By Sabela Ojea
Tevogen Bio said it is delaying the publication of its filing third-quarter filing with the Securities and Exchange Commission, citing material weaknesses in its internal controls over financial reporting.
The biotechnology company on Friday said the delay follows a recent change in the third party firm in charge of a portion of its internal accounting and financing reporting.
Overall for the third quarter, the company expects to post a loss of about $4.3 million for the first nine months of 2024, down from a loss of $56.8 million for the same period a year earlier.
The news come a day after founder and Chief Executive Ryan Saadi suggested the company needed to raise capital.
"Founders must navigate the need for capital to fuel growth with a vigilant eye on avoiding equity dilution," Saadi said. "Our financing options must consider preserving shareholder value and the potential equity dilution of warrant conversion at a strike price of $11.50 per share."
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
November 15, 2024 17:26 ET (22:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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