Liquidity is under extreme pressure with cash reserves dwindling to $692,300 in 2026Q1, while the company continues to burn cash at a rate that necessitates frequent external financing.
| Cash from Operations | -11.75M | -12.33M | -12M | -8.17M | -8.66M | -5.27M |
| Operating CF Margin % | - | - | - | - | - | - |
| Operating CF Growth % | 42.92% | -2.75% | -46.84% | 5.6% | -64.09% | - |
| Net Income | -21.35M | -26.28M | -13.73M | -60.48M | -22.04M | -15.6M |
| Depreciation & Amortization | 198.65K | 509.2K | 403.58K | 378.36K | 230.82K | 9.38K |
| Stock-Based Compensation | 11.78M | 16.22M | 40.76M | 0 | 4.58M | 582.41K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 166.94K | -60.7K | -39.43M | 51.63M | 8.67M | 10.98M |
| Working Capital Changes | -2.55M | -2.72M | -5.49K | 293.2K | -96.92K | -1.25M |
| Change in Receivables | 0 | 0 | 0 | -267K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -970.15K | -1.96M | 1.69M | 1.11M | 0 | -1.09M |
| Cash from Investing | -64.44K | -64.44K | 0 | -133K | -479.04K | -109.73K |
| Capital Expenditures | -64.44K | -64.44K | 0 | -133K | -479.04K | -109.73K |
| CapEx % of Revenue | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 10.54M | 11.66M | 12.23M | 3.87M | 7.5M | 12.5M |
| Debt Issued (Net) | 3.4M | 3.4M | 1M | 4M | 7.5M | 12.5M |
| Equity Issued (Net) | 5.64M | 4.86M | 11M | -342.98M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -342.98M | 0 | 0 |
| Other Financing | 1.5M | 3.4M | 229.33K | 342.86M | 0 | 0 |
| Net Change in Cash | -1.28M | -730.62K | 230.6K | -4.43M | -1.63M | 7.12M |
| Free Cash Flow | -11.82M | -12.39M | -12M | -8.3M | -9.13M | -5.38M |
| FCF Margin % | - | - | - | - | - | - |
| FCF Growth % | 10.08% | -3.29% | -44.49% | 9.09% | -69.65% | - |
| FCF per Share | -3.39 | -3.73 | -4.09 | -2.51 | -3.81 | -5.62 |
| FCF Conversion (FCF/Net Income) | 0.55x | 0.47x | 1.19x | 0.14x | -1.96x | 0.34x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
According to recent financial disclosures, Tevogen's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.32 and 0.64, suggesting that non-cash items like stock-based compensation are significantly inflating the reported bottom line while failing to mitigate the underlying cash outflow.
The persistent gap between net income and operating cash flow indicates that the company's accounting results are heavily influenced by non-cash charges rather than operational efficiency. Investors should monitor this divergence, as it suggests that the reported losses may actually understate the true cash-consuming nature of the business model.
As reported in quarterly filings, Tevogen has maintained a consistent negative free cash flow trajectory, with quarterly outflows averaging approximately $2.8 million, which underscores the company's inability to generate self-sustaining capital while it remains in the pre-revenue clinical development phase of its therapeutic pipeline.
The lack of positive free cash flow is a structural reality for a clinical-stage entity, yet the consistency of these outflows suggests that the company has not yet reached a pivot point in its development cycle. This trend warrants further investigation into how long the current cash burn can be sustained before the company faces an existential funding requirement.
Based on the provided cash flow statements, working capital changes have been erratic, with a notable $1.1 million outflow in 2025Q3, suggesting that the company's management of current assets and liabilities is subject to significant fluctuations that exacerbate the already precarious cash position.
The volatility in working capital appears to reflect the unpredictable nature of clinical trial logistics and vendor payments. Such fluctuations may indicate that the company lacks the operational maturity to stabilize its cash conversion cycle, potentially leading to further liquidity pressure during periods of high clinical activity.
As indicated by SEC filings, stock-based compensation has reached as high as $26.3 million in a single quarter, a figure that significantly obscures the true cash cost of operations and suggests that equity dilution is being used as a primary substitute for actual cash-based compensation.
The reliance on stock-based compensation as a major accounting adjustment suggests that the company is effectively financing its human capital through dilution rather than operational revenue. This practice may mask the true economic cost of the company's R&D efforts and warrants careful scrutiny by investors assessing the long-term viability of the equity structure.
Quick answers to the most common questions about buying TVGN stock.
Tevogen Bio Holdings Inc. (TVGN) generated $-12.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tevogen Bio Holdings Inc. (TVGN) reported negative free cash flow of $12.4M in 2025, indicating capital requirements exceeded cash from operations.
Tevogen Bio Holdings Inc. (TVGN) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.