$TVGN
Tevogen Bio Holdings Inc.

2024 Q1 Form 10-Q Financial Statement

#000149315224021650 Filed on May 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.274M $493.9K
YoY Change 968.66% 74.6%
% of Gross Profit
Research & Development $20.81M $1.347M
YoY Change 1444.83%
% of Gross Profit
Depreciation & Amortization $40.55K $39.74K
YoY Change 2.06%
% of Gross Profit
Operating Expenses $20.81M -$4.560M $493.9K
YoY Change 4113.64% -2242.86% 74.6%
Operating Profit -$29.52M -$2.324M
YoY Change 1169.93%
Interest Expense $155.8K $611.0K -$50.75K
YoY Change -406.97% -87.87% -143.75%
% of Operating Profit
Other Income/Expense, Net $48.87M $1.729M
YoY Change -2144.21% 573.17%
Pretax Income $56.78M $1.235M
YoY Change 2071.67% -4853.37%
Income Tax
% Of Pretax Income
Net Earnings $11.26M $56.78M $1.235M
YoY Change 811.84% 2071.67% -4853.73%
Net Earnings / Revenue
Basic Earnings Per Share $0.08 -$0.26
Diluted Earnings Per Share -$0.26 $0.37 $0.04
COMMON SHARES
Basic Shares Outstanding 137.3M shares 120.0M shares
Diluted Shares Outstanding 142.4M shares 120.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.000K $52.28K
YoY Change -93.03% -77.42%
Cash & Equivalents $1.318M $8.835K $52.28K
Short-Term Investments
Other Short-Term Assets $3.000K $44.78K
YoY Change -97.93% -91.09%
Inventory
Prepaid Expenses
Receivables $345.0K
Other Receivables $0.00
Total Short-Term Assets $2.400M $355.8K $97.06K
YoY Change 2372.51% 29.7% -86.78%
LONG-TERM ASSETS
Property, Plant & Equipment $418.1K $458.7K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.68M
YoY Change
Other Assets $133.3K $271.1K $25.37M
YoY Change -99.47% -99.92% -92.79%
Total Long-Term Assets $963.5K $16.68M $25.37M
YoY Change -96.2% -95.33% -92.79%
TOTAL ASSETS
Total Short-Term Assets $2.400M $355.8K $97.06K
Total Long-Term Assets $963.5K $16.68M $25.37M
Total Assets $3.363M $17.04M $25.47M
YoY Change -86.79% -95.23% -92.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.212M $3.418M $485.1K
YoY Change 974.46% 1524.32% 276.02%
Accrued Expenses $1.565M $1.096M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.632M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.938M $3.004M $667.1K
YoY Change 1239.93% 757.21% 272.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.73M $14.76M
YoY Change 0.15% -1.64%
Total Long-Term Liabilities $14.73M $14.76M
YoY Change 0.15% -1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.938M $3.004M $667.1K
Total Long-Term Liabilities $14.73M $14.76M
Total Liabilities $9.166M $17.73M $15.43M
YoY Change -40.58% 17.77% 1.59%
SHAREHOLDERS EQUITY
Retained Earnings -$88.39M -$17.38M -$15.33M
YoY Change 476.63% 17.54% 7.54%
Common Stock $16.46K $12.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.803M -$17.38M -$15.33M
YoY Change
Total Liabilities & Shareholders Equity $3.363M $17.04M $25.47M
YoY Change -86.79% -95.23% -92.78%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income $11.26M $56.78M $1.235M
YoY Change 811.84% 2071.67% -4853.73%
Depreciation, Depletion And Amortization $40.55K $39.74K
YoY Change 2.06%
Cash From Operating Activities -$2.164M $4.818M -$76.90K
YoY Change 2713.71% -34839.01% -31.97%
INVESTING ACTIVITIES
Capital Expenditures $133.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $342.9M $333.3M
YoY Change
Cash From Investing Activities $343.0M $333.3M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $2.429M -345.1M -333.3M
YoY Change -100.73%
NET CHANGE
Cash From Operating Activities -$2.164M 4.818M -76.90K
Cash From Investing Activities 343.0M 333.3M
Cash From Financing Activities $2.429M -345.1M -333.3M
Net Change In Cash $265.5K 2.757M -76.90K
YoY Change -445.24% -19979.6% -31.97%
FREE CASH FLOW
Cash From Operating Activities -$2.164M $4.818M -$76.90K
Capital Expenditures $133.0K
Free Cash Flow -$2.164M -$209.9K
YoY Change 930.87%

