Tevogen Bio CEO Reflects on Public Support, Reaffirms Preserving Shareholder Value Remains His Priority, and Reinforces Options Including a Potential Share Buyback to Support Company Value
Tevogen Bio (Nasdaq: TVGN), a clinical-stage biotech company, has reported significant financial improvements in Q3 2024, including a $52.5 million reduction in net loss and elimination of nearly all liabilities. The company has confirmed sufficient capital to fund operations for the next 33 months. CEO Ryan Saadi emphasized the company's commitment to preserving shareholder value while addressing concerns about short-selling activities affecting the company's stock. Management is actively monitoring potential short-selling activities and plans to work with authorities as needed.
Tevogen Bio (Nasdaq: TVGN), una compagnia biotech in fase clinica, ha riportato significativi miglioramenti finanziari nel terzo trimestre del 2024, inclusa una riduzione di $52,5 milioni nella perdita netta e l'eliminazione di quasi tutte le passività. L'azienda ha confermato di avere capitale sufficiente per finanziare le operazioni nei prossimi 33 mesi. Il CEO Ryan Saadi ha sottolineato l'impegno dell'azienda a preservare il valore per gli azionisti affrontando al contempo le preoccupazioni riguardanti le attività di vendita allo scoperto che influenzano il titolo della società. La direzione sta monitorando attivamente le potenziali attività di vendita allo scoperto e prevede di collaborare con le autorità se necessario.
Tevogen Bio (Nasdaq: TVGN), una empresa biotecnológica en etapa clínica, ha informado mejoras financieras significativas en el tercer trimestre de 2024, incluyendo una reducción de $52.5 millones en la pérdida neta y la eliminación de casi todas las deudas. La empresa ha confirmado que dispone de capital suficiente para financiar sus operaciones durante los próximos 33 meses. El CEO Ryan Saadi enfatizó el compromiso de la compañía de preservar el valor para los accionistas, al tiempo que aborda las preocupaciones sobre las actividades de venta corta que afectan a las acciones de la compañía. La gerencia está monitoreando activamente las posibles actividades de venta corta y planea trabajar con las autoridades según sea necesario.
Tevogen Bio (Nasdaq: TVGN), 임상 단계의 생명공학 회사가 2024년 3분기에 상당한 재정 개선을 보고하였습니다. 여기에는 순손실이 $52.5 백만 감소한 것과 거의 모든 부채의 제거가 포함됩니다. 이 회사는 다음 33개월 동안 운영 자금을 확보할 수 있음을 확인했습니다. CEO 라이언 사디는 단기 매도 활동이 회사 주식에 미치는 영향에 대한 우려를 해결하는 동시에 주주 가치를 보존하기 위한 회사의 약속을 강조했습니다. 경영진은 잠재적인 단기 매도 활동을 적극적으로 모니터링하고 필요에 따라 당국과 협력할 계획입니다.
Tevogen Bio (Nasdaq: TVGN), une entreprise de biotechnologie en phase clinique, a rapporté des améliorations financières significatives au troisième trimestre 2024, y compris une réduction de la perte nette de 52,5 millions de dollars et l'élimination de presque toutes les dettes. L'entreprise a confirmé disposer de capitaux suffisants pour financer ses opérations au cours des 33 prochains mois. Le PDG Ryan Saadi a souligné l'engagement de la société à préserver la valeur pour les actionnaires tout en répondant aux préoccupations concernant les activités de vente à découvert qui affectent l'action de la société. La direction surveille activement les activités potentielles de vente à découvert et prévoit de collaborer avec les autorités si nécessaire.
Tevogen Bio (Nasdaq: TVGN), ein biotechnologisches Unternehmen in der klinischen Phase, hat im dritten Quartal 2024 erhebliche finanzielle Verbesserungen gemeldet, einschließlich einer Reduzierung des Nettoverlusts um 52,5 Millionen Dollar und der Beseitigung nahezu aller Verbindlichkeiten. Das Unternehmen hat bestätigt, dass es über ausreichendes Kapital verfügt, um die Betriebsabläufe in den nächsten 33 Monaten zu finanzieren. CEO Ryan Saadi betonte das Engagement des Unternehmens, den Wert für die Aktionäre zu erhalten, während es gleichzeitig Bedenken hinsichtlich der Auswirkungen von Leerverkäufen auf die Aktien des Unternehmens anspricht. Das Management überwacht aktiv potenzielle Leerverkaufsaktivitäten und plant, bei Bedarf mit den Behörden zusammenzuarbeiten.
