Qualigen Therapeutics, Inc. (QLGN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Qualigen Therapeutics, Inc. (QLGN) surge como una fuerza pionera, navegando estratégicamente el complejo terreno de la investigación del cáncer y el desarrollo terapéutico innovador. Su lienzo de modelo de negocio meticulosamente elaborado revela un enfoque sofisticado para transformar la ciencia médica, combinar la investigación de vanguardia, las asociaciones estratégicas y las tecnologías innovadoras que prometen revolucionar las metodologías de tratamiento del cáncer. Al aprovechar las plataformas terapéuticas patentadas de ARN/ADN y mantener redes colaborativas robustas, QLGN está a punto de reestructurar potencialmente el futuro de Precision Medicine, ofreciendo esperanza y soluciones innovadoras en el desafiante ecosistema de investigación de oncología.

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Qualigen Therapeutics mantiene asociaciones de investigación con las siguientes instituciones académicas:

Institución	Enfoque de investigación	Estado de asociación
Centro de cáncer de Anderson de la Universidad de Texas	Terapéutica del cáncer de acción rápida	Acuerdo de investigación colaborativa activa
Facultad de Medicina de la Universidad de Stanford	Investigación de oncología de precisión	Asociación de investigación en curso

Asociación con Centros de Investigación de Tratamiento del Cáncer

Qualigen ha establecido asociaciones de investigación clínica con centros de cáncer especializados:

• Memorial Sloan Kettering Cancer Center
• Instituto del Cáncer Dana-Farber
• Centro Médico Nacional de la Ciudad de Hope

Alianzas potenciales de desarrollo farmacéutico

Métricas actuales de colaboración de desarrollo farmacéutico:

Socio farmacéutico	Etapa de desarrollo de drogas	Inversión potencial
Pfizer Inc.	Etapa preclínica	$ 3.2 millones de fondos de investigación
Astrazeneca	Ensayos clínicos de fase I	Acuerdo de colaboración de $ 5.7 millones

Acuerdos de colaboración con instalaciones de investigación de biotecnología

Asociaciones de instalaciones de investigación de biotecnología:

• Instituto amplio de MIT y Harvard
• Instituto de Investigación de Scripps
• Fred Hutchinson Cancer Research Center

Presupuesto de colaboración de investigación total para 2024: $ 12.9 millones

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: actividades clave

Desarrollo de terapias de tratamiento de cáncer dirigidas

Qualigen Therapeutics se centra en desarrollar terapias innovadoras de tratamiento del cáncer con un enfoque específico en los siguientes candidatos a medicamentos clave:

Candidato a la droga	Enfoque de tratamiento	Etapa de desarrollo actual
Inhibidor de Ras-F	Tumores sólidos	Desarrollo preclínico
Apto-253	Cánceres hematológicos	Ensayo clínico de fase 1/2

Realización de ensayos clínicos para candidatos innovadores de drogas

Las actividades de ensayo clínico incluyen:

• Prueba de fase 1/2 continua para Apto-253
• Investigación preclínica para el inhibidor de Ras-F
• Procesos de reclutamiento y detección de pacientes

Investigación de tecnologías terapéuticas basadas en ARN/ADN

Actividades de investigación centradas en:

• Tecnología inductora de apoptosis rápida (FAIT)
• Mecanismos de orientación molecular
• Estrategias de modulación de expresión génica

Persiguiendo aprobaciones regulatorias para tratamientos médicos

Cuerpo regulador	Candidato a la droga	Estado de aprobación
FDA	Apto-253	Nuevo medicamento en investigación (IND) aprobado

Las actividades de cumplimiento regulatorio incluyen la preparación de la documentación integral, la realización de estudios de seguridad requeridos y el mantenimiento de la comunicación con las agencias reguladoras.

