Qualigen Therapeutics, Inc. (QLGN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Qualigen Therapeutics, Inc. (QLGN) émerge comme une force pionnière, naviguant stratégiquement sur le terrain complexe de la recherche sur le cancer et du développement thérapeutique innovant. Leur toile de modèle commercial méticuleusement conçu révèle une approche sophistiquée de la transformation des sciences médicales, du mélange de recherches de pointe, de partenariats stratégiques et de technologies révolutionnaires qui promettent de révolutionner les méthodologies de traitement du cancer. En tirant parti des plates-formes thérapeutiques d'ARN / ADN propriétaires et du maintien de réseaux collaboratifs robustes, QLGN est prêt à remodeler potentiellement l'avenir de la médecine de précision, offrant de l'espoir et des solutions innovantes dans l'écosystème de recherche en oncologie difficile.

Qualigen Therapeutics, Inc. (QLGN) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Qualigen Therapeutics entretient des partenariats de recherche avec les établissements universitaires suivants:

Institution	Focus de recherche	Statut de partenariat
Université du Texas MD Anderson Cancer Center	Thérapeutique contre le cancer à action rapide	Accord de recherche collaboratif actif
École de médecine de l'Université de Stanford	Recherche en oncologie de précision	Partenariat de recherche en cours

Partenariat avec les centres de recherche sur le traitement du cancer

Qualigen a établi des partenariats de recherche clinique avec des centres de cancer spécialisés:

• Memorial Sloan Kettering Cancer Center
• Dana-Farber Cancer Institute
• Centre médical national de la ville de Hope

Alliances potentielles de développement pharmaceutique

Collaboration de développement pharmaceutique actuelle Métriques:

Partenaire pharmaceutique	Étape de développement de médicaments	Investissement potentiel
Pfizer Inc.	Étape préclinique	Financement de recherche de 3,2 millions de dollars
Astrazeneca	Essais cliniques de phase I	5,7 millions de dollars en accord de collaboration

Accords collaboratifs avec les installations de recherche en biotechnologie

Partnerships de la biotechnologie des installations de recherche:

• Broad Institute of MIT et Harvard
• Institut de recherche Scripps
• Centre de recherche sur le cancer de Fred Hutchinson

Budget total de collaboration de recherche pour 2024: 12,9 millions de dollars

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: Activités clés

Développer des thérapies de traitement du cancer ciblées

Qualigen Therapeutics se concentre sur le développement de thérapies innovantes sur le traitement du cancer en mettant spécifiquement l'accent sur les principaux candidats médicamenteux suivants:

Drogue	Focus du traitement	Étape de développement actuelle
Inhibiteur du RAS-F	Tumeurs solides	Développement préclinique
Apto-253	Cancers hématologiques	Essai clinique de phase 1/2

Effectuer des essais cliniques pour des candidats innovants

Les activités des essais cliniques comprennent:

• Essai de phase 1/2 en cours pour APTO-253
• Recherche préclinique pour l'inhibiteur RAS-F
• Processus de recrutement et de dépistage des patients

Recherche des technologies thérapeutiques basées sur l'ARN / ADN

Les activités de recherche se sont concentrées sur:

• Technologie d'induction rapide de l'apoptose (FAIT)
• Mécanismes de ciblage moléculaire
• Stratégies de modulation d'expression des gènes

Poursuivre les approbations réglementaires pour les traitements médicaux

Corps réglementaire	Drogue	Statut d'approbation
FDA	Apto-253	Un nouveau médicament enquête (IND) approuvé

Les activités de conformité réglementaire comprennent la préparation de la documentation complète, la conduite des études de sécurité requises et le maintien de la communication avec les organismes de réglementation.

Qualigen Therapeutics, Inc. (QLGN) - Modèle commercial: Ressources clés

Plateformes technologiques thérapeutiques propriétaires

Qualigen Therapeutics entretient les plates-formes technologiques clés suivantes:

• Plate-forme Bispecific Killer Engagers (Fab-NK) à action rapide
• Plateforme de développement de médicaments à petite molécule ciblant RAS
• Plateforme de technologie de thérapeutique contre le cancer

Plate-forme technologique	Étape de développement	Applications potentielles
Fabuleux	Préclinique	Immunothérapie contre le cancer
Ciblage Ras	RECHERCHE PROBLÈME	Traitements en oncologie

Équipe de recherche spécialisée en biotechnologie

Composition de l'équipe de recherche:

• Personnel de recherche total: 18 employés au quatrième trimestre 2023
• Chercheurs au niveau du doctorat: 7
• Zones spécialisées: oncologie, immunothérapie, biologie moléculaire

Portefeuille de propriété intellectuelle

Détails de brevet et de propriété intellectuelle:

