QNTM · Quantum BioPharma Ltd.

Quantum BioPharma's Q1 2026 results reflect a period of significant financial activity and strategic advancement. The net loss of $13.75 million, compared to $8.74 million in the prior year, was primarily driven by non-cash fair value losses on derivative liabilities and warrant liability ($6.95 million) and loss on issuance of convertible debt ($2.29 million). Operating expenses decreased to $2.97 million from $3.40 million, mainly due to lower external R&D fees ($0.63 million vs. $1.65 million), partially offset by higher share-based payments ($0.89 million vs. $0.29 million). The company strengthened its balance sheet through financing activities, including proceeds from share issuance ($5.40 million) and convertible debentures ($2.73 million), resulting in cash and cash equivalents of $4.34 million as of March 31, 2026, up from $1.91 million at year-end 2025. Digital assets (cryptocurrencies) increased to $5.47 million (unrestricted) from $2.21 million, reflecting the company's strategic purchase of $1.0 million in Bitcoin and other cryptocurrencies in December 2024. On the operational front, the safety review committee recommended dosing the second cohort in the Lucid-MS Phase 1 trial, and the unbuzzd clinical trial was completed. The company also closed multiple tranches of its convertible debenture offering, raising aggregate gross proceeds of C$2.48 million in Q1 2026, and settled debt through share issuance. These developments underscore Quantum's focus on advancing its pipeline while managing liquidity through capital markets activities.