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: recursos clave

Plataformas de tecnología terapéutica patentada

Qualigen Therapeutics mantiene las siguientes plataformas de tecnología clave:

• Plataforma de asesinos asesinos (Fab-NK) de acción rápida (FAB-NK)
• Plataforma de desarrollo de medicamentos de molécula de molécula de Ras
• Plataforma de tecnología de la terapéutica del cáncer

Plataforma tecnológica	Etapa de desarrollo	Aplicaciones potenciales
Fabuloso	Preclínico	Inmunoterapia con cáncer
Argel	Investigación temprana	Tratamientos oncológicos

Equipo de investigación de biotecnología especializada

Composición del equipo de investigación:

• Total de personal de investigación: 18 empleados a partir del cuarto trimestre 2023
• Investigadores a nivel de doctorado: 7
• Áreas especializadas: oncología, inmunoterapia, biología molecular

Cartera de propiedades intelectuales

Detalles de patente y IP:

Categoría de patente	Número de patentes	Estado
Tecnologías terapéuticas del cáncer	12	Activo
Plataforma Fab-NK	5	Pendiente/archivado

Instalaciones avanzadas de laboratorio e investigación

Infraestructura de investigación:

• Espacio total de la instalación de investigación: 8,500 pies cuadrados
• Ubicación: Carlsbad, California
• Equipo de biología molecular avanzada
• Capacidades de investigación de cultivo celular y genómica

Capital financiero para la investigación y el desarrollo

Recursos financieros:

Métrica financiera	Cantidad (2023)
Gasto de I + D	$ 12.4 millones
Equivalentes de efectivo y efectivo	$ 8.6 millones (cuarto trimestre de 2023)

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de tratamiento del cáncer

Stanigen Therapeutics se centra en el desarrollo de terapias de cáncer específicas con enfoques tecnológicos específicos:

Tecnología de tratamiento	Etapa de desarrollo	Tipo de cáncer objetivo
Tratamiento RAS-F de acción rápida	Ensayos clínicos de fase 1	Tumores sólidos avanzados
QN-165 Molécula pequeña	Investigación preclínica	Cáncer de mama triple negativo

Posibles tecnologías terapéuticas de ARN/ADN ADN

Las plataformas tecnológicas clave de ARN/ADN incluyen:

• Mecanismo de interferencia de ARN (ARNi) patentado
• Enfoque de edición de genes basado en CRISPR
• Desarrollo de oligonucleótidos antisentido

Enfoques de medicina de precisión dirigida

Estrategia de medicina de precisión	Plataforma tecnológica	Potencial de población de pacientes
Terapia personalizada del cáncer	Análisis de biomarcadores genéticos	Pacientes con mutaciones raras de cáncer
Intervención molecular dirigida	Secuenciación genómica	Subtipos específicos de cáncer genético

Metodologías de diagnóstico y tratamiento avanzadas

• Tecnologías de diagnóstico
  • Detección de células tumorales circulantes
  • Técnicas de perfil molecular
  • Monitoreo de progresión del cáncer en tiempo real
• Metodologías de tratamiento
  • Darmontaje de drogas de precisión
  • Enfoques terapéuticos invasivos mínimos
  • Integración de inmunoterapia

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: relaciones con los clientes

Compromiso directo con instituciones de investigación médica

A partir del cuarto trimestre de 2023, la terapéutica de calidad mantuvo relaciones de investigación directa con las siguientes categorías institucionales:

Tipo de institución	Número de asociaciones activas
Centros de investigación académicos	12
Institutos de Investigación de Oncología	8
Instalaciones de investigación de biotecnología	6

Asociaciones de investigación científica colaborativa

Las asociaciones de investigación colaborativa de Qualigen se centran en áreas terapéuticas específicas:

• Investigación de oncología de precisión
• Desarrollo de medicina regenerativa
• Tecnología de diagnóstico avanzada

Tipo de asociación	Colaboraciones de investigación totales	Inversión anual
Asociaciones de oncología	5	$ 2.3 millones
Colaboraciones de tecnología de diagnóstico	3	$ 1.7 millones

Comunicación transparente del progreso del ensayo clínico

Métricas de comunicación de ensayos clínicos para 2023:

• Ensayos clínicos activos totales: 4
• Informes de progreso trimestral: publicado regularmente
• Plataformas de divulgación pública: 3 bases de datos científicas

Interacciones científicas y médicas continuas

Canal de interacción	Frecuencia anual	Alcance participante
Conferencias científicas	6	1.200 profesionales
Serie de seminarios web	4	850 participantes
Publicaciones revisadas por pares	8	Múltiples revistas internacionales

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: canales

Presentaciones de conferencias científicas directas

En 2023, la terapéutica de calidad participó en 7 conferencias de biotecnología y oncología, presentando datos de investigación sobre sus plataformas terapéuticas.

