking cessation, into its pipeline. The acquisition, which involves a stock exchange and a $5 million capital infusion, is subject to regulatory and board approvals. MIRA Pharmaceuticals has also developed a topical formulation of Ketamir-2 for localized pain relief, complementing its oral treatment efforts. Preclinical studies are underway to evaluate this topical treatment’s effectiveness against inflammatory pain. The company plans to start a Phase 2a trial for diabetic neuropathy patients by the end of the year. These developments underscore MIRA Pharmaceuticals’ commitment to expanding its therapeutic offerings in pain management and addressing significant public health challenges.
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