Tevogen Bio Holdings Inc. (“Tevogen” or “Tevogen Bio”) (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 ended March 31, 2024, and
filed its quarterly report on Form 10-Q with the Securities and
Exchange Commission.
As of March 31, 2024, Tevogen has eliminated $94.9 million in
balance sheet liabilities as compared to December 31, 2023, by
converting convertible promissory notes into shares of common
stock. Separately, on May 10, 2024, Tevogen entered into a binding
term sheet with an existing investor for a line of credit for up to
$36.0 million to support the company’s baseline operating expenses
for thirty-six months following the final agreement. Additionally,
under this term sheet, the investor has the option to purchase
common stock for an aggregate purchase price of $14.0 million,
contingent upon Tevogen achieving a specified stock price
threshold. This amount can be increased up to the remaining
available and undrawn portion of the line of credit.
Tevogen’s reported operating expenses for the three months
ending March 31, 2024, included $2.1 million in cash and $27.4
million in non-cash expenses. The key non-cash expense items
included $25.2 million in non-cash stock-based compensation
expenses. The stock-based compensation expense was primarily
recognized when the liquidity event condition contained in certain
stock-based awards was satisfied upon the closing of the business
combination. Additionally, a one-time transaction cost of $7.5
million associated with Tevogen’s business combination, which was
completed February 15, 2024, was reported.
“Tevogen’s first quarterly financial report since its public
listing underscores the strength of our innovative business
philosophy,” said Tevogen CEO Ryan Saadi. “Since our founding, we
have rapidly established a research facility dedicated to new
product discovery, successfully completed the proof-of-concept
clinical trial for the first clinical product from our precision T
cell platform, and built a robust intellectual property portfolio.
I want to reaffirm my personal commitment to exploring the
therapeutic potential of TVGN 489 for Long COVID patients, a
priority that remains close to my heart. We are committed to
transforming patient care through innovations that are not only
accessible but also commercially successful.”
About Tevogen Bio
Tevogen is a clinical-stage specialty immunotherapy company
harnessing one of nature’s most powerful immunological weapons,
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 twelve pending patents, two of which are
related to artificial intelligence.
Tevogen is driven by a team of highly experienced industry
leaders and distinguished 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.
Forward Looking Statements
This press release contains certain forward-looking statements,
including without limitation statements relating to: expectations
regarding the terms and expected use of proceeds of Tevogen’s line
of credit; the healthcare and biopharmaceutical industries;
Tevogen’s development of, the potential benefits of, and patient
access to its product candidates for the treatment of infectious
diseases, cancer and neurological disorders, including TVGN 489 for
the treatment of COVID-19 and Long COVID; Tevogen’s ability to
develop additional product candidates, including through use of
Tevogen’s ExacTcell platform; the anticipated benefits of
ExacTcell; expectations regarding Tevogen’s future clinical trials;
Tevogen’s manufacturing plans; and Tevogen’s ability to generate
revenue in the future. Forward-looking statements can sometimes be
identified by words such as “may,” “could,” “would,” “expect,”
“anticipate,” “possible,” “potential,” “goal,” “opportunity,”
“project,” “believe,” “future,” and similar words and expressions
or their opposites. These statements are based on management’s
expectations, assumptions, estimates, projections and beliefs as of
the date of this press release and are subject to a number of
factors that involve known and unknown risks, delays, uncertainties
and other factors not under the company’s control that may cause
actual results, performance or achievements of the company to be
materially different from the results, performance or other
expectations expressed or implied by these forward-looking
statements.
Factors that could cause actual results, performance, or
achievements to differ from those expressed or implied by
forward-looking statements include, but are not limited to: the
parties to the binding term sheet for the line of credit may not
enter into definitive transaction documents on the terms described,
on a timely basis, or at all; that Tevogen will need to raise
additional capital to execute its business plan, which may not be
available on acceptable terms or at all; uncertainty regarding the
timing and filing of Tevogen’s Annual Report on Form 10-K and
related disclosure of pro forma financial results; changes in final
results arising from financial closing procedures; the effect of
the recent business combination with Semper Paratus Acquisition
Corporation (the “Business Combination”) on Tevogen’s business
relationships, operating results, and business generally; the
outcome of any legal proceedings that may be instituted against
Tevogen related to the Business Combination; changes in the markets
in which Tevogen competes, including with respect to its
competitive landscape, technology evolution, or regulatory changes;
changes in domestic and global general economic conditions; the
risk that Tevogen may not be able to execute its growth strategies
or may experience difficulties in managing its growth and expanding
operations; the risk that Tevogen may not be able to develop and
maintain effective internal controls; costs related to the Business
Combination and the failure to realize anticipated benefits of the
Business Combination; the failure to achieve Tevogen’s
commercialization and development plans, and identify and realize
additional opportunities, which may be affected by, among other
things, competition, the ability of Tevogen to grow and manage
growth economically and hire and retain key employees; the risk
that Tevogen may fail to keep pace with rapid technological
developments to provide new and innovative products and services or
make substantial investments in unsuccessful new products and
services; the ability to develop, license or acquire new
therapeutics; that Tevogen will need to raise additional capital to
execute its business plan, which may not be available on acceptable
terms or at all; the risk of regulatory lawsuits or proceedings
relating to Tevogen’s business; uncertainties inherent in the
execution, cost, and completion of preclinical studies and clinical
trials; risks related to regulatory review, and approval and
commercial development; risks associated with intellectual property
protection; Tevogen’s limited operating history; and those factors
discussed or incorporated by reference in Tevogen’s Annual Report
on Form 10-K and filings with the SEC.
You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Tevogen
undertakes no obligation to update any forward-looking statements,
except as required by applicable law.
Contacts
Tevogen Bio CommunicationsT: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com
Tevogen Bio (NASDAQ:TVGN)
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