Tevogen Bio Holdings Inc.

Listed Company

TVGNWCIK 0001860871NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-26.28M

Total Assets

—

Equity

—

Shares Out

4.19M

Op. Cash Flow

$-12.33M

Business

Tevogen Bio Holdings Inc. is a clinical-stage specialty immunotherapy company that develops off-the-shelf, precision CD8+ cytotoxic T lymphocyte (CTL) therapies using its ExacTcell technology. Its main products and services include allogeneic CTL therapeutics such as TVGN 489 for COVID-19 and Long COVID, and early-stage candidates targeting HPV, EBV, hepatitis B, multiple sclerosis and oncology indications. Key business segments comprise discovery and development (ExacTcell), clinical trials, manufacturing scale-up, and an AI-driven Tevogen.AI target-identification initiative. The company plans global commercialization with a U.S. focus, using cryopreserved, rapid HLA-typed, ambulatory infusion distribution channels and strategic partnerships.

Summary from filing dated 2025-04-02

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Research and development	11	31	4	—
General and administrative	15	23	4	953,083
Total operating expenses	26	54	9	—
Loss from operations	−26	−54	−9	—
Interest expense, net	−195,618	−184,037	—	—
Merger transaction costs	—	−7	—	—
Change in fair value of warrants	60,701	−58,180	—	413,250
Change in fair value of convertible promissory notes	—	48	−50	—
Loss on issuance of commitment shares	—	−890,000	—	—
Net loss	−26	−14	−60	4
Net loss attributable to common stockholders, basic	−27	−10	−60	—
Net loss attributable to common stockholders, diluted	−27	−10	−60	—
Net loss per share attributable to common stockholders, basic	−8.08	−3.5	−2.44	—
Net loss per share attributable to common stockholders, diluted	−8.08	−3.5	−2.44	—
Weighted-average common stock outstanding, basic	3	3	25	—
Weighted-average common stock outstanding, diluted	3	3	25	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	552,372	1	1	129,186	—
Prepaid expenses and other assets	828,592	919,088	670,582	145,170	446,610
Total current assets	2	2	2	274,356	791,191
Property and equipment, net	170,308	296,442	458,651	—	—
Right-of-use assets - operating leases	1	228,490	469,862	—	—
Deferred transaction costs	183,546	—	3	—	—
Other assets	1	575,841	271,141	—	—
Total assets	4	3	6	357	353
Accounts payable	3	5	3	—	—
Accrued expenses and other liabilities	1	2	1	—	—
Operating lease liabilities	327,740	229,063	252,714	—	—
Notes payable	2	2	—	—	—
Total current liabilities	7	9	85	350,454	59,375
Loan agreement	4	1	—	—	—
Operating lease liabilities	1	5,796	234,858	—	—
Derivative warrant liabilities	26,479	87,180	—	—	—
Total liabilities	13	10	100	15	15
Common stock, $0.0001 par value; 800,000,000 shares authorized; 4,020,746 and 3,559,827 shares issued and outstanding at December 31, 2025	402	356	12,000	—	—
Additional paid-in capital	123	98	5	—	—
Accumulated deficit	−140	−113	−100	−15	−14
Total stockholders deficit	−8	−7	−94	−34	−14
Total liabilities and stockholders deficit	4	3	6	357	353

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation expense	190,573	162,209	163,300	—
Stock-based compensation expense	16	41	—	—
Non-cash interest expense	—	187,575	1	—
Merger transaction costs	—	7	—	—
Loss on Series A Preferred Stock issuance	—	799,990	—	—
Amortization of right-of-use asset	318,624	241,372	215,057	—
Prepaid expenses and other assets	101,838	−246,005	−317,605	446,609
Other assets	−490,043	−511,011	323,742	—
Accounts payable	−2	2	1	—
Accrued expenses and other liabilities	−74,203	−681,450	−603,832	—
Operating lease liabilities	−297,976	−252,713	−223,361	—
Net cash used in operating activities	−12	−12	−8	−215,395
Purchases of property and equipment	−64,439	—	−133,000	—
Net cash used in investing activities	−64,439	—	−133,000	—
Cash acquired in connection with the reverse recapitalization	—	229,328	—	—
Proceeds from issuance of Series A Preferred Stock	—	2	—	—
Proceeds from issuance of Series C Preferred Stock	—	6	—	—
Proceeds from loan agreement	3	1	—	—
Nonrefundable prepaid proceeds towards anticipated Series A-1 Preferred Stock Issuance	—	3	—	—
Payment of offering costs associated with the sales agreement	−100,000	—	—	—
Proceeds from issuance of shares under the sales agreement, net of offering costs	5	—	—	—
Capital contribution	4	—	—	—
Net cash provided by financing activities	12	12	4	—
Net (decrease) increase in cash	−730,623	230,598	−4	—
Issuance of shares in connection with the loan agreement	138,569	—	—	—
Conversion of convertible promissory notes into common stock in connection with Merger	—	47	—	—
Repurchase of Series B preferred stock	—	−4	—	—
Issuance of common stock for net liabilities upon reverse recapitalization, net of transaction costs	—	3	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	2	—	—	—
Deferred offering costs in accounts payable and accrued expenses	104,000	—	—	—
Deferred offering cost amortization	20,454	—	—	—
Receivables from issuance of shares under the sales agreement	11,342	—	—	—

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