The capital structure is highly vulnerable, evidenced by a negative equity position of $9.8 million and a critically low current ratio of 0.29 as of 2026Q1.
| Total Current Assets | 2.14M | 1.54M | 2.36M | 1.72M | 5.84M | 7.17M |
| Cash & Short-Term Investments | 692.3K | 552.37K | 1.28M | 1.05M | 5.48M | 7.12M |
| Cash Only | 692.3K | 552.37K | 1.28M | 1.05M | 5.48M | 7.12M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 158.82K | 158.82K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 1.45M | 828.59K | 919.09K | 0 | 0 | 53.96K |
| Total Non-Current Assets | 2.78M | 2.84M | 1.1M | 3.78M | 1.9M | 485.27K |
| Property, Plant & Equipment | 1.53M | 1.59M | 524.93K | 928.51K | 1.31M | 142.62K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 351.92M |
| Other Non-Current Assets | 1.25M | 1.25M | 575.84K | 2.85M | 594.88K | -351.57M |
| Total Assets | 4.92M | 4.38M | 3.46M | 5.51M | 7.74M | 7.66M |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 81.16% | 26.61% | -37.12% | -28.86% | 1.05% | - |
| Total Current Liabilities | 7.27M | 7.07M | 9.04M | 85.48M | 1.96M | 667.94K |
| Accounts Payable | 3.8M | 3.34M | 5.2M | 3.42M | 865.91K | 378K |
| Days Payables Outstanding | 9.26K | - | 4.7K | 3.3K | - | - |
| Short-Term Debt | 1.98M | 1.98M | 1.65M | 80.71M | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.49M | 1.5M | 403.23K | 120.15K | 237.6K | 45.27K |
| Current Ratio | 0.29x | 0.22x | 0.26x | 0.02x | 2.98x | 10.74x |
| Quick Ratio | 0.29x | 0.22x | 0.26x | 0.02x | 2.98x | 10.74x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 7.49M | 5.55M | 1.09M | 14.45M | 39.73M | 23.48M |
| Long-Term Debt | 1.09M | 1.12M | 1M | 14.22M | 39.3M | 23.48M |
| Capital Lease Obligations | 2.33M | 0 | 5.8K | 234.86K | 432.73K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 6.4M | 4.43M | 87.18K | 0 | 0 | 0 |
| Total Liabilities | 14.76M | 12.62M | 10.14M | 99.93M | 41.69M | 24.15M |
| Total Debt | 3.07M | 3.1M | 2.89M | 95.42M | 40.01M | 23.48M |
| Net Debt | 2.38M | 2.55M | 1.6M | 94.37M | 34.52M | 16.36M |
| Debt / Equity | -0.31x | - | - | - | - | - |
| Debt / EBITDA | -0.15x | - | - | - | - | - |
| Net Debt / EBITDA | -0.11x | - | - | - | - | - |
| Interest Coverage | -213.18x | -133.32x | -73.59x | -231.50x | - | -25.06x |
| Total Equity | -9.84M | -8.23M | -6.67M | -94.43M | -33.95M | -16.49M |
| Equity Growth % | -101.5% | -23.39% | 92.93% | -178.13% | -105.91% | - |
| Book Value per Share | -2.82 | -2.48 | -2.28 | -28.54 | -14.15 | -17.20 |
| Total Shareholders' Equity | -9.84M | -8.23M | -6.67M | -94.43M | -33.95M | -16.49M |
| Common Stock | 417 | 402 | 17.8K | 12K | 61.88K | 63.88K |
| Retained Earnings | -145.11M | -139.66M | -113.39M | -99.66M | -39.18M | -17.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
As reported in recent financial statements, Tevogen's cash reserves have dwindled to a precarious $552,372, a figure that, when paired with a current ratio of 0.22 as of 2025Q4, indicates an immediate and existential threat to the firm's ability to sustain ongoing clinical operations.
The current ratio of 0.22 suggests that the company lacks the liquid assets necessary to cover its near-term obligations, leaving little room for operational error. Investors should monitor this liquidity profile closely, as it appears to necessitate immediate external financing to avoid a total cessation of clinical trial activities.
Based on the company's reported figures, shareholders' equity has remained deeply negative, reaching -$8.2 million in 2025Q4, which reflects the cumulative impact of persistent operating losses and the reliance on equity-based financing to fund the company's research and development pipeline.
The persistent negative equity position suggests that the company has effectively exhausted its initial capital base, forcing a reliance on dilutive financing mechanisms. This structure warrants further investigation into the potential for future share issuance, which may significantly impact the value of existing holdings.
According to historical balance sheet data, Tevogen's financial trajectory has been characterized by a consistent erosion of net assets, with the company's equity position falling from -$5.8 million in 2024Q1 to -$8.2 million by 2025Q4, signaling a weakening fundamental foundation.
The trend of declining equity and shrinking cash balances suggests that the company's current business model is not yet self-sustaining. This trajectory implies that the firm remains entirely dependent on external capital markets, which may become increasingly difficult to access given the current financial performance.
As indicated by SEC filings, the company's balance sheet is distorted by significant debt obligations that reached $3.1 million in 2025Q4, which, when combined with the lack of revenue, creates a high-risk profile that may not be fully captured by headline asset figures.
The presence of debt on a pre-revenue balance sheet introduces a layer of financial risk that could lead to restrictive covenants or further dilution if the company fails to meet its clinical milestones. Investors should be wary of the potential for these liabilities to exacerbate the existing liquidity crisis.
Quick answers to the most common questions about buying TVGN stock.
As of 2025, Tevogen Bio Holdings Inc. (TVGN) had total assets of $4.4M including $1.5M in current assets.
Tevogen Bio Holdings Inc. (TVGN) carries total debt of $3.1M, offset by $0.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Tevogen Bio Holdings Inc. (TVGN) has total shareholders' equity (book value) of $-8.2M ($-2.48 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Tevogen Bio Holdings Inc. (TVGN) reported a current ratio of 0.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.