Qualigen Therapeutics, Inc. (QLGN): History, Ownership, Mission, How It Works & Makes Money

Qualigen Therapeutics, Inc. (QLGN) is a nano-cap biotech firm with a market capitalization of just $4.63 million as of November 2025, so how does a company this small manage to raise a massive $41 million in a single quarter? This isn't a typical story; you have a clinical-stage company focused on critical oncology programs like QN-302 for pancreatic cancer, yet it reported zero revenue in the third quarter of 2025, which should be a major red flag. That September 2025 capital infusion, largely earmarked for establishing cryptocurrency treasury operations instead of just drug development, completely changes the risk profile, and we need to understand exactly how this unique ownership and mission structure works to make money.

Qualigen Therapeutics, Inc. (QLGN) History

You want the unvarnished history of Qualigen Therapeutics, Inc., and honestly, it's a story of two very different companies. What started as a diagnostics firm in the mid-nineties has recently executed one of the most drastic pivots I've seen in my two decades as an analyst, moving from cancer therapeutics to a Web3- and crypto-focused business.

Qualigen Therapeutics, Inc.'s Founding Timeline

Year established

The company was founded in 1996, initially operating in the diagnostics space.

Original location

The company is headquartered in Carlsbad, California, which has been its primary location for many years.

Founding team members

The founder is Michael S Poirier, who also served as the CEO.

Initial capital/funding

Details on the initial capital at the time of founding are undisclosed, but the company's first documented funding round was a Post IPO round on November 18, 2024, for $5.1 million.

Qualigen Therapeutics, Inc.'s Evolution Milestones

Qualigen Therapeutics, Inc.'s Transformative Moments

The company's trajectory has been defined by two major, high-stakes pivots. The first was the shift from a diagnostics company to a clinical-stage therapeutics developer, focusing on cancer treatments like QN-302 for G4-targeted tumors and Pan-RAS inhibitors.

This focus required significant cash burn, which you can see in the financial results. For example, the Q3 2025 net loss was $2.90 million, and the forecasted annual Earnings Before Interest and Taxes (EBIT) for 2025 is a loss of -$31 million. That's a tough environment for an early-stage biotech.

But the real game-changer came in September 2025 with the $41 million Private Investment in Public Equity (PIPE) financing. This wasn't just a cash infusion; it was a complete strategic overhaul. The new capital, led by Faraday Future Intelligent Electric Inc., is primarily earmarked to establish a new crypto business adventure, signaling a massive and defintely unexpected pivot into the Web3 space.

• The $41 million PIPE financing, closed in September 2025, was led by Faraday Future, which invested $30 million, securing approximately 55% pro forma beneficial ownership.
• This funding immediately boosted the balance sheet, with total assets surging to approximately $43.47 million and cash reserves hitting $38.77 million as of September 30, 2025.
• The plan is to rebrand the company as CXC10 soon, focusing on a new crypto business centered on products like the C10 Digital Asset Treasury and an AI-powered crypto trading agent called DeAI Agent (BesTrade).
• The existing therapeutics pipeline will continue to progress, but the company's strategic priority has clearly shifted to bridging Web2 and Web3, and AI and crypto.

If you want to understand the new direction, you need to look at the Mission Statement, Vision, & Core Values of Qualigen Therapeutics, Inc. (QLGN), because the old biotech mission is being rewritten in real-time. This is a classic case of a company using its public listing and capital access to completely change its business model when the original one faced significant financial pressure.

Qualigen Therapeutics, Inc. (QLGN) Ownership Structure

The ownership structure of Qualigen Therapeutics, Inc. has undergone a radical transformation in November 2025, shifting control from a dispersed public float to a single majority shareholder, Faraday Future. This change is the direct result of the company's strategic pivot from biotechnology to a Web3-driven decentralized artificial intelligence (AI) technology platform, which includes a planned rebrand to AIxCrypto Holdings, Inc. (AIXC) effective November 20, 2025.

