NASDAQ:MIRA
READ THE FULL MIRA RESEARCH REPORT
MIRA Pharmaceuticals (NASDAQ:MIRA) is a preclinical-stage pharmaceutical company focused on the development and commercialization of a new molecular synthetic cannabinoid analog for the treatment of adult patients with neuropathic pain as well as anxiety and cognitive decline typically associated with early-stage dementia. The company also acquired the rights to Ketamir, which, in layman’s terms, is a potential derivative of the antidepressant ketamine that has shown indications of having fewer side effects, working more rapidly, and having the opportunity to impact millions of patients that have not responded to other, existing treatments. We have written about the exciting preclinical results for Ketamir-2, the company’s novel oral ketamine analog, and the company just released further study results that, in our view, boost the potential for the treatment.
The company released its 3Q2024 results that were quite remarkable for a preclinical company. The company showed over $4 million in cash, while also limited liabilities. This above average balance sheet helps the company be better able to pursue the important goal of getting the treatments described below through the testing process. High potential isn’t much good without a solid plan and good leadership and so far that’s what we’re seeing in MIRA.
As previously discussed, Ketamir-2 is under investigation for its potential in treating neurological and neuropsychiatric disorders, including depression, treatment-resistant depression (TRD), and post-traumatic stress disorder (PTSD). We were pleased to see the company’s announcement several weeks ago to focus its attention on neuropathic pain to begin with, which we believe will allow for a quicker and more efficient approval process.
Supporting that belief is the announcement by MIRA that a preclinical study, which was conducted using a nerve ligation-induced neuropathy model in female rats, showed that low doses of Ketamir-2 provided “significant pain relief” by day 15. Even more encouraging for the potential approval and commercialization of the drug was the announcement that by day 22 of the study, Ketamir-2 provided up to 112% and 70% greater relief than two leading neuropathic pain relief drugs—Pregabalin and Gabapentin, respectively. Sales of these two approved treatments are expected, according to research cited by the company, to reach a combined $7 billion in annual sales by 2033.
As a reminder, the existing treatments also have side effects such as drowsiness, dizziness, cognitive impairment, and weight gain, along with the potential for misuse and withdrawal upon discontinuation.
In previous tests, Ketamir-2 has shown none of these side effects and is a non-opioid and has no known risk of dependence.
Finally, the company announced is actively preparing to launch preclinical trials for post-traumatic stress disorder (PTSD) and is actively pursuing government grants for PTSD and other indications, which, according to company management, is an attempt to capitalize on the increased public focus and funding initiatives aimed at mental health treatment.
We remain extremely positive on MIRA, and these announcements are yet further confirmation that the potential for MIRA’s treatments is large and growing. The company has two potential groundbreaking therapies and is rightly focusing on the one with the potential to get to market the fastest—Ketamir-2, but also continuing to advance MIRA-55, which we have written extensively about, in the background. We urge investors to look at MIRA and suggest those with a modestly higher risk tolerance consider investing before MIRA announces more positive results or collaborations the stock really starts to move higher.
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