Company: TELO
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010298
Chunk: 64

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 64
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ensed financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally
accepted in the United States (“GAAP”) for interim financial information, the instructions to Quarterly Report on Form 10-Q,
and Regulation S-X. These financial statements do not include all information and notes required by GAAP for annual financial statements.
However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements
included in the Company’s  Form 10-K for the year ended December 31, 2024. In the opinion of management, all adjustments,
consisting of normal recurring adjustments considered necessary for a fair presentation of interim financial information, have been included.
Operating results for the periods presented are not necessarily indicative of expected results for the full year. Additionally, certain
prior period amounts have been reclassified to conform to current period presentation in accompanying unaudited condensed consolidated
financial statements.

Research
and development expense

Research
and development costs are expensed in the period in which they are incurred and include the expenses paid to third parties, such as contract
research organizations and consultants, who conduct research and development activities on behalf of the Company.

Use
of estimates

The
preparation of financial statements in accordance with generally accepted accounting principles in the United States of America requires
the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the
disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the
reporting period. Actual results may differ from such estimates and such differences could be material. Significant estimates during
the reporting periods include stock-based compensation and the deferred tax asset valuation allowance.

Cash and cash equivalents

The
Company considers all highly liquid debt instruments and other short-term investments with maturities of three months or less, when
purchased, to be cash equivalents. The Company maintains cash balances at two financial institutions that are insured by the Federal
Deposit Insurance Corporation (“FDIC”). The Company’s account at these institutions is insured by the FDIC up to
$250,000.
On March 31, 2025, the Company had cash in excess of FDIC limits of approximately $0.2 million.
Any material loss that the Company may experience in the future could have an adverse effect on its ability to pay its operational
expenses or make other payments and may require the Company to move its cash to other high quality financial institutions. The