Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 378

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1
Chunk 378
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ification (480) ASC 480, “Distinguishing Liabilities from Equity” and will be measured at fair value,
resulting in an initial fair value of approximately $5.95 million upon issuance of the warrant using Black-Scholes valuation techniques.

Transactions
with MIRALOGX LLC

Since
January 1, 2023, MIRALOGX and The Starwood Trust, a separate Trust established by our founder, have advanced funds on behalf of Bay Shore
Trust to our company in order to fund operating activities. The total amount advanced and outstanding as of November 30, 2023, was $1.7
million. These advances were converted into 837,841 shares of our common stock on November 30, 2023 at a conversion rate of $2.05 per
share (after giving effect to our 1-for-2.05 reverse stock split that occurred on December 11, 2023) pursuant to a conversion agreement
that resulted in a loss of $4.1 million for the year ended December 31, 2023 and a remaining balance as of December 31, 2023 of $0.3
million. As of December 31, 2024, the remaining balances due to Miralogx and Starwood Trust total $0.055 and $0.037 million respectively.

On
August 11, 2023, we entered into the Initial MIRALOGX License Agreement with MIRALOGX, which is an intellectual property development and
holding company established by our founder and the inventor of Telomir-1, Jonnie R. Williams, Sr. See “Business– Intellectual
Property”. MIRALOGX is wholly owned by the Bay Shore Trust, and Mr. Williams does not have voting or dispositive power over the
shares of the Company held by Bay Shore Trust, and Mr. Williams is not an officer or director of the Bay Shore Trust. On November 10,
2023, we entered into an amendment to the Initial MIRALOGX License Agreement, pursuant to which we acquired the license to the non-human
applications of the “Licensed Products. This amendment was reaffirmed by new management on October 18, 2024.

We
were also a party to an Agreement for Shared Lease Costs, dated April 1, 2023, with MIRALOGX and MIRA Pharmaceuticals, Inc., under which
we have agreed to pay our pro rata