AIxCrypto Holdings, Inc. reported a significant net loss of $6.08 million for the first quarter of 2026, compared to a net loss of $2.65 million during the same period in 2025. The company's total expenses rose to $4.33 million, up from $2.72 million year-over-year, primarily driven by increased general and administrative costs, which surged to $3.55 million from $2.49 million. This increase was attributed to higher transaction service fees, payroll expenses due to new hires, and legal fees, reflecting the company's strategic shift following a $41 million PIPE financing completed in September 2025.
The company’s cash and cash equivalents decreased significantly to $6.20 million as of March 31, 2026, down from $19.33 million at the end of 2025. This decline was largely due to cash used in operating activities amounting to $4.50 million and cash outflows for investing activities totaling $8.50 million, which included a $10 million advance for a prepaid investment in Faraday Future Intelligent Electric Inc. The company has not generated any revenue during the reported periods, contributing to its accumulated deficit of approximately $146.1 million.
AIxCrypto has undergone strategic realignment, focusing on real-world asset tokenization and embodied artificial intelligence infrastructure. The company has discontinued earlier initiatives that did not align with its new objectives. As part of this transition, AIxCrypto formed three new wholly-owned subsidiaries in January 2026 to enhance operational flexibility. The company also reported a loss of approximately $1.95 million on digital assets during the first quarter of 2026, reflecting its ongoing investment in cryptocurrencies.
Looking ahead, AIxCrypto Holdings faces challenges related to liquidity and ongoing operational losses. The company has not raised additional capital since the end of March 2026 and has no committed sources of financing. Management has expressed concerns about its ability to continue as a going concern, emphasizing the need for future funding to support operations and strategic initiatives. The company is exploring various options, including potential partnerships and financing arrangements, to bolster its financial position and support its growth strategy in the evolving blockchain and fintech landscape.
About Qualigen Therapeutics, Inc.
Qualigen Therapeutics is an early-stage biotech company developing cancer treatments, focusing on small molecule therapeutics targeting genetic structures like G-quadruplexes and RAS oncogenes. Its pipeline includes QN-302 for pancreatic cancer and Pan-RAS inhibitors for multiple cancers. The company collaborates with academic institutions, advances clinical trials, and seeks regulatory approval, aiming to address unmet medical needs in oncology markets.
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