tevogen bio expands office lease in new jersey with key amendment

Tevogen Bio Holdings Inc. (NASDAQ:TVGN), a biotechnology company with a market capitalization of $237 million, has announced a significant amendment to its existing lease agreement for its principal executive offices in Warren, New Jersey. According to a recent SEC filing, the company’s subsidiary, Tevogen Bio Inc., entered into Amendment No. 1 to the lease agreement with Mitsui Sumitomo Insurance Company of America, originally dated February 1, 2022. The amendment, effective May 30, 2025, doubles the leased space and extends the lease term until February 2033. The annual lease payment will be approximately $330,000. InvestingPro data shows the company’s current ratio of 0.35 indicates tight liquidity conditions.

The amendment is a strategic move by Tevogen Bio, as it plans to relocate employees from its Philadelphia, Pennsylvania research and development center to the expanded New Jersey premises. This relocation is expected to occur following the expiration of the Philadelphia facility’s lease in June 2025.

Tevogen Bio Holdings Inc. is classified under the biological products sector and is incorporated in Delaware. The company is recognized as an emerging growth company under SEC guidelines.

The information in this report is based on a press release statement and the full text of the amendment is attached as Exhibit 10.1 to the current report on Form 8-K.

In other recent news, Tevogen Bio Holdings Inc. announced plans to expand the target population for its COVID-19 treatment, TVGN 489, to include patients aged 65 and older. This strategic move comes amid the emergence of a new COVID variant and aims to broaden the market reach of its specialty pharmaceuticals. The company has reaffirmed its revenue forecast, projecting $1 billion in the launch year for its oncology pipeline, with a cumulative five-year estimate ranging from $10 billion to $14 billion. Additionally, Tevogen secured a deal with CD 8 Technology Services LLC, which will provide up to $50 million for research and development without affecting shareholder equity.

Analyst Jason Kolbert from D. Boral (OTC:BOALY) Capital gave a favorable outlook on Tevogen’s technology, noting its potential applications in solid tumors and autoimmune diseases. Tevogen also highlighted the benefits of Direct Registration System (DRS) accounts for shareholders, emphasizing direct control over investments. In corporate governance news, the company revised its bylaws to improve the process for director resignations, enhancing accountability to investors. Tevogen reported that its executive officers and board members hold approximately 74% of the company’s outstanding shares, indicating strong insider confidence in its mission and future prospects.

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