The complete abandonment of biotechnology in favor of decentralized AI
On November 16, shareholders of a small California biotech company voted to erase its identity entirely — abandoning oncology research in favor of decentralized artificial intelligence and blockchain infrastructure. The company, once called Qualigen Therapeutics, will ring in its new life as AIxCrypto Holdings at Nasdaq on November 20, now controlled by electric vehicle maker Faraday Future. It is a story as old as capital itself: the willingness to shed one purpose entirely in pursuit of a more luminous promise, with the question of who bears the cost left quietly unanswered.
- A unanimous shareholder vote on November 16 sealed the fate of a biotech company's entire scientific mission — cancer and immunology therapies are simply gone.
- Faraday Future, an electric vehicle company, now commands 55 percent of the renamed AIxCrypto Holdings, with affiliated investors pushing control to 63 percent — a near-total governance takeover.
- Shareholders approved issuing hundreds of thousands of new shares and breaking Nasdaq's standard equity issuance threshold, signaling how aggressively the new owners intend to restructure the company's financial architecture.
- The November 20 Nasdaq ceremony will unveil a three-year roadmap and incoming board chair, framing AIxCrypto as a 'gateway to the AI × Web3 era' — a bet that artificial intelligence and blockchain will converge into transformative value.
- Buried in the announcement are warnings of potential Nasdaq delisting and material execution risk, reminding original biotech investors that the transformation they approved may not protect the value they once held.
On November 16, every proposal on the shareholder ballot passed. Qualigen Therapeutics, a Carlsbad, California biotech focused on oncology and immunology, voted itself out of existence. By November 20, when the opening bell rings at Nasdaq in New York, the company will trade under a new name — AIxCrypto Holdings, ticker AIXC — and an entirely new identity.
Faraday Future Intelligent Electric Inc. emerges as the controlling force, holding 55 percent of AIxCrypto directly and approximately 63 percent when affiliated investors including YT Jia and Jerry Wang are counted. Faraday Future will nominate a majority of board seats, with appointments finalized before the November 20 ceremony. The governance restructuring is swift and unambiguous.
The Nasdaq event will serve as both celebration and unveiling. Leadership will present a new business framework, a three-year development roadmap, and the identity of the incoming board chair. The company positions itself as a gateway into what executives call the AI × Web3 era — a convergence of decentralized artificial intelligence, blockchain asset infrastructure, and intelligent trading systems. Co-CEO Jerry Wang described the shift as a complete evolution of identity, technology, and global user positioning.
Shareholders also approved issuing 337,432 common shares and 39,943 Series B convertible preferred shares, and authorized exceeding Nasdaq's standard 19.99 percent issuance threshold. A new 2025 Equity Incentive Plan passed as well, aimed at retaining talent through the transition.
What the announcement does not resolve is the fate of investors who originally bought into a biotech company. Standard forward-looking disclaimers warn of material execution risk and flag the possibility of Nasdaq delisting if listing requirements go unmet. The old business does not transition — it is abandoned. Whether the three-year roadmap and the partnership with Faraday Future can deliver on their promises remains entirely unwritten.
On November 16, shareholders of Qualigen Therapeutics voted to fundamentally remake their company. Every proposal passed. By November 20, when the opening bell rings at Nasdaq in New York, the transformation will be official: Qualigen will cease to exist as a name. In its place stands AIxCrypto Holdings, trading under the ticker AIXC. The shift is not cosmetic. It marks the complete abandonment of biotechnology—the company's original mission—in favor of a pivot toward decentralized artificial intelligence and Web3 infrastructure.
Faraday Future Intelligent Electric Inc., an electric vehicle manufacturer, will emerge as the controlling force. The company will hold 55 percent of AIxCrypto directly, with affiliated investors including YT Jia and Jerry Wang bringing that stake to approximately 63 percent. Faraday Future will nominate a majority of the board seats, ensuring governance aligns with the new strategic direction. The restructuring happens fast. Board appointments will be finalized before the November 20 ceremony, leaving no ambiguity about who now runs the operation.