Nombre de conferencia	Fecha	Enfoque de presentación
Reunión anual de AACR	Abril de 2023	Tratamiento de cáncer de páncreas QN-302 de acción rápida
Reunión anual de cenizas	Diciembre de 2023	Investigación de terapia dirigida RAS-F

Publicaciones de revistas médicas revisadas por pares

Qualigen publicó 3 artículos de investigación revisados ​​por pares en 2023.

• Revista de oncología clínica
• Biotecnología de la naturaleza
• Investigación del cáncer

Comunicaciones de inversores de la industria de biotecnología

Datos de relaciones con los inversores para 2023:

Tipo de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces	126 inversores institucionales
Presentaciones de inversores	6 eventos	247 inversores potenciales

Plataformas de investigación científica digital

Compromiso de la plataforma de investigación en línea en 2023:

• Investigador Profile: 3.412 seguidores
• Red científica de LinkedIn: 2.876 conexiones
• Citas de PubMed: 42 citas totales

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: segmentos de clientes

Instituciones de investigación de oncología

Canedigen Therapeutics se dirige a las instituciones de investigación de oncología con características específicas del segmento de clientes:

Métrico de segmento	Datos cuantitativos
Número de posibles instituciones de investigación	347 Centros de Investigación de Oncología Especializada en Estados Unidos
Asignación anual de presupuesto de investigación	$ 2.3 mil millones dedicados a las tecnologías de investigación del cáncer
Penetración potencial del mercado	12.6% de las instituciones objetivo totales

Centros médicos académicos

Los centros médicos académicos representan un segmento crítico de clientes para caligen:

• Número total de centros médicos académicos potenciales: 154
• Financiación anual promedio de la investigación: $ 47.5 millones por institución
• Inversión en tecnología de investigación del cáncer: presupuesto anual colectivo de $ 685 millones

Organizaciones de investigación farmacéutica

Las organizaciones de investigación farmacéutica constituyen un segmento de clientes significativo:

Tipo de organización	Número total	Gasto de investigación anual
Grandes compañías farmacéuticas	38	$ 189.7 mil millones
Compañías farmacéuticas de tamaño mediano	127	$ 42.3 mil millones
Organizaciones de investigación de biotecnología	276	$ 63.9 mil millones

Instalaciones especializadas de tratamiento del cáncer

Las instalaciones especializadas de tratamiento del cáncer representan un segmento de clientes dirigido:

• Número total de centros especializados de tratamiento del cáncer en Estados Unidos: 1.754
• Inversión tecnológica anual: $ 3.2 mil millones
• Alcance del mercado potencial: 8.7% de las instalaciones especializadas totales

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finalizó el 31 de marzo de 2023, Qualigen Therapeutics reportó gastos de I + D de $ 6.8 millones.

Año fiscal	Gastos de I + D
2023	$ 6.8 millones
2022	$ 7.9 millones

Costos operativos del ensayo clínico

Los gastos de ensayo clínico para la terapéutica de calidad en 2023 totalizaron aproximadamente $ 4.2 millones.

