Tevogen Bio Holdings Inc (NASDAQ: TVGN) is a clinical-stage biotechnology company developing allogeneic T cell therapies targeting viral-associated cancers, hematologic malignancies, and infectious diseases. The company has generated no revenue as of December 31, 2025, and is pre-commercial, funded through preferred equity placements, a loan facility, and a $7.0 million grant commitment from KRHP. Net losses were $26.3 million for the year ended December 31, 2025 and $13.7 million for the year ended December 31, 2024, with cash of approximately $0.6 million as of December 31, 2025. Its pipeline includes TVGN 489 (targeting B cell hematologic cancers and Long COVID), TVGN 920 (high-risk HPV infections), TVGN 930 (EBV-associated lymphomas), TVGN 960 (HPV-related mouth and throat cancer), TVGN 601 (EBV-related multiple sclerosis), and TVGN 116 (chronic Hepatitis B). All candidates are pre-clinical or pending IND-stage as of the filing date. The company does not plan to initiate a clinical trial until additional funding is secured.

Revenue model

No revenue has been generated to date (as of December 31, 2025). The company is funded through preferred equity sales to The Patel Family, LLP, a monthly draw-down loan facility of $1.0 million per month over an 18-month draw period, proceeds from an at-the-market sales agreement, and a $7.0 million grant commitment from KRHP. Future revenue, if any, would come from commercialization of approved cell therapy products.

Products and services

Pipeline of allogeneic T cell therapy candidates: TVGN 489 (B cell hematologic cancers, other solid tumors, Long COVID), TVGN 920 (high-risk HPV infections and high-grade dysplasia), TVGN 930 (EBV-associated lymphomas), TVGN 960 (HPV-related mouth and throat cancer), TVGN 601 (EBV-related multiple sclerosis), and TVGN 116 (chronic Hepatitis B for prevention of liver cancer). All candidates are pre-commercial as of the 10-K filed March 31, 2026.

Customers and end markets

Target end markets are oncology, infectious disease, and autoimmune indications. Addressable patient populations cited in the FY2025 10-K include approximately 750,000 patients with B cell hematologic cancer, 18 million with Long COVID, 5.5 million with high-risk HPV infections, 92,000 with EBV-associated lymphomas, 110,000 with HPV-related mouth and throat cancer, 1 million with EBV-related multiple sclerosis, and 500,000 to 1 million with high-risk chronic Hepatitis B. No commercial customers exist as of December 31, 2025.

Value-chain role

Drug developer at the pre-clinical and IND-preparation stage. The company relies on third-party contract manufacturers for investigational drug production under FDA cGMP requirements and has not established internal sales or distribution infrastructure as of the filing date.

Geographic exposure

Operates in the United States and is subject to FDA regulatory jurisdiction. No international commercial operations are disclosed in the filing.

Source: SEC 10-K, filed 2026-03-31

Industry: Biological Products, (No Diagnostic Substances) Peers: Annovis Bio Inc X4 Pharmaceuticals Inc Compass Therapeutics Inc. ContextLogic Inc. Corvus Pharmaceuticals Inc CervoMed Inc Immunic Inc