Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 224

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 10
Chunk 224
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 1-for-2.05 reverse stock split that occurred on December
11, 2023) were issued. See Note 6 for warrant issuances in connection with the offering.

The
Company converted, pursuant to a conversion agreement, the following related party debt of $3.1 million to common stock (after giving
effect to our 1-for-2.05 reverse stock split that occurred on December 11, 2023) on November 30, 2023: The Bay Shore Line of Credit –
see note 4, balance of $1.4 million into 674,637 shares of our common stock and the MIRALOGX balance of $1.7 million. into 837,841 shares
of our common stock. The conversion of the Bay Shore Line of Credit and MIRALOGX balances resulted in a loss on the debt conversion of
$7,486,767 for the year ended December 31, 2023.

The
Company recorded $0.13 million during the year ended December 31, 2023 for advances made to a related party. These advances were deemed
to be not collectible at December 31, 2024 and charged to operations.

F-7

Telomir
Pharmaceuticals, Inc.

notes
to the financial statements

DECEMBER
31, 2024 and  2023

Note
1. Description of business and summary of significant accounting policies

Overview

Telomir
Pharmaceuticals, Inc. (“Telomir” or the “Company”) was formed in August 2021 and is a Florida incorporated pre-clinical
stage biopharmaceutical company that is developing its licensed product candidate, Telomir-1, a novel small molecule designed to lengthen
the DNA’s protective telomere caps, which are crucial in the aging process. The Company’s goal is to explore the potential
of Telomir-1 starting with ongoing research in animals and then in humans.

Telomeres
are the protective end caps of a chromosome made up of DNA sequences and proteins. As humans age, telomeres shorten, with metal reactivity
accelerating the process, which presents humans and pet animals with an increased chance of contracting a number of degenerative and
age-related diseases. Telomir’s goal is to develop and gain regulatory approval for Telomir-1, proposed to be dosed orally, with
the broader aim of promoting