Financial Performance - Tevogen Bio reported a net loss of $10.4 million for the three months ended March 31, 2025, compared to a net loss of $11.3 million for the same period in 2024, primarily due to non-cash stock-based compensation expenses [136]. - As of March 31, 2025, Tevogen Bio had an accumulated deficit of $123.8 million and cash reserves of $2.0 million [136]. - Research and development expenses for the three months ended March 31, 2025, were $3.2 million, a decrease of 84.7% from $20.8 million for the same period in 2024 [157]. - General and administrative expenses for the three months ended March 31, 2025, were $7.2 million, down 17.7% from $8.7 million in the same period in 2024 [158]. - Cash used in operating activities for the three months ended March 31, 2025, was $3.3 million, compared to $2.2 million for the same period in 2024 [165]. - The company has net operating loss carryforwards of $25.6 million for federal and $27.8 million for state income tax purposes as of March 31, 2025 [154]. Funding and Financial Resources - Tevogen Bio has entered into a Loan Agreement with the Patel Family, providing up to $36.0 million in term loans over a draw period of thirty-six months [138]. - The company raised aggregate gross proceeds of $24.0 million from the sale of convertible promissory notes since January 2021 [163]. - The company has drawn $3.0 million from a Loan Agreement with a remaining $27.0 million available for future financing [163]. - The company has committed to providing the Patel Family an option to purchase $14.0 million of shares of Common Stock under the Loan Agreement [171]. - The company is exploring various funding strategies, including private placements and partnerships, to support future operations [177]. - The company expects to utilize $8.0 million in grant funding from KRHP for ongoing operational expenses through March 31, 2026 [176]. Product Development and Clinical Trials - The first clinical product, TVGN 489, has completed a Phase 1 proof-of-concept trial with no dose-limiting toxicities observed, and secondary endpoints showed a rapid reduction in viral load [126]. - Tevogen Bio's ExacTcell technology aims to develop off-the-shelf T cell therapies for infectious diseases and cancers, with a focus on maximizing immunologic specificity [124]. - The company has filed three U.S. patents related to TVGN 489, with expiration dates extending to December 2040 [131]. - The company plans to conduct clinical trials for TVGN 489 and other product candidates, which will require considerable financial resources [172]. - The company expects to incur significantly increased expenses associated with sales and marketing efforts if any product candidates obtain marketing approval [149]. - The company anticipates increased expenses related to commercialization efforts if marketing approval for TVGN 489 is obtained [174]. Operational Outlook - Tevogen Bio has not generated any revenue to date and does not expect to do so until marketing approval for TVGN 489 or another product candidate is obtained [141]. - The company is focused on expanding its research and development capabilities and building its manufacturing infrastructure [141]. - Tevogen Bio's cash on hand, combined with available loan amounts and grant funding, is expected to sustain operations for at least the next 12 months [140]. - The company expects to incur additional costs associated with operating as a public company, necessitating further funding [174]. - Total contractual obligations as of March 31, 2025, amount to $4,846,712, with $1,846,712 due within one year [179].
Semper Paratus Acquisition (LGST) - 2025 Q1 - Quarterly Report