Qualigen Therapeutics, Inc. (QLGN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, a Qualigen Therapeutics, Inc. (QLGN) surge como uma força pioneira, navegando estrategicamente no complexo terreno da pesquisa do câncer e do desenvolvimento terapêutico inovador. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem sofisticada para transformar ciências médicas, misturar pesquisas de ponta, parcerias estratégicas e tecnologias inovadoras que prometem revolucionar as metodologias de tratamento do câncer. Ao alavancar plataformas terapêuticas de RNA/DNA proprietárias e manter redes colaborativas robustas, a QLGN está pronta para potencialmente remodelar o futuro da Medicina de Precisão, oferecendo esperança e soluções inovadoras no desafio do ecossistema de pesquisa de oncologia.

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A Qualigen Therapeutics mantém parcerias de pesquisa com as seguintes instituições acadêmicas:

Instituição	Foco na pesquisa	Status da parceria
Centro de Câncer Anderson da Universidade do Texas	Terapêutica de câncer de ação rápida	Contrato de pesquisa colaborativa ativa
Escola de Medicina da Universidade de Stanford	Pesquisa de oncologia de precisão	Parceria de Pesquisa em andamento

Parceria com centros de pesquisa de tratamento de câncer

A Qualigen estabeleceu parcerias de pesquisa clínica com centros de câncer especializados:

• Memorial Sloan Kettering Cancer Center
• Instituto de Câncer Dana-Farber
• Centro Médico Nacional da Cidade do Hope

Potenciais alianças de desenvolvimento farmacêutico

Métricas atuais de colaboração de desenvolvimento farmacêutico:

Parceiro farmacêutico	Estágio de desenvolvimento de medicamentos	Investimento potencial
Pfizer Inc.	Estágio pré -clínico	Financiamento de pesquisa de US $ 3,2 milhões
AstraZeneca	Ensaios clínicos de fase I	US $ 5,7 milhões de contrato colaborativo

Acordos colaborativos com instalações de pesquisa de biotecnologia

Parcerias da Facilidade de Pesquisa de Biotecnologia:

• Broad Institute of MIT e Harvard
• Scripps Research Institute
• Fred Hutchinson Cancer Research Center

Orçamento total de colaboração de pesquisa para 2024: US $ 12,9 milhões

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: Atividades -chave

Desenvolvimento de terapias direcionadas para tratamento de câncer

A Qualigen Therapeutics se concentra no desenvolvimento de terapias inovadoras de tratamento de câncer, com foco específico nos seguintes candidatos a medicamentos:

Candidato a drogas	Foco no tratamento	Estágio de desenvolvimento atual
Inibidor do RAS-F	Tumores sólidos	Desenvolvimento pré -clínico
APTO-253	Cânceres hematológicos	Ensaio Clínico de Fase 1/2

Realização de ensaios clínicos para candidatos inovadores de drogas

As atividades de ensaios clínicos incluem:

• Estudo de fase 1/2 em andamento para APTO-253
• Pesquisa pré-clínica para o inibidor do RAS-F
• Processos de recrutamento e triagem de pacientes

Pesquisando tecnologias terapêuticas baseadas em RNA/DNA

Atividades de pesquisa focadas em:

• Tecnologia indutora de apoptose rápida (FAIT)
• Mecanismos de direcionamento molecular
• Estratégias de modulação de expressão gênica

Buscando aprovações regulatórias para tratamentos médicos

Órgão regulatório	Candidato a drogas	Status de aprovação
FDA	APTO-253	Novo medicamento investigacional (IND) aprovado

As atividades de conformidade regulatória incluem a preparação de documentação abrangente, a realização de estudos de segurança necessários e a manutenção da comunicação com as agências reguladoras.

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: Recursos -chave

Plataformas de tecnologia terapêutica proprietária

A Qualigen Therapeutics mantém as seguintes plataformas de tecnologia -chave:

• Plataforma Bispical Killer (FAB-NK) de ação rápida (FAB-NK)
• Plataforma de desenvolvimento de medicamentos para pequenas moléculas de Ras-Targeting
• Plataforma de tecnologia de terapêutica de câncer

Plataforma de tecnologia	Estágio de desenvolvimento	Aplicações em potencial
Fab-nk	Pré -clínico	Imunoterapia contra o câncer
Ras-alvo	Pesquisa antecipada	Tratamentos oncológicos

Equipe especializada de pesquisa de biotecnologia

Composição da equipe de pesquisa:

• Pessoal de Pesquisa Total: 18 funcionários a partir do quarto trimestre 2023
• Pesquisadores no nível de doutorado: 7
• Áreas especializadas: oncologia, imunoterapia, biologia molecular

Portfólio de propriedade intelectual

Detalhes de patente e IP:

Categoria de patentes	Número de patentes	Status
Tecnologias terapêuticas do câncer	12	Ativo
Plataforma Fab-NK	5	Pendente/arquivado

