Telomir Pharmaceuticals, Inc. (NASDAQ:TELO), a Florida-based pharmaceutical company with a market capitalization of $134 million, has announced changes to its financial management team. On Monday, the company informed the Securities and Exchange Commission (SEC) of the resignation of its previous independent registered public accounting firm, Cherry Bekaert (EBR:BEKB) LLP, effective December 16, 2024. The firm had been responsible for auditing the company's financial statements for the years ended December 31, 2023, and 2022.
The reports from Cherry Bekaert for the fiscal years mentioned did not contain any adverse opinions or disclaimers but did include an explanatory paragraph regarding Telomir Pharmaceuticals' ability to continue as a going concern.
This concern appears warranted, as InvestingPro data shows the company is not profitable over the last twelve months, with a return on equity of -17.5% and an overall financial health score rated as "Weak." The company disclosed that there had been no disagreements with Cherry Bekaert on accounting principles or practices, financial statement disclosure, or auditing scope or procedures.
However, Cherry Bekaert did identify material weaknesses in the company's internal control over financial reporting for the years 2023 and 2022.
Following the resignation of Cherry Bekaert, Telomir Pharmaceuticals acted swiftly to maintain its financial oversight by engaging Salberg & Company P.A. as its new independent registered public accounting firm on December 18, 2024. The decision to appoint Salberg was recommended by the Audit Committee and approved by the Board of Directors.
Before the engagement, Telomir Pharmaceuticals had not consulted Salberg regarding any accounting principles or transactions, nor had there been any disagreements or reportable events as defined by SEC regulations.
The company has provided Cherry Bekaert with the disclosures made in this SEC filing and has included a letter from Cherry Bekaert in the exhibits, confirming their agreement with the statements made by Telomir Pharmaceuticals. This change in the company’s certifying accountant is part of the routine filings with the SEC and is based on the press release statement issued by the company.
In other recent news, Telomir Pharmaceuticals has secured $1 million in equity funding from The Starwood Trust.
This follows a previously undrawn $5 million non-dilutive credit line from the same trust, demonstrating a vote of confidence in Telomir's long-term growth strategy. The company has also been making significant strides in its research and development efforts. Telomir's experimental molecule, Telomir-1, has shown promising results in preclinical studies, demonstrating efficacy in reversing key indicators of Type 2 diabetes, and showing potential to reverse aging.
These findings were supported by improved Homeostatic Model Assessment of Insulin Resistance (HOMA-IR) values, a measure of insulin sensitivity. Telomir has also made key executive appointments, including Dr. Itzchak Angel as Chief Scientific Advisor and Michelle Yanez as Chief Financial Officer. These appointments are expected to drive the company's strategic growth and financial oversight.
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