• Programa de cáncer de páncreas de vía rápida Costos de ensayo clínico: $ 1.5 millones
• QN-302 Gastos de prueba de oncología: $ 1.3 millones
• Costos de desarrollo clínico adicional: $ 1.4 millones

Mantenimiento de la propiedad intelectual

Costos anuales de propiedad intelectual y mantenimiento de patentes: $ 350,000

Categoría de IP	Costo anual
Presentación de patentes	$200,000
Mantenimiento de patentes	$150,000

Personal y reclutamiento de talento científico

Gastos totales de personal para 2023: $ 5.6 millones

• Salarios del personal científico: $ 3.2 millones
• Costos del personal administrativo: $ 1.4 millones
• Gastos de reclutamiento y capacitación: $ 1 millón

Inversiones de equipos e tecnología de laboratorio

Gastos de capital para equipos de laboratorio en 2023: $ 2.1 millones

Categoría de equipo	Inversión
Equipo de investigación molecular	$ 1.2 millones
Sistemas de biología computacional	$900,000

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir del cuarto trimestre de 2023, Stanigen Therapeutics informó ingresos potenciales de los acuerdos de licencia relacionados con sus candidatos a los medicamentos:

Candidato a la droga	Ingresos potenciales de licencia	Estado
Inhibidor de Ras-F	$ 0 (sin acuerdo de licencia activa)	Etapa preclínica
Qapzz-1 (tratamiento del cáncer)	$ 0 (sin ingresos actuales de licencia)	Ensayo clínico de fase 1

Subvenciones de investigación y financiación

Datos financieros para subvenciones de investigación en 2023:

• Financiación total de la investigación: $ 1,022,000
• Subvenciones de los Institutos Nacionales de Salud (NIH): $ 450,000
• Subvenciones de Investigación de Innovación de Pequeñas Empresas (SBIR): $ 572,000

Futura comercialización de productos farmacéuticos

Potencial de ingresos proyectados para productos farmacéuticos:

Producto	Potencial de mercado estimado	Etapa de desarrollo
Sistema de diagnóstico de FastPack	$ 0 (sin ingresos comerciales actuales)	Etapa de investigación
QN-165 (tratamiento del cáncer)	$ 0 (preclínico)	Desarrollo preclínico

Asociaciones de investigación colaborativa

Detalles financieros de la sociedad para 2023:

• Financiación total de la investigación colaborativa: $ 675,000
• Número de asociaciones de investigación activa: 2
• Valor de asociación promedio: $ 337,500

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Value Propositions

Secured and diversified digital asset treasury management

You're looking at a corporate treasury actively shifting its composition into digital assets, aiming for significant scale by year-end 2025. The stated goal is to expand the C10 Treasury to $50 Million AUM by the end of 2025. As of October 17, the C10 Treasury had already completed $12 million in crypto asset allocations. This was formalized with a strategic partnership announced on October 23, 2025, with BitGo to execute a $30 million market-cap-weighted C10 treasury allocation, which specifically comprises the world's top 10 crypto assets, excluding stablecoins. This allocation follows an 80/20 passive/active split strategy. The infrastructure supporting this includes established USD settlement, bank accounts, and regulated cold custody via BitGo. This move signals a commitment to financial resilience through digital asset diversification.

Metric/Target	Value/Amount	Date/Status
Target C10 Treasury AUM (End 2025)	$50 Million	Goal for 2025
Completed Crypto Asset Allocations	$12 million	As of October 17, 2025
Committed Allocation via BitGo Partnership	$30 million	Announced October 23, 2025
Treasury Allocation Split (Passive/Active)	80% / 20%	Strategy Detail
Total Strategic Investment Secured (Sept 2025)	$41 million	Closed in September 2025

AI-optimized trading via the BesTrade DeAI Agent

The BesTrade DeAI Agent is positioned as the flagship product and the second engine of the Crypto Flywheel. This agent functions as a Meta Exchange, designed to intelligently connect users and value by optimizing transaction pathways and returns. You can expect the public beta version of the BesTrade DeAI Agent to launch by the end of November 2025, followed immediately by a global user growth campaign. This positions the product to become a top-tier AI trading platform.

Bridging the gap between Web2 capital markets and the Web3 ecosystem

The overall corporate vision, following the planned rebrand to AIxCrypto, is to become a leading U.S. public company converging Web2 and Web3, alongside AI and crypto. This bridging capability is supported by planned product development. The value proposition includes support from potential products like a C10 stablecoin and EAI + Crypto RWA dual-bridge products. These elements aim to build a sustainable on-chain value growth system, serving as the third engine of the Crypto Flywheel.

