Qualigen Therapeutics Files Q1 2024 10-Q

TL;DR

Qualigen Therapeutics filed its Q1 2024 10-Q, showing updated financials.

AI Summary

Qualigen Therapeutics, Inc. filed its 10-Q for the period ending March 31, 2024. The company reported financial results for the first quarter of 2024, detailing its assets, liabilities, and equity. Specific financial figures for cash, accounts receivable, and other assets and liabilities are presented for comparison with prior periods.

Why It Matters

This filing provides investors with the latest financial snapshot of Qualigen Therapeutics, Inc., crucial for understanding the company's performance and financial health in early 2024.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Qualigen Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Latest financial data available)
• 2024-01-01 — Reporting Period Start Date (Beginning of the current fiscal quarter)
• 2023-12-31 — Prior Year End Date (Comparison point for financial trends)

Key Players & Entities

• Qualigen Therapeutics, Inc. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• 20240702 (date) — Filing date
• 2024-01-01 (date) — Start of reporting period
• 2023-12-31 (date) — Prior period end date

FAQ

Key Financial Figures

• $0.001 — he registrant's common stock, par value $0.001 per share, outstanding. TABLE OF CONT

Filing Documents

• form10-q.htm (10-Q) — 1450KB
• ex31-1.htm (EX-31.1) — 17KB
• ex31-2.htm (EX-31.2) — 17KB
• ex32-1.htm (EX-32.1) — 9KB
• 0001493152-24-025976.txt ( ) — 7712KB
• qlgn-20240331.xsd (EX-101.SCH) — 66KB
• qlgn-20240331_cal.xml (EX-101.CAL) — 58KB
• qlgn-20240331_def.xml (EX-101.DEF) — 278KB
• qlgn-20240331_lab.xml (EX-101.LAB) — 463KB
• qlgn-20240331_pre.xml (EX-101.PRE) — 376KB
• form10-q_htm.xml (XML) — 1403KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. Other Information 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38 2 ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS QUALIGEN THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets Cash $ 93,217 $ 401,803 Prepaid expenses and other current assets 909,994 764,964 Total current assets 1,003,211 1,166,767 Other assets — 866,481 Total Assets $ 1,003,211 $ 2,033,248 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities Accounts payable $ 1,801,333 $ 2,222,983 Accrued expenses and other current liabilities 819,015 560,006 Warrant liabilities 187,900 54,600 Convertible debt - related party 1,022,869 1,299,216 Derivative liabilities - related party 693,782 — Total current liabilities 4,524,899 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; 6,500,663 and 5,362,128 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 44,400 43,262 Additional paid-in capital 115,269,047 114,655,565 Accumulated deficit ( 118,835,135 ) ( 116,802,384 ) Total Stockholders' Deficit ( 3,521,688 ) ( 2,103,557 ) Total Liabilities & Stockholders' Deficit $ 1,003,211 $ 2,033,248 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 QUALIGEN THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS (Unaudited) For the Three Months Ended March 31, 2024 2023 EXPENSES General and administrative $ 1,057,364 1,368,999 Research and de

Business

Business Combinations The Company accounts for business combinations using the acquisition method pursuant to Financial Accounting Standards Board's ("FASB") ASC Topic 805. This method requires, among other things, that results of operations of acquired companies are included in the Company's financial results beginning on the respective acquisition date, and that assets acquired and liabilities assumed are recognized at fair value as of the acquisition date. Intangible assets acquired in a business combination are recorded at fair value using a discounted cash flow model. The discounted cash flow model requires assumptions about the timing and amount of future net cash flows, the cost of capital and terminal values from the perspective of a market participant. Each of these factors can significantly affect the value of the intangible asset. Any excess of the fair value of consideration transferred (the "purchase price") over the fair values of the net assets acquired is recognized as goodwill. The fair value of assets acquired and liabilities assumed in certain cases may be subject to revision based on the final determination of fair value during a period of time not to exceed 12 months from the acquisition date. Legal costs, due diligence costs, business valuation costs and all other acquisition-related costs are expensed when incurred. Goodwill Goodwill represents the difference between the purchase price and the fair value of the identifiable tangible and intangible net assets acquired, when accounted for using the purchase method of accounting. Goodwill has an indefinite useful life and is not amortized but is reviewed for impairment annually and whenever events or changes in circumstances indicate that the carrying value of the goodwill may not be recoverable. In testing for impairment, the fair value of the reporting unit is compared to the carrying value. If the net assets assigned to the reporting unit exceed the fair value of the reporting unit, an i

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View this 10-Q filing on SEC EDGAR