Tevogen Bio Holdings Inc. reported its Q3 2025 financial results, filing a Form 10‑Q on November 14. The company posted an operating loss of $5.7 million for the quarter ended September 30, a 6 % decline from the $6.1 million loss reported for the same period in 2024. The nine‑month operating loss fell 51 % to $21.5 million from $44.2 million in 2024. When adjusted for stock‑based compensation, the quarter’s loss shrank to $2.5 million and the nine‑month loss to $7.8 million, a 25 % reduction. Net loss for the quarter was $5.73 million, virtually unchanged from the $5.88 million net loss in Q3 2024, while the nine‑month net loss jumped to $21.6 million from $4.3 million in 2024, reflecting higher stock‑based compensation and other one‑time charges.
The narrowing of operating losses reflects disciplined cost control. R&D expense fell by $1.2 million in the quarter, largely because stock‑based compensation for research staff dropped from $3.24 million to $2.1 million. General‑and‑administrative costs also declined, driven by a $0.5 million reduction in legal and professional fees. Excluding these non‑cash items, the adjusted loss margin improved, underscoring the company’s focus on capital efficiency.
Despite remaining pre‑revenue, Tevogen advanced its clinical and AI programs. The Phase 1 proof‑of‑concept trial of TVGN 489 in high‑risk COVID‑19 patients reached its primary endpoint with no dose‑limiting toxicities, validating the ExacTcell platform’s safety profile. Meanwhile, the Tevogen.AI initiative continued to expand, with new predictive models for target identification and a partnership with Microsoft to accelerate data‑driven discovery. These milestones signal progress toward the company’s goal of delivering off‑the‑shelf precision T‑cell therapies.
CEO Ryan Saadi emphasized the company’s commitment to cost‑efficient development and patient affordability. “In today’s environment, the traditional high‑cost, high‑price drug development model will give way to efficient development and patient affordability while still achieving profitability,” Saadi said. He also highlighted the company’s strong insider ownership—78 % of equity held by officers—and the substantial restricted stock units awarded to key employees, framing these as indicators of management confidence and alignment with long‑term shareholder value.
Cash and cash equivalents stood at $1.0 million as of September 30, a modest reserve that underscores the need for future capital raises. The company’s focus on cost control and capital efficiency is intended to extend the runway while it continues to invest in clinical development and AI capabilities. Management remains cautious about the company’s path to commercialization, noting that the next milestones will require additional funding and successful clinical outcomes.
No market reaction data are available for this filing, and the company has not issued forward guidance beyond the financial results.
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