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Mar 31, 2022
Qualigen Q1 2022 Earnings Report
Reported financial results for the first quarter ended March 31, 2022.
Key Takeaways
Qualigen Therapeutics reported a decrease in revenue for Q1 2022, primarily due to the termination of their distribution agreement with Sekisui. The company experienced a net loss of $4.3 million, or $0.12 per share, compared to a net loss of $5.2 million, or $0.19 per share, for the corresponding period in 2021.
Entered an exclusive worldwide license agreement with UCL Business Ltd to develop QN-302, a G-Quadruplex selective transcription inhibitor.
Extended and expanded research agreement with the University of Louisville Research Foundation to develop RAS-F platform.
Returned to fully managing the sales, marketing, and distribution of FastPack® after the expiration of the distribution agreement with Sekisui.
Signed definitive agreements to acquire a majority stake in NanoSynex, an Antimicrobial Susceptibility Testing (AST) platform.
Revenue by Segment
Forward Guidance
Qualigen anticipates increased sales in future quarters as they will receive 100% of the revenue from FastPack® sales. They are also on track with IND-enabling studies for QN-302 and expect to discuss further progress in this development.
Positive Outlook
- Increased sales expected in future quarters due to 100% revenue from FastPack® sales.
- On track with IND-enabling studies for QN-302.
- Potential for NanoSynex platform to make a meaningful impact in the global fight against antibiotic-resistant ‘superbugs’.
- Experienced sales professionals assumed from Sekisui.
- Outlook for future quarters continues to show sales growth.
Challenges Ahead
- No assurance that the closing conditions for the NanoSynex transaction will be satisfied.
- No assurance of maintaining diagnostic sales and marketing engine without interruption following the expiration of the Sekisui agreement.
- No assurance of successfully developing any drugs.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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