Tevogen Highlights Continued Capital Efficiency Following Filing of Q3 2025 Form 10-Q

Rhea-AI Summary

Tevogen (Nasdaq: TVGN) filed its Form 10-Q for the quarter ended September 30, 2025, reporting continued capital-efficient execution.

Key metrics: GAAP loss from operations of $5.7M for Q3 2025 and $21.5M for the nine months ended Sept 30, 2025; Adjusted loss from operations was $2.5M (Q3) and $7.8M (nine months), representing a 10% and 25% reduction versus the comparable 2024 periods. The company highlights investments in workforce, IT, and Tevogen.AI while emphasizing cost-efficient drug development.

Positive

• Operating loss reduced by 6% in Q3 2025 versus Q3 2024
• Operating loss reduced by 51% for nine months ended Sept 30, 2025
• Adjusted loss from operations of $2.5M for Q3 2025
• Adjusted loss from operations of $7.8M for nine months 2025

Negative

• GAAP loss from operations of $5.7M in Q3 2025
• GAAP loss from operations of $21.5M for nine months 2025
• Stock-based compensation of $13.8M for nine months 2025

Insights

Financial Operations Analyst

Tevogen reports smaller GAAP and non‑GAAP operating losses, signaling improved capital efficiency but continued net losses.

Tevogen reduced GAAP loss from operations to $5.7 million for the three months ended September 30, 2025, a 6% improvement year‑over‑year, and reported a 51% reduction in operating loss for the nine months ended September 30, 2025 to $21.5 million. On a non‑GAAP basis, adjusted loss from operations was $2.5 million for the quarter and $7.8 million for the nine months, representing reported reductions of 10% and 25% versus the comparable prior periods. These figures are explicit measures of near‑term cash consumption and operating control.

The business mechanism here is clear: lower research and general administrative spend and reduced stock‑based compensation materially narrowed reported operating losses. The company also states it expanded workforce and infrastructure while advancing drug discovery, which, if accurate, implies redeployment of spend rather than pure headcount cuts. The statement that investments in Tevogen.AI would “conventionally require hundreds of millions” is management context and not a quantifiable metric in these results.

Risks and dependencies remain plainly disclosed: the company continues to record GAAP net losses and lists a range of operational, regulatory, and capital‑raising risks. Concrete items to watch are quarterly operating expense trends, stock‑based compensation levels that drive the GAAP/non‑GAAP gap, and any explicit statements about capital or fundraising needs; monitor these in the next reported quarter (Q4 2025) and in subsequent SEC filings to confirm whether the efficiency trend persists.

WARREN, N.J., Nov. 14, 2025 (GLOBE NEWSWIRE) -- Tevogen (“Tevogen Bio Holdings Inc.” or “Company”) (Nasdaq: TVGN), today announced the filing of its quarterly report on Form 10-Q for the quarter ended September 30, 2025, highlighting continued capital-efficient execution at a time when sustainability has become what the Company believes a defining challenge for the biotechnology industry.

Tevogen reported a loss from operations calculated in accordance with U.S. GAAP of $5.7 million for the three months ended September 30, 2025, a reduction of 6% as compared to the three months ended September 30, 2024. The Company reported a 51% reduction in operating loss, totaling $21.5 million for the nine months ended September 30, 2025, compared to the same period in 2024.

Tevogen Bio Holdings Inc. Unaudited Consolidated Statements of Operations

		Three months ended September 30,								Nine months ended September 30,
		2025				2024				2025				2024
Operating expenses:
Research and development		$	3,110,752			$	3,260,938			$	9,005,811			$	28,196,970
General and administrative			2,618,679			$	2,824,589				12,524,503				16,004,308
Total operating expenses			5,729,431				6,085,527				21,530,314				44,201,278
Loss from operations			(5,729,431	)			(6,085,527	)			(21,530,314	)			(44,201,278	)
Interest expense, net			(62,340	)			(12,459	)			(124,944	)			(168,239	)
Merger transaction costs			-				-				-				(7,499,353	)
Change in fair value of warrants			64,959				7,613				57,406				14,428
Change in fair value of convertible promissory notes			-				-				-				48,468,678
Change in fair value of written call option derivative liabilities			-				206,150				-				(7,064	)
Loss on issuance of commitment shares			-				-				-				(890,000	)
Net loss		$	(5,726,812	)		$	(5,884,223	)		$	(21,597,852	)		$	(4,282,828	)