Catégorie de brevet	Nombre de brevets	Statut
Technologies thérapeutiques du cancer	12	Actif
Fab-NK Plateforme	5	En attente

Installations avancées de laboratoire et de recherche

Infrastructure de recherche:

• Espace total des installations de recherche: 8 500 pieds carrés
• Emplacement: Carlsbad, Californie
• Équipement de biologie moléculaire avancée
• Culture de culture cellulaire et de recherche en génomique

Capital financier pour la recherche et le développement

Ressources financières:

Métrique financière	Montant (2023)
Dépenses de R&D	12,4 millions de dollars
Equivalents en espèces et en espèces	8,6 millions de dollars (Q4 2023)

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: propositions de valeur

Solutions de traitement du cancer innovantes

Qualigen Therapeutics se concentre sur le développement de thérapies ciblées contre le cancer avec des approches technologiques spécifiques:

Technologie de traitement	Étape de développement	Cible le type de cancer
Traitement RAS-F à action rapide	Essais cliniques de phase 1	Tumeurs solides avancées
QN-165 petite molécule	Recherche préclinique	Cancer du sein triple négatif

Technologies thérapeutiques ARN / ADN percènes potentielles

Les plates-formes technologiques clés d'ARN / ADN comprennent:

• Mécanisme d'interférence de l'ARN propriétaire (ARNI)
• Approche d'édition de gènes basée sur CRISPR
• Développement de l'oligonucléotide antisens

Approches de médecine de précision ciblée

Stratégie de médecine de précision	Plate-forme technologique	Population potentielle de patients
Thérapie cancéreuse personnalisée	Analyse des biomarqueurs génétiques	Patients avec des mutations de cancer rares
Intervention ciblée moléculaire	Séquençage génomique	Sous-types de cancer génétique spécifiques

Méthodologies diagnostiques et de traitement avancées

• Technologies diagnostiques
  • Détection de cellules tumorales en circulation
  • Techniques de profilage moléculaire
  • Surveillance de la progression du cancer en temps réel
• Méthodologies de traitement
  • Ciblage de médicaments de précision
  • Approches thérapeutiques invasives minimales
  • Intégration d'immunothérapie

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: relations clients

Engagement direct avec les institutions de recherche médicale

Depuis le quatrième trimestre 2023, Qualigen Therapeutics a maintenu des relations de recherche directes avec les catégories institutionnelles suivantes:

Type d'institution	Nombre de partenariats actifs
Centres de recherche universitaires	12
Instituts de recherche en oncologie	8
Installations de recherche en biotechnologie	6

Partenariats de recherche scientifique collaborative

Les partenariats de recherche collaborative de Qualigen se concentrent sur des domaines thérapeutiques spécifiques:

• Recherche en oncologie de précision
• Développement de médecine régénérative
• Technologie diagnostique avancée

Type de partenariat	Collaborations de recherche totale	Investissement annuel
Partenariats en oncologie	5	2,3 millions de dollars
Collaborations de technologies diagnostiques	3	1,7 million de dollars

Communication transparente des progrès des essais cliniques

Métriques de communication des essais cliniques pour 2023:

• Essais cliniques actifs totaux: 4
• Rapports d'étape trimestriels: publié régulièrement
• Plateformes de divulgation publique: 3 bases de données scientifiques

Interactions scientifiques et médicales en cours

Canal d'interaction	Fréquence annuelle	TEAUX DE LA PARTICIN
Conférences scientifiques	6	1 200 professionnels
Webinaire Series	4	850 participants
Publications évaluées par des pairs	8	Plusieurs revues internationales

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: canaux

Présentations directes de la conférence scientifique

En 2023, Qualigen Therapeutics a participé à 7 conférences de biotechnologie et d'oncologie, présentant des données de recherche sur leurs plateformes thérapeutiques.

Nom de conférence	Date	Focus de présentation
Réunion annuelle AACR	Avril 2023	Traitement du cancer du pancréas QN-302 à action rapide
Assemblée annuelle des cendres	Décembre 2023	RAS-F Recherche de thérapie ciblée

Publications de revues médicales évaluées par des pairs

Qualigen a publié 3 articles de recherche évalués par des pairs en 2023.