Facts In Submission

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<p id="xdx_842_eus-gaap--UseOfEstimates_zWHZLGZuOfea" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z2UVV4YCU6v4">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing unaudited consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of expenses. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited consolidated financial statements in the period they are determined to be necessary.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant areas that require management’s estimates include the fair value of the common stock and convertible promissory notes prior to the Merger, the fair value of the Series A Preferred Stock and Series B Preferred Stock, stock-based compensation assumptions, the estimated useful lives of property and equipment, and accrued research and development expenses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_zY5YyGsQ40Tg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zsweBwNQyFF3">Concentrations of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
164614418 shares
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
10506866 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-30756144 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
11264842 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30756144 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.80 pure
CY2024Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
29000 usd
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
31973 usd
CY2024Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
60973 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
229328 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Receivables
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables
158819 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
2501 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
96175 usd
CY2024Q1 TVGN Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses
1269126 usd
CY2024Q1 TVGN Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Note Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotePayable
1651000 usd
CY2024Q1 TVGN Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Derivative Warrant Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDerivativeWarrantLiabilities
29000 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-2654653 usd
CY2024Q1 TVGN Plus Merger Transaction Costs Limited To Cash Acquired
PlusMergerTransactionCostsLimitedToCashAcquired
-229328 usd
CY2024Q1 TVGN Total Net Liabilities Acquired Plus Transaction Costs
TotalNetLiabilitiesAcquiredPlusTransactionCosts
-2883981 usd
CY2024Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
7728681 usd
CY2024Q1 TVGN Transaction Costs
TransactionCosts
229328 usd
CY2024Q1 TVGN Transaction Cost
TransactionCost
7499353 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
11264842 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-30756144 usd
CY2024Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
756606 usd
CY2024Q1 TVGN Accrued Professional Service Fees Current
AccruedProfessionalServiceFeesCurrent
1337588 usd
CY2023Q4 TVGN Accrued Professional Service Fees Current
AccruedProfessionalServiceFeesCurrent
976301 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
227246 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
120149 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1564834 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1096450 usd
CY2024Q1 TVGN Working Capital
WorkingCapital
1651000 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
26333249 usd
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
164614418 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
164614418 shares
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
164614418 shares
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
164614418 shares
CY2024Q1 TVGN Shares To Be Issued On Shares Issuable
SharesToBeIssuedOnSharesIssuable
1500000 shares
CY2024Q1 TVGN Vested Performancebased Restricted Stock Units From Satisfaction Of Liquidity Condition Upon Closing
VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing
7148506 shares
CY2024Q1 TVGN Shares Subject To Future Vesting Issuance Of Restricted Common Stock Subject To Forfeiture
SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture
-19348954 shares
CY2024Q1 TVGN Common Stock Shares Issued And Outstanding Inclusion Of Shares To Be Issued And Exclusion Of Shares Subject To Forfeiture
CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture
153913970 shares
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1000
CY2024Q1 us-gaap Sponsor Fees
SponsorFees
250000 usd
CY2024Q1 TVGN Working Capital Expenses
WorkingCapitalExpenses
158819 usd
CY2024Q1 us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
800396 usd
CY2024Q1 TVGN Convertible Promissory Note Interest
ConvertiblePromissoryNoteInterest
155786 usd
CY2024Q1 TVGN Convertible Promissory Note Change In Fair Value
ConvertiblePromissoryNoteChangeInFairValue
-48468678 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-37049420 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-30756144 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
137333802 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
119999989 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.08
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2024Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
137333802 shares
CY2024Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
5053849 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5053849 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
142387651 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
119999989 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
65575576 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13301863 shares
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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