The November 20 event at Nasdaq headquarters will serve as both celebration and unveiling. Company leadership will present a new business framework, a three-year development roadmap, and the identity of the incoming board chair. The messaging is clear: AIxCrypto positions itself as a gateway into what executives call the AI × Web3 era. This language—the multiplication sign joining artificial intelligence and blockchain technology—signals the company's bet that these two domains will converge into something transformative. The company will detail how it intends to operate in decentralized AI, Web3 asset infrastructure, and intelligent trading systems.
The shareholder vote approved several specific actions that make this transition possible. Investors authorized the issuance of 337,432 common shares and 39,943 Series B convertible preferred shares under Nasdaq rules. They also approved exceeding Nasdaq's standard 19.99 percent issuance threshold, giving the company flexibility in how it structures equity going forward. A new 2025 Equity Incentive Plan passed as well, designed to retain talent and align employee interests with shareholder value as the company enters this new phase.
What makes this move striking is not merely the name change or the new ownership structure, but the complete pivot in business identity. Qualigen Therapeutics, based in Carlsbad, California, had focused on developing oncology and immunology therapies—drugs for cancer and immune-system disorders. That entire operational focus disappears. The company description now emphasizes crypto assets, Web3 strategies, and decentralized technology platforms. The old business does not transition; it is abandoned.
Jerry Wang, listed as Co-CEO of Qualigen Therapeutics in the announcement, framed the shift as something far larger than a rebrand. He described it as a complete evolution of company identity, technology capability, asset infrastructure, and global user positioning. The language suggests ambitions that extend beyond the United States—a global user ecosystem is the stated goal.
The strategic relationship between AIxCrypto and Faraday Future introduces what the companies call cross-ecosystem enablement. In practical terms, this means the two organizations will work together to accelerate innovation and integrate their respective technologies. Faraday Future brings expertise in electric vehicles and intelligent systems; AIxCrypto brings focus on decentralized AI and blockchain infrastructure. The theory is that combining these capabilities creates value neither could generate alone.
What remains unclear is how investors in the original Qualigen Therapeutics—those who bought shares expecting a biotech company—will fare. The announcement includes standard forward-looking disclaimers warning that actual results could differ materially from projections, and noting risks including potential delisting from Nasdaq if the company fails to meet listing requirements. The company also cautions that it may struggle to regain compliance with Nasdaq's continued listing standards. These are not minor caveats. They suggest the transformation carries real execution risk.
The November 20 ceremony will mark the official moment when Qualigen Therapeutics ceases to exist and AIxCrypto Holdings takes its place on the public markets. What happens after that—whether the company can execute on its three-year roadmap, whether the partnership with Faraday Future generates the promised innovation, whether investors see the value the company claims to be creating—remains to be written.
Notable Quotes
This is more than a renaming—it represents a complete evolution of company identity, technology capability, asset infrastructure, and global user ecosystem positioning.— Jerry Wang, Co-CEO of Qualigen Therapeutics
The Hearth Conversation Another angle on the story
Why would an electric vehicle company want to control a biotech firm? That seems like an odd pairing.
It's not really about the biotech anymore. Faraday Future is acquiring control of a shell—a public company with a Nasdaq listing. What matters is the listing itself and the ability to pivot the entire entity into something new. The biotech business is being discarded.
So this is a backdoor way to take a private company public without going through a traditional IPO?
Essentially, yes. Faraday Future gets instant public market access and a trading ticker. AIxCrypto gets a vehicle to operate in decentralized AI and Web3 infrastructure. Both sides benefit from the structure.
But what about the people who owned Qualigen stock expecting a cancer drug company?
That's the real question. Their shares are now in a company with an entirely different business model, different management, different strategy. The risk disclosures hint at this—there's mention of potential delisting, compliance issues. The transformation is real and carries genuine uncertainty.
What does decentralized AI and Web3 infrastructure actually mean in practice?
The company hasn't detailed that yet. November 20 is when they unveil the specifics. But the language suggests they're building platforms for AI systems that operate on blockchain networks, possibly including intelligent trading systems. It's ambitious and vague in equal measure.
Is this a sign of broader trends in tech, or is this company just chasing hype?
Both, probably. The AI and crypto sectors are genuinely attracting capital and talent. But a company that abandons its entire original mission in a single vote suggests desperation as much as vision. We'll know more when they present the actual roadmap.