The company remains pre-revenue with consistent quarterly operating losses, including a $5.8 million loss in 2025Q4, while non-cash stock-based compensation of $4.9 million in the same period obscures the underlying operational burn.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - |
| Operating Expenses | 9.79M | 10.49M | 8.02M | 8.53M | 7.05M | 2.15M | 67.63K |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 7.86M | 8.77M | 4.71M | 6.5M | 2.99M | 770.12K | 52.98K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 1.93M | 1.72M | 3.31M | 1.57M | 2.35M | 684.45K | 14.65K |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 453.55K | 1.7M | 697.6K | 0 |
| Operating Income | -9.79M | -10.49M | -8.02M | -8.53M | -7.05M | -2.15M | -67.63K |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -30.86% | 5.95% | -20.97% | -227.48% | -3082.31% | - |
| EBITDA | -9.79M | -10.49M | -8.02M | -8.53M | 0 | 0 | -67.63K |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -63.91% | -30.86% | 5.95% | - | - | 100% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | -2 | 0 | 7.05M | 2.15M | 0 |
| EBIT | -9.79M | -10.49M | -8.02M | -8.53M | -7.05M | -2.15M | -67.63K |
| Net Interest Income | 122.4K | 98.91K | -165.67K | -3.46M | -10.25K | -24.37K | -364 |
| Interest Income | 122.4K | 98.91K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 165.67K | 3.46M | 10.25K | 24.37K | 364 |
| Other Income/Expense | -17.47K | 50.63K | 165.67K | -3.46M | -10.25K | -24.37K | -364 |
| Pretax Income | -9.81M | -10.44M | -7.85M | -11.98M | -7.06M | -2.18M | -67.99K |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -9.81M | -10.44M | -7.85M | -11.98M | -7.06M | -2.18M | -67.99K |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -23.87% | -32.98% | 34.46% | -69.77% | -224.29% | -3101.12% | - |
| Net Income (Continuing) | -9.81M | -10.44M | -7.85M | -11.98M | -7.06M | -2.18M | -67.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.23 | -1.35 | -0.51 | -0.65 | -0.48 | -0.15 | -0.00 |
| EPS Growth % | -177.02% | -164.71% | 21.54% | -35.42% | -220% | - | - |
| EPS (Basic) | - | -1.35 | -0.51 | -0.65 | -0.48 | -0.15 | -0.00 |
| Diluted Shares Outstanding | 41.94M | 23.69M | 15.44M | 18.57M | 14.75M | 14.75M | 14.75M |
| Basic Shares Outstanding | 41.94M | 23.69M | 15.44M | 18.57M | 14.75M | 14.75M | 14.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Binary clinical trial failure
As reported in financial statements, MIRA's quarterly operating expenses have fluctuated significantly, with G&A costs reaching $5.3 million in 2025Q4, while R&D spending remains inconsistent, suggesting that administrative overhead currently consumes a disproportionate share of the company's limited capital relative to its core clinical development activities.
The lack of a disciplined R&D-to-G&A ratio indicates that the company is struggling to maintain a lean operational profile while navigating the early stages of drug development. Investors should monitor whether future spending shifts toward clinical trial execution or if administrative costs continue to erode the remaining cash runway.
Based on the provided income statement data, MIRA's net losses are frequently impacted by non-cash stock-based compensation, which reached $4.9 million in 2025Q4, effectively masking the underlying cash burn rate and complicating the assessment of true operational efficiency for potential equity investors.
The reliance on equity-based incentives in a pre-revenue environment suggests a strategy to preserve cash, yet it creates significant dilution risks for shareholders. Analysts should adjust for these non-cash items to determine the actual cash depletion rate, which appears to be accelerating as the company approaches critical clinical milestones.
According to historical income statement filings, MIRA operates with a high fixed-cost structure that lacks any revenue offset, resulting in consistent quarterly operating losses that have reached as high as $5.8 million, thereby limiting the company's ability to pivot or scale without immediate external capital injections.
The absence of operating leverage is expected for a clinical-stage entity, but the volatility in quarterly losses suggests a lack of predictable cost control. This structural reality implies that any delay in the MIRA1a development timeline will likely lead to further financial strain and potential liquidity crises.
With only $6.3 million in reported cash reserves, the company's current burn rate appears unsustainable, as evidenced by the significant quarterly losses that consistently exceed $1 million, raising serious questions about the firm's ability to fund its long-term clinical pipeline without substantial and dilutive equity financing.
Short-sellers would likely focus on the widening gap between cash-on-hand and the capital-intensive nature of CNS clinical trials. The market may be underestimating the probability that MIRA will be forced to raise capital at unfavorable valuations, which would significantly impair the potential upside for existing shareholders.
Quick answers to the most common questions about buying MIRA stock.
For fiscal year 2025, MIRA Pharmaceuticals, Inc. (MIRA) reported total revenue of $0.0M.
MIRA Pharmaceuticals, Inc. (MIRA) reported a net loss of $10.4M for the fiscal year ending 2025.