Potential for high-growth exposure to AI and crypto sectors

The entire strategy is structured around three core growth engines designed to maximize on-chain value growth. This structure is being capitalized by significant external funding. The company secured a transformative investment of $41 million in September 2025, with Faraday Future Intelligent Electric Inc. contributing approximately $30 million of that amount. This capital is earmarked to establish the new cryptocurrency treasury operations and advance the Web3 initiatives.

• C10 Treasury and C10 Index: Serving as the core reserve asset and the first engine.
• BesTrade DeAI Agent: Positioned as the nexus of users and value, the second engine.
• Ecosystem Tokens: The carrier of value maximization, the third engine.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Customer Relationships

You're looking at the relationship structure for AIxCrypto Holdings, Inc., formerly Qualigen Therapeutics, Inc. (QLGN), following its major strategic pivot and rebranding in late 2025. This is a shift from a traditional biotech focus to an AI and Web3 platform, which fundamentally changes how the company interacts with its key customer/stakeholder groups.

Institutional relationship management with major investors like Faraday Future

The relationship with Faraday Future (FF) is now the dominant institutional anchor, moving from a simple investor to a controlling shareholder. This relationship dictates board composition and strategic direction.

• Faraday Future is the expected majority controlling shareholder with an estimated direct equity ownership of 55% (approximately 63% including affiliates).
• FF's initial investment via the PIPE was $30 million, securing this majority stake.
• FF has the right to nominate a majority of the board, with potential for four of seven seats upon full approval.
• FF Founder & Global Co-CEO YT Jia personally invested $4 million for about 7% ownership, subject to a two-year lockup.
• The company's cash position was bolstered to $38.8 million as of Q3 2025, following the $41 million investment from FF and others.

The nature of this relationship is one of active control and governance integration, far beyond standard passive investment management.

Automated, platform-driven service for BesTrade DeAI Agent users

For the new flagship product, the BesTrade DeAI Agent, the relationship model is designed to be largely automated and platform-driven, acting as a Meta Exchange.

The company plans to launch the public beta of the BesTrade DeAI Agent by the end of November 2025. The relationship is built around the agent intelligently optimizing transaction pathways for users.

Metric/Goal	Target/Value (End of 2025)	Context
BesTrade DeAI Agent Status	Public Beta Launch	Targeted for end of November 2025
Growth Engine Role	Second Engine of the Crypto Flywheel	Positioning as a top-tier AI trading platform
User Relationship Type	Automated/Platform-Driven	Optimization of transaction pathways and returns

If onboarding for the BesTrade DeAI Agent takes longer than expected past the end of November, churn risk rises defintely.

Direct communication with the Web3 community for token adoption

Direct communication focuses on establishing the new crypto ecosystem and driving adoption of its treasury and token products.

• The company aims to expand the C10 Treasury to $50 Million in Assets Under Management (AUM) by the end of 2025.
• As of October 17, 2025, the C10 Treasury had completed $12 million in crypto asset allocations.
• Communication includes releasing the EAI RWA Utility Token Whitepaper.
• The strategy involves building a sustainable on-chain value growth system via C10 stablecoin and EAI + Crypto RWA dual-bridge products.

Investor relations for a publicly traded company (QLGN/AIXC)

Investor relations is managing the transition from a biotech focus to the AIxCrypto identity, which involved significant corporate actions in late 2025.

The stockholder meeting on November 12, 2025, saw approximately 60.17% of voting stock represented. Key approvals included the issuance of 337,432 common shares and 39,943 Series B convertible preferred shares. The company officially rebranded to AIxCrypto Holdings, Inc. and began trading as AIXC on November 20, 2025.

Key financial metrics relevant to investor confidence in Q3 2025 include a net loss of $2.0 million, compared to a net loss of $1.8 million in Q3 2024, with zero revenue reported. The company also announced a partnership with BitGo to manage a $30 million market-cap-weighted C10 crypto treasury allocation.

