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Income taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income taxes | Note 8. Income taxes The Company elected to prospectively adopt the guidance in ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The following table reconciles the U.S. federal statutory income tax rate of 21% to the Company’s effective income tax rate for the years ended December 31, 2025 and 2024 in accordance with the guidance in ASU No. 2023-09: The following table reconcile the U.S. Federal statutory income tax rate to the Company’s effective income tax rate for years ended December 31, 2025 and 2024: Schedule of Reconciliation of Effective Income Tax Rate
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
|  | Year ended December 31, |
|  | 2025 |  |  | 2024 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Components of loss before provision for income taxes |  | $ | 10,442,485 |  |  |  | — |  |  | $ | 7,852,659 |  |  |  | — |
Provision for income taxes at U.S. federal statutory rate |  | $ | (2,192,922 | ) |  |  | 21.00 | % |  | $ | (1,649,058 | ) |  |  | 21.00 | %
State and local income taxes, net of federal benefit |  |  | 1,182,487 |  |  |  | (11.32 | )% |  |  | (341,591 | ) |  |  | 4.35 | )%
Change in Valuation Allowance |  |  | 981,605 |  |  |  | (9.50 | )% |  |  | 3,311,262 |  |  |  | (42.17 | )%
Other permanent items |  |  | 11,880 |  |  |  | (0.02 | )% |  |  | (1,320,613 | ) |  |  | 16.82 | %
Other adjustments |  |  | 16,950 |  |  |  | (0.16 | )% |  |  | — |  |  |  | — | %
Total tax provision and effective tax rate |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
The significant components of the Company’s net deferred tax assets are as follows: Schedule of Deferred Tax Assets and Liabilities
|  | 2025 |  |  | 2024 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets |  |  |  |  |  |  |  |
Net operating loss carry-forward |  | $ | 5,108,580 |  |  | $ | 4,555,400 |
Section 174 Qualified Research Expenditures |  |  | 1,729,805 |  |  |  | 1,232,033 |
Stock compensation |  |  | 2,696,830 |  |  |  | 1,099,090 |
R&D Credit |  |  | 54,092 |  |  |  | 38,640 |
Other |  |  | — |  |  |  | — |
Deferred tax assets, Gross |  |  | 9,589,307 |  |  |  | 6,925,163 |
Less: valuation allowance |  |  | (9,589,307 | ) |  |  | (6,925,163 | )
Total net deferred tax asset |  | $ | — |  |  | $ | — |
Beginning in 2022, in accordance with Internal Revenue Code Section 174, Qualified Research Expenditures are capitalized for tax purposes and amortized over a period of five years. Accordingly, for income tax purposes, and as of December 31, 2025 and December 31, 2024, the Company has recorded a deferred tax asset totaling approximately $9.6 million and $6.9 million, respectively, related to the timing difference between GAAP and Tax recognition of these expenditures. The components of the provision for income taxes consist of the following: Schedule of Components of Income Tax Provision
|  | 2025 |  |  | 2024 |
|  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax: |  |  |  |  |  |  |  |
Deferred |  |  | (9,589,307 | ) |  |  | (3,311,252 | )
Change in valuation allowance |  |  | 9,589,307 |  |  |  | 3,311,252 |
Total deferred |  |  | — |  |  |  | — |
Total provision for income taxes |  | $ | — |  |  | $ | — |
ASC Topic 740 requires that a deferred tax amount be reduced by a valuation allowance if, based on the weight of available evidence it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. The Company has recorded a full valuation allowance against its deferred tax assets generated by net operating loss carryforwards as it has determined that such amounts may not be recognizable, given the historical losses of the Company to date. As of December 31, 2025, the Company has a cumulative federal net operating loss carryforward of approximately $20.1 million. The net operating loss carryforwards have no expiration date. MIRA PHARMACEUTICALS, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2025 AND 2024

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