Qualigen's RAS inhibitor out-license deal with Pan-RAS terminated without closing

AIxCrypto Holdings, Inc.

Pan-RAS Holdings failed to close by March 16, 2024; license agreement terminated without liability to either party.
QLGN will not receive the $1 million upfront cash payment nor future milestone and royalty payments from Pan-RAS.
The agreement was effectively a 30-day option; Pan-RAS was unable to effectuate the closing within that period.
QLGN retains full rights to its RAS inhibitor program; no termination penalties incurred.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AIxCrypto Holdings, Inc. terminated License and Sublicense Agreement with Pan-RAS Holdings, Inc. (effective 2024-03-25).

Action: termination
Agreement: license
Counterparty: Pan-RAS Holdings, Inc.
Effective: 2024-03-25

Exact text from the filing

On March 25, 2024, as of March 16, 2024, we entered into a Termination Agreement with Pan-RAS Holdings, Inc., a New York corporation (“ Pan-RAS Holdings ”). The Termination Agreement terminated, without liability on either party, the License and Sublicense Agreement dated February 15, 2024 between us and Pan-RAS Holdings (the “ License and Sublicense Agreement ”).

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Source: SEC EDGAR

accession 0001493152-24-011732

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