Company: TELO
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-023970
Chunk: 10

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Item 1
Chunk 10
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 milestone payments in
the license agreement. Further, no payments have been made to date under the agreement.

The
MIRALOGX License Agreement provides for the payment to MIRALOGX of an 8% royalty (payable quarterly) on the Company’s net sales
of Licensed Products by the Company or its sublicensees and on non-royalty bearing milestone revenue. There are no up-front, execution,
or milestone payments in the license agreement. Further, no payments have been made to date under the agreement.

The
term of the license from MIRALOGX will continue through the date of the expiration of the last-to-expire licensed patent or, if later,
the date 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 transactions:

Due
to related parties- The Company received working capital advances from companies under common control. These advances are due on
demand and are non-interest bearing. 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. No additional activity has occurred as of June 30, 2025, and
$0.1 million remains outstanding.

Starwood
Trust Line of Credit

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 the Starwood Note, the Company has the right to borrow up to an aggregate of $5 million from the Starwood Trust at any time up
until the second anniversary of the note. The Company’s right to borrow funds under the Starwood Note is