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NET INCOME (LOSS) PER SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER SHARE

NOTE 12. NET INCOME (LOSS) PER SHARE

 

The below table is a reconciliation of net income (loss) attributable to common stockholders. Given the Company’s net loss, basic and diluted net loss per share for the periods ended June 30, 2025 are the same.

 

   Three months ended
June 30, 2025		   Six months ended
June 30, 2025		 
Numerator:          
Net loss  $(5,503,979)  $(15,871,040)
Series A cumulative preferred stock dividend   (24,931)   (49,863)
Series C cumulative preferred stock dividend   (112,192)   (224,384)
Net loss attributable to common stockholders, basic  $(5,641,102)  $(16,145,287)

 

   Three months ended
June 30, 2024		   Six months ended
June 30, 2024		 
Numerator:          
Net (loss) income  $(9,663,447)  $1,601,395 
Series A cumulative preferred stock dividend   (24,932)   (26,301)
Series B repurchase   3,613,000    3,613,000 
Undistributed earnings allocated to participating securities   —    (143,187)
Net (loss) income attributable to common stockholders, basic  $(6,075,379)  $5,044,907 
           
Denominator:          
Weighted average common stock outstanding, basic   154,167,090    145,655,205 
Net (loss) income per share attributable to common stockholders, basic  $(0.04)  $0.03 
Weighted average common stock outstanding, basic   154,167,090    145,655,205 
Effect of potentially dilutive convertible promissory notes   —    2,499,156 
Total potentially dilutive securities   —    2,499,156 
Weighted average common stock outstanding, diluted   154,167,090    148,154,361 
Net loss per share attributable to common stockholders - basic and diluted  $(0.04)  $(0.29)

 

 

 

TEVOGEN BIO HOLDINGS INC.

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

 

The Company excluded the following potential shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:

 

         
   June 30, 
   2025   2024 
Outstanding restricted stock units (a)   3,562,440    3,725,766 
Restricted Stock   28,598,954    19,348,954 
Public warrants   17,386,580    17,249,978 
Private warrants   588,398    725,000 
Earnout Shares   24,500,000    24,500,000 
Total   74,636,372    65,549,698 

 

(a) As of June 30, 2025 there were an additional 216,398 RSUs that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share.

 

The above table excludes any potentially anti-dilutive shares as a result of the $14 million Purchase Option and the Additional Amount Purchase Option (see Note 7). These are excluded as the number of shares issuable cannot be determined until the conditions for issuance are met and the share prices are known upon exercise.