Instalações avançadas de laboratório e pesquisa

Infraestrutura de pesquisa:

• Espaço total da instalação de pesquisa: 8.500 pés quadrados
• Localização: Carlsbad, Califórnia
• Equipamento avançado de biologia molecular
• Capacidades de pesquisa de cultura e genômica de células

Capital financeiro para pesquisa e desenvolvimento

Recursos financeiros:

Métrica financeira	Valor (2023)
Despesas de P&D	US $ 12,4 milhões
Caixa e equivalentes de dinheiro	US $ 8,6 milhões (quarto de 2023)

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: proposições de valor

Soluções inovadoras de tratamento de câncer

A Qualigen Therapeutics se concentra no desenvolvimento de terapias de câncer direcionadas com abordagens tecnológicas específicas:

Tecnologia de tratamento	Estágio de desenvolvimento	Tipo de câncer alvo
Tratamento Ras-F de ação rápida	Ensaios clínicos de fase 1	Tumores sólidos avançados
QN-165 Molécula pequena	Pesquisa pré -clínica	Câncer de mama triplo negativo

Potenciais tecnologias terapêuticas de RNA/DNA de DNA

As principais plataformas tecnológicas de RNA/DNA incluem:

• Mecanismo de interferência de RNA proprietário (RNAi)
• Abordagem de edição de genes baseada em CRISPR
• Desenvolvimento de oligonucleotídeos antisense

Abordagens de medicina de precisão direcionadas

Estratégia de Medicina de Precisão	Plataforma tecnológica	Potencial população de pacientes
Terapia personalizada para o câncer	Análise genética de biomarcadores	Pacientes com mutações raras de câncer
Intervenção direcionada molecular	Sequenciamento genômico	Subtipos de câncer genético específico

Metodologias avançadas de diagnóstico e tratamento

• Tecnologias de diagnóstico
  • Detecção de células tumorais circulante
  • Técnicas de perfil molecular
  • Monitoramento de progressão do câncer em tempo real
• Metodologias de tratamento
  • Direcionamento de medicamentos de precisão
  • Abordagens terapêuticas invasivas mínimas
  • Integração da imunoterapia

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com instituições de pesquisa médica

A partir do quarto trimestre 2023, a Qualigen Therapeutics manteve relações diretas de pesquisa com as seguintes categorias institucionais:

Tipo de instituição	Número de parcerias ativas
Centros de pesquisa acadêmica	12
Institutos de pesquisa oncológica	8
Instalações de pesquisa de biotecnologia	6

Parcerias colaborativas de pesquisa científica

As parcerias de pesquisa colaborativa da Qualigen se concentram em áreas terapêuticas específicas:

• Pesquisa de oncologia de precisão
• Desenvolvimento de Medicina Regenerativa
• Tecnologia avançada de diagnóstico

Tipo de parceria	Total de colaborações de pesquisa	Investimento anual
Parcerias de oncologia	5	US $ 2,3 milhões
Colaborações de tecnologia de diagnóstico	3	US $ 1,7 milhão

Comunicação transparente do progresso do ensaio clínico

Métricas de comunicação de ensaios clínicos para 2023:

• Total de ensaios clínicos ativos: 4
• Relatórios trimestrais de progresso: publicados regularmente
• Plataformas de divulgação pública: 3 bancos de dados científicos

Interações científicas e médicas em andamento

Canal de interação	Frequência anual	Alcance dos participantes
Conferências científicas	6	1.200 profissionais
Série de webinar	4	850 participantes
Publicações revisadas por pares	8	Várias revistas internacionais

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: canais

Apresentações de conferências científicas diretas

Em 2023, a Qualigen Therapeutics participou de 7 conferências de biotecnologia e oncologia, apresentando dados de pesquisa sobre suas plataformas terapêuticas.

Nome da conferência	Data	Foco de apresentação
Reunião Anual da AACR	Abril de 2023	Tratamento de câncer de pâncreas QN-302 de ação rápida
Reunião Anual de Ash	Dezembro de 2023	Pesquisa de terapia direcionada ao RAS-F

Publicações de revistas médicas revisadas por pares

A Qualigen publicou 3 artigos de pesquisa revisados ​​por pares em 2023.

