AIxCrypto Holdings (AIXC) Q1 2025 earnings summary

Executive summary

• Focused on early-clinical-stage cancer therapeutics, with QN-302 as the lead program and a preclinical Pan-RAS program; also holds a co-development agreement with Marizyme for DuraGraft royalties.

• Slowed development of therapeutic products in Q2 2024 due to financial constraints and implemented expense controls.

• Divested diagnostics business in July 2023; now operates as a single therapeutics segment.

Financial highlights

• Net loss for Q1 2025 was $2.65 million, compared to $2.09 million in Q1 2024.

• Cash and cash equivalents were $30,000 as of March 31, 2025, down from $1.17 million at year-end 2024.

• Total assets declined to $2.85 million from $4.69 million at year-end 2024.

• General and administrative expenses rose 135% year-over-year to $2.5 million, mainly due to a $1.4 million investor relations expense.

• Research and development expenses dropped 90% year-over-year to $33,000 as development was slowed.

• Credit loss expense on short-term notes receivable was $197,000 in Q1 2025, reflecting reserves on Marizyme notes.

Outlook and guidance

• Expects continued net losses and negative cash flow from operations, raising substantial doubt about ability to continue as a going concern for the next year.

• Plans to close a private placement in July 2025 to raise additional funds, expected to provide liquidity through year-end.

• Management and board are reviewing strategic options to advance the pipeline when funding is secured.