Quantum Biopharma's 2025 Audited Year End Financial Results Maintain 'No Going Concern' Status

Executive Summary

• Quantum BioPharma reported Q4 2025 and full‑year 2025 audited financial results, showing a cash position of $11.3 M (including digital assets) and reduced operating expenses to $15.3 M.
• Positive clinical milestones were disclosed: Phase 1 oral toxicity studies for MS drug candidate Lucid‑21‑302 completed with no safety signals; IND filing planned for H1 2026; first MS patient scanned in a PET imaging study with MGH.
• The company launched a Regulation D 506(c) private placement to raise up to $5 M for growth and potential IPO of its unbuzzd™ brand, and announced a Health Canada product licence for Qlarity.

Key Details

• Financial Position: Cash & digital assets = $11.3 M USD; sufficient working capital projected through Jan 2028.
• Operating Expenses: FY 2025 total $15.3 M, down ~5% YoY from $16.1 M (2024).
• Trade Payables: Reduced ~50% to $2.0 M (from $4.1 M) as of 31‑Dec‑2025.
• R&D Fees: Decreased to $2.8 M from $6.1 M YoY, reflecting completion of Phase 1 trials and tax credits.
• G&A Expenses: Down to $9.0 M from $9.4 M YoY.

Clinical / Pipeline Updates

• Lucid‑21‑302 (MS program):
• Completed 3‑month & 6‑month oral toxicity studies – no toxicity or significant side effects observed.
• Oral formulation selected for Phase 2; contract manufacturing agreement signed with leading CDMO.
• First MS patient scanned in joint PET imaging study with Massachusetts General Hospital to validate myelin integrity monitoring.
• Stability studies completed; IND filing targeted H1 2026.
• Principal investigator identified; CRO negotiations advanced for Phase 2 trial.

• Preclinical efficacy study initiated in heart‑failure model.

• unbuzzd™ (dietary supplement):

• Peer‑reviewed publication (Zenodo) shows accelerated BAC reduction and reduced intoxication/hangover symptoms in double‑blind crossover trial (NCT06505239).
• Health Canada granted Product Licence (PN 80144141) for Qlarity (energy & metabolism product); licence also permits Canadian sale of unbuzzd™.
• Unbuzzd Wellness Inc. licensed U.S. rights; company hired MNP as auditors in preparation for potential IPO.

Financing / Capital Raising

• Regulation D 506(c) Offering: Launched to raise up to $5 M USD to fund unbuzzd™ growth, distribution, and a prospective go‑public transaction.
• All warrants held by hedge funds expired in 2025.

Legal Update

• Quantum filed a memorandum of law opposing CIBC World Markets and RBC Dominion Securities’ joint motion to dismiss the lawsuit alleging stock‑market manipulation; case pending in U.S. Southern District of New York.

Corporate Governance

• Board Change: Effective 27 Mar 2026, Terry Lynch resigned from the board for time‑constraint reasons.

Notable Quotes

“We are in a significantly stronger cash position…operationally we continue to strengthen our balance sheet and expand our reach in the capital markets to execute on upcoming milestones.” – Donal Carroll, CFO

“We made significant progress with our MS program…Lucid‑MS has completed toxicology studies and we are optimistic about its potential to protect myelin in MS patients.” – Donal Carroll, CFO

Materiality Assessment: Material – Positive (financial results, clinical milestones, financing activity, and legal update constitute material information for investors).