Company: TELO
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010298
Chunk: 28

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 2
Chunk 28
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ology studies, pre-clinical research projects and related
manufacturing for pre-clinical research projects. We incurred $0.8 million in research and development expenses during the three months
ended March 31, 2024, relating to initial payments for toxicology studies and consulting arrangements. Research and development
expenses represent costs incurred to conduct research and development of our product candidate and consist primarily of contracted pre-clinical
research and manufacturing, toxicology, consulting arrangements and other expenses incurred to advance the Company’s research and
development activities. The main driver in the decrease year over year relates to the Company making a focused effort to conserve cash
until additional funding is secured.

Since
inception, we have not earned any revenue, nor do we anticipate doing so until we successfully conclude preclinical and clinical development
and obtain regulatory approval. The timing and certainty of this event remain unknown.

15

Our
operating expenses have historically been the costs associated with our initial investment in pre-clinical research and development activities.
We expect research and development expenses to increase in the future as we advance TELOMIR-1 into and through clinical trials and pursue
regulatory approvals, which will require a significant investment in costs of clinical trials, regulatory support, and contract manufacturing.
In addition, we will evaluate opportunities to acquire or in-license additional product candidates and technologies, which may result
in higher research and development expenses due to license fee and/or milestone payments, as well as added clinical development costs.

General
and Administrative Expenses. We incurred $1.9 million and $0.7 million in general and
administrative expenses during the three months ended March 31, 2025 and 2024, respectively. The increase is primarily due to an
increase in stock compensation expense of $1.4 million related to Company management and employees, insurance costs of $0.1 million,
wage expense of $0.2 million, and legal, accounting, and filing fees of $0.2 million. General and administrative expenses
consist of administrative functions, as well as fees paid for legal, consulting fees and facilities costs not otherwise included in
research and development expenses. Legal costs include general corporate legal fees and license costs. We expect to incur additional
expenses as a result of becoming a public company, including expenses related to compliance with the rules and regulations of the
SEC and Nasdaq, additional insurance, investor relations and other administrative expenses and professional services.

Related
Party Travel Costs. We
did not incur