Company: TELO
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010298
Chunk: 79

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 1
Chunk 79
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0.2 million, and legal, accounting, and filing fees of $0.2 million. General and administrative expenses
consist of administrative functions, as well as fees paid for legal, consulting fees and facilities costs not otherwise included in
research and development expenses. Legal costs include general corporate legal fees and license costs. We expect to incur additional
expenses as a result of becoming a public company, including expenses related to compliance with the rules and regulations of the
SEC and Nasdaq, additional insurance, investor relations and other administrative expenses and professional services.

Related
Party Travel Costs. We
did not incur any related party travel costs during the three months ended March 31, 2025. We incurred $0.4 million during the same period
ended March 31, 2024 in connection with the lease of and use of an airplane with an entity under common control. The
Company will not participate in the use of the airplane after March of 2024 and, pursuant to the terms of the agreement, constitutes
no further obligation under the agreement.

Interest
income (expense). We earned $0.01 million in interest income during the three months ended March 31, 2025 relating primarily to money
market interest. We incurred $4.3 million in interest expense during the three months ended March 31, 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