Qualigen Therapeutics Inc

For the period ended Mar 31, 2024. Filed Jul 2, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Jul 2, 2024

FFR$0.89+14.0%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2024	December 31, 2023
ASSETS
Current assets
Cash	$93,217	$401,803
Prepaid expenses and other current assets	909,994	764,964
Total current assets	1,003,211	1,166,767
Other assets	—	866,481
Total Assets	$1,003,211	$2,033,248
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable	$1,801,333	$2,222,983
Accrued expenses and other current liabilities	819,015	560,006
Warrant liabilities	187,900	54,600
Convertible debt - related party	1,022,869	1,299,216
Derivative liabilities - related party	693,782	—
Total current liabilities	4,524,899	4,136,805
Commitments and Contingencies (Note 10)	-	-
Stockholders’ Deficit
Qualigen Therapeutics, Inc. stockholders’ equity (deficit):
Common stock, $0.001 par value; 225,000,000 shares authorized; 6,500,663 and 5,362,128 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	44,400	43,262
Additional paid-in capital	115,269,047	114,655,565
Accumulated deficit	(118,835,135)	(116,802,384)
Total Stockholders’ Deficit	(3,521,688)	(2,103,557)
Total Liabilities & Stockholders’ Deficit	$1,003,211	$2,033,248

QUALIGEN THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

	For the Three Months Ended March 31,
	2024	2023
EXPENSES
General and administrative	$1,057,364	1,368,999
Research and development	364,385	1,281,817
Total expenses	1,421,749	2,650,816
LOSS FROM OPERATIONS	(1,421,749)	(2,650,816)
OTHER EXPENSE (INCOME), NET
Loss (gain) on change in fair value of warrant liabilities	133,300	(1,038,673)
Gain on change in fair value of derivative liabilities	(164,497)	—
Interest expense , net	136,556	544,238
Loss on issuance of convertible debt	358,279	—
Loss on voluntary conversion of convertible debt into common stock	—	1,077,287
Loss on monthly redemptions of convertible debt into common stock	147,197	—
Other income, net	(1,619)	—
Total other expense (income), net	609,216	582,852
LOSS BEFORE PROVISION FOR INCOME TAXES	(2,030,965)	(3,233,668)
PROVISION FOR INCOME TAXES	(1,786)	(1,393)
NET LOSS FROM CONTINUING OPERATIONS	(2,032,751)	(3,235,061)
DISCONTINUED OPERATIONS
Loss from discontinued operations, net of tax	—	(872,188)
LOSS FROM DISCONTINUED OPERATIONS	—	(872,188)
NET LOSS	(2,032,751)	(4,107,249)
Net loss attributable to non-controlling interest from discontinued operations	—	(261,028)
Net loss available to Qualigen Therapeutics, Inc.	$(2,032,751)	$(3,846,221)
Deemed dividend arising from warrant down-round provision	$(60,017)	$—
Net loss attributable to Qualigen Therapeutics, Inc	$(2,092,768)	$(3,846,221)
Net loss per common share, basic and diluted - continuing operations	$(0.35)	$(0.65)
Net loss per common share, basic and diluted - discontinued operations	$—	$(0.12)
Weighted-average number of shares outstanding, basic and diluted	5,943,814	4,959,122
Other comprehensive loss, net of tax
Net loss	$(2,032,751)	$(4,107,249)
Foreign currency translation adjustment from discontinued operations	—	119,723
Other comprehensive loss	(2,032,751)	(3,987,526)
Comprehensive loss attributable to noncontrolling interest from discontinued operations	—	(261,028)
Comprehensive loss attributable to Qualigen Therapeutics, Inc.	$(2,032,751)	$(3,726,498)

QUALIGEN THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock · Additional Paid-In · Accumulated · Total Stockholders’
Shares · Amount · Capital · Deficit · Deficit
Balance at December 31, 2023	5,362,128	$43,262	$114,655,565	-	$(116,802,384)	-	$(2,103,557)
Monthly redemptions of convertible debt into common stock	1,138,535	1,138	545,094	-	—	-	546,232
Fair value of warrant modification for professional services	—	—	9,737	-	—	-	9,737
Stock-based compensation	—	—	58,651	-	—	-	58,651
Net loss	—	—	—	-	(2,032,751)	-	(2,032,751)
Balance at March 31, 2024	6,500,663	$44,400	$115,269,047	-	$(118,835,135)	-	$(3,521,688)

Common Stock · Additional Paid-In · Accumulated Other Comprehensive · Accumulated · Total Qualigen Therapeutics, Inc. Stockholders’ · Noncontrolling · Total Stockholders’
	Shares	Amount	Capital	Income	Deficit	Equity	Interest	Equity
Balance at December 31, 2022	4,210,737	$42,110	$110,528,050	$50,721	$(103,385,172)	$7,235,709	$1,530,881	$8,766,590
Voluntary conversion of convertible debt into common stock	841,726	842	1,111,740	—	—	1,112,582	—	1,112,582
Stock-based compensation	—	—	247,657	—	—	247,657	4,569	252,226
Foreign currency translation adjustment	—	—	—	119,723	—	119,723	56,497	176,220
Net loss	—	—	—	—	(3,846,221)	(3,846,221)	(261,028)	(4,107,249)
Balance at March 31, 2023	5,052,463	$42,952	$111,887,447	$170,444	$(107,231,393)	$4,869,450	$1,330,919	$6,200,369

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.