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Qualigen Therapeutics Inc

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

View on SEC.gov

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.

Sep 30, 2024 · Filed Nov 14, 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 September 30, 2024 and December 31, 2023

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30,December 31,
20242023
ASSETS
Current assets
Cash and cash equivalents$388,152$401,803
Prepaid expenses and other current assets626,760764,964
Short-term note receivable - Marizyme1,298,082—
Total current assets2,312,9941,166,767
Other assets—866,481
Total Assets$2,312,994$2,033,248
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accounts payable$1,638,447$2,222,983
Accrued expenses and other current liabilities570,148560,006
Warrant liabilities274,04254,600
Convertible debt1,090,002—
Convertible debt - related party344,2291,299,216
Derivative liabilities368,288—
Derivative liabilities - related party168,689—
Total current liabilities4,453,8454,136,805
Commitments and Contingencies (Note 10)--
Stockholders’ Deficit
Qualigen Therapeutics, Inc. stockholders’ equity (deficit):
Common stock, $0.001 par value; 225,000,000 shares authorized; 548,284 and 107,243 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively65,31443,262
Additional paid-in capital119,999,588114,655,565
Accumulated deficit(122,205,753)(116,802,384)
Total Stockholders’ Deficit(2,140,851)(2,103,557)
Total Liabilities & Stockholders’ Deficit$2,312,994$2,033,248

QUALIGEN THERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

For the Three Months Ended September 30,For the Nine Months Ended September 30,
2024202320242023
EXPENSES
General and administrative$1,145,152$1,336,765$3,186,575$5,132,834
Research and development123,4291,441,5981,242,1013,898,061
Total expenses1,268,5812,778,3634,428,6769,030,895
LOSS FROM OPERATIONS(1,268,581)(2,778,363)(4,428,676)(9,030,895)
OTHER EXPENSE (INCOME), NET
(Gain) loss on change in fair value of warrant liabilities(1,231)101,112(361,137)(1,377,855)
Loss on change in fair value of derivative liabilities495,693—321,080—
Interest expense408,359367,257808,4771,288,908
Interest income(48,082)—(48,082)—
Loss on issuance of convertible debt——358,279—
(Gain) loss on voluntary conversion of convertible debt into common stock27,790—(56,010)1,077,287
Loss on monthly redemptions of convertible debt into common stock——208,852—
Gain on settlements of accounts payable(348,305)—(348,305)—
Loss on fixed asset disposal—21,747—21,747
Other income, net(6,547)(33,454)(9,262)(33,534)
Total other expense (income), net527,677456,662873,892976,553
LOSS BEFORE PROVISION FOR INCOME TAXES(1,796,258)(3,235,025)(5,302,568)(10,007,448)
(BENEFIT) PROVISION FOR INCOME TAXES(2,198)—800—
NET LOSS FROM CONTINUING OPERATIONS(1,794,060)(3,235,025)(5,303,368)(10,007,448)
DISCONTINUED OPERATIONS
Income (loss) from discontinued operations, net of tax—159,507—(683,008)
Loss on disposal of discontinued operations, net of tax—(619,545)(100,000)(619,545)
GAIN (LOSS) FROM DISCONTINUED OPERATIONS—(460,038)(100,000)(1,302,553)
NET LOSS(1,794,060)(3,695,063)(5,403,368)(11,310,001)
Net loss attributable to non-controlling interest from discontinued operations—(38,526)—(343,038)
Net loss available to Qualigen Therapeutics, Inc.$(1,794,060)$(3,656,537)$(5,403,368)$(10,966,963)
Deemed dividend arising from warrant down-round provision$(27,587)$—$(87,604)$—
Net loss attributable to Qualigen Therapeutics, Inc$(1,821,647)$(3,656,537)$(5,490,972)$(10,966,963)
Net loss per common share, basic and diluted - continuing operations$(4.70)$(32.01)$(24.48)$(99.64)
Net income (loss) per common share, basic and diluted - discontinued operations$—$(4.17)$(0.45)$(9.55)
Total net loss per common share, basic and diluted$(4.70)$(36.18)$(24.93)$(109.19)
Weighted-average number of shares outstanding, basic and diluted387,878101,049220,221100,434
Other comprehensive loss, net of tax
Net loss$(1,794,060)$(3,695,063)$(5,403,368)$(11,310,001)
Foreign currency translation adjustment from discontinued operations———(50,721)
Other comprehensive loss(1,794,060)(3,695,063)(5,403,368)(11,360,722)
Comprehensive loss attributable to noncontrolling interest from discontinued operations—(38,526)—(343,038)
Comprehensive loss attributable to Qualigen Therapeutics, Inc.$(1,794,060)$(3,656,537)$(5,403,368)$(11,017,684)

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, 2023107,243$43,262$114,655,565-$(116,802,384)-$(2,103,557)
Monthly redemptions of convertible debt into common stock22,7711,138545,094—-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, 2024130,013$44,400$115,269,047-$(118,835,135)-$(3,521,688)
Voluntary conversion of convertible debt into common stock28,0001,400278,801-—-280,201
Monthly redemptions of convertible debt into common stock22,7261,137355,959—357,096
Stock issued upon partial exercise of warrants11,538577149,423-—-150,000
Stock-based compensation——33,086—33,086
Net loss———(1,576,558)(1,576,558)
Balance at June 30, 2024192,278$47,514$116,086,316-$(120,411,693)-$(4,277,863)
Issuance of common stock and prefunded warrants in public offering294,48114,7243,038,624-—-3,053,348
Voluntary conversion of convertible debt into common stock38,2221,911452,972-—-454,883
Fair value of warrant modification for professional services——2,299—2,299
Stock issued upon partial exercise of warrants20,4601,023264,958—265,981
Restricted share settlements issued to former Board members2,843142142,209-—-142,351
Fair value of warrants reclassified from equity to liabilities——(14,998)(14,998)
Stock-based compensation——27,208-—-27,208
Net loss———(1,794,060)(1,794,060)
Balance at September 30, 2024548,284$65,314$119,999,588-$(122,205,753)-$(2,140,851)
Common Stock · Additional Paid-In · Accumulated Other Comprehensive · Accumulated · Total Qualigen Therapeutics, Inc. Stockholders’ · Noncontrolling · Total Stockholders’
SharesAmountCapitalIncomeDeficitEquityInterestEquity
Balance at December 31, 202284,215$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 stock16,8358421,111,740——1,112,582—1,112,582
Stock-based compensation——247,657——247,6574,569252,226
Foreign currency translation adjustment———119,723—119,72356,497176,220
Net loss————(3,846,221)(3,846,221)(261,028)(4,107,249)
Balance at March 31, 2023101,049$42,952$111,887,447$170,444$(107,231,393)$4,869,450$1,330,919$6,200,369
Stock-based compensation——667,383——667,3834,728672,111
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, 2023101,049$42,952$112,554,830$131,891$(110,695,598)$2,034,075$1,273,969$3,308,044
Stock-based compensation——113,801——113,801—113,801
Net loss————(3,656,537)(3,656,537)(38,526)(3,695,063)
Deconsolidation of discontinued operations———(131,891)—(131,891)(1,235,443)(1,367,334)
Balance at September 30, 2023101,049$42,952$112,668,631$—$(114,352,135)$(1,640,552)$—$(1,640,552)
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.