Telomir Pharmaceuticals(TELO) - 2025 Q1 - Quarterly Report

Part I. Financial Information This section covers the company's unaudited condensed financial statements and management's discussion and analysis Item 1. Condensed Financial Statements (unaudited) Unaudited condensed financial statements for Telomir Pharmaceuticals, Inc. are presented for Q1 2025 and year-end 2024 - The company is classified as a non-accelerated filer and a smaller reporting company[4] - As of May 14, 2025, there were 29,762,671 shares of registrant common stock issued and outstanding[5] Condensed Balance Sheets This section presents the company's financial position as of March 31, 2025, and December 31, 2024 Condensed Balance Sheets (Unaudited) | Metric | March 31, 2025 | December 31, 2024 | | :-------------------------------- | :------------- | :---------------- | | Cash and cash equivalents | $402,999 | $1,266,131 | | Total current assets | $491,188 | $1,324,005 | | Total assets | $491,188 | $1,324,005 | | Total current liabilities | $652,294 | $680,968 | | Total liabilities | $652,294 | $680,968 | | Total stockholders' equity (deficit) | $(161,106) | $643,037 | Condensed Statements of Operations This section presents the company's financial performance, including revenues and net loss, for Q1 2025 and Q1 2024 Condensed Statements of Operations (Unaudited) | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Revenues | $0 | $0 | | General and administrative expenses | $1,850,786 | $741,541 | | Related party travel costs | $0 | $370,500 | | Research and development expenses | $336,996 | $804,023 | | Total operating costs | $2,187,782 | $1,916,064 | | Interest income (expense), net | $7,954 | $(4,338,543) | | Net loss | $(2,179,828) | $(6,254,607) | | Basic and diluted loss per share | $(0.07) | $(0.23) | | Weighted average common stock shares outstanding | 29,762,671 | 29,276,481 | Condensed Statements of Changes in Stockholders' Equity (Deficit) This section outlines changes in the company's stockholders' equity (deficit) for Q1 2025 and Q1 2024 Condensed Statements of Changes in Stockholders' Equity (Deficit) - Three Months Ended March 31, 2025 (Unaudited) | Item | Three Months Ended March 31, 2025 | | :-------------------------- | :-------------------------------- | | Balances, December 31, 2024 | $643,037 | | Stock based compensation | $1,375,686 | | Net loss | $(2,179,828) | | Balances, March 31, 2025 | $(161,106) | Condensed Statements of Changes in Stockholders' Equity (Deficit) - Three Months Ended March 31, 2024 (Unaudited) | Item | Three Months Ended March 31, 2024 | | :-------------------------------- | :-------------------------------- | | Balances, December 31, 2023 | $3,438,204 | | Issuance of common stock for cash, net | $5,832,973 | | Net loss | $(6,254,607) | | Balances, March 31, 2024 | $3,016,570 | Condensed Statements of Cash Flows This section presents the company's cash flows from operating and financing activities for Q1 2025 and Q1 2024 Condensed Statements of Cash Flows (Unaudited) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Net cash from operating activities | $(863,132) | $(1,939,415) | | Net cash from financing activities | $0 | $5,212,498 | | Net change in cash and cash equivalents | $(863,132) | $3,273,083 | | Cash and cash equivalents, end of period | $402,999 | $3,274,314 | Notes to Condensed Financial Statements (unaudited) This section provides explanatory notes to the unaudited condensed financial statements - The accompanying unaudited condensed financial statements are prepared in accordance with GAAP for interim financial information and Regulation S-X[17] Note 1. Description of business and summary of significant accounting policies This note describes the company's business, Telomir-1, and significant accounting policies - Telomir-1 is a novel oral small molecule metal ion regulator designed to extend telomere caps, maintain cellular balance, and combat oxidative stress, a key driver of aging and disease progression[16] - Telomir-1 may help protect against age-related conditions (Progeria, Wilson's disease, Age-related Macular Degeneration, Type 2 Diabetes, cancer, Alzheimer's disease) and mitigate viral infection severity[16] - Research and development costs are expensed in the period in which they are incurred[18] - As of March 31, 2025, the Company had approximately $0.2 million in cash in excess of FDIC limits[21] - The Company does not expect the adoption of new accounting guidance (ASU 2024-03 and ASU 2023-09) to have a material impact on its consolidated financial statements[29][31] Note 2. Going concern This note discusses the company's financial condition and its ability to continue as a going concern - As of March 31, 2025, the Company had cash of approximately $0.4 million, used approximately $0.9 million in operations, and reported a net loss of $2.2 million for the three months ended March 31, 2025[34] - The Company had a stockholders' deficit and working capital deficit of approximately $0.2 million as of March 31, 2025, compared to stockholders' equity of approximately $0.6 million at December 31, 2024[34] - These factors raise substantial doubt about the Company's ability to continue as a going concern for at least the next 12 months, necessitating significant additional external funding[35][36] Note 3. License agreement, related party This note details the company's exclusive license agreement for Telomir-1 with related party MIRALOGX, LLC - The Company licenses U.S. patent rights for Telomir-1 from MIRALOGX, LLC, an entity established by the Company's founder and sole inventor of Telomir-1[37] - The exclusive perpetual license covers human and animal therapeutic uses, with an 8% royalty on net sales and non-royalty bearing milestone revenue, though no payments have been made to date[39][40] - The patent rights are expected to extend through 2043, with potential for additional patent terms[41] Note 4. Related party transactions This note describes various transactions and agreements between the company and related parties - An amount of $0.1 million in working capital advances from companies under common control remains outstanding as of March 31, 2025[43] - The Company has an unsecured Promissory Note and Loan Agreement with the Starwood Trust (a related party) for up to $5 million at 7% interest, due on September 24, 2026; no amounts have been borrowed as of March 31, 2025[44] - On December 9, 2024, Starwood Trust purchased 142,857 shares of unregistered common stock for $1.0 million[46] [Note 5. Stockholders' equity (deficit)](index