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Tevogen Bio Holdings Inc. (TVGN+1.56%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $5,884,223 compared to a net loss of $3,904,951 in the same quarter the previous year.
Research and development expenses increased to $3,260,938 from $1,116,911, primarily due to stock-based compensation expenses related to RSUs granted to the CEO.
General and administrative expenses rose to $2,824,589 from $1,208,097, with the increase attributed to additional legal and professional fees and stock-based compensation.
The company reported a loss from operations of $6,085,527, compared to $2,325,008 in the previous year.
Interest expense for the quarter was $12,459, down from $299,887 in the previous year, primarily due to the conversion of convertible promissory notes into common stock.
A non-cash charge of $206,150 was recorded for the change in fair value of written call option derivative liabilities associated with the Loan Agreement.
Tevogen Bio Holdings Inc. had cash of $2,330,681 as of September 30, 2024, compared to $1,052,397 as of December 31, 2023.
The company has an unsecured line of credit facility with The Patel Family, LLP, allowing for term loans up to $36,000,000, with $1,000,000 drawn as of September 30, 2024.
Tevogen Bio Holdings Inc. continues to focus on developing its T cell therapeutics for the treatment of infectious diseases and cancers, with plans to launch a pivotal trial of TVGN 489 in COVID-19 patients with B cell malignancies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Tevogen Bio Holdings Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.