Company: TELO
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001641172-25-010298
Chunk: 4

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-05-14
Form: 10-Q
Item: Item 8
Chunk 4
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5 AND 2024

(Unaudited)

In
December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This new standard
requires a company to expand its existing income tax disclosures, specifically related to the rate reconciliation and income taxes paid.
The standard will be effective beginning in fiscal year 2025, with early adoption permitted. The new standard is expected to be applied
prospectively, but retrospective application is permitted. We are currently evaluating the impact of ASU 2023-09 on the consolidated
financial statements and related disclosures. The Company does not expect the adoption of this new guidance to have a material impact
on the consolidated financial statements.

Management
has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will
have a significant impact on the Company’s results of operations or financial position.

Note
2. Going concern 

The
accompanying financial statements have been prepared assuming the Company will continue as a going concern which contemplates the realization
of assets and settlement of liabilities and commitments in the normal course of business.

As
of March 31, 2025, the Company had cash of approximately $0.4
million. The Company has used approximately $0.9
million of cash in operations during the three
months ended March 31, 2025, had a net loss of $2.2
million in the three months ended March 31, 2025
and had stockholders’ deficit and a working capital deficit of approximately $0.2
million, versus stockholders’ equity of
approximately $0.6 million
at December 31, 2024.

Historically,
the Company has been primarily engaged in developing Telomir-1. During these activities, the Company sustained substantial losses. The
Company’s ability to fund ongoing operations and future clinical trials required for FDA approval is dependent on the Company’s
ability to obtain significant additional external funding in the near term. Since inception, the Company has financed its operations
through its initial public offering in February 2024, and related party financings-see Note 4. Additional sources of financing will be
required by the Company to continue operations and its Telomir-1 programs. However, there can be no assurance that any fundraising will
be achieved on commercially reasonable terms, if at all.

As
of the date of filing