AIxCrypto Holdings (AIXC) Q1 2024 earnings summary

Executive summary

• Focused on early-clinical-stage cancer therapeutics, with QN-302 in Phase 1 trials and Pan-RAS in preclinical development.

• Divested diagnostics business in July 2023, now reporting as discontinued operations.

• Entered a co-development agreement with Marizyme for DuraGraft, providing funding in exchange for future royalties.

Financial highlights

• Net loss from continuing operations was $2.0 million for Q1 2024, compared to $3.2 million in Q1 2023.

• Total expenses decreased to $1.4 million in Q1 2024 from $2.7 million in Q1 2023, driven by lower R&D and G&A costs.

• Cash used in operating activities was $0.8 million in Q1 2024, down from $2.6 million in Q1 2023.

• Cash balance at March 31, 2024 was $0.1 million, with an accumulated deficit of $118.8 million.

Outlook and guidance

• Cash expected to fund operations only into Q3 2024; substantial doubt exists about ability to continue as a going concern.

• Ongoing efforts to secure additional financing; failure to do so may require reduction or elimination of R&D programs.

• No assurance of achieving or sustaining profitable operations.