Liquidity is rapidly deteriorating as cash reserves fell from $6.3 million in 2025Q4 to $4.8 million in 2026Q1, reflecting a persistent negative free cash flow profile that necessitates constant external funding.
| Cash from Operations | -4.23M | -4.66M | -5.56M | -4.53M | -5.6M | -1.38M | -67.99K |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 111.31% | 16.17% | -22.69% | 19.13% | -307.28% | -1923.97% | - |
| Net Income | -9.81M | -10.44M | -7.85M | -11.98M | -7.06M | -2.18M | -67.99K |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 5.44M | 6.31M | 1.92M | 2.55M | 1.3M | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 234.38K | 35.21K | 0 | 5.54M | 10.25K | 24.37K | 0 |
| Working Capital Changes | -96.81K | -567.56K | 371.25K | -639.69K | 146.58K | 776.01K | 0 |
| Change in Receivables | -161.5K | 0 | 11.86K | -11.86K | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -117.44K | -594.15K | 184.78K | -389.52K | 0 | 0 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 7.84M | 8.18M | 3.79M | 8.78M | 3.15M | 4.18M | 71.12K |
| Debt Issued (Net) | 0 | 572.87K | 0 | 1.01M | -160K | 203.06K | 90K |
| Equity Issued (Net) | -3.38K | 7.9M | 3.61M | 7.7M | 2.9M | 4.5M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 7.85M | -292.47K | 182.42K | 74.28K | 402.19K | -520.85K | -18.88K |
| Net Change in Cash | 3.61M | 3.51M | -1.77M | 4.25M | -2.46M | 2.81M | 3.49K |
| Free Cash Flow | -4.23M | -4.66M | -5.56M | -4.53M | -5.6M | -1.38M | -67.99K |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 31.07% | 16.17% | -22.69% | 19.13% | -307.28% | -1924.06% | - |
| FCF per Share | -0.10 | -0.20 | -0.36 | -0.24 | -0.38 | -0.09 | -0.00 |
| FCF Conversion (FCF/Net Income) | 0.43x | 0.45x | 0.71x | 0.38x | 0.79x | 0.63x | 1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial failure
According to quarterly financial disclosures, MIRA's operating cash flow consistently trails net income, with OCF/NI ratios fluctuating between 0.19 and 1.04, suggesting that non-cash items like stock-based compensation significantly distort the company's true cash-generating capacity and obscure the underlying operational burn rate for investors.
The wide variance in the OCF/NI ratio indicates that GAAP net income is a poor proxy for the company's actual liquidity position. Investors should interpret the periodic spikes in this ratio as accounting noise rather than improvements in operational efficiency, as the firm remains entirely pre-revenue.
As reported in recent filings, MIRA's free cash flow remains persistently negative, with quarterly outflows frequently exceeding $1 million, which highlights the company's total dependence on external financing to sustain its clinical development pipeline and general administrative overhead in the absence of any commercial revenue.
The consistent negative FCF trajectory confirms that the company is in a pure cash-consumption phase. Without a clear path to revenue, this trend suggests that the firm's survival is tied strictly to its ability to access capital markets rather than operational performance.
Based on the provided cash flow statements, MIRA exhibits erratic working capital movements, including a notable $721.1K outflow in 2025Q1, which suggests that timing differences in vendor payments and clinical trial accruals are creating unpredictable pressure on the company's already limited $6.3 million cash reserve.
These fluctuations in working capital appear to be a byproduct of the company's reliance on third-party clinical research organizations. Investors should monitor these swings as they directly impact the runway, potentially forcing management to seek dilutive financing sooner than anticipated.
Analysis of the cash flow statement reveals that stock-based compensation, such as the $4.9 million recorded in 2025Q4, serves as a significant non-cash add-back that artificially inflates the reported net income relative to the actual cash used in operating activities, complicating the assessment of true burn.
By isolating the cash-based operating expenses from these non-cash charges, it becomes clear that the company's operational footprint is larger than the headline net loss might suggest. This discrepancy warrants caution, as it may hide the true cost of maintaining the current administrative and research infrastructure.
Quick answers to the most common questions about buying MIRA stock.
MIRA Pharmaceuticals, Inc. (MIRA) generated $-4.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
MIRA Pharmaceuticals, Inc. (MIRA) reported negative free cash flow of $4.7M in 2025, indicating capital requirements exceeded cash from operations.
MIRA Pharmaceuticals, Inc. (MIRA) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.