Q/C Technologies, Inc. (formerly TNF Pharmaceuticals, Inc.) reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2025. The company recorded a net loss of $5.7 million for the nine months ended September 30, 2025, a notable improvement compared to a net loss of $21.3 million for the same period in 2024. The loss attributable to common stockholders was $8.4 million, translating to a basic and diluted loss per share of $14.77. The company did not generate any product revenue during this period, consistent with its previous fiscal performance.
In terms of operational changes, Q/C Technologies has shifted its strategic focus from pharmaceutical development to energy-efficient blockchain and cryptocurrency infrastructure through quantum-class laser-based computing. This transition is supported by a recent acquisition of LPU Holdings LLC, which was finalized on September 4, 2025, for a total consideration of approximately $4.7 million, including cash and shares of Series I Preferred Stock. The acquisition is expected to enhance the company's capabilities in deploying innovative laser processing units (LPUs) for cryptocurrency applications.
The company’s financial position has improved, with cash and cash equivalents reaching $6.9 million and marketable securities totaling $3.1 million as of September 30, 2025. This marks a substantial increase from $173,154 in cash at the end of 2024. The company also raised $6.7 million through the issuance of preferred stock and received $2.7 million from the exercise of warrants during the quarter, alleviating previous concerns about its ability to continue as a going concern. As of the reporting date, Q/C Technologies had working capital of $4.6 million and stockholders' equity of $14.3 million.
Operationally, the company has reduced its employee count from three to two, leading to a decrease in personnel costs. General and administrative expenses also fell to $2.7 million for the nine months ended September 30, 2025, down from $3.1 million in the prior year. Research and development expenses increased to $2.8 million, primarily due to costs associated with the development of its legacy pharmaceutical products. The company continues to evaluate potential divestiture options for its pharmaceutical assets to fund its new strategic direction.
Looking ahead, Q/C Technologies plans to finalize prototypes of its qc-LPU100 units and conduct performance benchmarking for applications in decentralized computing and artificial intelligence. The company aims to secure patents and explore strategic partnerships to facilitate proof-of-concept deployments. However, it acknowledges the need for additional capital to support its ongoing operations and development activities, particularly in light of the volatility in the cryptocurrency market and the challenges associated with technology validation and regulatory compliance.
About TNF Pharmaceuticals, Inc.
TNF Pharmaceuticals is a clinical-stage biotech focused on extending healthy lifespan through developing therapies targeting autoimmune and age-related diseases. Its key platforms include Isomyosamine, an oral immunometabolic drug for autoimmune conditions and frailty, and Supera-CBD, a synthetic analog of CBD for neurological and pain disorders. The company advances innovative, well-defined drug candidates with potential safety advantages, aiming for regulatory approval and strategic commercialization.
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