Letter to Shareholders from CEO Dr. Ryan Saadi
Rhea-AI Summary
Tevogen (Nasdaq: TVGN) reported major improvements in operating results and outlined strategic priorities in a shareholder letter.
Loss from operations fell 51% from $53.6 million in 2024 to $26.1 million in 2025, and declined to $5.4 million in Q1 2026, a 48% improvement year-over-year. The company advanced its Tevogen.AI initiative, expanded its cell therapy pipeline, and is evaluating potential revenue-generating acquisitions to support future cash flow and diversify its business. Management emphasized disciplined capital allocation to avoid unnecessary dilution and align long-term incentives with performance milestones, including revenue generation, aiming to balance patient affordability with long-term shareholder value.
AI-generated analysis. Not financial advice.
Positive
- Loss from operations reduced 51% from $53.6M (2024) to $26.1M (2025)
- Q1 2026 loss from operations cut to $5.4M, a 48% YoY improvement
- Evaluation of revenue-generating acquisitions to support positive cash flow and diversification
- Disciplined capital allocation focused on avoiding unnecessary shareholder dilution
- Plan to tie long-term incentives to performance milestones, including revenue generation
Negative
- Company still reports operating losses: $26.1M in 2025 and $5.4M in Q1 2026
- Revenue-generating acquisitions are only under evaluation, with no completed transactions disclosed
Key Figures
Market Reality Check
Peers on Argus
TVGN’s -15.61% move comes as several biotech peers are also weak: KYTX -11.47%, IPHA -6.48%, NTHI -2.14%, while VTYX is slightly positive at +0.07%. Momentum data also flags ELTX and KYTX moving down, indicating broader pressure in related names.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| May 12 | PIPE financing | Positive | -0.4% | Premium-priced $3M PIPE with existing investor to fund operations and growth. |
| Apr 27 | AI platform update | Positive | -7.3% | Tevogen.AI PredicTcell training nearing completion with improved model precision. |
| Mar 26 | M&A evaluation | Positive | -8.1% | Advanced-stage evaluation of CRO acquisition targeting added revenue and growth. |
| Mar 25 | Nasdaq compliance | Positive | -0.8% | Regained compliance with Nasdaq minimum bid price requirement after reverse split. |
| Mar 18 | Conference appearance | Positive | +3.1% | Tevogen.AI leadership speaking at Microsoft Fabric Community Conference on AI topics. |
Recent history shows multiple broadly positive corporate updates followed by negative next-day returns, suggesting a pattern of weak price response to good news.
Over the last six months, TVGN has announced premium-priced financing, AI platform progress, potential CRO acquisition-driven revenue expansion toward $20M+ and a possible path to ~$100M revenue, plus regaining Nasdaq bid-price compliance and AI conference visibility. Despite these milestones, four of the last five news days saw negative price reactions, indicating investors have been cautious toward strategic and financing announcements ahead of this shareholder letter.
Market Pulse Summary
This announcement underscores substantial improvement in operating losses, from $53.6 million in 2024 to $26.1 million in 2025 and $5.4 million in Q1 2026, while stressing disciplined capital allocation and avoidance of unnecessary dilution. It ties to earlier updates on AI initiatives and potential CRO acquisition-driven revenue growth. Investors may watch for concrete acquisition outcomes, further operating leverage, and how incentive structures tied to revenue milestones evolve over upcoming meetings.
Key Terms
cell therapy medical
AI-generated analysis. Not financial advice.
WARREN, N.J., May 18, 2026 (GLOBE NEWSWIRE) -- Tevogen (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN).
Dear Shareholders,
Since Tevogen’s 2024 public listing, we have remained focused on building a sustainable, revenue-oriented healthcare enterprise while maintaining discipline in how we allocate capital.
We have delivered consistent operational improvement while continuing to advance our strategic growth priorities. Loss from operations declined
During this same period, we advanced several important initiatives, including the establishment of the Tevogen.AI effort and the continued expansion of our cell therapy product pipeline. We have pursued these priorities while remaining mindful of shareholder equity and avoiding unnecessary dilution through disciplined capital allocation.
As previously disclosed, we have also initiated the evaluation of potential revenue-generating acquisitions that, if consummated, may support positive cash flow generation and further diversify Tevogen’s business. Any future use of authorized shares would continue to be evaluated through a disciplined return-on-investment framework focused on long-term shareholder value creation.
We are working towards aligning the Company’s long-term incentives with performance milestones, including revenue generation, reinforcing our commitment to execution and shareholder alignment.
Tevogen’s operating model is built on the principle that improving patient affordability and creating long-term shareholder value can coexist. We believe this approach may extend beyond our current portfolio to future healthcare solutions as we continue building a more accessible, efficient, and sustainable healthcare enterprise.
We look forward to providing additional updates at the Company’s upcoming annual meeting.
Thank you for your continued trust and support.
Sincerely,
Ryan Saadi, MD, MPH
Founder & Chief Executive Officer
Tevogen
About Tevogen
Tevogen is a socially integrated healthcare enterprise built on the principles of affordability, efficiency, and scientific rigor. The company leverages artificial intelligence and precision T cell therapy platforms, a patient-first and cost-disciplined operating model, and engagements with global technology leaders to support the development of advanced, life-saving therapies across multiple therapeutic areas and scalable solutions for the broader healthcare system.
Tevogen Bio, the company’s lead initiative, has completed a proof-of-concept clinical trial demonstrating the potential of its single-HLA-restricted, genetically unmodified allogeneic T cells. Tevogen Bio’s pipeline spans virology, oncology, and neurology, with programs built on the company’s proprietary ExacTcell™ platform.
Tevogen.AI is designed to transform drug development by accelerating target detection, helping reduce failure rates, and supporting optimized clinical trial design through proprietary predictive technologies. The platform utilizes cloud and data services from leading technology providers, including Microsoft and Databricks, to advance its long-term ambition to predict the proteome for any given protein–HLA combination, enabling rapid and cost-efficient therapeutic discovery.
Tevogen is exploring future strategic initiatives that may include domestic generics, biosimilars, medical devices, and innovative insurance solutions for healthcare providers. Together, these programs reflect Tevogen’s mission to advance sustainable innovation and broaden patient access through a faster, more efficient, and more equitable healthcare model.
Forward Looking Statements
This press release contains certain forward-looking statements, including without limitation statements relating to: expectation regarding the benefits of the financing; strategic initiatives and the potential benefits of the initiatives; Tevogen’s plans for its research and manufacturing capabilities; expectations regarding future growth; expectations regarding the healthcare and biopharmaceutical industries; and Tevogen’s development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases and cancer. 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 risk that the financing transaction may not close; risks inherent in execution of strategic initiatives; the risk that the expected benefits of the initiatives may not be realized on a timely basis or at all; 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; 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; that Tevogen will need to raise additional capital to fully realize its business plans; risks related to the ability to develop, license or acquire new therapeutics; 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, 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 most recent Annual Report on Form 10-K and subsequent 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.
Contact
Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a5c119f-b0c5-4264-838f-dd42d166b20b
