Tevogen Bio Holdings Inc. reported a net loss of $13.7 million for the year ended December 31, 2024, compared to a net loss of $60.5 million in 2023. The 2024 loss included a $53.6 million loss from operations, primarily due to non-cash stock-based compensation expense related to the business combination closing and $7.5 million in merger transaction costs. This was partially offset by a $48.5 million gain from the change in fair value of convertible promissory notes. The company had $1.3 million in cash on hand as of December 31, 2024.
Research and development expenses increased significantly to $31.0 million in 2024 from $4.4 million in 2023, largely driven by a $27.0 million increase in stock-based compensation. General and administrative expenses also rose to $22.5 million in 2024 from $4.4 million in 2023, primarily due to a $13.8 million increase in stock-based compensation. The company's interest expense, net, decreased to $184,000 in 2024 from $1.2 million in 2023.
On February 14, 2024, Tevogen Bio completed a business combination with Semper Paratus Acquisition Corporation. The company also secured a loan agreement with The Patel Family, LLP, providing for a line of credit facility with a maximum loan amount of $36 million and a contingent option for the Patel Family to purchase company common stock. In January 2025, the company received a $2 million grant and expects an additional $8 million grant from KRHP LLC during the second quarter of 2025. As of March 21, 2025, the company had 18 full-time employees and 183,893,433 shares of common stock outstanding.
The company's primary focus is the clinical development of TVGN 489, an allogeneic cytotoxic T cell therapy for COVID-19 and Long COVID. A Phase 1 trial showed no dose-limiting toxicities or significant treatment-related adverse events. Secondary endpoints indicated a rapid reduction in viral load and did not prevent the development of the patients' own immune response. The company plans a pivotal trial of TVGN 489 in COVID-19 patients with B cell malignancies and is also developing other product candidates in virology, oncology, and neurology using its ExacTcell technology. The company anticipates significant future expenses related to clinical trials, manufacturing, and commercialization. The company's outlook is contingent upon successful clinical trials, regulatory approvals, and market acceptance of its product candidates. The company acknowledges numerous risks, including those related to its financial position, clinical development, regulatory approvals, commercialization, intellectual property, and operations as a public company.
About Semper Paratus Acquisition Corp
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