Company: TELO
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001493152-25-021496
Chunk: 27

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-11-10
Form: 10-Q
Item: Item 1
Chunk 27
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ating expenses have historically been the costs associated with our initial investment in pre-clinical research and development activities.
We expect research and development expenses to increase in the future as we advance Telomir-1 into and through clinical trials and pursue
regulatory approvals, which will require a significant investment in costs of clinical trials, regulatory support, and contract manufacturing.
In addition, we will evaluate opportunities to acquire or in-license additional product candidates and technologies, which may result
in higher research and development expenses due to license fee and/or milestone payments, as well as added clinical development costs.

17

General
and Administrative Expenses. We incurred $0.4 million and $5.4 million in general and administrative expenses during the three months
ended September 30, 2025 and 2024, respectively. The decrease is primarily due to stock-based compensation related to grants issued in
2024.

We
incurred $7.3 million and $7.0 million in general and administrative expenses during the nine months ended September 30, 2025 and 2024,
respectively. The increase is primarily due to executive stock-based compensation.

Related
Party Travel Costs. We did not incur any related party travel costs during the three or nine months ended September 30, 2025. The
Company incurred $0.4 million during the nine-month period ended September 30, 2024 in connection with the lease of and use of an airplane
with an entity under common control. The Company has not participated in the use of the airplane since March 2024 and, pursuant to the
terms of the agreement, bears no further obligation under the agreement.

Interest
income (expense). We earned $0.05 million in interest income during the nine months ended September 30, 2025 relating primarily to
money market interest. We incurred $4.3 million in interest expense during the nine months ended September 30, 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