Company: TELO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021496
Chunk: 59

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 8
Chunk 59
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respectively. The increase is primarily due to executive stock-based compensation.

Related
Party Travel Costs. We did not incur any related party travel costs during the three or nine months ended September 30, 2025. The
Company incurred $0.4 million during the nine-month period ended September 30, 2024 in connection with the lease of and use of an airplane
with an entity under common control. The Company has not participated in the use of the airplane since March 2024 and, pursuant to the
terms of the agreement, bears no further obligation under the agreement.

Interest
income (expense). We earned $0.05 million in interest income during the nine months ended September 30, 2025 relating primarily to
money market interest. We incurred $4.3 million in interest expense during the nine months ended September 30, 2024. The 2024 interest
expense consists of the amortization of the deferred financing costs on warrants issued on the related party line of credit that is no
longer open.

Liquidity
and Capital Resources

Sources
of Liquidity

Since
the Company’s inception in August 2021, we have financed our operations primarily through an unsecured line of credit with a major
shareholder and an affiliated company, through a $1.0 million private placement of shares of our common stock that occurred during the
first quarter 2023 at $3.73 per share (after giving effect to our 1-for-2.05 reverse stock split that occurred on December 11, 2023),
and through our IPO that occurred in February 2024. We intend to finance our clinical development programs and working capital needs
from existing cash, and our effective shelf registration statement.

On
September 24, 2024 the Company entered into an unsecured Promissory Note and Loan Agreement (“the Starwood Note”) with the
Starwood Trust, a separate related party trust established by the Company’s founder for the benefit of the founder’s family.
Under the Starwood Note, the Company has the right to borrow up to an aggregate of $5 million from the Starwood Trust at any time up
until the second anniversary of the note. The Company’s right to borrow funds under the Starwood Note is subject to the absence
of a material adverse change in its assets, operations, or prospects. The Starwood Note, together with accrued interest, is to become
due and payable on the second anniversary of the issuance of the