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Telomir Pharmaceuticals(TELO) - 2024 Q3 - Quarterly Report
Telomir PharmaceuticalsTelomir Pharmaceuticals(US:TELO)2024-11-12 21:05

Financial Performance - For the nine months ended September 30, 2024, the company incurred net losses of $13.6 million, compared to $3.7 million for the same period in 2023, representing a significant increase in losses [53][68]. - The company has an accumulated deficit of approximately $27.7 million as of September 30, 2024 [72]. - The company expects to incur additional losses until significant revenue is generated, which is not anticipated in the near future [72]. Expenses - Research and development expenses for the nine months ended September 30, 2024, were $1.9 million, up from $1.4 million in the same period of 2023, primarily related to toxicology studies and pre-clinical research [58]. - General and administrative expenses surged to $7.0 million for the nine months ended September 30, 2024, compared to $0.2 million in the prior year, largely due to increased payroll costs and stock options granted [59]. - Related party travel costs decreased significantly from $1.3 million in the nine months ended September 30, 2023, to $0.4 million in the same period of 2024 [60]. Cash Flow and Financing - The company had cash of approximately $0.8 million as of September 30, 2024, and used approximately $4.5 million in operations during the nine months ended September 30, 2024 [67][72]. - Financing activities provided $5.3 million of cash for the nine months ended September 30, 2024, primarily from proceeds of $5.8 million from the sale of Common Stock [79]. - The company anticipates that its current cash and cash equivalents will not be sufficient to fund operations through the third quarter of 2025 without additional financing [74]. - The company entered into a Promissory Note and Loan Agreement with the Starwood Trust, allowing borrowing of up to $5 million, subject to certain conditions [71]. Regulatory and Reporting - The company is classified as a smaller reporting company and is not required to provide market risk disclosures as per Rule 12b-2 of the Exchange Act [81].