
Quantum BioPharma Ltd. (NASDAQ/CSE: QNTM; FRA: 0K91) today reported a strong third quarter, marking continued progress across both financial and scientific fronts. The biopharmaceutical company, focused on developing innovative treatments for neurodegenerative, metabolic, and alcohol-related conditions, demonstrated clear operational discipline while advancing its clinical and consumer health initiatives.
Financial Turnaround Anchored by Balance-Sheet Strength
Quantum BioPharma delivered significant quarter-over-quarter improvement, underscoring the company’s strengthened financial foundation. Shareholder equity increased 275%, while the debt-to-equity ratio improved by 86%, driven largely by the full elimination of liabilities related to previously issued convertible debentures.
Total liabilities declined from US $13.2 million to US $6.6 million, and general and administrative expenses were reduced by 8%. Liquidity improved substantially, with the current ratio rising to 1.41x from 0.78x in the prior quarter. Collectively, these results reaffirm the company’s “no going concern” position and extend its cash runway beyond March 2027.
Quantum also realized US $572,000 in gains from its digital-asset portfolio, primarily Bitcoin, as part of a diversified treasury strategy. As of September 30, 2025, the company held US $5.2 million in digital assets, up from US $0.8 million at year-end 2024, further enhancing its financial flexibility.
Lucid-MS: Advancing a New Approach to Multiple Sclerosis
At the core of Quantum’s R&D pipeline is Lucid-21-302 (Lucid-MS), a patented, first-in-class oral drug candidate designed to target the underlying biology of demyelination — the process that drives nerve-fiber damage in Multiple Sclerosis (MS).
The company recently completed 3- and 6-month oral toxicity studies that showed no toxicity or adverse side effects, a key milestone supporting advancement toward a Phase 2 human efficacy trial. Lucid-MS’s oral formulation offers a convenient alternative to existing MS therapies that require injections or infusions.
Quantum has also partnered with Massachusetts General Hospital (MGH) researchers in a joint PET imaging study to validate a new approach for monitoring myelin integrity in MS patients. In parallel, the company has engaged a global pharmaceutical development organization to prepare an Investigational New Drug (IND) submission to the U.S. FDA.
“Lucid-MS represents a new direction in MS treatment — one focused on protecting myelin and addressing the biological drivers of neurodegeneration,” said Zeeshan Saeed, President and Chief Executive Officer.
Expanding Consumer Health and Diversified Assets
Beyond its pharmaceutical programs, Quantum continues to expand its portfolio of commercially active consumer health assets.
Its licensed product unbuzzd™, designed to accelerate alcohol metabolism and ease hangover symptoms, is marketed in the United States by Unbuzzd Wellness Inc. The licensee launched powder stick packs in late 2024 and has since initiated a Reg D financing of up to US $5 million in preparation for a potential initial public offering — without any equity dilution to Quantum.
In Canada, Health Canada has granted a Product License for Qlarity™, a natural-health formulation that supports energy, metabolism, and cognitive performance. Qlarity™ complements Quantum’s broader focus on neurological health and wellness.
Sustained Progress and Long-Term Vision
The third quarter also saw continued progress in Quantum’s efforts to address alleged market manipulation of its stock. Management confirmed that all hedge-fund-held warrants have now expired, and that a special dividend of Contingent Value Rights (CVRs) was distributed to Class B shareholders in October 2025.
Looking ahead, Quantum BioPharma plans to maintain disciplined financial management while advancing its clinical and consumer-health milestones. The company’s balance-sheet strength, diversified portfolio, and advancing MS program collectively establish a foundation for sustained growth in 2026 and beyond.
With a Phase 2 trial for Lucid-MS approaching and a global consumer-health pipeline expanding, Quantum BioPharma remains positioned at the intersection of biotechnology innovation, financial resilience, and long-term therapeutic impact.
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