2024 Q4 Form 10-Q Financial Statement

#000149315224046839 Filed on November 19, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $610.0K
YoY Change 206.79%
% of Gross Profit
Research & Development $3.261M $1.117M
YoY Change 191.96% -37.85%
% of Gross Profit
Depreciation & Amortization $39.70K
YoY Change 1790.48%
% of Gross Profit
Operating Expenses $6.086M $610.0K
YoY Change 897.63% 206.79%
Operating Profit -$6.086M -$2.325M
YoY Change 161.74%
Interest Expense $12.46K $330.0K
YoY Change -96.22% 355.17%
% of Operating Profit
Other Income/Expense, Net $327.2K
YoY Change -81.94%
Pretax Income -$280.0K
YoY Change -117.36%
Income Tax
% Of Pretax Income
Net Earnings -$5.884M -$278.7K
YoY Change 2010.96% -117.28%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03 -$0.03
Diluted Earnings Per Share -$0.03 -$0.02
COMMON SHARES
Basic Shares Outstanding 175.1M shares 170.6M shares 120.0M shares
Diluted Shares Outstanding 170.2M shares 120.0M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K
YoY Change 109.72%
Cash & Equivalents $2.331M $25.00M
Short-Term Investments
Other Short-Term Assets $100.0K
YoY Change -63.69%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $3.528M $399.5K
YoY Change 783.09% -4.54%
LONG-TERM ASSETS
Property, Plant & Equipment $337.0K $1.029M
YoY Change -67.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $133.3K $26.00M
YoY Change -99.49% -92.66%
Total Long-Term Assets $761.8K $26.01M
YoY Change -97.07% -92.65%
TOTAL ASSETS
Total Short-Term Assets $3.528M $399.5K
Total Long-Term Assets $761.8K $26.01M
Total Assets $4.289M $26.41M
YoY Change -83.76% -92.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.838M $1.000M
YoY Change 483.84% 482.14%
Accrued Expenses $1.405M $2.057M
YoY Change -31.68%
Deferred Revenue
YoY Change
Short-Term Debt $600.0K
YoY Change
Long-Term Debt Due $63.75M
YoY Change
Total Short-Term Liabilities $10.42M $1.827M
YoY Change 470.18% 548.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $14.70M
YoY Change -0.64%
Total Long-Term Liabilities $14.70M
YoY Change -0.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.42M $1.827M
Total Long-Term Liabilities $14.70M
Total Liabilities $10.48M $16.56M
YoY Change -36.73% 9.86%
SHAREHOLDERS EQUITY
Retained Earnings -$103.9M -$16.16M
YoY Change 543.0% 10.27%
Common Stock $17.08K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.190M -$16.16M
YoY Change
Total Liabilities & Shareholders Equity $4.289M $26.41M
YoY Change -83.76% -92.55%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.884M -$278.7K
YoY Change 2010.96% -117.28%
Depreciation, Depletion And Amortization $39.70K
YoY Change 1790.48%
Cash From Operating Activities -$210.0K
YoY Change 393.07%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -210.0K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000
Net Change In Cash -210.0K
YoY Change 393.07%
FREE CASH FLOW
Cash From Operating Activities -$210.0K
Capital Expenditures $0.00
Free Cash Flow -$210.0K
YoY Change 24.05%

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889135 usd
us-gaap Noncash Merger Related Costs
NoncashMergerRelatedCosts
7099353 usd
TVGN Change In Fair Value Of Convertible Promissory Notes
ChangeInFairValueOfConvertiblePromissoryNotes
48468678 usd
TVGN Change In Fair Value Of Convertible Promissory Notes
ChangeInFairValueOfConvertiblePromissoryNotes
-49122865 usd
TVGN Loss On Preferred Stock Issuance
LossOnPreferredStockIssuance
799990 usd
TVGN Loss On Issuance Of Commitment Shares
LossOnIssuanceOfCommitmentShares
890000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-14428 usd
TVGN Change In Fair Value Of Written Call Option Derivative Liabilitie
ChangeInFairValueOfWrittenCallOptionDerivativeLiabilitie
7064 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
178377 usd
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
158282 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
365134 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-196181 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
68446 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-21343 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2323809 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
764636 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-960172 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-459163 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-186499 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-161683 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8951044 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6194646 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
133000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-133000 usd
TVGN Cash Acquired In Connection With Reverse Recapitalization
CashAcquiredInConnectionWithReverseRecapitalization
229328 usd
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
2000000 usd
TVGN Proceeds From Issuance Of Series C Preferred Stock
ProceedsFromIssuanceOfSeriesCPreferredStock
4000000 usd
TVGN Nonrefundable Prepaid Proceeds Towards Anticipated Preferred Stock Issuance
NonrefundablePrepaidProceedsTowardsAnticipatedPreferredStockIssuance
3000000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1000000 usd
