Company: TELO
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-023970
Chunk: 21

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 21
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research organizations and consultants, who conduct research and development activities on behalf of the Company. Patent-related costs,
including registration costs, documentation costs and other legal fees associated with the application, are expensed in the period in
which they are incurred.

Stock-based
compensation

The
Company accounts for stock-based compensation under the provisions of FASB ASC 718, “Compensation - Stock Compensation”,
which requires the measurement and recognition of compensation expense for all stock-based awards made to employees, directors and consultants
based on estimated fair values on the grant date. The Company estimates the fair value of stock-based awards on the date of grant using
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 six months ended June 30,
2025 compared to the three and six months ended June 30,
2024

Research
and Development Expenses. During the three months ended June 30, 2025, we incurred $0.04 million
in research and development expenses, and incurred $0.6 million in research and development expenses during the three months ended June
30, 2024. The main driver in the decrease year over year relates to receipt of a credit during the second quarter of 2024 from
Frontage Laboratories in connection with a study we performed during that period.

During
the six months ended June 30, 2025, we incurred $0.4 million in research and development expenses, and incurred $1.4 million in research
and development expenses during the six months ended June 30, 2024. The
main driver in the decrease year over year relates to a credit during the second quarter of 2024 from Frontage Laboratories in connection
with a study we performed during that period. Additionally, the Company incurred costs during that period in 2024 in connection with
certain pharmaceutical manufacturing activities and studies 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.

15

Our
operating expenses have historically been the costs associated with our initial investment in pre-clinical research and development activities.