The company remains in a pre-revenue stage with quarterly operating losses consistently exceeding $5 million, as seen in the $5.4 million loss reported for 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 144.84K | 0 | 403.58K | 378.36K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -144.84K | 0 | -403.58K | -378.36K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | 100% | -6.67% | - | - | - |
| Operating Expenses | 21.04M | 26.14M | 53.16M | 8.46M | 953.08K | 4.62M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 10.13M | 15.03M | 22.13M | 4.06M | 953.08K | 1.66M |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 11.05M | 11.11M | 31.03M | 4.4M | 0 | 2.96M |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -144.84K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -21.19M | -26.14M | -53.56M | -8.84M | -953.08K | -4.62M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | 51.2% | -505.73% | -827.83% | 79.36% | - |
| EBITDA | -20.72M | -25.63M | -53.16M | -8.46M | -722.26K | -4.61M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | 39.04% | 51.79% | -528.03% | -1071.97% | 84.33% | - |
| D&A (Non-Cash Add-back) | 462.85K | 509.2K | 403.58K | 378.36K | 230.82K | 9.38K |
| EBIT | -21.29M | -26.08M | -13.54M | -59.27M | 4.41M | -15M |
| Net Interest Income | -99.88K | -195.62K | -184.04K | -256.03K | 4.95M | -598.5K |
| Interest Income | 0 | 0 | 0 | 0 | 4.95M | 0 |
| Interest Expense | 99.88K | 195.62K | 184.04K | 256.03K | 0 | 598.5K |
| Other Income/Expense | -169.54K | -134.92K | 39.84M | -51.63M | 5.36M | -10.98M |
| Pretax Income | -21.35M | -26.28M | -13.73M | -60.48M | 4.41M | -15.6M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -21.35M | -26.28M | -10.11M | -60.48M | 4.41M | -15.6M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | 32.37% | -159.78% | 83.28% | -1471.89% | 128.26% | - |
| Net Income (Continuing) | -21.35M | -26.28M | -13.73M | -60.48M | 4.41M | -15.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.13 | -8.08 | -4.68 | -0.02 | 1.84 | -16.50 |
| EPS Growth % | 38.91% | -72.65% | -23300% | -101.09% | 111.12% | - |
| EPS (Basic) | - | -8.08 | -4.68 | -0.02 | 1.84 | -16.50 |
| Diluted Shares Outstanding | 3.49M | 3.32M | 2.93M | 3.31M | 2.4M | 958.67K |
| Basic Shares Outstanding | 3.49M | 3.32M | 2.93M | 3.31M | 2.4M | 958.67K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Critical liquidity and dilution risk
As indicated by recent financial statements, Tevogen's quarterly operating expenses have consistently exceeded $4 million, with R&D spending reaching as high as $20.8 million in 2024Q1, highlighting a cost structure that remains entirely disconnected from any realized revenue generation or commercial product viability.
The company's cost structure is heavily weighted toward clinical development and administrative overhead, which creates a persistent drag on the bottom line. Without a clear path to revenue, the high fixed-cost base suggests that management is prioritizing pipeline advancement at the expense of extreme capital depletion.
Based on reported figures, Tevogen consistently issues significant stock-based compensation, including a peak of $26.3 million in 2024Q1, which complicates the interpretation of net income and suggests that equity dilution is a primary mechanism for funding ongoing operational activities rather than organic cash generation.
The reliance on stock-based compensation as a significant component of the expense profile warrants caution for investors, as it masks the true economic cost of operations. This practice effectively shifts the burden of funding research and development directly onto shareholders through persistent and dilutive equity issuance.
According to SEC filings, Tevogen's operating income remains deeply negative, with quarterly losses frequently exceeding $5 million, demonstrating that the company has yet to achieve the scale necessary to leverage its fixed infrastructure against its ongoing clinical trial and administrative expenditure requirements.
The absence of revenue means that operating leverage is currently non-existent, as every dollar spent on R&D or SG&A directly increases the net loss. Investors should monitor whether future clinical milestones can trigger licensing agreements that might finally provide the operating scale required to offset these fixed costs.
As reported in recent financial statements, the company's cash position has dwindled to a critical $552,372, a figure that suggests an immediate and existential threat to the firm's ability to continue as a going concern without significant and potentially highly dilutive external financing.
The current cash-to-burn ratio indicates that the company is operating on a razor-thin margin of safety, leaving little room for clinical trial delays or unexpected regulatory hurdles. This precarious financial state suggests that the market may be pricing in a high probability of a distressed capital raise.
Quick answers to the most common questions about buying TVGN stock.
For fiscal year 2025, Tevogen Bio Holdings Inc. (TVGN) reported total revenue of $0.0M.
Tevogen Bio Holdings Inc. (TVGN) reported a net loss of $26.3M for the fiscal year ending 2025.