MIRA Pharmaceuticals, Inc. provided updated information regarding the Company?s patented, pre-clinical drug candidate molecule known as ?MIRA1a?. MIRA1a is an oral pharmaceutical marijuana drug candidate under pre-clinical investigation for treating adult patients suffering from anxiety and cognitive decline, often associated with early-stage dementia. In its prior public filings with the Securities and Exchange Commission and other public disclosures, including in the Company?s two Registration Statements on Form S-1, declared effective on August 2, 2023 and December 27, 2023 (File Nos.

333-273024 and 333-276118, respectively) (the ?Registration Statements?), the Company disclosed that it had completed several positive pre-clinical studies of MIRA1a and the results of such studies. The Company owns a registered U.S. patent relating to MIRA1a (the ?MIRA1a Patent?). The Company disclosed in the Registration Statements that Curia Global, a third-party drug manufacturing organization, provided development and production services relating to the manufacturing of batches of MIRA1a used by the Company in connection with the MIRA1a Studies.

In June 2023, the Company began working with Recipharm Israel Ltd. as an alternate third-party drug manufacturing organization. Discovery of New Molecule (MIRA-55): Beginning in late 2023, the Company, based on discussions with its contract manufacturers, began to suspect that the compound used in the MIRA1a Studies was not MIRA1a but rather a new molecule with a distinct chemical structure from MIRA1a. The Company then began a process of confirmatory analyses regarding the discovery of this new molecule and its potential attributes.

The Company now calls this newly discovered molecule ?MIRA-55?. In early February 2024, based in its analyses, the Company concluded that during manufacturing and scale-up process, the intended MIRA1a compound (based on the MIRA1a Patent) was in fact synthesized as MIRA-55. Subsequent to such synthesis, based on certificates of analysis, the Company used the MIRA-55 compound in the MIRA1a Studies, leading to the positive pre-clinical outcomes reported.

Consequently, all previously disclosed pre-clinical testing results, including those in Registration Statements, are attributable to the MIRA-55 compound. Importantly, based on its pre-clinical analyses to date, the Company believes that MIRA-55 is an improvement over MIRA1a in that it displays enhanced potency and potential for efficacy. In early March 2024, the Company filed a provisional patent application for MIRA-55, aiming for global patent protection.

If such patent is issued, the Company would own the patent rights to both MIRA1a and MIRA-55. Additional testing is required to confirm the Company?s preliminary beliefs. However, based on the Company?s discoveries to date, the Company has decided to advance MIRA-55 as its lead compound for its oral pharmaceutical marijuana drug candidate while still retaining its rights to MIRA1a.