Tevogen Bio reports financial results with operating expenses, stock-based compensation, repurchase of Series B shares.

From GlobeNewswire: 2024-08-15 12:17:00

Tevogen Bio Holdings Inc. announced financial results for the fiscal quarter ending June 30, 2024, with operating expenses of $7.0 million net cash used in operating activities and $31.1 million in non-cash expenses, including $30.5 million in stock-based compensation. The company reported current assets of $2.4 million as of June 30, 2024.

In addition, Tevogen repurchased all outstanding Series B preferred shares valued at $3.6 million with no cash consideration. The company has sufficient cash to fund operations for at least the next 12 months. Tevogen leadership is focused on advancing their technology platform to deliver value to patients and shareholders.

Tevogen is a clinical-stage specialty immunotherapy company developing off-the-shelf, genetically unmodified precision T cell therapies for infectious diseases, cancers, and neurological disorders. They have reported positive safety data from clinical trials and have key intellectual property assets related to artificial intelligence. The leadership emphasizes patient accessibility and innovative business models for success.



Read more at GlobeNewswire:: CORRECTION – Tevogen Bio Reports Second Quarter 2024