Company: TELO
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-023970
Chunk: 49

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 8
Chunk 49
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 in interest income during the six months ended June 30, 2025 relating primarily to money
market interest. We incurred $4.3 million in interest expense during the six months ended June 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 note, provides for prepayment at any time without penalty, and accrues
simple interest at a rate equal 7% per annum. As of June 30, 2025, the Company has not borrowed any amounts under the Starwood Note.

On May 19, 2025, Telomir Pharmaceuticals, Inc. (the “Company”)
entered into an agreement to raise $3 million in equity financing through a direct investment by The Bayshore Trust, an entity affiliated
with the Company’s largest shareholder. The transaction was structured as a straight restricted common stock deal with no warrants.
The Company issued 333,333 restricted shares of its common stock,