Company: TELO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021496
Chunk: 75

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 2
Chunk 75
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the Black-Scholes model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the
requisite service periods using the straight-line method. The Company has elected to account for forfeiture of stock-based awards as
they occur.

Results
of Operations

For
the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024

Research
and Development Expenses. During the three months ended September 30, 2025, we incurred $0.8 million in research and development
expenses, and incurred $0.6 million in research and development expenses during the three months ended September 30, 2024. The main driver
in the increase year over year relates to costs incurred in support of our lead investigational therapy, Telomir-1.

During
the nine months ended September 30, 2025, we incurred $1.1 million in research and development expenses, and incurred $1.9 million in
research and development expenses during the nine months ended September 30, 2024. The main driver in the decrease year over year relates
to costs incurred in 2024 with certain pharmaceutical manufacturing activities that were not performed in 2025.

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.

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.

17

General
and Administrative Expenses. We incurred $0.4 million and $5.4 million in general and administrative expenses during the three months
ended September 30, 2025 and 2024, respectively. The decrease is primarily due to stock-based compensation related to grants issued in
2024.

We
incurred $7.3 million and $7.0 million in general and administrative expenses during