Given Company's Current Status

Qualigen Therapeutics, Inc. is a publicly traded company, listed on the Nasdaq Capital Market under the ticker symbol QLGN, though it is transitioning to the new ticker AIXC. The company is fundamentally changing its business model and governance structure, moving away from its traditional focus on oncology and immunology therapies. This strategic pivot was approved by stockholders on November 16, 2025, confirming Faraday Future as the majority and controlling shareholder. This is a massive shift, and its financial performance reflects the transition-the trailing 12-month earnings ending June 30, 2025, stood at a loss of -$7.0M, with analysts forecasting an annual EBIT (Earnings Before Interest and Taxes) loss of -$31MM for the full fiscal year 2025. You need to defintely watch how the new AI and crypto strategy impacts these numbers going forward.

Given Company's Ownership Breakdown

The new ownership structure, effective following the November 2025 corporate actions, establishes a clear controlling interest, which is a critical factor in understanding the company's future decision-making process. The table below maps out this new reality, where one entity holds the reins.

Given Company's Leadership

The leadership team has been significantly restructured in late 2025 to align with the new strategic direction, bringing in key executives from the controlling shareholder, Faraday Future. This governance overhaul was completed in October 2025, ensuring the new management is in place to execute the AI × Web3 strategy.

• Co-Chief Executive Officer: Jerry (Jiawei) Wang, appointed October 2, 2025, previously a founding member and Global President of Faraday Future.
• Co-Chief Executive Officer: Kevin Richardson (continues in this role).
• Chief Financial Officer: Koti Meka, appointed October 2, 2025, bringing extensive corporate finance experience from Faraday Future and Ford Motor Company.
• President: Campbell Becher (continues in this role).

The Board of Directors also expanded in late September 2025, adding three new members: Kevin Chen, Chad Chen, and Jay Sheng, with Faraday Future expected to designate the majority of the reconstituted board before November 20, 2025. This new board structure directly supports the company's push into decentralized AI technology. For a deeper dive into the new strategic direction, check out Mission Statement, Vision, & Core Values of Qualigen Therapeutics, Inc. (QLGN).

Qualigen Therapeutics, Inc. (QLGN) Mission and Values

Qualigen Therapeutics, Inc.'s core purpose is undergoing a radical shift, moving from a clinical-stage biotechnology company focused on oncology to a technology enterprise centered on decentralized Artificial Intelligence (DeAI) and Web3 assets. This transition, which includes a name change to AIxCrypto Holdings, Inc. effective in November 2025, fundamentally redefines the company's mission and values, pivoting from medical science to financial technology and ecosystem development.

Given Company's Core Purpose

The company's cultural DNA is in flux, but the underlying drive remains a commitment to innovation, whether in drug development or in the emerging AI × Web3 space. For the third quarter of 2025, the company reported a net loss of $2.90 million, underscoring the financial pressure that often drives such strategic pivots in the biotech sector. The new mission is focused on capitalizing on a different kind of unmet need: the demand for AI-driven financial technology tools. To be fair, this is a massive change in direction.

Official mission statement

While Qualigen Therapeutics, Inc. did not explicitly publish a formal mission statement in its filings, its actions and goals historically pointed to a clear purpose in the healthcare space. The inferred mission was about scientific rigor and patient impact, but the new direction is all about market positioning and technology.

• Former (Biotech Focus): Develop and commercialize innovative therapeutics to treat cancer and infectious diseases.
• Improve patient outcomes by focusing on significant unmet medical needs.
• Current (AIxCrypto Focus): Define the world's leading gateway to the AI × Web3 era.
• Accelerate innovation and ecosystem integration through decentralized AI (DeAI) and Web3 asset infrastructure.

The new strategy is backed by a financial commitment, with the company's C10 Treasury completing $12 million in crypto asset allocations as of October 17, 2025, with a target to grow its Assets Under Management (AUM) to $50 million by the end of 2025.

Vision statement

The vision has moved from a long-term goal of biopharmaceutical leadership to a near-term, aggressive market-entry strategy in a high-growth technology sector. The total assets of the company stood at approximately $43.47 million as of September 30, 2025, reflecting the capital needed to fund this new vision.

