Tevogen says CSO share sale ‘solely’ to satisfy payment of tax obligations

Tevogen (TVGN) Bio reported last week that Chief Scientific Officer Dr. Neal Flomenberg sold shares. “Tevogen’s Chief Financial Officer, Kirti Desai, clarified that the sale was made solely to satisfy the payment of tax obligations relating to the vesting of restricted stock units and was not made at the discretion of the CSO. Other officers, the Chief Executive Officer, the Chief Financial Officer, and the Chief Commercial Officer, who hold more than 75% of total outstanding shares in aggregate, have already paid taxes when shares were granted and have no further obligation to make similar share sales. Additionally, none of the company’s officers have decreased their holdings since the company’s inception. In a related update, Tevogen Bio recently released top-line revenue projections for its oncology therapeutic area, anticipating $1 billion in revenue in the launch year for its lead product candidate, with a cumulative 5-year estimate ranging between $10 billion and $14 billion. The company plans to release similar revenue forecasts for its non-oncology therapeutic areas in the coming days,” the company stated. “The leadership team’s retention of 100% of their equity reflects our collective confidence in the company’s potential. With over half a billion shares traded on the open market last week, I am deeply grateful for the public’s unprecedented support of Tevogen’s innovative business model,” added Tevogen CEO Dr. Ryan Saadi.