Qualigen Therapeutics Reports $2.65 Million Net Loss in Q1 2025 Amid Rising Expenses

Qualigen Therapeutics, Inc. reported a net loss of $2.65 million for the first quarter of 2025, compared to a loss of $2.03 million during the same period in 2024. The company's total expenses surged to $2.72 million, a significant increase from $1.42 million in the prior year, primarily driven by a 135% rise in general and administrative expenses, which reached $2.49 million. This increase was largely attributed to heightened investor relations costs as the company sought to raise additional funding. Research and development expenses plummeted by 90% to $33,000, reflecting a slowdown in the development of its therapeutic programs.

In terms of financial position, Qualigen's total assets decreased to $2.85 million as of March 31, 2025, down from $4.69 million at the end of 2024. The decline was primarily due to a reduction in cash and cash equivalents, which fell to $30,210 from $1.17 million. The company’s accumulated deficit also widened to $125.7 million, indicating ongoing financial challenges. Current liabilities increased significantly to $2.81 million, up from $2.01 million, largely due to the addition of promissory notes and accrued expenses.

Qualigen's operational developments included a co-development agreement with Marizyme, Inc., under which the company has advanced $2.56 million against demand promissory notes. This agreement is expected to yield royalties on Marizyme's DuraGraft product, contingent upon its market launch. The company has also engaged in short-term borrowings totaling $3.52 million from various investors to bolster liquidity, with plans for a private placement to raise additional funds in July 2025.

Looking ahead, Qualigen anticipates continued net losses and negative cash flow from operations, raising substantial doubt about its ability to continue as a going concern. The company is actively seeking additional funding to support its operations and therapeutic development. Management has indicated that it will implement stringent expense controls while exploring strategic partnerships to advance its therapeutic pipeline. The financial outlook remains uncertain, contingent on successful fundraising efforts and the eventual commercialization of its therapeutic products.