QNTM · Quantum BioPharma Ltd.

Quantum BioPharma's first quarter 2026 results demonstrate a significant improvement in liquidity and cost discipline. The company more than doubled its combined cash and digital assets to $9.8 million as of March 31, 2026, from $4.1 million at December 31, 2025. Subsequent to quarter end, the fair market value of its cryptocurrency portfolio rose to $6.5 million, bringing total cash and equivalents to $11.2 million. Management confirmed that current liquidity is sufficient to fund operations to approximately July 2027. Operating cash burn was reduced by 60% year-over-year to $1.66 million, primarily due to lower R&D fees following the successful completion of Phase 1 clinical trials. The company also repaid in full the BitGo loan and reduced payables. On the operational front, Quantum submitted an Investigational New Drug (IND) application to the FDA for Lucid-MS, its drug candidate for multiple sclerosis, and signed a binding letter of intent with Allucent to conduct the Phase 2 trial. The company appointed Dr. Salvatore Napoli as principal investigator for the trial. Additionally, Unbuzzd, in which Quantum holds a 19.84% stake, completed its corporate reorganization and hired a new CEO to lead an IPO financing and nationwide commercialization. In legal matters, the U.S. District Court for the Southern District of New York ruled against the joint motion to dismiss filed by CIBC and RBC in Quantum's lawsuit alleging illegal market manipulation. The company also entered into a six-month corporate communications agreement with InvestorBrandNetwork for $77,400. Overall, the quarter reflects disciplined execution with reduced cash burn, strengthened balance sheet, and continued advancement of key pipeline assets.