Non-GAAP Presentation of Loss from Operations

The following tables present adjusted loss from operation, which is a non-GAAP financial measure that we define as loss from operations excluding stock-based compensation from GAAP loss from operations. This non-GAAP financial measure and other metrics assist management in evaluating our business. Stock-based compensation, a non-cash expense, is excluded from adjusted loss from operations as management believes that excluding this item provides meaningful supplemental information regarding operational performance. It also provides information to investors and others that management believes is useful in understanding and evaluating our operating results in the same manner as our management team. This non-GAAP financial measure should be considered in addition to, not as a substitute for, or in isolation from, measures prepared in accordance with GAAP. Other companies may not publish this, or similar metrics and any metrics used by other companies may differ from ones used here. A reconciliation of unaudited loss from operations to adjusted loss from operations is set forth below.

On a non-GAAP basis, Tevogen reported an adjusted loss from operations of $2.5 million and $7.8 million for the three and nine months ended September 30, 2025, respectively. This represents a reduction in adjusted net loss from operations of 10% and 25% when comparing to the three and nine months ended September 30, 2024, respectively.

		Three months ended September 30,
		2025				2024
Loss from operations		$	(5,729,431	)		$	(6,085,527	)
Less: Stock-based compensation			3,244,917				3,327,651
Adjusted loss from operations		$	(2,484,514	)		$	(2,757,876	)

		Nine months ended September 30,
		2025				2024
Loss from operations		$	(21,530,314	)		$	(44,201,278	)
Less: Stock-based compensation			13,776,951				33,803,120
Adjusted loss from operations		$	(7,753,363	)		$	(10,398,158	)

The Company believes that these results underscore Tevogen’s commitment to building more with less, through a cost-efficient business model. In a market where many biopharma companies are experiencing layoffs and scaling back operations, Tevogen continued to expand its operational capabilities, expanding workforce and strengthening its physical, IT, and AI infrastructure, as well as advancing drug discovery.

“In today’s environment, and likely for years to come, we believe the traditional high-cost, high-price drug development model will give way to efficient development and patient affordability while still achieving profitability,” said Ryan Saadi, Chief Executive Officer, Chairman, and Founder of Tevogen. “We believe that what our team has achieved, including the significant advancements of Tevogen.AI, would conventionally require hundreds of millions in investment and large teams. Our results demonstrate the power of a disciplined, innovation-driven approach.”

Tevogen continues to prioritize scalable science, responsible execution, and therapies designed for broad patient access as it advances its pipeline in infectious diseases and oncology.

The full 10-Q is available at: Tevogen Bio Holdings Inc. 10-Q 2025-09-30

Forward Looking Statements

This press release contains certain forward-looking statements, including without limitation statements relating to: Tevogen’s plans for its research capabilities; expectations regarding future growth and innovation, including with respect to Tevogen.AI; expectations regarding the healthcare and biopharmaceutical industries; Tevogen’s strategy of cost effectiveness and its ability to realize the anticipated benefits of that strategy, 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: 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 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.

Contacts

Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com

FAQ

What did Tevogen (TVGN) report for loss from operations in Q3 2025?

Tevogen reported a GAAP loss from operations of $5.7M for the three months ended Sept 30, 2025.

How much did Tevogen (TVGN) reduce operating loss for the nine months ended Sept 30, 2025?

Tevogen reported a 51% reduction in operating loss for the nine months ended Sept 30, 2025 versus the same period in 2024.

What are Tevogen's adjusted loss from operations for Q3 and nine months 2025?

Adjusted loss from operations was $2.5M for Q3 2025 and $7.8M for the nine months ended Sept 30, 2025.

How much stock-based compensation did Tevogen (TVGN) record in the nine months to Sept 30, 2025?

Tevogen recorded $13.8M of stock-based compensation for the nine months ended Sept 30, 2025.

What operational investments did Tevogen highlight in the Q3 2025 10-Q filing?

The company highlighted expansion of its workforce and investments in physical, IT, and AI infrastructure and drug discovery.

Where can investors find Tevogen's full Q3 2025 10-Q filing for TVGN?

The full Form 10-Q for the quarter ended Sept 30, 2025 is available through Tevogen's investor disclosures referenced in the filing.