Finance: draft 13-week cash view by Friday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Channels

Qualigen Therapeutics, Inc. uses several distinct channels to communicate with the financial market and execute strategic treasury operations as of late 2025.

For corporate filings and press releases, the company's engagement with the SEC and Nasdaq provides concrete data points regarding its compliance efforts and capital structure changes.

Financial/Regulatory Event	Date/Period	Associated Amount/Value
Gross Proceeds from Series A-3 Private Placement	July 28, 2025	$4,500,000
Shares of Series A-3 Preferred Stock Sold	July 28, 2025	4,500
Stated Value Per Share (Series A-3 Preferred Stock)	July 28, 2025	$1,000
Underlying Common Stock Issuance (Initial Conversion)	July 28, 2025	1,607,143 shares
Conversion Price Per Share (Initial)	July 28, 2025	$2.80
Nasdaq Stockholder's Equity Requirement (Compliance Target)	July 28, 2025	$2,500,000
Q1 2025 Form 10-Q Filing Date	July 21, 2025	N/A
Market Capitalization	July 28, 2025	6.53M
Stock Price (Current as of search)	November 18, 2025	3.21 USD

The channel involving institutional asset execution is formalized through a partnership with BitGo.

BitGo's institutional OTC desk for large-scale asset execution:

• Qualigen Therapeutics, Inc. committed $30 million to a market-cap-weighted C10 crypto basket on October 23, 2025.
• BitGo provides OTC execution and access to deep liquidity for this allocation.

Regarding the BesTrade DeAI Agent platform for user access to trading tools, no specific financial or statistical data is available.

Regarding leading global crypto exchanges for token listings and liquidity, no specific financial or statistical data is available.

Corporate filings and press releases to the financial market also involved prior compliance issues:

• Market Capitalization reported as $2.8M on April 1, 2025.
• Institutional Ownership reported as 0.72% as of May 19, 2025.
• Short Percent reported as 2.03% as of May 19, 2025.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Qualigen Therapeutics, Inc. (QLGN) following its radical transformation into a Web3/crypto-focused enterprise, now planning to rebrand as AIxCrypto Holdings, Inc. (AIXC). Here is the breakdown based on the latest figures from late 2025.

Institutional investors seeking exposure to a managed crypto treasury

This segment is interested in the C10 Digital Asset Treasury, which began with a $30 million multi-asset allocation into the top 10 cryptocurrency assets, excluding stablecoins, secured via BitGo. As of September 18, 2025, the C10 Treasury had completed about $10 million in crypto asset allocations, delivering an unrealized gain of around 7% on that portion. The company ended Q3 2025 with $38.8 million in cash.

The institutional landscape shows 20 institutional owners and shareholders filing 13D/G or 13F forms with the SEC, holding a total of 53,442 shares as of November 18, 2025. The share price on that date was $3.21 / share.

Retail and professional crypto traders using the DeAI Agent

This group targets the planned BesTrade DeAI Agent, which is positioned as a core product to help users find the best trading paths and outcomes. While specific user adoption numbers for the DeAI Agent are pending launch, the general market context suggests a large potential pool. A recent Goldman Sachs report estimated that 38% of US stocks are now held directly by retail investors. Professional traders are a subset of this group, seeking algorithmic efficiency.

Web3 ecosystem participants and token holders

This segment engages with the third growth engine: ecosystem tokens, which covers C10 ecosystem tokens, a potential C10 stablecoin, and an EAI+Crypto Dual-Bridge RWA product. These participants are focused on the value maximization carried by these tokens within the new Web3 ecosystem build-up.

Legacy biotech shareholders navigating the strategic pivot

These are the existing shareholders who have held Qualigen Therapeutics, Inc. through its prior focus on cancer treatments, such as the QN-302 program. These shareholders are now exposed to the new crypto strategy following a $41 million PIPE financing led by Faraday Future (FF), which resulted in FF holding approximately 55% pro forma beneficial ownership. The company reported a net loss of $2.0 million for Q3 2025.

