Tevogen Bio reports $11.3 million in net income, eliminates $94.9 million in liabilities.

From GlobeNewswire: 2024-05-29 08:00:00

Tevogen Bio Holdings Inc. confirms the elimination of $94.9 million in liabilities and discloses $11.3 million in net income, with net cash used for operating activities at $2.1 million. The company reassures commitment to patients and shareholders as it reports its financial results for the fiscal quarter ended March 31, 2024.

Tevogen Bio grew its balance sheet through the conversion of convertible promissory notes into common stock, reaching a total elimination of $94.9 million in liabilities by March 31, 2024. Additionally, the company secured a line of credit for up to $36.0 million from an existing investor to support operating expenses for thirty-six months, contingent upon meeting certain stock price thresholds.

Operating expenses for Tevogen Bio in the first quarter of 2024 included $2.1 million in cash and $27.4 million in non-cash expenses. Key non-cash expenses consisted of $25.2 million in stock-based compensation expenses and a one-time transaction cost of $7.5 million related to the business combination completed in February 2024. The company remains focused on advancing precision T cell therapies for patients.

Tevogen Bio CEO, Ryan Saadi, emphasizes the company’s dedication to innovative research and patient care, highlighting the successful proof-of-concept clinical trial for the first clinical product from their precision T cell platform, TVGN 489 for Long COVID patients. The company’s leadership aims to transform patient care through accessible and successful innovations while prioritizing commercial success in healthcare.



Read more at GlobeNewswire:: Tevogen Bio Reports First Quarter 2024 Financial Results