Tevogen Bio Reports $5.5 Million Net Loss, Decreased R&D Expenses in Q2 2025

Tevogen Bio Holdings Inc. reported a net loss of $5.5 million for the three months ended June 30, 2025, a decrease from a net loss of $9.7 million in the same period of the previous year. For the six months ended June 30, 2025, the company recorded a net loss of $15.9 million, compared to a net income of $1.6 million for the same period in 2024. The significant shift in financial performance is attributed to a decrease in research and development expenses, which fell to $5.9 million from $24.9 million year-over-year, primarily due to lower non-cash stock-based compensation expenses.

The company’s total operating expenses for the second quarter of 2025 were $5.4 million, down from $8.6 million in the prior year. General and administrative expenses also decreased to $2.7 million from $4.5 million, reflecting reduced legal and professional fees. As of June 30, 2025, Tevogen reported total assets of $4.3 million, up from $3.5 million at the end of 2024, while total liabilities increased to $13.8 million from $10.1 million, resulting in a stockholders' deficit of $9.5 million.

In terms of strategic developments, Tevogen has been actively pursuing its clinical-stage immunotherapy initiatives, particularly its ExacTcell technology, which aims to develop precision T cell therapies. The company has completed a Phase 1 proof-of-concept trial for its lead product, TVGN 489, targeting COVID-19 in high-risk patients. Additionally, Tevogen has entered into a Master Services and Facilities Agreement with CD8 Technology Services LLC to enhance its manufacturing capabilities.

Operationally, Tevogen has made strides in securing funding, including a $2 million grant from KRHP in January 2025 and an additional $1 million grant in August 2025. The company also has access to a $36 million loan agreement with the Patel Family, of which $4.4 million has been drawn as of June 30, 2025. Furthermore, Tevogen entered into a Sales Agreement on July 3, 2025, allowing it to issue and sell up to $50 million in common stock, which could provide additional liquidity.

Looking ahead, Tevogen anticipates continued operational challenges, particularly in securing sufficient funding to support its research and development activities. The company has indicated that it does not plan to initiate further clinical trials until additional funding is secured. Management remains focused on evaluating various strategies to obtain financing, including potential public offerings and partnerships, to ensure the sustainability of its operations and the advancement of its product pipeline.