AIxCrypto Holdings (AIXC) Registration filing summary

Company overview and business model

• Early clinical-stage therapeutics company focused on developing treatments for adult and pediatric cancer, with lead program QN-302 in Phase 1a clinical trials and a preclinical Pan-RAS program.

• Recently divested diagnostics business and holds a minority stake in NanoSynex, an antimicrobial susceptibility testing company.

• Entered a co-development agreement with Marizyme, Inc. for DuraGraft, providing funding in exchange for royalty-like payments.

Financial performance and metrics

• As of March 31, 2024, reported a working capital deficiency and stockholders' deficit, with recurring losses from operations raising substantial doubt about ability to continue as a going concern.

• Net tangible book value as of March 31, 2024 was approximately $(3.5) million, or $(0.54) per share.

• After the offering, as adjusted net tangible book value would be $0.01 per share, with immediate dilution of $0.19 per share to new investors.

Use of proceeds and capital allocation

• Estimated net proceeds of up to $3.7 million (assuming $0.20 per share), to be used for operations, clinical and preclinical studies, accelerated debt repayment, working capital, possible expansion with Marizyme, and potential acquisitions.

• 20% of proceeds allocated to payment of a $2 million Senior Note issued in July 2024; remainder may be used for repayment of convertible debentures and general purposes.