Qualigen Therapeutics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Qualigen Therapeutics, Inc. has filed its 2023 annual report (10-K), detailing its financial performance and corporate information.</b>

AI Summary

Qualigen Therapeutics, Inc. (AIXC) filed a Annual Report (10-K) with the SEC on April 8, 2024. Qualigen Therapeutics, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company was formerly known as Ritter Pharmaceuticals Inc. and changed its name on April 2, 2009. The filing covers the period from January 1, 2023, to December 31, 2023. Key financial statement information for the years ended December 31, 2023, 2022, and 2021 is included. The company's principal business is in Pharmaceutical Preparations (SIC code 2834).

Why It Matters

For investors and stakeholders tracking Qualigen Therapeutics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Qualigen Therapeutics' financial health and operational status for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial data and risk factors disclosed in the 10-K are essential for stakeholders to understand the company's current position, potential risks, and strategic direction within the pharmaceutical industry.

Risk Assessment

Risk Level: medium — Qualigen Therapeutics, Inc. shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard annual report format, but specific financial results and growth metrics are not detailed in the provided header information, necessitating a deeper review of the full filing.

Analyst Insight

Review the full 10-K filing to analyze Qualigen Therapeutics' detailed financial statements, revenue segments, and risk factors to understand its current business performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-04-08 — Filing Date (Date of filing)
• 2023-01-01 — Fiscal Year Start (Reporting period)
• 2022-12-31 — Prior Year End (Comparative financial period)
• 2021-12-31 — Prior Year End (Comparative financial period)

Key Players & Entities

• Qualigen Therapeutics, Inc. (company) — Filer name
• Ritter Pharmaceuticals Inc. (company) — Former company name
• 2042 CORTE DEL NOGAL (address) — Business and mailing address
• CARLSBAD (location) — City for business and mailing address
• CALIFORNIA (location) — State for business and mailing address
• 92011 (postal_code) — ZIP code for business and mailing address
• 2834 (sic_code) — Standard Industrial Classification code
• 001-37428 (filing_id) — SEC file number

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the annual financial statements.
• 2024-04-08: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 per share QLGN The Nasdaq Capital M
• $0.91 — e closing price for the common stock of $0.91 on that date. Shares of common stock he
• $5.4 million — t purchase price for Qualigen, Inc. was $5.4 million in cash, of which $450,000 is being hel
• $450,000 — Inc. was $5.4 million in cash, of which $450,000 is being held in escrow to satisfy cert
• $560,000 — xcept for obligations to lend NanoSynex $560,000 on or before November 30, 2023, and $67
• $670,000 — 000 on or before November 30, 2023, and $670,000 on or before March 31, 2024), surrender
• $3.0 million — n, we agreed to surrender approximately $3.0 million of promissory notes which NanoSynex had
• $3.2 million — s waived, a potential savings of around $3.2 million (as of fiscal year 2023) for applicatio
• $1,000,000 — gs would have paid us an upfront fee of $1,000,000 in cash. In addition, Pan-RAS Holdings

Filing Documents

• form10-k.htm (10-K) — 2361KB
• ex21-1.htm (EX-21.1) — 2KB
• ex23-1.htm (EX-23.1) — 3KB
• ex31-1.htm (EX-31.1) — 16KB
• ex31-2.htm (EX-31.2) — 16KB
• ex32-1.htm (EX-32.1) — 9KB
• ex97-1.htm (EX-97.1) — 38KB
• logo_001.jpg (GRAPHIC) — 16KB
• 0001493152-24-013400.txt (&nbsp;) — 9950KB
• qlgn-20231231.xsd (EX-101.SCH) — 76KB
• qlgn-20231231_cal.xml (EX-101.CAL) — 85KB
• qlgn-20231231_def.xml (EX-101.DEF) — 329KB
• qlgn-20231231_lab.xml (EX-101.LAB) — 590KB
• qlgn-20231231_pre.xml (EX-101.PRE) — 460KB
• form10-k_htm.xml (XML) — 1565KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 10 Item 1B Unresolved Staff Comments 22 Item 1C Cybersecurity 22 Item 2

Properties

Properties 22 Item 3

Legal Proceedings

Legal Proceedings 22 Item 4 Mine Safety Disclosures 23 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 23 Item 6 [Reserved] 23 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A Quantitative and Qualitative Disclosure About Market Risk 31 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 62 Item 9A

Controls and Procedures

Controls and Procedures 62 Item 9B Other Information 63 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III Item 10 Directors, Executive Officers and Corporate Governance 64 Item 11

Executive Compensation

Executive Compensation 66 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 72 Item 13 Certain Relationships and Related Transactions, and Director Independence 74 Item 14 Principal Accounting Fees and Services 76 Part IV Item 15 Exhibits and Financial Statement Schedules 77 Item 16 Form 10-K Summary 81

Signatures

Signatures 82 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("Annual Report") contains forward-looking statements by Qualigen Therapeutics, Inc. that involve risks and uncertainties and reflect our judgment as of the date of this Report. These statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Such forward-looking statements may relate to, among other things, potential future development, testing and launch of products and product candidates. Actual events or results may differ from our expectations due to a number of factors. These

forward-looking statements include, but are not limited to, statements about

forward-looking statements include, but are not limited to, statements about: our ability to procure sufficient working capital to continue and complete the development, testing and launch of our prospective drug products; our ability to successfully develop any drugs; our ability to progress our drug candidates through preclinical and clinical development; our ability to obtain the requisite regulatory approvals for our clinical trials and to begin and complete such trials according to any projected timeline; our ability to complete enrollment in our clinical trials as contemplated by any projected timeline; the likelihood that future clinical trial data will be favorable or that such trials will confirm any improvements over other products or lack negative impacts; our ability to successfully commercialize any drugs; the likelihood that patents will issue on our in-licensed patent applications; our ability to protect our intellectual property; and our ability to compete. By their nature, forward-looking statements involve risks and uncertainties because they relate to events, competitive dynamics, and healthcare, regulatory and scientific developments and depend on the economic circumstances that may or may not occur in the future or may occur on longer or shorter timelines than anticipated. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Although we believe that we have a reasonable basis for each forward-looking statement contained in this Annual Report, we caution you that forward-looking the development of the industry in which we operate may differ materially from the forward-looking statements contained in this Annual Report. In addition, even if our results of operations, financial conditio

View Full Filing

View this 10-K filing on SEC EDGAR