WARREN, N.J., Aug. 15, 2024 (GLOBE NEWSWIRE) — Tevogen Bio Holdings Inc. (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech pioneer developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology, has announced financial results for the fiscal quarter ending June 30, 2024, and filed its quarterly report on Form 10-Q with the Securities and Exchange Commission.
Tevogen’s reported $5.1 million net cash used in operating activities and $33.0 million in non-cash expenses for the six months ending June 30, 2024. The key non-cash expense items included $30.5 million in stock-based compensation expenses. The Company reported operating expenses for the three months ending June 30, 2024, of $8.6 million including both cash and non-cash expenses.
As of June 30, 2024, Tevogen reported current assets of $2.4 million. The company also reported it received $2.8 million from Series A-1 Preferred Stock financing during the quarter with $3.0 million expected to be received in the third quarter of 2024. As a result of cash reported as of June 30, 2024, along with the available cash resources from the line of credit facility finalized in June 2024, Tevogen concluded that it has sufficient cash to fund its operations for at least the next 12 months, and therefore no substantial doubt exists about the Company’s ability to continue as a going concern.
In June 2024, Tevogen repurchased all outstanding Series B preferred shares, at a fair value of $3.6 million, which were issued in the first quarter of 2024. The purchase of the shares was in exchange for the release of the holder of the Series B preferred shares from certain liability obligations, but no cash consideration. As of June 30, 2024, there were no shares of Series B outstanding, and no dividends were paid on Series B preferred shares.
Dr. Ryan Saadi, Founder and CEO said “Tevogen’s leadership is focused on advancing our story by leveraging our unique technology platform and unwavering commitment to cost-effective operations. The company will look to sustain progress and expect to deliver value to patients and shareholders alike, now and into the future.”
About Tevogen Bio
Tevogen is a clinical-stage specialty immunotherapy company harnessing CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents and numerous pending patents, two of which are related to artificial intelligence.
Tevogen is driven by a team of experienced industry leaders and scientists with drug development and global product launch experience. Tevogen’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.
