Telomir Pharmaceuticals, Inc. reported significant financial changes in its 10-Q filing for the period ending September 30, 2024. The company’s total current assets surged to $1,041,985 from $435,225 as of December 31, 2023. However, total assets decreased sharply from $4,773,768 to $1,041,985 during the same period. Current liabilities also saw a decline, dropping from $1,335,564 to $599,911. The additional paid-in capital increased notably from $17,502,346 to $28,140,559, while the accumulated deficit expanded from $(14,064,142) to $(27,698,485). Total stockholders’ equity fell from $3,438,204 to $442,074.

In terms of expenses, general and administrative costs for the three months ended September 30, 2024, rose dramatically to $5,378,744 from $102,191 in the same period of 2023. Research and development expenses also increased to $627,434 from $262,562. Consequently, total operating costs for the three months reached $6,006,178, up from $954,153 year-over-year. The net loss for the quarter was $(5,990,733), compared to $(1,711,326) in the prior year, resulting in a basic and diluted loss per share of $(0.20), up from $(0.06).

For the nine months ended September 30, 2024, the net loss was $(13,634,343), significantly higher than $(3,744,649) for the same period in 2023. General and administrative expenses for this nine-month period totaled $6,999,981, compared to $204,902 in 2023, largely due to stock-based compensation expenses of $4,805,240. Research and development expenses increased to $1,966,258 from $1,370,522.

The company’s cash position improved, with cash at the end of the period reported at $834,638, compared to $2,452 a year earlier. However, Telomir continues to face substantial doubt regarding its ability to continue as a going concern, as it has insufficient cash to support operations for at least the next 12 months. The company secured a $5 million line of credit from Starwood Trust during the nine months ended September 30, 2024, and generated $5,832,973 from the sale of common stock.

Strategically, Telomir has focused on the development of TELOMIR-1, a small molecule aimed at promoting longevity. The company anticipates filing an Investigational New Drug (IND) application with the FDA in the second half of 2025 and has entered into exclusive licensing agreements for TELOMIR-1 with related parties. The company has also transitioned to a virtual office model as of September 2024, ceasing participation in shared management arrangements.