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