Mira Pharmaceuticals Faces Nasdaq Delisting Concerns

TL;DR

Nasdaq's threatening to kick Mira Pharma off, they're scrambling to fix it.

AI Summary

Mira Pharmaceuticals, Inc. announced on July 12, 2024, that it received a notice from the Nasdaq Stock Market on July 8, 2024, indicating non-compliance with listing rules. The company is currently evaluating its options to regain compliance and maintain its listing.

Why It Matters

This filing signals potential delisting from Nasdaq, which could significantly impact the company's stock liquidity and investor confidence.

Risk Assessment

Risk Level: high — Receiving a delisting notice from a major exchange like Nasdaq presents a significant risk to the company's continued trading and market valuation.

Key Players & Entities

• Mira Pharmaceuticals, Inc. (company) — Registrant
• Nasdaq Stock Market (company) — Exchange issuing delisting notice
• July 12, 2024 (date) — Date of the 8-K filing
• July 8, 2024 (date) — Date of the delisting notice

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share MIRA The Nasdaq
• $1.00 — Company's common stock has fallen below $1.00 per share for 30 consecutive business d

Filing Documents

• form8-k.htm (8-K) — 56KB
• 0001493152-24-027120.txt ( ) — 232KB
• mira-20240712.xsd (EX-101.SCH) — 3KB
• mira-20240712_lab.xml (EX-101.LAB) — 33KB
• mira-20240712_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

01 Other Events

Item 8.01 Other Events Positive Preclinical Findings for MIRA-55 The Company recently achieved additional positive preclinical study findings related to its novel oral pharmaceutical marijuana analog, MIRA-55, which is being studied in anxiety and cognitive decline, often associated with early-stage dementia . As previously disclosed by the Company in a Form 8-K filing on March 7, 2024, in late 2023, the Company, based on discussions with its contract manufacturers, began to suspect that the pharmaceutical marijuana analog compound it believed was being used in its initial preclinical studies (called MIRA1a) was in fact a new molecule with a distinct chemical structure, which the Company named "MIRA-55". This discovery led to the filing by the Company of a global provisional patent application for MIRA-55 in March 2024. At that time, the Company indicated its belief that MIRA-55 displayed enhanced potency and potential for efficacy over MIRA1a, but that a dditional testing was required to confirm the Company's preliminary beliefs. The Company has conducted such additional preclinical testing on MIRA-55 utilizing in vitro testing and a mouse model. The results demonstrate that MIRA-55 offers significant potential advantages over THC, the main psychoactive component of marijuana: Enhanced Efficacy: MIRA-55 shows significantly improved efficacy over THC at both the CB1 and CB2 cannabinoid receptors, with stronger and more sustained activity. Consistent Anxiolytic Effects: MIRA-55 consistently reduces anxiety-like behaviors, outperforming THC in the Open Field and Elevated Plus Maze tests. Stability and Balance: Unlike THC, MIRA-55 maintains efficacy across a broader range of doses without losing effectiveness. Reduced Side Effects: MIRA-55 demonstrated a promising toxicological profile, indicating a potential safer profile for therapeutic use. The Company believes these findings represent a significant advancement in developing treatments for neurologi

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MIRA PHARMACEUTICALS, INC. Date: July 12, 2024 By: /s/ Erez Aminov Erez Aminov Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR