Telomir Pharmaceuticals, Inc. reported a net loss of $16.5 million for the fiscal year ending December 31, 2024, compared to a loss of $13.1 million in the previous year. The company did not generate any revenue during this period, maintaining its status as a pre-clinical-stage pharmaceutical firm focused on developing Telomir-1, a small molecule designed to regulate metal ions and potentially combat age-related diseases. Total operating costs surged to $12.2 million in 2024, up from $3.9 million in 2023, primarily driven by a significant increase in general and administrative expenses, which rose to $9.6 million from $0.6 million.
The substantial rise in general and administrative expenses was attributed to stock compensation expenses related to new options granted, payroll expenses due to an increase in headcount following the company's IPO, and legal costs associated with the IPO process. Research and development expenses also increased to $2.2 million in 2024 from $1.6 million in 2023, reflecting the expansion of pre-clinical programs. The company incurred $4.4 million in interest expenses in 2024, a notable increase from the previous year, which had no interest expenses recorded.
Strategically, Telomir Pharmaceuticals has made significant moves, including a reverse stock split effective December 11, 2023, and the completion of its IPO on February 9, 2024. The company has also entered into financing agreements, including a $5 million unsecured promissory note with Starwood Trust and a similar agreement with Bay Shore Trust, both of which are tied to the company's founder. These financing arrangements are crucial as the company anticipates needing additional capital to fund ongoing research and development activities.
Operationally, Telomir Pharmaceuticals is in the pre-clinical stage, focusing on various therapeutic applications for Telomir-1, including age-related conditions and metabolic disorders. The company is currently conducting studies to evaluate the drug's efficacy in animal models, with plans to submit an Investigational New Drug (IND) application to the FDA by the fourth quarter of 2025. As of December 31, 2024, the company had cash and cash equivalents of approximately $1.3 million, which it expects to be sufficient to fund operations through mid-2025, although there are concerns about its ability to continue as a going concern without additional financing.
Looking ahead, Telomir Pharmaceuticals aims to advance its clinical development programs while addressing the significant financial and operational challenges it faces. The company is focused on securing additional funding to support its research initiatives and is exploring opportunities to expand its product pipeline. The market potential for Telomir-1 is substantial, given the increasing demand for innovative therapies targeting age-related diseases, but the company acknowledges the inherent risks and uncertainties associated with drug development and regulatory approval processes.
About Telomir Pharmaceuticals, Inc.
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