Tevogen Bio(US:TVGN) GlobeNewswire News Roomยท2024-11-19 21:50Core Insights - Tevogen Bio reported a significant reduction in net loss, decreasing from $56.8 million in 2023 to $4.3 million in 2024 for the nine months ended September 30 [1] - The company improved its financial position by nearly eliminating its liabilities, reporting $10.5 million as of September 30, 2024, down from $99.9 million as of December 31, 2023 [1][4] - Tevogen's intellectual property and product assets are valued internally at over $10 billion, but these are not reflected on the balance sheet due to US GAAP accounting rules [3][5] - The company has sufficient capital to fund operations for at least the next 33 months, supported by a loan agreement [4] Financial Performance - Tevogen's net loss for the nine months ended September 30, 2024, was $4.3 million, a significant improvement from $56.8 million in the same period of 2023 [1] - The company reported a substantial decrease in liabilities, from $99.9 million at the end of 2023 to $10.5 million by September 30, 2024 [1][4] Intellectual Property and Assets - Tevogen's internally developed intellectual property and product assets are valued at over $10 billion based on discounted cash flow models, but are not included on the balance sheet due to US GAAP restrictions [3][5] - The company holds multiple granted patents and has several pending patents related to its proprietary immunotherapy technologies and artificial intelligence platforms [6] Ownership Structure - Approximately 78% of equity is retained by Tevogen's officers, which is significantly higher than the industry average of 4% [5] - Key employees have also been granted substantial restricted stock units, reflecting a belief in shared ownership of the company's success [5]