TORONTO, Nov. 13, 2026 (GLOBE NEWSWIRE) -- Quantum BioPharma Ltd. $(QNTM)$ (FRA: 0K91) ("Quantum" or the "Company") reports its unaudited financial and operational results for the third quarter ended September 30, 2026.
As of September 30, 2026, cash and cash equivalents totaled approximately US$3.56 million and digital assets totaled approximately US$8.66 million, representing combined holdings of approximately US$12.22 million, compared with US$4.12 million as of December 31, 2025 (excluding US$1.60 million of digital assets that were restricted at that date). Total shareholders' equity increased approximately 91% to US$9.77 million, from US$5.10 million at December 31, 2025.
Subsequent to quarter-end, the Company entered into a Study Start-Up Agreement with the clinical research business of Thermo Fisher Scientific to implement its Phase 2 clinical trial of Lucid-MS in progressive multiple sclerosis, following the clearance of its Investigational New Drug application by the U.S. Food and Drug Administration (FDA) in August 2026.
Third Quarter 2026 Financial Results
Quantum reduced operating expenses year over year while increasing total assets, cash holdings and shareholders' equity. Management has concluded that the Company's cash and cash equivalents and digital assets as of September 30, 2026 are sufficient to carry out its planned operations over the next twelve months.
Liquidity and Balance Sheet Strength
-- Cash and cash equivalents and digital assets totaled approximately
US$12.22 million as of September 30, 2026, compared with US$4.12 million
at December 31, 2025 (excluding US$1.60 million of restricted digital
assets at that date).
-- Cash and cash equivalents increased approximately 87% to US$3.56 million,
from US$1.91 million at December 31, 2025.
-- Digital assets increased approximately 127% to US$8.66 million, from
US$3.82 million at December 31, 2025 (restricted and unrestricted). No
digital assets were restricted as of September 30, 2026.
-- Total shareholders' equity increased approximately 91% to US$9.77 million,
from US$5.10 million at December 31, 2025.
-- Total assets increased approximately 55% to US$17.33 million, from
US$11.16 million at December 31, 2025.
-- Working capital increased to approximately US$5.47 million as of
September 30, 2026, compared with approximately US$0.42 million at
December 31, 2025.
-- Notes payable decreased to US$0.30 million, from US$1.30 million at
December 31, 2025, following the repayment of US$1.00 million of the
BitGo loan during the nine months ended September 30, 2026.
Key Financial Ratios (as of September 30, 2026)
-- Current ratio of 1.72 as of September 30, 2026, compared to 1.07 as of
December 31, 2025.
-- Debt-to-Equity ratio of 0.77 as of September 30, 2026, compared to 1.19
as of December 31, 2025. Total liabilities were approximately US$7.56
million as of September 30, 2026, compared with US$6.06 million at
December 31, 2025. Approximately 38% of current liabilities as of
September 30, 2026 are non-cash fair-value items, being US$2.17 million
of warrant liabilities and US$0.68 million of derivative liabilities.
-- Equity represented approximately 56% of total assets as of September 30,
2026, compared with 46% as of December 31, 2025.
Reduced Operating Expenses and Cash Use
-- Total operating expenses decreased approximately 24% in the third quarter
of 2026, to US$3.56 million from US$4.68 million in the third quarter of
2025. For the nine months ended September 30, 2026, total operating
expenses decreased approximately 32%, to US$8.81 million from US$12.93
million.
-- Cash used in operating activities decreased approximately 21%, to US$6.25
million for the nine months ended September 30, 2026 from US$7.93 million
for the comparable 2025 period.
-- Net loss for the nine months ended September 30, 2026 was US$17.32
million, compared with US$23.25 million for the nine months ended
September 30, 2025, a decrease of approximately 26%. The nine-month
result includes an unrealized gain of US$0.64 million on the change in
fair value of digital assets.
Third Quarter and Subsequent 2026 Corporate Highlights
Lucid-MS Phase 2 Trial: FDA Clearance and Study Start-Up Agreement with Thermo Fisher Scientific
On August 10, 2026, the Company announced that the FDA had cleared its Investigational New Drug (IND) application for Lucid-MS (Lucid-21-302), enabling the Company to proceed with a randomized, double-blind, placebo-controlled Phase 2 clinical trial in patients with progressive multiple sclerosis.
Subsequent to quarter-end, on October 6, 2026, the Company entered into a Study Start-Up Agreement with the clinical research business of Thermo Fisher Scientific to implement the Phase 2 clinical trial of Lucid-MS, marking the initiation of formal study start-up activities. The trial will evaluate the efficacy, safety and tolerability of Lucid-MS in people with progressive forms of multiple sclerosis.
Unbuzzd
On September 24, 2026, Unbuzzd announced the appointment of Michael Zapolin as Chief Executive Officer, with a mandate that includes financing Unbuzzd, listing it on a stock exchange and executing a nationwide commercial rollout in the United States. Subsequent to quarter-end, on October 13, 2026, the Company and Unbuzzd extended the maturity of the Company's loan to Unbuzzd to December 31, 2027, and on October 15, 2026 the Company subscribed for 1,500,000 common shares of Unbuzzd at C$0.20 per share under Unbuzzd's private placement. Following the placement, the Company held a 19.87% ownership interest in Unbuzzd.
Management Commentary
"With FDA clearance in hand and our Study Start-Up Agreement signed with the clinical research business of Thermo Fisher Scientific, Lucid-MS has moved from planning into the implementation of its Phase 2 trial in progressive multiple sclerosis," said Zeeshan Saeed, Chief Executive Officer of Quantum.
"Shareholders' equity has grown 91% since the start of the year to US$9.77 million, and working capital now stands at US$5.47 million, while we reduced total operating expenses by 32% over the first nine months of 2026 compared with the same period last year," said Donal Carroll, Chief Financial Officer of Quantum.
About Quantum BioPharma Ltd.
Quantum is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. ("Lucid"), Quantum is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum invented UNBUZZD(TM) and spun out its OTC version to a company, Unbuzzd Wellness Inc. ("Unbuzzd") (formerly, Celly Nutrition Corp.), led by industry veterans. Quantum retains ownership of 19.87% (as of November 12, 2026) of Unbuzzd at www.unbuzzd.com. The agreement with Unbuzzd also includes royalty payments of 7% of sales from unbuzzd(TM) until payments to Quantum total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses.
Forward Looking Information
Certain statements contained in this news release constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of applicable United States securities laws (collectively, "forward-looking statements"). All statements other than statements of historical fact may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by words or phrases such as "may," "should," "anticipate," "expect," "potential," "believe," "intend," "plan," "estimate," "project," "continue," "will" and similar expressions, including the negatives thereof.
Forward-looking statements contained in this news release include, but are not limited to, statements regarding: the sufficiency of the Company's cash and cash equivalents and digital assets to carry out its planned operations over the next twelve months; the anticipated initiation, timing, design, conduct and progress of the Company's planned Lucid-MS Phase 2 clinical trial, including study start-up activities; future regulatory interactions, submissions and approvals relating to Lucid-MS; the continued clinical development, therapeutic potential, safety and efficacy of Lucid-MS (Lucid-21-302); and the anticipated financing, stock exchange listing and commercialization of Unbuzzd.
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