Qualigen Therapeutics Reports $6.3 Million Net Loss for Fiscal Year 2024, Seeks Additional Financing

Qualigen Therapeutics, Inc. reported a net loss of $6.3 million for the fiscal year ending December 31, 2024, a significant reduction from the $13.8 million loss recorded in the previous year. The company’s total expenses decreased to $5.8 million from $11.3 million in 2023, primarily due to reduced research and development costs, which fell from $5.2 million to $1.2 million. General and administrative expenses also decreased from $6.1 million to $4.2 million, reflecting a strategic effort to control costs amid ongoing financial challenges.

The company has undergone significant operational changes, including the sale of its subsidiary Qualigen, Inc. to Chembio Diagnostics, Inc. for $5.4 million in cash in July 2023. This divestiture allowed Qualigen to focus on its core therapeutic programs, which include QN-302, an investigational drug for pancreatic cancer currently in Phase 1a clinical trials, and the Pan-RAS program, which is in preclinical development. Additionally, Qualigen entered into a Co-Development Agreement with Marizyme, Inc., committing up to $1.75 million to support the commercialization of Marizyme’s DuraGraft™ vascular conduit solution.

As of December 31, 2024, Qualigen had approximately $1.2 million in cash and an accumulated deficit of $123.1 million. The company’s financial position raises substantial doubt about its ability to continue as a going concern, as it expects to continue incurring losses and negative cash flow from operations. The company has indicated that its current cash reserves are only sufficient to fund operations into the third quarter of 2025, necessitating additional financing to support ongoing development and operational needs.

Qualigen's workforce has been reduced, and as of June 24, 2025, the company reported having no employees. The company has also faced challenges in maintaining effective internal controls over financial reporting, which were identified as a material weakness during the audit for the year ended December 31, 2024. Management is actively pursuing strategies to address these weaknesses, but the lack of resources has hindered progress.

Looking ahead, Qualigen plans to ramp up development of its therapeutic pipeline when adequately funded through capital markets or strategic partnerships. The company is also exploring additional financing options, including equity and debt, to support its operations and development efforts. However, there is no assurance that such financing will be available on favorable terms, which could significantly impact the company's future operations and financial stability.