Financial Performance - For the six months ended June 30, 2024, the company incurred net losses of $7.6 million, compared to $2.0 million for the same period in 2023, representing a 280% increase in losses [45]. - The company expects to incur additional losses until significant revenue generation occurs, which is not anticipated in the near future [60]. Expenses - Research and development expenses for the six months ended June 30, 2024, were $1.4 million, up from $1.1 million in the same period of 2023, indicating a 27% increase [50]. - General and administrative expenses rose significantly to $1.6 million for the six months ended June 30, 2024, compared to $0.1 million in the same period of 2023, reflecting a 1500% increase [51]. - Interest expenses surged to $4.3 million for the six months ended June 30, 2024, from $0.1 million in the same period of 2023, marking a 4200% increase [52]. - The company expects research and development expenses to remain consistent with 2024 levels as it advances TELOMIR-1 through clinical trials [50]. Cash Position and Financing - The company had cash and cash equivalents of approximately $1.9 million as of June 30, 2024, with an accumulated deficit of approximately $21.7 million [60]. - Financing activities provided $5.3 million of cash for the six months ended June 30, 2024, primarily from $5.8 million in proceeds from the sale of common stock [64]. - The company plans to conduct a capital raise in the near future to assist in financing working capital needs [56]. - The total amount advanced by MIRALOGX to the company was $1.7 million, which was converted into 837,841 shares of common stock at a conversion rate of $2.05 per share [59].
Telomir Pharmaceuticals(TELO) - 2024 Q2 - Quarterly Report