Qualigen Therapeutics Inc
For the period ended Jun 30, 2024. Filed Aug 14, 2024.
View on SEC.govAbout 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.
Jun 30, 2024 · Filed Aug 14, 2024
FFR$0.89+14.0%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023
CONDENSED CONSOLIDATED BALANCE SHEETS
| June 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current assets | ||
| Cash | $118,685 | $401,803 |
| Prepaid expenses and other current assets | 415,725 | 764,964 |
| Total current assets | 534,410 | 1,166,767 |
| Other assets | — | 866,481 |
| Total Assets | $534,410 | $2,033,248 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
| Current liabilities | ||
| Accounts payable | $1,853,896 | $2,222,983 |
| Accrued expenses and other current liabilities | 986,806 | 560,006 |
| Warrant liabilities | 260,276 | 54,600 |
| Convertible debt | 1,080,294 | — |
| Convertible debt - related party | 589,717 | 1,299,216 |
| Derivative liabilities | 23,588 | — |
| Derivative liabilities - related party | 17,696 | — |
| Total current liabilities | 4,812,273 | 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; 9,613,899 and 5,362,128 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 47,514 | 43,262 |
| Additional paid-in capital | 116,086,316 | 114,655,565 |
| Accumulated deficit | (120,411,693) | (116,802,384) |
| Total Stockholders’ Deficit | (4,277,863) | (2,103,557) |
| Total Liabilities & Stockholders’ Deficit | $534,410 | $2,033,248 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| EXPENSES | ||||
| General and administrative | $986,484 | $2,427,066 | $2,047,419 | $3,796,068 |
| Research and development | 754,287 | 1,174,646 | 1,118,672 | 2,456,463 |
| Total expenses | 1,740,771 | 3,601,712 | 3,166,091 | 6,252,531 |
| LOSS FROM OPERATIONS | (1,740,771) | (3,601,712) | (3,166,091) | (6,252,531) |
| OTHER EXPENSE (INCOME), NET | ||||
| Gain on change in fair value of warrant liabilities | (493,206) | (440,294) | (359,906) | (1,478,967) |
| Gain on change in fair value of derivative liabilities | (10,116) | — | (174,613) | — |
| Interest expense | 263,560 | 377,416 | 400,117 | 921,652 |
| Loss on issuance of convertible debt | — | — | 358,279 | — |
| (Gain) loss on voluntary conversion of convertible debt into common stock | (83,800) | — | (83,800) | 1,077,287 |
| Loss on monthly redemptions of convertible debt into common stock | 61,655 | — | 208,852 | — |
| Other income, net | (1,094) | (5,509) | (2,713) | (5,509) |
| Total other expense (income), net | (263,001) | (68,387) | 346,216 | 514,463 |
| LOSS BEFORE PROVISION FOR INCOME TAXES | (1,477,770) | (3,533,325) | (3,512,307) | (6,766,994) |
| (BENEFIT) PROVISION FOR INCOME TAXES | (1,212) | 4,036 | (2,998) | 5,429 |
| NET LOSS FROM CONTINUING OPERATIONS | (1,476,558) | (3,537,361) | (3,509,309) | (6,772,423) |
| DISCONTINUED OPERATIONS | ||||
| Income (loss) from discontinued operations, net of tax | — | 29,672 | — | (842,515) |
| Loss on disposal of discontinued operations, net of tax | (100,000) | — | (100,000) | — |
| GAIN (LOSS) FROM DISCONTINUED OPERATIONS | (100,000) | 29,672 | (100,000) | (842,515) |
| NET LOSS | (1,576,558) | (3,507,689) | (3,609,309) | (7,614,938) |
| Net loss attributable to non-controlling interest from discontinued operations | — | (43,484) | — | (304,512) |
| Net loss available to Qualigen Therapeutics, Inc. | $(1,576,558) | $(3,464,205) | $(3,609,309) | $(7,310,426) |
| Deemed dividend arising from warrant down-round provision | $— | $— | $(60,017) | $— |
| Net loss attributable to Qualigen Therapeutics, Inc | $(1,576,558) | $(3,464,205) | $(3,669,326) | $(7,310,426) |
| Net loss per common share, basic and diluted - continuing operations | $(0.20) | $(0.70) | $(0.53) | $(1.35) |
| Net income (loss) per common share, basic and diluted - discontinued operations | $(0.01) | $0.01 | $(0.01) | $(0.11) |
| Total net loss per common share, basic and diluted | $(0.21) | $(0.69) | $(0.54) | $(1.46) |
| Weighted-average number of shares outstanding, basic and diluted | 7,603,252 | 5,052,463 | 6,773,533 | 5,006,050 |
| Other comprehensive loss, net of tax | ||||
| Net loss | $(1,576,558) | $(3,507,689) | $(3,609,309) | $(7,614,938) |
| Foreign currency translation adjustment from discontinued operations | — | (56,747) | — | 119,473 |
| Other comprehensive loss | (1,576,558) | (3,564,436) | (3,609,309) | (7,495,465) |
| Comprehensive loss attributable to noncontrolling interest from discontinued operations | — | (43,484) | — | (304,512) |
| Comprehensive loss attributable to Qualigen Therapeutics, Inc. | $(1,576,558) | $(3,520,952) | $(3,609,309) | $(7,190,953) |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
| 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) |
| Voluntary conversion of convertible debt into common stock | 1,400,000 | 1,400 | 278,801 | - | — | - | 280,201 | |
| Monthly redemptions of convertible debt into common stock | 1,136,312 | 1,137 | 355,959 | - | — | - | - | 357,096 |
| Stock issued upon partial exercise of warrants | 576,924 | 577 | 149,423 | - | — | - | - | 150,000 |
| Stock-based compensation | — | — | 33,086 | - | — | -- | 33,086 | |
| Net loss | — | — | — | - | (1,576,558 | )- | - | (1,576,558) |
| Balance at June 30, 2024 | 9,613,899 | $47,514 | $116,086,316 | - | $(120,411,693 | )- | - | $(4,277,863) |
| Additional · Accumulated Other · Total Qualigen Therapeutics, Inc. · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Common Stock · Paid-In · Comprehensive · Accumulated · Stockholders’ · Noncontrolling · 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 |
| Stock-based compensation | — | — | 667,383 | — | — | 667,383 | 4,728 | 672,111 |
| Foreign currency translation adjustment | — | — | — | (38,553) | — | (38,553) | (18,194) | (56,747) |
| Net loss | — | — | — | — | (3,464,205) | (3,464,205) | (43,484) | (3,507,689) |
| Balance at June 30, 2023 | 5,052,463 | $42,952 | $112,554,830 | $131,891 | $(110,695,598) | $2,034,075 | $1,273,969 | $3,308,044 |
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