• Former (Biotech Focus): Become a leading biopharmaceutical company recognized for innovative therapies and improving patient lives.
• Establish a robust pipeline of novel therapeutics targeting significant unmet needs.
• Current (AIxCrypto Focus): Position the company as the world's premier gateway to the emerging AI × Web3 era.
• Unveil a full strategic transformation plan and a three-year development roadmap focused on decentralized technology.

This is a defintely a high-stakes pivot. If you want to dive deeper into the new ownership structure and the investors backing this change, you should check out Exploring Qualigen Therapeutics, Inc. (QLGN) Investor Profile: Who's Buying and Why?

Given Company slogan/tagline

The company's slogan has been adapted to reflect its historical roots in development while embracing the new technological frontier. The original tagline spoke to the commitment of a clinical-stage company, but the new focus is on the scale of the strategic change itself.

• Former (Biotech Focus): Driven to Deliver.
• Current (AIxCrypto Focus): More than a renaming-it represents a complete evolution of company identity.

The new leadership is making it clear: the old identity is gone, and the new one is a 'comprehensive upgrade of company identity, business model, technology strategy, and ecosystem positioning.' The focus is now on the strategic enablement dynamic between AIxCrypto and its majority shareholder, Faraday Future Intelligent Electric.

Qualigen Therapeutics, Inc. (QLGN) How It Works

Qualigen Therapeutics, Inc., now operating as AIxCrypto Holdings, Inc. (AIXC) following its November 20, 2025, rebrand, has completely pivoted its business model from a clinical-stage oncology company to an enterprise focused on decentralized Artificial Intelligence (DeAI) and Web3 asset infrastructure. This shift, backed by a significant capital infusion and majority ownership by Faraday Future Intelligent Electric Inc., positions the company to generate value by developing intelligent trading systems and bridging real-world assets (RWA) with the blockchain economy.

Qualigen Therapeutics' Product/Service Portfolio

The company's core value proposition is no longer its legacy biotech pipeline, which included investigational oncology programs like QN-302, but a new suite of AI and Web3 technologies. The new business framework centers on creating a gateway to the AI $\times$ Web3 era, with the following near-term products and initiatives:

Qualigen Therapeutics' Operational Framework

The operational framework is now a technology-focused model driven by the strategic alliance with Faraday Future, which holds an estimated 55% direct equity stake and controls the majority of the Board of Directors. This is a fundamental change from the previous R&D-heavy, high-burn biotech model.

Here's the quick math on the financial runway: the company reported a Q3 2025 net loss of $2.90 million, but a massive capital raise, including a $41 million subscription agreement from Faraday Future, boosted cash reserves to approximately $38.77 million as of September 30, 2025. This cash provides a crucial buffer to fund the new technology roadmap.

• Dual-Flywheel System: The company operates within a new 'FFAI + AIXC' dual-flywheel system, where the AIxCrypto Holdings, Inc. (AIXC) platform is designed to provide financing, asset, and technology support for the Faraday Future (FFAI) EAI mobility ecosystem.
• New Leadership: The executive team and Board have been reconstituted, with Jerry Wang and Koti Meka, both from Faraday Future, appointed as Co-CEO and CFO, respectively, in October 2025.
• Value Creation: Value is created by developing and deploying decentralized AI tools for financial applications and by leveraging blockchain technology to tokenize assets, which aims to create new, lower-cost financing pathways for the partner ecosystem.

What this estimate hides is the forecasted annual EBIT loss of -$31 million for 2025, which reflects the high burn rate of the legacy biotech business before the pivot's full effect. The new model needs to defintely reverse that trend fast.

Qualigen Therapeutics' Strategic Advantages

The company's strategic advantages are entirely rooted in its rapid, decisive pivot and its powerful new majority shareholder. This isn't a slow transition; it's a hard reset that leverages the current market appetite for AI and Web3 integration.

