MIRA Pharmaceuticals Inc. (NASDAQ:MIRA) announced changes in its executive compensation and upcoming shareholder meeting dates in a recent SEC filing. The Florida-based pharmaceutical company disclosed that Michelle Yanez, the Chief Financial Officer (CFO), agreed to a reduced annual base salary from $225,000 to $137,500 as part of an Amended and Restated Employment Agreement effective June 26, 2024.
The new agreement comes after Yanez's appointment as CFO of Telomir Pharmaceuticals, Inc. on June 18, 2024. Despite the salary reduction, Yanez will maintain her role at MIRA Pharmaceuticals and is expected to work a minimum of thirty hours per week. The flexibility in her schedule is to accommodate her responsibilities at Telomir Pharmaceuticals, as well as other companies linked to Bay Shore Trust and its affiliates.
In addition to the executive compensation changes, MIRA Pharmaceuticals set the date for its 2024 Annual Meeting of Shareholders for September 12, 2024. This will be the company's first annual shareholder meeting. Shareholders intending to submit proposals or director nominations for consideration at the Annual Meeting must send them to the company's principal executive offices by July 12, 2024, adhering to the SEC rules and the company's Bylaws.
In other recent news, MIRA Pharmaceuticals has made significant strides in its pre-clinical trials. The U.S. Drug Enforcement Administration (DEA) recently cleared the company's investigational drug, MIRA-55, for further development, removing it from the classification of a controlled substance. This decision is crucial as MIRA-55 is being researched for neuropathic pain, anxiety, and early-stage dementia treatment.
In addition, MIRA Pharmaceuticals is advancing its preclinical studies on Ketamir-2, an oral ketamine analog for severe post-traumatic stress disorder (PTSD), depression, and neuropathic pain. The company is also in advanced discussions with Memorial Sloan Kettering Cancer Center (MSK) to initiate a preclinical study on Ketamir-2 for cancer pain and depression treatment.
These recent developments underscore MIRA Pharmaceuticals' commitment to innovation and improving patient outcomes. The company's progress with Ketamir-2 has been substantial, with pre-clinical studies showing promise for the treatment of major mental health disorders. However, it's important to note that both MIRA-55 and Ketamir-2 are still in early-stage pre-clinical development and have not yet received FDA approval for marketing.
InvestingPro Insights
MIRA Pharmaceuticals Inc. (NASDAQ:MIRA) is navigating challenging financial waters, as reflected in the company's recent strategic moves and the compensation adjustments of its CFO. In light of these developments, InvestingPro insights offer a deeper understanding of the company's current market position. MIRA Pharmaceuticals holds more cash than debt, suggesting a strong balance sheet, yet it is important to note that the company is not profitable over the last twelve months, with a reported operating income of -8.95M USD as of Q1 2024. Moreover, the stock has been under considerable pressure, trading near its 52-week low and experiencing a significant price decline of -91.24% over the last year.
Investors may find solace in the fact that MIRA's liquid assets exceed its short-term obligations, which could provide some financial flexibility in the near term. However, the lack of dividend payouts may be a concern for income-focused shareholders. With the upcoming annual shareholder meeting, those invested in MIRA Pharmaceuticals will likely be keen on understanding the company's strategy to navigate its weak gross profit margins and turn around its performance.
For a more comprehensive analysis and additional InvestingPro Tips, which total 10 for MIRA Pharmaceuticals, investors are encouraged to visit https://www.investing.com/pro/MIRA. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and insights to inform investment decisions.
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