aibioTevogen Bio Holdings (now Tevogen) delays 10-K, sees 2024 loss of about $13.7 million
Tickers TVGN
Tevogen said a change in outside accounting providers in September 2024 left it needing more time. It will keep reporting material weaknesses in internal controls.
Key facts
- Company
- Tevogen Inc. (NASDAQ: TVGN)
- News type
- Distress
- Primary source
- Tevogen Inc. NT 10-K (2025-04-01)
Tevogen Bio Holdings Inc. (now Tevogen Inc.) said on April 1, 2025, that it could not file its Annual Report on Form 10-K for the year ended December 31, 2024, by the due date.
The Warren, New Jersey company filed a Form 12b-25, a notification of late filing that gives a short automatic extension. Tevogen said it outsources part of its internal accounting and financial reporting to a third party and changed service providers in September 2024. It needs more time to finalize its financial statements and notes. The company said it will continue to report material weaknesses related to its internal controls over financial reporting in the 10-K.
Tevogen expects to file as soon as practicable and within the 15 calendar day extension period.
The company gave preliminary, unaudited figures. It expects a net loss of approximately $13.7 million for 2024, compared with approximately $60.5 million for 2023. The 2024 loss mainly reflects a $53.6 million loss from operations, largely non-cash stock-based compensation. That expense arose when a liquidity event condition in certain stock awards was satisfied at the closing of a business combination on February 14, 2024. It also includes $7.5 million in transaction costs. Those were partly offset by a $48.5 million change in the fair value of convertible promissory notes.
Tevogen said actual results may vary significantly from these expectations. The notice is available as a Form NT 10-K.