• Strategic Capital and Control: The $41 million cash infusion and Faraday Future's majority control (approx. 63% including affiliates) provide immediate financial stability and a clear, unified strategic direction that was previously lacking.
• Ecosystem Integration: Direct integration with the Faraday Future EAI ecosystem gives AIxCrypto Holdings, Inc. a captive, real-world asset base (electric vehicles) to apply its RWA tokenization and Web3 solutions, accelerating product-market fit.
• First-Mover Narrative: Positioning itself as a leading gateway to the 'AI $\times$ Web3 era' provides a compelling, high-growth narrative to attract both capital and talent in a burgeoning sector.
• Agile Pivot: The ability to successfully execute a total corporate and technology pivot, including a Nasdaq rebranding ceremony on November 20, 2025, demonstrates a high degree of organizational agility and commitment to a new growth curve.

For a deeper dive into the ownership structure and market sentiment around this dramatic shift, you should check out Exploring Qualigen Therapeutics, Inc. (QLGN) Investor Profile: Who's Buying and Why?

Next step: The new management team needs to release concrete revenue projections for the BesTrade DeAI Agent and the RWA products by year-end to validate the new business model.

Qualigen Therapeutics, Inc. (QLGN) How It Makes Money

Qualigen Therapeutics, Inc. (QLGN) is currently in a state of radical transition, meaning it does not generate revenue from its legacy business; for the third quarter of 2025, the company reported $0.00 in revenue, with its financial engine now powered by a massive capital infusion intended to pivot the entire business into a new sector. The company's immediate financial focus is on managing its cash reserves and establishing new revenue streams from its planned shift to a Web3-driven decentralized AI technology platform and cryptocurrency treasury operations.

The company's traditional model involved developing novel therapeutic products for cancer and infectious diseases, plus selling its legacy FastPack rapid diagnostic testing system, but that revenue stream has dried up. Now, the money comes from financing activities, not product sales, which is a key distinction you need to understand.

Qualigen Therapeutics' Revenue Breakdown

Since the company reported $0.00 in revenue for the trailing twelve months ending September 30, 2025, a traditional percentage breakdown is impossible. Instead, here is a look at the business segments and their 2025 financial reality, reflecting the strategic pivot to AIxCrypto Holdings, Inc. (the new corporate name).

Business Economics

The economic fundamentals of Qualigen Therapeutics have completely changed, moving from a capital-intensive, long-horizon biotech model to a new, still-unproven model centered on technology and financial assets. The core of the new business is its ability to manage and grow its substantial cash reserves, not its ability to sell a product.

• Capital Infusion: The company secured a $41 million subscription agreement in September 2025, primarily from Faraday Future Intelligent Electric Inc., which is the lifeblood of the new strategy. This is a one-time financing event, not recurring revenue, so it's defintely not a sustainable revenue model yet.
• Cost Structure Shift: The company is actively cutting costs in its legacy business. Research and development (R&D) expenses dropped to only $105,000 in Q3 2025, down from $123,000 in Q3 2024, reflecting the slowdown in clinical work.
• New Cost Center: Selling, General, and Administrative (SG&A) expenses, however, rose significantly to $1.89 million in Q3 2025, up from $1.14 million a year prior. This increase likely reflects the costs associated with the corporate pivot, including legal, accounting, and executive changes.
• New Revenue Model: The plan is to use a significant portion of the new capital to establish cryptocurrency treasury operations. This means future revenue, if successful, would come from capital appreciation, staking rewards, or trading in digital assets, not from selling drugs or diagnostic kits.

You can see the full scope of this transformation in the company's new direction by reading its Mission Statement, Vision, & Core Values of Qualigen Therapeutics, Inc. (QLGN).

Qualigen Therapeutics' Financial Performance

The financial snapshot for the third quarter of 2025 (Q3 2025) shows a company in survival mode, funded by new capital to execute a high-risk, high-reward pivot. The key metrics are all about cash and burn rate, not profitability.