• Jornal de Oncologia Clínica
• Biotecnologia da natureza
• Pesquisa sobre câncer

Comunicações de Investidores da Indústria de Biotecnologia

Dados de relações com investidores para 2023:

Tipo de comunicação	Freqüência	Alcançar
Chamadas de ganhos trimestrais	4 vezes	126 investidores institucionais
Apresentações de investidores	6 eventos	247 investidores em potencial

Plataformas de pesquisa científica digital

Engajamento da plataforma de pesquisa on -line em 2023:

• Pesquisa Profile: 3.412 seguidores
• Rede científica do LinkedIn: 2.876 conexões
• Citações do PubMed: 42 Citações totais

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

Instituições de Pesquisa Oncológica

A Qualigen Therapeutics tem como alvo instituições de pesquisa de oncologia com características específicas do segmento de clientes:

Métrica de segmento	Dados quantitativos
Número de possíveis instituições de pesquisa	347 Centros de Pesquisa Oncológica Especializados nos Estados Unidos
Alocação anual de orçamento de pesquisa	US $ 2,3 bilhões dedicados às tecnologias de pesquisa de câncer
Penetração potencial de mercado	12,6% do total de instituições -alvo

Centros Médicos Acadêmicos

Os centros médicos acadêmicos representam um segmento crítico de clientes para a Qualigen:

• Número total de potenciais centros médicos acadêmicos: 154
• Financiamento médio de pesquisa anual: US $ 47,5 milhões por instituição
• Investimento em tecnologia de pesquisa de câncer: US $ 685 milhões coletivos orçamentários anuais

Organizações de pesquisa farmacêutica

As organizações de pesquisa farmacêutica constituem um segmento significativo de clientes:

Tipo de organização	Número total	Gastos anuais de pesquisa
Grandes empresas farmacêuticas	38	US $ 189,7 bilhões
Empresas farmacêuticas de tamanho médio	127	US $ 42,3 bilhões
Organizações de pesquisa de biotecnologia	276	US $ 63,9 bilhões

Instalações especializadas de tratamento de câncer

As instalações especializadas de tratamento de câncer representam um segmento de cliente direcionado:

• Número total de centros especializados de tratamento de câncer nos Estados Unidos: 1.754
• Investimento de tecnologia anual: US $ 3,2 bilhões
• Alcance potencial do mercado: 8,7% do total de instalações especializadas

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o exercício fiscal encerrado em 31 de março de 2023, a Qualigen Therapeutics registrou despesas de P&D de US $ 6,8 milhões.

Ano fiscal	Despesas de P&D
2023	US $ 6,8 milhões
2022	US $ 7,9 milhões

Custos operacionais de ensaios clínicos

As despesas de ensaios clínicos de terapêutica de Qualigen em 2023 totalizaram aproximadamente US $ 4,2 milhões.

• Programa de câncer de pâncreas acelerado Custos de ensaios clínicos: US $ 1,5 milhão
• Qn-302 Oncology Trial Despesas: US $ 1,3 milhão
• Custos de desenvolvimento clínico adicionais: US $ 1,4 milhão

Manutenção da propriedade intelectual

Custos anuais de propriedade intelectual e manutenção de patentes: US $ 350.000

Categoria IP	Custo anual
Registro de patentes	$200,000
Manutenção de patentes	$150,000

Pessoal e recrutamento de talentos científicos

Total de despesas de pessoal para 2023: US $ 5,6 milhões

• Salários da equipe científica: US $ 3,2 milhões
• Custos de pessoal administrativo: US $ 1,4 milhão
• Despesas de recrutamento e treinamento: US $ 1 milhão

Equipamentos de laboratório e investimentos em tecnologia

Despesas de capital para equipamentos de laboratório em 2023: US $ 2,1 milhões

Categoria de equipamento	Investimento
Equipamento de pesquisa molecular	US $ 1,2 milhão
Sistemas de biologia computacional	$900,000

Qualigen Therapeutics, Inc. (QLGN) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir do quarto trimestre de 2023, a Qualigen Therapeutics relatou receita potencial de acordos de licenciamento relacionados aos seus candidatos a drogas:

Candidato a drogas	Potencial receita de licenciamento	Status
Inibidor do RAS-F	$ 0 (nenhum contrato de licenciamento ativo)	Estágio pré -clínico
Qapzz-1 (tratamento do câncer)	$ 0 (sem receita atual de licenciamento)	Ensaio clínico de fase 1

Bolsas de pesquisa e financiamento

Dados financeiros para subsídios de pesquisa em 2023:

• Financiamento total da pesquisa: US $ 1.022.000
• Institutos Nacionais de Saúde (NIH) Subsídios: US $ 450.000
• Pesquisa de inovação em pequenas empresas (SBIR) Subsídios: US $ 572.000

Futura comercialização de produtos farmacêuticos

Potencial de receita projetado para produtos farmacêuticos:

Produto	Potencial estimado de mercado	Estágio de desenvolvimento
Sistema de diagnóstico do FastPack	$ 0 (sem receita comercial atual)	Estágio de pesquisa
QN-165 (tratamento do câncer)	$ 0 (pré -clínico)	Desenvolvimento pré -clínico

Parcerias de pesquisa colaborativa

Detalhes financeiros de parceria para 2023:

• Financiamento total da pesquisa colaborativa: US $ 675.000
• Número de parcerias de pesquisa ativa: 2
• Valor médio de parceria: US $ 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.