Tevogen Bio Stock Price, News & Analysis

Tevogen Bio has reported its Q1 2024 financial results, indicating significant strides in its financial management and operations. The company eliminated $94.9 million in liabilities by converting promissory notes into common stock, resulting in a net income of $11.3 million. Operating cash usage was $2.1 million for the quarter. A new line of credit for up to $36 million has been secured, with an option for an additional $14 million contingent on stock price performance. Non-cash expenses were substantial, primarily driven by $25.2 million in stock-based compensation. Tevogen also incurred a one-time transaction cost of $7.5 million related to its recent business combination. The company remains committed to innovative product development and has made notable progress, including a successful proof-of-concept clinical trial for its T cell platform targeting Long COVID patients.

Tevogen Bio Holdings, a clinical-stage biotech company specializing in immunotherapy, has appointed William Keane as the Vice President of Strategic Initiatives. Keane, a former Chief of Police in Warren, NJ, and a graduate of the FBI National Academy, brings 35 years of leadership experience to the role. He will ensure compliance with regulatory guidelines and assist in procuring lab space to meet operational goals. Keane's appointment is expected to enhance Tevogen's strategic decision-making and further its mission in oncology, neurology, and virology therapeutics development.

Tevogen Bio Holdings Inc. has secured up to $50 million in financing to advance its ExacTcell platform and further clinical trials. The financing supports ongoing research and development efforts, including expanding clinical trials for TVGN 489 in oncology, neurology, and virology. The capital will also aid in starting new trials for virally induced cancers and multiple sclerosis. Dr. Ryan Saadi, Tevogen Bio's CEO, expressed gratitude for the support of existing shareholders, emphasizing the company's commitment to providing affordable T cell therapies for a wide range of patients.

Tevogen Bio announced its full-year 2023 financial results, highlighted its ExacTcell platform success, and upcoming operational objectives. The company aims to acquire a cell therapy manufacturing facility, expand clinical trials, and address Long COVID treatment. Tevogen Bio reported positive POC results for TVGN 489, showcasing safety and efficacy. The company is in discussions to secure manufacturing facilities, bolster research and development capabilities, and seek FDA approval for new clinical trials. Tevogen Bio is evaluating funding options to support growth plans, emphasizing favorable financing terms and equity control. Operating expenses for 2023 were $8.8 million, with significant liabilities converted to common stock.