Key Financial and Operational Metrics as of Late 2025:

Metric	Value	Context/Date
Share Price	$3.21	November 18, 2025
Cash Balance	$38.8 million	End of Q3 2025
Faraday Future Ownership Stake	55%	Pro forma beneficial ownership post-PIPE
Total Crypto Treasury Allocation Target	$30 million	Multi-asset allocation
C10 Treasury Allocation Completed	$10 million	As of September 18, 2025
C10 Treasury Unrealized Gain (on completed portion)	7%	As of September 18, 2025
Q3 2025 Net Loss	$2.0 million	Q3 2025 Financial Results
Q3 2025 EPS	-$4.68	Q3 2025 Reported EPS

The shift in focus is clear, moving from a biotech pipeline to a three-pronged crypto/Web3 strategy: C10 Treasury, DeAI Agent, and Ecosystem Tokens.

• Institutional Owners Filing 13D/G or 13F: 20
• Total Institutional Shares Held: 53,442
• Estimated Retail Direct Stock Holding in US Market: 38%

Finance: draft updated 13-week cash view incorporating the $41 million investment by Monday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business as Qualigen Therapeutics, Inc. navigates a massive pivot, so the numbers reflect a transition period-some legacy costs are shrinking while new strategic investments are being funded by recent capital raises. Honestly, the cost structure is currently defined by the wind-down of the old and the initial setup for the new Web3/AI venture, which is now operating under the planned name AIxCrypto Holdings, Inc. (NASDAQ: AIXC) as of November 20, 2025.

The legacy biotech operations are clearly showing reduced spending, which is reflected in the R&D figures. For the three months ended March 31, 2025, Research and Development expenses were only $33,167, a sharp drop from the $364,385 reported for the same period in 2024. This reduction aligns with the stated cost control measures seen in earlier reports.

General and administrative (G&A) costs, however, have seen a significant increase, which you'd expect when undergoing major governance and executive changes. For the first quarter of 2025 (ended March 31, 2025), G&A expenses totaled $2,494,532, substantially higher than the $1,057,364 recorded in the first quarter of 2024. This increase covers the costs associated with the strategic shift, including the integration of new leadership like the incoming Co-CEO and CFO following the Faraday Future Intelligent Electric Inc. investment, which resulted in FF becoming the controlling shareholder.

The operating losses from the legacy biotech business are still a factor, though the company is trying to manage them. The Operating Income reported for the first quarter of 2025 was -$1.3 million. This reflects the ongoing burn rate before the full impact of the new strategy is realized, even as the company secured a $41 million PIPE financing in September 2025 to fund the new direction.

Regarding the digital asset custody and transaction fees, specifically for services like BitGo, the data is currently qualitative rather than quantitative. Qualigen Therapeutics, Inc. announced a partnership with BitGo on October 23, 2025, to execute its First Multi-Asset C10 Treasury Allocation. This indicates that transaction and custody fees are a new and emerging cost component tied to the C10 Digital Asset Treasury and RWA & Ecosystem Tokens business engine, but specific dollar amounts for these fees for late 2025 are not yet publicly itemized in the available statements.

Here's a quick look at the key expense line items from the Q1 2025 filing:

Expense Category	Amount for Three Months Ended March 31, 2025
General and administrative	$2,494,532
Research and development	$33,167
Operating Loss (Q1 2025)	-$1,300,000

The costs associated with the Web3 platform build-out-the DeAI Agent trading platform and the RWA tokenization-are being absorbed by the new capital, rather than being clearly delineated as a separate expense line item in the legacy structure yet. You can infer that the capital infusion is intended to cover these future development costs:

• The $41 million PIPE financing is earmarked to establish the new crypto business adventure.
• The new business will focus on three growth engines: C10 Digital Asset Treasury, DeAI Agent trading platform, and RWA & Ecosystem Tokens.
• The company's cash balances were expected to fund operations only into the third quarter of 2025 before the financing closed, highlighting the critical nature of this capital to sustain new development.

The shift in governance and executive structure is a direct driver of the elevated G&A. The new structure involves Faraday Future nominating a majority of board seats. It's defintely a cost of transition.

