Tue, Jul 2, 7:37 PM (111 days ago)
Qualigen Therapeutics, Inc. reported a net loss of $2.0 million for Q1 2024, down from $4.1 million in Q1 2023. The decrease in loss is attributed to reduced general and administrative expenses, lower research and development costs, and a significant drop in interest expense. The company's cash position is weak, with $0.1 million in cash and a substantial accounts payable balance of $1.8 million. Qualigen expects its cash to last only into Q3 2024 and has raised funds through convertible debt to support its operations. The company's ongoing financial challenges raise substantial doubt about its ability to continue as a going concern. Additionally, Qualigen is addressing Nasdaq compliance issues to avoid delisting.