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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.
Qualigen
Qualigen
Qualigen Revenue by Segment
Revenue by Segment
Product Sales Revenue
CapyFin.com 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.
- No assurance that preclinical development will be completed on any projected timeline or will be successful.
- The company's stock price could be harmed if any of the events or trends contemplated by the forward-looking statements fails to occur or is delayed or if any actual future event otherwise differs from expectations.