Confirms liability elimination of $94.9 million and discloses $11.3 million of net income Reports net cash used for operating activities was $2.1 million Reiterates commitment to both patients and shareholders WARREN, N.J., May 29, 2024 (GLOBE NEWSWIRE) -- Tevogen Bio Holdings Inc. ("Tevogen" or "Tevogen Bio") (NASDAQ:TVGN), a clinical-stage specialty immunotherapy biotech pioneer developing off-the-shelf, genetically unmodified T cell therapeutics in oncology, neurology, and virology, has announced financial results for the fiscal quarter ended March 31, 2024, and filed its quarterly report on Form 10-Q with the Securities and Exchange Commission. As of March 31, 2024, Tevogen has eliminated $94.9 million in balance sheet liabilities as compared to December 31, 2023, by converting convertible promissory notes into shares of common stock. Separately, on May 10, 2024, Tevogen entered into a binding term sheet with an existing investor for a line of credit for up to $36.0 million to support the company's baseline operating expenses for thirty-six months following the final agreement. Additionally, under this term sheet, the investor has the option to purchase common stock for an aggregate purchase price of $14.0 million, contingent upon Tevogen achieving a specified stock price threshold. This amount can be increased up to the remaining available and undrawn portion of the line of credit. Tevogen's reported operating expenses for the three months ending March 31, 2024, included $2.1 million in cash and $27.4 million in non-cash expenses. The key non-cash expense items included $25.2 million in non-cash stock-based compensation expenses. The stock-based compensation expense was primarily recognized when the liquidity event condition contained in certain stock-based awards was satisfied upon the closing of the business combination. Additionally, a one-time transaction cost of $7.5 million associated with Tevogen's business combination, which was completed February 15, 2024, was reported. "Tevogen's first quarterly financial report since its public listing underscores the strength of our innovative business philosophy," said Tevogen CEO Ryan Saadi. "Since our founding, we have rapidly established a research facility dedicated to new product discovery, successfully completed the proof-of-concept clinical trial for the first clinical product from our precision T cell platform, and built a robust intellectual property portfolio. I want to reaffirm my personal commitment to exploring the ...