Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 679

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 2
Chunk 679
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542) 
     (1,643,049 
  
    Loss
    on extinguishment of debt 
     -  
     (7,486,767 
  
    Net
    loss attributable to common stockholders 
    $(16,532,716) 
    $(13,071,864)

General
and Administrative Expenses. We incurred general and administrative expenses of $9.6 million and $0.6 million during the years
ended December 31, 2024 and 2023, respectively. General and administrative expenses consisted of stock compensation expense of $6.7 million for new options granted in 2024,
payroll expense of $1.2 million which increased compared to 2023 due to more employees after
the IPO, accounting and legal expenses of $0.6 million relating to the IPO in 2024, and office and rent expenses of $1.1 million.

Related
Party Travel Costs. We incurred $0.4 million and $1.8 million in related party travel costs during the years ended December 31,
2024 and December 31, 2023 respectively. Related party travel costs consisted of a shared lease and use of an airplane with an entity
under common control. The related party travel costs are due to CRO and vendor site visits, plus IPO related efforts for the year ended
December 31, 2023. We ceased using the airplane after March 2024 and our obligations related to this lease terminated shortly thereafter.

Research
and Development Expenses. We incurred research and development expenses of $2.2 million and $1.6 million during the years ended
December 31, 2024 and 2023, respectively. The increase in research and development expenses during 2024 compared to 2023 is due to the
expansion of pre-clinical programs during 2024.

Major
components of research and development expenses during 2024 is as follows:

    R&D
    Category 
    Expense

    Toxicology 
     $1.5
                                            million 
  
    Pre-clinical research 
     $0.3
                                            million 
  
    R&D consultants 
     $0.4
                                            million 

Interest
expense. We incurred $4.4 million in interest expense during the year ended December 31, 2024 in contrast to incurring none
for the year ended December 31, 2023. Interest expense during 2024 was composed