Company: TELO
Filing Date: 2025-11-20
Form Type: PREM14A
Source: 0001493152-25-024463
Chunk: 61

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-20
Form: PREM14A
Chunk 61
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28.9%, and Phase III 57.8%. For the Company’s indications development, we used the ophthalmology (AMD) and Oncology (Breast Cancer) success rates from the above table. Also, the success rate in IND application is around 90% According to the rNPV method used in this valuation, all the revenues and expenses in the model are multiplied by the probability of success, for instance, the AMD R&D expenses until Phase II are to be multiplied by the probability of success of the AMD Phase I (64.40%). Another example, Royalties revenue from Breast Cancer must be multiplied by the product of the probability of success of IND, Phase I, Phase II, Phase III and NDA (90.0% * 48.8% * 24.6% * 47.7% * 92.0% = 4.7%).

From the Pre-Tax Income, taxes at a rate of 26.5% (US, Florida company tax rate) were deducted. The net income resulting was then discounted at a rate of 30% and a terminal value rate of 2%.

Based on the above analysis, Moore determined that TELO’s value is $101.1 million based on a similar review of TELO’s available markets.

You should carefully the valuation report of TELI Pharmaceuticals, Inc. attached as Annex B, the valuation report for Telomir Pharmaceuticals Inc. is attached as Annex C, and the fairness opinion for the Merger attached as Annex D of this proxy.

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Determination of Fairness of Exchange Ratio

In order to examine the fairness of the Exchange Ratio proposed in the Merger, Moore calculated the relative values of both companies, and then calculated each party’s relative part from the combined company (which was assumed to be at an aggregate value of TELO and TELI). Moore concluded that the Exchange Ratio is fair, from a financial point of view.

Background of Moore

The compensation paid to Moore for the valuation report and fairness opinion was $15,000. The study was performed by Tzach Kasuto, M.Sc. Mr. Kasuto is a partner at Moore. He has approximately 20 years of experience in consulting and management, including extensive experience in business, strategic and economic consulting. Mr. Kasuto holds a bachelor’s degree in economics and an MBA from Tel Aviv University. His areas of expertise include: company valuation, fairness opinions, common share valuations, purchase price allocations, employee stock