Qualigen Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company’s total current assets increased to $2.3 million from $1.2 million as of December 31, 2023, while total assets rose to $2.3 million from $2.0 million. However, total current liabilities also increased to $4.5 million from $4.1 million, resulting in a total stockholders’ deficit of $(2.1 million), slightly worsening from $(2.1 million) at the end of 2023.

For the three months ended September 30, 2024, Qualigen reported total expenses of $1.3 million, a substantial decrease from $2.8 million in the same period of 2023. The loss from operations for the quarter was $(1.3 million), down from $(2.8 million) year-over-year. The net loss from continuing operations was $(1.8 million), significantly improved from $(3.2 million) in the prior year. The net loss per common share also improved to $(4.70) from $(36.18).

Over the nine months ending September 30, 2024, total expenses were $4.4 million, down from $9.0 million in the same period of 2023. The net loss for this period was $(5.4 million), compared to $(11.3 million) in the previous year. The company utilized $4.1 million in cash for operating activities, a notable reduction from $7.3 million in the same period of 2023.

Qualigen's strategic activities included the sale of its subsidiary, Qualigen, Inc., to Chembio Diagnostics, Inc. on July 20, 2023, which has been classified as discontinued operations. The company also amended its Master Funding Agreement with NanoSynex, resulting in a loss of controlling interest. As of September 30, 2024, Qualigen had approximately $388,000 in cash and an accumulated deficit of $122.2 million.

In terms of financing, Qualigen raised $1.5 million from convertible debt and $3.1 million from the issuance of common stock and prefunded warrants during the nine months ended September 30, 2024. The company also entered into a co-development agreement with Marizyme, Inc. for the DuraGraft vascular conduit solution, which includes a funding payment of up to $1.75 million and a 33% royalty on net sales after a specified threshold.

The company is currently focused on its lead program, QN-302, which is in Phase 1 clinical trials, and does not expect to achieve profitability until its therapeutic products are commercialized.