Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 590

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1B
Chunk 590
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 of veterinary, in addition to human, therapeutic treatments and uses (together with the “Initial MIRALOGX License
Agreement, the “MIRALOGX License Agreement”). “Licensed Product” is defined in the agreement as a drug product
containing as an active agent 2,4,6-tris(3,4-dihydro-2H-pyrrol-2-yl) pyridine or a pharmaceutically acceptable salt, ester, or solvate
thereof. The Company also has the right to grant corresponding sublicenses under the licensed patent rights. The MIRALOGX License Agreement
provides for the payment to MIRALOGX of an 8% royalty (payable quarterly) on the Company’s net sales of Licensed Products by the
Company or its sublicensees and on non-royalty bearing milestone revenue. There are no up-front, execution, or milestone payments in
the license agreement. Further, no payments have been made to date under the agreement.

The
term of the license from MIRALOGX will continue through the date of the expiration of the last-to-expire licensed patent or, if later,
the date of the expiration of the last strategic partnership/sublicensing agreement covering the licensed products. The patent rights
are expected to extend through 2043, and additional patent terms may be awarded, including additional patent terms based on the time
taken for regulatory review of drug products.

The
agreement also provides that Telomir may bring suit in its own name to enforce patent rights. MIRALOGX will control the prosecution of
the patent applications for Telomir-1. Telomir is required to be kept informed by

MIRALOGX
of patent prosecution activities and may select identified countries for patent protection. Telomir is to reimburse MIRALOGX for patent
prosecution and maintenance costs.

Note
4. Related party balances and transactions

Due
from related parties- During the year ended December 31, 2023, the Company provided working capital advances to companies under common
control. These advances were due on demand and are non-interest bearing. Amounts due from related parties as of December 31, 2023 were
$0.13 million. In 2024, the company under common control was dissolved and therefore the amount due become uncollectable and was written
off and reflected as credit loss expense, which is included in general and administration