Company: TELO
Filing Date: 2025-11-28
Form Type: PRER14A
Source: 0001493152-25-025406
Chunk: 58

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-28
Form: PRER14A
Chunk 58
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.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 21.5% (EU average 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 TELI’s value is $126.8 million. Moore determined that TELO’s value is $101.1 million based on a similar review of TELO’s available markets.

Review of Available Markets for TELO

In its analysis, Moore based the potential of Telomir-1 on the total available market of its potential users for each of its two indications in the USA, Canada and Mexico (North America) markets from 2025 until 2045. For dry AMD, both in early and late stages, the potential market sizes are 670,670,000 and 73,723,000 respectively. The estimations of the Breast Cancer population are based on the incidence rates of Stages I - III breast cancer (as Telomir-1 is expected to only treat these stages) in the North American female population from 2025 until 2045, which amounted to 7,805,000.

Moore then determined the market share of each indication, and the estimated revenue earned from each indication, assuming the list price of similar drugs in the European market. For breast cancer, Moore based the analysis on the current list prices of treatments that are close to actual treatments used nowadays. The chosen benchmark used for the price of the AMD treatment is based on two existing drugs that were recently approved by the FDA for the treatment