Tevogen Bio Holdings Inc. (NASDAQ: TVGN) reported a 51% reduction in operational losses for full year 2025, according to a letter to shareholders from CEO Dr. Ryan Saadi dated May 18, 2026.

The company's loss from operations declined from $53.6 million in 2024 to $26.1 million in 2025. The improvement continued in the first quarter of 2026, with operational losses decreasing to $5.4 million, representing a 48% improvement compared to the same period in 2025.

During this period, Tevogen established its Tevogen.AI initiative and expanded its cell therapy product pipeline while maintaining what the company described as disciplined capital allocation practices.

The Warren, New Jersey-based company has initiated evaluation of potential revenue-generating acquisitions that may support positive cash flow generation and business diversification, according to the shareholder letter.

Tevogen operates as a healthcare enterprise focused on T cell therapy platforms and artificial intelligence applications in drug development. The company's Tevogen Bio division completed a proof-of-concept clinical trial for its allogeneic T cell therapy, with programs spanning virology, oncology, and neurology built on its ExacTcell platform.

The Tevogen.AI platform utilizes cloud and data services from Microsoft and Databricks to advance therapeutic discovery through predictive technologies aimed at reducing drug development failure rates.

Saadi indicated the company is working toward aligning long-term incentives with performance milestones, including revenue generation. The company plans to provide additional updates at its upcoming annual meeting.