Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 231

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 10
Chunk 231
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 of the expiration of the last strategic partnership/sublicensing agreement covering the licensed products. The patent rights
are expected to extend through 2043, and additional patent terms may be awarded, including additional patent terms based on the time
taken for regulatory review of drug products.

The
agreement also provides that Telomir may bring suit in its own name to enforce patent rights. MIRALOGX will control the prosecution of
the patent applications for Telomir-1. Telomir is required to be kept informed by

MIRALOGX
of patent prosecution activities and may select identified countries for patent protection. Telomir is to reimburse MIRALOGX for patent
prosecution and maintenance costs.

Note
4. Related party balances and transactions

Due
from related parties- During the year ended December 31, 2023, the Company provided working capital advances to companies under common
control. These advances were due on demand and are non-interest bearing. Amounts due from related parties as of December 31, 2023 were
$0.13 million. In 2024, the company under common control was dissolved and therefore the amount due become uncollectable and was written
off and reflected as credit loss expense, which is included in general and administration expenses. As of December 31, 2024, there was no
amount due from related parties.

Due
to related parties- During the years ended December 31, 2024 and December 31, 2023, the Company received working capital
advances from companies under common control. These advances were due on demand and are non-interest bearing. During the year ended
December 31, 2023, advances in the amount of $1.7 million
were converted into 837,841 shares
of our common stock (after giving effect to our 1-for-2.05
reverse stock split that occurred on
December 11, 2023) at a conversion rate of $2.05 per
share resulting in a loss on the conversion of debt of $4.1 million.
Following the conversion, $0.5 million
of advances remained outstanding as of December 31, 2023. During the year ended December 31, 2024, there were advances received by
the Company in the amount of $0.1 million
for payments made regarding studies on behalf of Telomir and repayments made to related parties in the amount of $0.