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Qualigen Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in general and administrative expenses to $1,145,152 from $1,336,765 in the same quarter the previous year. This decrease is attributed to reductions in payroll, professional fees, and insurance, offset by an increase in investor relations expenses.
Research and development expenses decreased to $123,429 from $1,441,598, primarily due to reduced costs in the QN-302 program and RAS program expenses.
The company reported a net loss from continuing operations of $1,794,060 for the quarter, compared to $3,235,025 in the previous year.
Interest expense for the quarter was $408,359, consistent with the previous year.
Net loss attributable to Qualigen Therapeutics, Inc. was $1,821,647, compared to $3,656,537 in the previous year, with the decrease primarily due to reduced operating expenses.
Cash used in operating activities was $4,057,980, while cash provided by financing activities was $4,944,329, primarily from the issuance of convertible debt and proceeds from a public offering.
Qualigen had cash and cash equivalents of $388,152 as of September 30, 2024. The company acknowledges its dependence on additional financing to continue operations beyond the fourth quarter of 2024.
The filing also details various financial agreements, including a co-development agreement with Marizyme and convertible debt transactions with Alpha Capital Anstalt and Yi Hua Chen.
Qualigen does not anticipate cash dividend payments to common stockholders in the near future.
The company identified a material weakness in its internal controls over financial reporting due to a lack of sufficient personnel within the accounting function.
Qualigen continues to focus on its therapeutic programs, including the QN-302 Phase 1 clinical trial and the preclinical Pan-RAS program.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Qualigen Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.