- Net loss reduced by $52.5 million in Q3 2024
- Nearly all liabilities eliminated
- 33 months of operational funding secured
- Company facing potential short-selling pressure affecting stock value
Insights
WARREN, N.J., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio (“Tevogen” or “Tevogen Bio Holdings Inc.”) (Nasdaq: TVGN), a clinical-stage specialty immunotherapy biotech developing off-the-shelf, genetically unmodified T cell therapeutics to treat infectious disease and cancers, today expresses gratitude to shareholders for their unwavering support and trust in Tevogen Bio and its leadership. The commitment fuels the company’s determination to advance its mission of developing accessible, life-saving therapeutics.
The company recently announced significant progress through its third quarter financial results for 2024, including, reduction of a net loss by
Ryan Saadi, MD, MPH, Founder and CEO, Tevogen Bio commented, "We remain steadfast in our mission to advance medical science, however as CEO of the company, preservation of shareholder value remains a priority. We urge all stakeholders to consider the profound impact short selling innovative healthcare companies has on lifesaving therapies. While stock price fluctuations are part of the public market dynamics, Tevogen Bio is acutely aware of the undue influence short sellers have.”
William Keane, VP of Strategic Initiatives, and graduate of the FBI National Academy stated, “We are aware and monitoring the actions of potential short selling activity targeting our company. We will continue to bring light to this situation and will work with the appropriate authorities as needed.”
The company plans to provide further updates on its progress in the coming weeks.
About Tevogen Bio
Tevogen is a clinical-stage specialty immunotherapy company harnessing one of nature’s most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents, nine pending US and twelve ex-US pending patents, two of which are related to artificial intelligence.
Tevogen is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.
Forward-Looking Statements
This press release contains certain forward-looking statements, including without limitation statements relating to: expectations regarding the healthcare and biopharmaceutical industries; Tevogen’s development of, the potential benefits of, and patient access to its product candidates for the treatment of infectious diseases, cancer and neurological disorders, including TVGN 489 for the treatment of COVID-19 and Long COVID; Tevogen’s ability to develop additional product candidates, including through use of Tevogen’s ExacTcell platform; the anticipated benefits of ExacTcell; expectations regarding Tevogen’s future clinical trials; and Tevogen’s ability to generate revenue in the future. Forward-looking statements can sometimes be identified by words such as “may,” “could,” “would,” “expect,” “anticipate,” “possible,” “potential,” “goal,” “opportunity,” “project,” “believe,” “future,” and similar words and expressions or their opposites. These statements are based on management’s expectations, assumptions, estimates, projections and beliefs as of the date of this press release and are subject to a number of factors that involve known and unknown risks, delays, uncertainties and other factors not under the company’s control that may cause actual results, performance or achievements of the company to be materially different from the results, performance or other expectations expressed or implied by these forward-looking statements.
Factors that could cause actual results, performance, or achievements to differ from those expressed or implied by forward-looking statements include, but are not limited to: that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the effect of the recent business combination with Semper Paratus Acquisition Corporation (the “Business Combination”) on Tevogen’s business relationships, operating results, and business generally; the outcome of any legal proceedings that may be instituted against Tevogen; changes in the markets in which Tevogen competes, including with respect to its competitive landscape, technology evolution, or regulatory changes; changes in domestic and global general economic conditions; the risk that Tevogen may not be able to execute its growth strategies or may experience difficulties in managing its growth and expanding operations; the risk that Tevogen may not be able to develop and maintain effective internal controls; costs related to the Business Combination and the failure to realize anticipated benefits of the Business Combination; the failure to achieve Tevogen’s commercialization and development plans and identify and realize additional opportunities, which may be affected by, among other things, competition, the ability of Tevogen to grow and manage growth economically and hire and retain key employees; the risk that Tevogen may fail to keep pace with rapid technological developments to provide new and innovative products and services or make substantial investments in unsuccessful new products and services; the ability to develop, license or acquire new therapeutics; that Tevogen will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; the risk of regulatory lawsuits or proceedings relating to Tevogen’s business; uncertainties inherent in the execution, cost, and completion of preclinical studies and clinical trials; risks related to regulatory review, approval and commercial development; risks associated with intellectual property protection; Tevogen’s limited operating history; and those factors discussed or incorporated by reference in Tevogen’s Annual Report on Form 10-K and subsequent filings with the SEC.
You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Tevogen undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Contacts
Tevogen Bio Communications
T: 1 877 TEVOGEN, Ext 701
Communications@Tevogen.com
FAQ
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