Tevogen reports Q1 net income $11.3M

As of March 31, 2024, Tevogen has eliminated $94.9 million in balance sheet liabilities as compared to December 31, 2023, by converting convertible promissory notes into shares of common stock. Separately, on May 10, 2024, Tevogen entered into a binding term sheet with an existing investor for a line of credit for up to $36.0 million to support the company’s baseline operating expenses for thirty-six months following the final agreement. “Tevogen’s first quarterly financial report since its public listing underscores the strength of our innovative business philosophy,” said Tevogen CEO Ryan Saadi. “Since our founding, we have rapidly established a research facility dedicated to new product discovery, successfully completed the proof-of-concept clinical trial for the first clinical product from our precision T cell platform, and built a robust intellectual property portfolio. I want to reaffirm my personal commitment to exploring the therapeutic potential of TVGN 489 for Long COVID patients, a priority that remains close to my heart. We are committed to transforming patient care through innovations that are not only accessible but also commercially successful.”