The restricted stock grant aligns the CEO with a very high revenue target ($1B by 2031), but the shares are non-tradeable and forfeitable. Monitor Tevogen's revenue trajectory and any future amendments to the vesting conditions. The 74.4% ownership figure includes restricted shares, so the freely tradeable float remains much smaller.
Price Chart
Executive Summary
Ryan H. Saadi filed Amendment No. 4 to his Schedule 13D, disclosing receipt of 8,000,000 restricted shares of Tevogen common stock on September 14, 2026, under the company's 2024 Omnibus Incentive Plan. The restricted shares vest only if Tevogen achieves $1.0 billion in aggregate revenue by September 30, 2031, and are forfeited if the target is not met. This grant increases Saadi's beneficial ownership to approximately 74.4% of outstanding shares (based on 15,736,540 shares outstanding as of September 14, 2026), but the shares are restricted and subject to forfeiture, so the economic stake is contingent on a very high revenue milestone.
Key Financial Metrics
Key Facts
- Ryan H. Saadi received 8,000,000 restricted shares of Tevogen common stock on September 14, 2026.
- The restricted shares vest only upon written certification by the Board that Tevogen achieved $1.0 billion in aggregate revenue by September 30, 2031.
- Saadi's beneficial ownership increased to 74.4% of 15,736,540 shares outstanding as of September 14, 2026.
- The restricted shares are subject to forfeiture if the revenue target is not met, upon termination of service, misconduct, or attempted transfer.
- The grant was made under Tevogen Inc. 2024 Omnibus Incentive Plan.
Financial Impact
8,000,000 restricted shares granted to CEO; vesting contingent on $1.0 billion aggregate revenue by September 30, 2031. No immediate financial impact.
Risk Factors
- The $1.0 billion revenue target is extremely ambitious for a pre-revenue biotech; failure to achieve it results in forfeiture of all 8 million shares.
- The restricted shares are subject to forfeiture upon termination of service, misconduct, or competitive activities.
- The large ownership concentration (74.4%) may deter other investors and limit liquidity.
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0001123292-26-001317 |
| Document: 0001123292-26-001317-index.html | 0001123292-26-001317 |
| Document: 0001123292-26-001317.txt | 0001123292-26-001317 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | 8-K | $6.72 | awaiting T+60 | — | $6.25 (−6.99%) |
Sep 16, 2026 5w ago | SC 13D/A | $7.71 | awaiting T+60 | — | $6.25 (−18.94%) |
Sep 16, 2026 5w ago | SC 13D/A | $7.71 | awaiting T+60 | — | $6.25 (−18.94%) |
Sep 16, 2026 5w ago | 8-K | $7.71 | awaiting T+60 | — | $6.25 (−18.94%) |
Jun 26, 2026 17w ago | EFFECT | $7.00 $7.43 | ▼ −6.14% | ▼ −1.66% | $6.25 (+10.71%) |
Jun 12, 2026 19w ago | S-3 | $10.02 $7.34 | ▲ +26.75% | ▲ +27.75% | $6.25 (+37.62%) |
Jun 9, 2026 19w ago | Press Release | $10.75 $7.17 | ▼ −33.30% | ▼ −37.12% | $6.25 (−41.86%) |
May 28, 2026 21w ago | Press Release | $8.04 $6.75 | ▼ −16.04% | ▼ −17.78% | $6.25 (−22.26%) |
May 21, 2026 22w ago | Press Release | $11.57 $6.58 | ▼ −43.10% | ▼ −47.40% | $6.25 (−45.96%) |
Mar 25, 2026 30w ago | Press Release | $5.18 $9.79 | ▲ +88.90% | ▲ +75.44% | $6.25 (+20.66%) |
US Market Status
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