Financial Performance - For the three months ended March 31, 2024, the company incurred a net loss of $6.3 million, compared to a net loss of $0.5 million for the same period in 2023, representing a significant increase in losses [73]. - The company incurred negative cash flow from operations of approximately $1.9 million for the three months ended March 31, 2024, compared to $0.7 million for the same period in 2023 [87]. Expenses - Research and development expenses for the three months ended March 31, 2024, were $0.8 million, up from $0.4 million in the same period in 2023, indicating a 100% increase as the company advances its product candidate TELOMIR-1 [79]. - General and administrative expenses rose to $0.7 million for the three months ended March 31, 2024, from $0.04 million in the same period in 2023, reflecting a substantial increase of 1,650% [81]. - The company reported $4.3 million in interest expense for the three months ended March 31, 2024, with no such expense recorded in the same period in 2023 [83]. Cash and Financing - As of March 31, 2024, the company had cash and cash equivalents of approximately $3.3 million and an accumulated deficit of approximately $20.3 million [87]. - The company expects that its cash and cash equivalents, along with net proceeds of $5.8 million from its initial public offering, will be sufficient to fund operations through the beginning of the fourth quarter of 2024 [88]. - The company has financed operations primarily through an unsecured line of credit and a $1.0 million private placement of shares at $3.73 per share [84]. - The total amount outstanding under the Bay Shore Note was $1.4 million as of November 30, 2023, which was converted into 674,637 shares of common stock at a conversion rate of $2.05 per share [85]. - Financing activities provided $5.2 million of cash for the three months ended March 31, 2024, primarily from proceeds of $5.8 million from the sale of common stock [95].
Telomir Pharmaceuticals(TELO) - 2024 Q1 - Quarterly Report