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Jun 30, 2023
Qualigen Q2 2023 Earnings Report
Reported financial results for the quarter ending June 30, 2023, achieved IND clearance for QN-302, and divested FastPack® diagnostics business.
Key Takeaways
Qualigen Therapeutics reported a net loss of $3.5 million, or $0.69 per share, for the quarter ended June 30, 2023. The company divested its FastPack® diagnostics business for approximately $5 million and received FDA IND clearance for QN-302.
Received US FDA Investigational New Drug (IND) clearance to initiate a Phase 1 clinical trial for QN-302.
Divested FastPack® diagnostics business for approximately $5 million to support advancement of therapeutics pipeline.
Plans to initiate Phase 1 clinical trial for QN-302 in the second half of 2023.
Continue to advance compounds within Pan-RAS therapeutic platform and on track to identify a late in vivo stage candidate by the end of the year.
Qualigen
Qualigen
Forward Guidance
Qualigen is looking forward to initiating their Phase 1 clinical trial of QN-302 in the second half of this year and potentially providing a treatment option in the future to patients who have not responded to or have relapsed following treatment with available therapies.
Positive Outlook
- Initiate Phase 1 clinical trial of QN-302 in the second half of this year.
- Potentially providing a treatment option in the future to patients who have not responded to or have relapsed following treatment with available therapies.
- Continue to advance compounds within Pan-RAS therapeutic platform.
- On track to identify a late in vivo stage candidate by the end of the year.
- Streamlined operations that will reduce overhead expenses as an out-sourced virtual model.
Challenges Ahead
- Risks and uncertainties involved in Qualigen's prospects and strategy for development of its therapeutic drug candidates.
- No assurance that the Company will be able to successfully develop any drugs (including QN-302, Pan-RAS and QN-247).
- There can be no assurance that the Company will be able to procure or earn sufficient working capital to complete the development, testing and launch of the Company’s prospective therapeutic products (including QN-302, Pan-RAS and QN-247).
- The Company’s stock price could be harmed if any of the events or trends contemplated by the forward-looking statements fail to occur or is delayed or if any actual future event otherwise differs from expectations.
- Continued industry headwinds.