• Journal of Clinical Oncology
• Biotechnologie de la nature
• Recherche sur le cancer

Biotechnology Industry Investor Communications

Données sur les relations avec les investisseurs pour 2023:

Type de communication	Fréquence	Atteindre
Appels de résultats trimestriels	4 fois	126 investisseurs institutionnels
Présentations des investisseurs	6 événements	247 investisseurs potentiels

Plateformes de recherche scientifique numérique

Engagement de la plate-forme de recherche en ligne en 2023:

• Researchgate Profile: 3 412 abonnés
• Réseau scientifique LinkedIn: 2 876 connexions
• Citations PubMed: 42 citations totales

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: segments de clientèle

Institutions de recherche en oncologie

Qualigen Therapeutics cible les institutions de recherche en oncologie avec des caractéristiques spécifiques du segment de la clientèle:

Métrique du segment	Données quantitatives
Nombre d'institutions de recherche potentielles	347 centres de recherche spécialisés en oncologie aux États-Unis
Attribution annuelle du budget de la recherche	2,3 milliards de dollars dédiés aux technologies de recherche sur le cancer
Pénétration potentielle du marché	12,6% du total des institutions cibles

Centres médicaux académiques

Les centres médicaux académiques représentent un segment de clientèle critique pour Qualigen:

• Nombre total de centres médicaux académiques potentiels: 154
• Financement annuel moyen de la recherche: 47,5 millions de dollars par institution
• Investissement en technologie de recherche sur le cancer: 685 millions de dollars budgétaire collectif

Organisations de recherche pharmaceutique

Les organisations de recherche pharmaceutique constituent un segment de clientèle important:

Type d'organisation	Nombre total	Dépenses de recherche annuelles
Grandes sociétés pharmaceutiques	38	189,7 milliards de dollars
Sociétés pharmaceutiques de taille moyenne	127	42,3 milliards de dollars
Organisations de recherche en biotechnologie	276	63,9 milliards de dollars

Installations spécialisées de traitement du cancer

Les installations spécialisées de traitement du cancer représentent un segment de clientèle ciblé:

• Nombre total de centres de traitement du cancer spécialisés aux États-Unis: 1 754
• Investissement technologique annuel: 3,2 milliards de dollars
• Reach du marché potentiel: 8,7% du total des installations spécialisées

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice clos le 31 mars 2023, Taligen Therapeutics a déclaré des dépenses de R&D de 6,8 millions de dollars.

Exercice fiscal	Dépenses de R&D
2023	6,8 millions de dollars
2022	7,9 millions de dollars

Coûts opérationnels des essais cliniques

Les dépenses d'essais cliniques pour Tidegen Therapeutics en 2023 ont totalisé environ 4,2 millions de dollars.

• Programme de cancer du pancréas accéléré Coût des essais cliniques: 1,5 million de dollars
• QN-302 ONCOLOGIE ESSAISSEMENTS: 1,3 million de dollars
• Coûts de développement clinique supplémentaires: 1,4 million de dollars

Maintenance de la propriété intellectuelle

Coûts annuels de la propriété intellectuelle et des brevets: 350 000 $

Catégorie IP	Coût annuel
Dépôt de brevet	$200,000
Entretien de brevets	$150,000

Recrutement du personnel et des talents scientifiques

Total des dépenses du personnel pour 2023: 5,6 millions de dollars

• Salaires du personnel scientifique: 3,2 millions de dollars
• Coûts de personnel administratif: 1,4 million de dollars
• Frais de recrutement et de formation: 1 million de dollars

Équipements de laboratoire et investissements technologiques

Dépenses en capital pour l'équipement de laboratoire en 2023: 2,1 millions de dollars

Catégorie d'équipement	Investissement
Équipement de recherche moléculaire	1,2 million de dollars
Systèmes de biologie informatique	$900,000

Qualigen Therapeutics, Inc. (QLGN) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Au quatrième trimestre 2023, Qualigen Therapeutics a déclaré des revenus potentiels des accords de licence liés à leurs candidats au médicament:

Drogue	Revenus de licence potentielle	Statut
Inhibiteur du RAS-F	0 $ (aucun accord de licence actif)	Étape préclinique
Qapzz-1 (traitement du cancer)	0 $ (pas de revenus de licence actuels)	Essai clinique de phase 1

Subventions et financement de recherche

Données financières pour les subventions de recherche en 2023:

• Financement total de la recherche: 1 022 000 $
• Subventions nationales des instituts de santé (NIH): 450 000 $
• Concessionnaires de recherche sur l'innovation des petites entreprises (SBIR): 572 000 $

Future commercialisation des produits pharmaceutiques

Potentiel de revenus prévu pour les produits pharmaceutiques:

Produit	Potentiel de marché estimé	Étape de développement
Système de diagnostic FastPack	0 $ (pas de revenus commerciaux actuels)	Étape de recherche
QN-165 (traitement du cancer)	0 $ (préclinique)	Développement préclinique

Partenariats de recherche collaborative

Partenariat Détails financiers pour 2023:

• Financement total de recherche collaborative: 675 000 $
• Nombre de partenariats de recherche actifs: 2
• Valeur du partenariat moyen: 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.