WARREN, N.J., Aug. 15, 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 ending June 30, 2024, and filed its quarterly report on Form 10-Q with the Securities and Exchange Commission. Tevogen's reported $5.1 million net cash used in operating activities and $33.0 million in non-cash expenses for the six months ending June 30, 2024. The key non-cash expense items included $30.5 million in stock-based compensation expenses. The Company reported operating expenses for the three months ending June 30, 2024, of $8.6 million including both cash and non-cash expenses. As of June 30, 2024, Tevogen reported current assets of $2.4 million. The company also reported it received $2.8 million from Series A-1 Preferred Stock financing during the quarter with $3.0 million expected to be received in the third quarter of 2024. As a result of cash reported as of June 30, 2024, along with the available cash resources from the line of credit facility finalized in June 2024, Tevogen concluded that it has sufficient cash to fund its operations for at least the next 12 months, and therefore no substantial doubt exists about the Company's ability to continue as a going concern. In June 2024, Tevogen repurchased all outstanding Series B preferred shares, at a fair value of $3.6 million, which were issued in the first quarter of 2024. The purchase of the shares was in exchange for the release of the holder of the Series B preferred shares from certain liability obligations, but no cash consideration. As of June 30, 2024, there were no shares of Series B outstanding, and no dividends were paid on Series B preferred shares. Dr. Ryan Saadi, Founder and CEO said "Tevogen's leadership is focused on advancing our story by leveraging our unique technology platform and unwavering commitment to cost-effective operations. The company will look ...