Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 826

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 4
Chunk 826
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payroll expense of $1.2 million which increased compared to 2023 due to more employees after
the IPO, accounting and legal expenses of $0.6 million relating to the IPO in 2024, and office and rent expenses of $1.1 million.

Related
Party Travel Costs. We incurred $0.4 million and $1.8 million in related party travel costs during the years ended December 31,
2024 and December 31, 2023 respectively. Related party travel costs consisted of a shared lease and use of an airplane with an entity
under common control. The related party travel costs are due to CRO and vendor site visits, plus IPO related efforts for the year ended
December 31, 2023. We ceased using the airplane after March 2024 and our obligations related to this lease terminated shortly thereafter.

Research
and Development Expenses. We incurred research and development expenses of $2.2 million and $1.6 million during the years ended
December 31, 2024 and 2023, respectively. The increase in research and development expenses during 2024 compared to 2023 is due to the
expansion of pre-clinical programs during 2024.

Major
components of research and development expenses during 2024 is as follows:

    R&D
    Category 
    Expense

    Toxicology 
     $1.5
                                            million 
  
    Pre-clinical research 
     $0.3
                                            million 
  
    R&D consultants 
     $0.4
                                            million 

Interest
expense. We incurred $4.4 million in interest expense during the year ended December 31, 2024 in contrast to incurring none
for the year ended December 31, 2023. Interest expense during 2024 was composed of debt issuance costs related to a line of credit
financing that expired upon the completion of the IPO.

Loss
on extinguishment of debt. Pursuant to a conversion agreement, the following related party debt was converted 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,