• Cash Position: Total cash reserves surged to approximately $38.77 million as of September 30, 2025, a massive leap from just $2.31 million in the same quarter of 2024. This cash is the runway for the new AI/Web3 business.
• Net Loss: The company reported a net loss of approximately $2.0 million in Q3 2025, compared to a net loss of $1.8 million in Q3 2024. The operating loss was about $1.42 million.
• Cash Burn: Cash used in operations for the quarter was still concerning at $2.14 million, indicating an ongoing operational cash burn despite the zero revenue. Here's the quick math: with $38.77 million in cash and a roughly $2.14 million quarterly burn rate, the company has a theoretical runway of over four years, assuming the burn rate doesn't increase with the new business initiatives.
• Balance Sheet Recovery: Total equity recovered significantly to $38.54 million as of September 30, 2025, a substantial improvement from the negative equity position of $-2.14 million in Q3 2024. The new financing fixed the balance sheet immediately.

The entire financial story of Qualigen Therapeutics in 2025 is a tale of a biotech company that sold its future to become an AI/Web3 holding company, relying entirely on its new cash pile to fund the transition.

Qualigen Therapeutics, Inc. (QLGN) Market Position & Future Outlook

Qualigen Therapeutics, Inc. is no longer a pure-play biotech; its future is entirely tied to a radical pivot into the decentralized technology sector, having officially rebranded as AIxCrypto Holdings, Inc. (AIXC) on November 20, 2025. This move positions the company as a nascent player in the high-growth, high-risk Decentralized AI (DeAI) and Web3 infrastructure space, backed by a significant capital infusion that stabilized its precarious financial health.

You need to understand that the company's trajectory is now a high-stakes bet on emerging tech, not oncology drug development, which means its competitive set and risk profile have completely changed overnight. The old business is defintely a footnote now.

Competitive Landscape

The company's new competitive landscape is defined by its strategic shift away from the crowded oncology field and into the volatile, yet potentially explosive, Decentralized AI (DeAI) and Web3 sector. Comparing AIxCrypto Holdings, Inc. to established biotech giants is meaningless; we must compare it to other DeAI-focused entities based on market capitalization as a proxy for industry standing, given its near-zero revenue in the new model.

Here's the quick math: AIxCrypto Holdings, Inc.'s market capitalization was approximately $4.5 million as of November 2025, which is tiny compared to a key competitor like Fetch.ai, which commands a market cap of around $754.3 million. This means AIxCrypto Holdings, Inc. is starting from the bottom of the new market, but with fresh capital and a clear NASDAQ listing advantage over many pure-crypto projects.

Opportunities & Challenges

The strategic transformation, fueled by the Faraday Future investment, creates a distinct set of near-term opportunities and risks that investors and strategists must weigh. The opportunity is massive, but the execution risk is substantial.

Industry Position

Qualigen Therapeutics, Inc.'s industry position is a study in corporate metamorphosis. As of November 2025, it has essentially abandoned its position in the highly competitive, capital-intensive biotechnology industry, where its legacy oncology pipeline (QN-302, Pan-RAS) faced significant development hurdles and its cash runway was short.

The new entity, AIxCrypto Holdings, Inc., is now positioned as a small-cap, high-risk, high-reward technology development firm in the Blockchain & Cryptocurrency sector.

• Legacy Biotech Standing: Minimal. The company reported a Q3 2025 net loss of $2.90 million, and its revenue was essentially zero, indicating a non-viable path in its former sector.
• New AI/Web3 Standing: Early-stage challenger. Its $4.5 million market cap makes it a micro-cap compared to major tech players, but the $41 million capital raise from Faraday Future gives it a war chest far exceeding most early-stage Web3 startups.
• Competitive Edge: The key is the public listing and the institutional backing. Most DeAI projects are pure-crypto tokens; AIxCrypto Holdings, Inc. provides a regulated, publicly traded vehicle for investors to gain exposure to decentralized AI, which is a powerful differentiator.

For a deeper dive into the financials that drove this radical change, I recommend reading Breaking Down Qualigen Therapeutics, Inc. (QLGN) Financial Health: Key Insights for Investors.

What this estimate hides is the fact that the company's value is now entirely speculative, based on a three-year development roadmap that has not yet been fully unveiled.

Next Step: Strategy Team: Analyze AIxCrypto Holdings, Inc.'s full strategic transformation plan and three-year development roadmap, which was scheduled to be announced at the November 20 Nasdaq ceremony, to assess the viability of the DeAI and Web3 framework.