Finance: draft 13-week cash view by Friday.

Qualigen Therapeutics, Inc. (QLGN) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Qualigen Therapeutics, Inc. (QLGN) as of late 2025, which, honestly, is a story of transition. The company's reported revenue for the third quarter of 2025 was $0. This mirrors the annual revenue for the last reported fiscal year, which was also $0. The near-term focus for generating financial inflow is clearly shifting toward capital events and the new digital asset strategy.

Appreciation and compounding gains from the C10 Digital Asset Treasury

The C10 Digital Asset Treasury is a core component of the new strategy, aiming to accumulate and compound a market-cap-weighted basket of the world's top 10 crypto assets, excluding stablecoins. As of September 2025, the C10 Treasury had completed about $10 million in crypto asset allocations. A subsequent mention indicated a $30 million multi-asset allocation in partnership with BitGo. The allocation strategy is set at 80% passive tracking the C10 Index and 20% active selection with quantitative analysis and planned hedging. As of October 18, 2025, the C10 Treasury delivered an unrealized gain of around 7%, outperforming the C10 index overall. This unrealized gain represents potential future revenue or balance sheet appreciation, not realized operating revenue.

Trading fees and commissions generated by the BesTrade DeAI Agent

The BesTrade DeAI Agent is positioned as an AI-powered crypto trading agent designed to help market participants find the best paths and outcomes. While this product is a planned growth engine, the search results do not provide specific, realized financial figures for trading fees or commissions generated by the BesTrade DeAI Agent as of late 2025. The focus seems to be on establishing the infrastructure for this engine.

Potential revenue from the issuance and utility of Crypto Ecosystem Tokens

This third growth engine includes potential products like the C10 Stablecoin and the EAI + Crypto Dual-Bridge RWA (Real World Asset) product. These tokens and products are intended to be the carrier of value maximization within the ecosystem. However, concrete, realized revenue figures from the issuance or utility of these Crypto Ecosystem Tokens are not available in the latest reports.

Future capital raises, such as the $4.5 million private placement in July 2025

Capital raises are a significant source of current funding, supporting operations and the new crypto venture. The company closed a $4.5 million private placement of Series A-3 Preferred Stock on July 28, 2025, issuing 4,500 shares at $1,000 per share. This raise helped the company regain compliance with Nasdaq's minimum stockholders' equity requirement of $2.5 million. More significantly, in September 2025, Qualigen Therapeutics secured a $41 million PIPE financing led by Faraday Future. This larger investment is intended to fund the majority of the new crypto business adventure.

Here's a quick look at the key funding and treasury allocation numbers we have:

Financial Event/Metric	Amount/Value	Date/Period
Q3 2025 Reported Revenue	$0	Q3 2025
July 2025 Private Placement Gross Proceeds	$4.5 million	July 2025
September 2025 PIPE Financing Proceeds	$41 million	September 2025
Faraday Future Investment Amount	$30 million	September 2025
YT Jia Personal Investment Amount	$4 million	September 2025
C10 Treasury Initial Crypto Allocation	Approx. $10 million	As of September 2025
C10 Treasury Multi-Asset Allocation (BitGo)	$30 million	October 2025
C10 Treasury Unrealized Gain (Pre-Allocation)	Approx. 7%	As of October 18, 2025
Marizyme Partnership Funding Secured	$4.1 million	Q3 2025

The shift in focus is clear, and the immediate financial support comes from equity financing, not product sales yet. You should keep an eye on the following operational milestones that will translate these investments into revenue:

• Establishment of the C10 Digital Asset Treasury infrastructure with BitGo.
• Progress on the BesTrade DeAI Agent as the nexus between users and value.
• Filing of the registration statement for the underlying common shares from the July placement within 45 days of the July 28, 2025 closing date.
• The company's plan to maintain Nasdaq compliance over the next 12 months.

The Series A-3 Preferred Stock from July 2025 is initially convertible into an aggregate of 1,607,143 shares of common stock at a conversion price of $2.80 per share.

Finance: draft 13-week cash view by Friday.