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
200000 usd
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
3650000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
10229328 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3450000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1278284 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2877646 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1052397 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5484265 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2330681 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2606619 usd
TVGN Despac Transaction Fees Included In Accrued Expenses And Other Liabilities
DespacTransactionFeesIncludedInAccruedExpensesAndOtherLiabilities
1798115 usd
us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
46622627 usd
TVGN Repurchase Of Series B Preferred Stock
RepurchaseOfSeriesBPreferredStock
3613000 usd
us-gaap Stock Issued1
StockIssued1
3113309 usd
CY2024Q3 us-gaap Cash
Cash
2330681 usd
CY2024Q2 TVGN Drawing Down Term Loans
DrawingDownTermLoans
1000000 usd
TVGN Drawing Down Term Loans Net
DrawingDownTermLoansNet
36000000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zgXpO0Zl1ng5" 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_860_zBE5yrXZKLWf">Use of Estimates</span></b></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"> </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </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, Series B Preferred Stock, and Series C Preferred Stock, fair value of the purchase options under the Loan Agreement, 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zhLBoh7semZc" 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_861_z4ncS8l8uAD4">Concentrations of Credit Risk</span></b></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"> </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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"> </span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
TVGN Free Standing Purchase Options
FreeStandingPurchaseOptions
14000000 shares
TVGN Embedded Options
EmbeddedOptions
33000000 shares
CY2024Q3 us-gaap Share Price
SharePrice
10.00
CY2024Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
164614418 shares
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 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesLongTermDebt
1651000 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther
29000 usd
CY2024Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-2654653 usd
CY2024Q1 TVGN Merger Transaction Costs Limited To Cash Acquired
MergerTransactionCostsLimitedToCashAcquired
-229328 usd
CY2024Q1 TVGN Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net Plus Transaction Costs
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNetPlusTransactionCosts
-2883981 usd
CY2024Q1 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
7728681 usd
CY2024Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
229328 usd
us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
7499353 usd
CY2024Q1 TVGN Stock Issued During Period Value New Issues One
StockIssuedDuringPeriodValueNewIssuesOne
3613000 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1344096 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
976301 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
61307 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
120149 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1405403 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1096450 usd
CY2024Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
14000000 usd
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3327651 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33803120 usd
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
0 usd
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
170773864 shares
CY2024Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
170773864 shares
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
170773864 shares
CY2024Q3 TVGN Vested Performancebased Restricted Stock Units From Satisfaction Of Liquidity Condition Upon Closing
VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing
5651210 shares
CY2024Q3 TVGN Shares Subject To Future Vesting Issuance Of Restricted Common Stock Subject To Forfeiture
SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture
-19348954 shares
CY2024Q3 TVGN Common Stock Shares Issued And Outstanding Inclusion Of Shares To Be Issued And Exclusion Of Shares Subject To Forfeiture
CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture
157076120 shares
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000 shares
CY2024Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Sponsor Fees
SponsorFees
2000000 usd
CY2024Q3 TVGN Sponsor Fees Payable
SponsorFeesPayable
250000 usd
us-gaap Employee Stock Ownership Plan Esop Compensation Expense
EmployeeStockOwnershipPlanESOPCompensationExpense
800396 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
63040395 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2532706 shares
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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