Quantum Reports Strengthened Liquidity, Reduced Cash Burn, and Disciplined Cost Management in First Quarter 2026

Rhea-AI Summary

News Market Reaction – QNTM

-5.11%

-5.11% Session close to close

In the May 7 session, QNTM declined 5.11%, reflecting a notable negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved -5.1% in the session following this news. A negative reaction despite strengthened l...

Analysis

The stock moved -5.1% in the session following this news. A negative reaction despite strengthened liquidity and lower operating cash burn would fit a pattern where prior positive clinical and legal updates were followed by selling. Cash and digital assets reached US$9.8 million, with total cash including cryptocurrency at US$11.2 million, while cash use in operations fell to US$1.66 million. Concerns could focus on trial execution risk, dependence on digital assets, and the costs of advancing Lucid-MS through Phase 2.

Key Figures

Cash & digital assets: US$9.8 million Cash & digital assets: US$4.1 million Cryptocurrency portfolio: US$6.5 million +5 more

8 metrics

Cash & digital assets US$9.8 million As of March 31, 2026

Cash & digital assets US$4.1 million As of December 31, 2025

Cryptocurrency portfolio US$6.5 million Fair market value at press-release date

Total cash & equivalents US$11.2 million Including cryptocurrency, at press-release date

Operating cash used US$1.66 million Cash used in operating activities, Q1 2026

Cash burn reduction 60% Year-over-year reduction in operating cash outflows, Q1 2026

Operating expense change 13% decrease Year-over-year operating expenses, Q1 2026

InvestorBrandNetwork contract US$77,400 Six-month corporate communications agreement with 10-day termination notice

Historical Context

5 past events · Latest: Apr 22 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 22	Commercialization update	Positive	-2.9%	Unbuzzd CEO appointment to drive nationwide commercialization and listing plans.
Apr 02	Legal update	Positive	-9.8%	Court largely denies banks’ motion to dismiss $700M market-manipulation lawsuit.
Apr 01	IND submission	Positive	-8.7%	IND filed with FDA for Lucid-MS Phase 2 trial after positive Phase 1 safety data.
Mar 30	Trial LOI	Positive	-10.3%	Binding LOI with Allucent to run Lucid-MS Phase 2 MS clinical trial.
Mar 27	Year-end results	Positive	+24.5%	2025 audited financials maintain ‘no going concern’ status for the company.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent history shows QNTM often trading lower after ostensibly positive operational or legal updates, with only one strong upside reaction among the last five events.

Recent Company History

Over the last several months, Quantum BioPharma has reported multiple positive milestones, including a court decision allowing a USD $700,000,000 market-manipulation lawsuit to proceed, submission of an IND for Lucid-MS, and a binding LOI with Allucent for a Phase 2 MS trial. It also highlighted 2025 audited results maintaining a ‘no going concern’ status and commercialization progress at Unbuzzd. Despite these, four of the last five news events saw negative 24-hour price reactions, suggesting a pattern of investor skepticism toward positive announcements.

Key Terms

investigational new drug (ind), food and drug administration (fda), phase two clinical trial, multiple sclerosis, +3 more

7 terms

investigational new drug (ind) regulatory

"Investigational New Drug (IND) Application Filed to United States Food and Drug Administration..."

An investigational new drug (IND) is a drug or biologic that is being tested but has not yet been approved for general use; it is the application and formal status that allows a company to begin human clinical trials under regulator oversight. Investors care because an IND marks the transition from lab work to human testing — like getting a permit to run real-world experiments — which creates important milestones, costs, timelines and regulatory risk that drive a development-stage company's value.

food and drug administration (fda) regulatory

"Application Filed to United States Food and Drug Administration (FDA) for Lucid-MS Phase Two..."

A U.S. government agency that reviews and approves drugs, medical devices, vaccines, food safety measures and related products before they reach the market. Think of it as a gatekeeper whose decisions, inspections and safety warnings can make or break a product’s ability to sell; investors watch FDA actions closely because approvals speed revenue and failed reviews, delays or recalls can sharply change a company’s value.

phase two clinical trial medical

"IND application to the U.S. FDA for Lucid-MS Phase Two clinical trial in multiple sclerosis."

A phase two clinical trial tests whether an experimental treatment actually works and further checks safety in a larger group of patients after initial safety has been shown. For investors, phase two results reduce scientific uncertainty and help decide if a drug is worth the much larger cost of late-stage testing; think of it as a mid-stage checkpoint that can materially raise or lower a program’s commercial prospects.

multiple sclerosis medical

"Lucid-MS Phase Two Clinical Trial in Multiple Sclerosis..."

A chronic neurological disease in which the immune system damages the protective coating (like insulation on electrical wires) around nerves, disrupting signals between the brain and body and causing symptoms such as numbness, weakness, vision problems, fatigue and mobility issues. It matters to investors because the unpredictability and long-term nature of the condition drive ongoing demand for treatments, influence the value of companies developing therapies, affect healthcare costs and shape regulatory and reimbursement decisions.

principal investigator medical

"appointment of Dr. Salvatore Napoli as the principal investigator for its planned Phase Two..."

A principal investigator is the lead person responsible for overseeing a research project or study, ensuring it stays on track and meets its goals. In the context of investments, this role can be likened to the person in charge of a team or initiative, making key decisions and managing resources. Understanding who the principal investigator is can help investors assess the reliability and credibility of a project or research effort.

letter of intent (loi) financial

"entered a binding Letter of Intent (LOI) with Allucent, a global contract research organization..."

A letter of intent (LOI) is a written document that outlines the main terms and intentions of parties planning to work together or make a transaction. It serves as a preliminary agreement, indicating serious interest and helping to clarify expectations before a formal contract is signed. For investors, an LOI signals that negotiations are progressing and provides a foundation for more detailed agreements to follow.

contract research organization medical

"Letter of Intent (LOI) with Allucent, a global contract research organization with extensive experience..."

A contract research organization (CRO) is an outside company hired to run medical and scientific work for drug, device or biotech developers—like an experienced project manager and lab team that companies rent instead of building in-house. Investors care because CROs influence development speed, quality and cost: delays or successes in trials affect client spending, regulatory risk and ultimately revenues for both the sponsor and the CRO.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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 Investigational New Drug (IND) Application Filed to United States Food and Drug Administration (FDA) for Lucid-MS Phase Two Clinical Trial in Multiple Sclerosis

TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (“Quantum” or the “Company”), has reported its financial and operational results for the first quarter of 2026, ended March 31, 2026.

First Quarter 2026 Financial Results

As of March 31, 2026, the Company’s combined cash and cash equivalents, and digital assets, totaled US$9.8 million, more than doubled from US$4.1 million as of December 31, 2025. Management confirms that current liquidity is sufficient to fund planned operations to approximately July 2027.

As of the date of this press release, the fair market value of the Company’s cryptocurrency portfolio is US$6.5 million, further strengthening the Company’s overall liquidity position, and increasing the Company’s total cash and cash equivalents to US$11.2 million.

Cash used in operating activities decreased to US$1.66 million during the first quarter of 2026, a reduction of 60% compared to same period the previous year, mainly driven by a decrease in R&D fees following the successful completion of Phase 1 clinical trials.

First Quarter & Subsequent 2026 Corporate Highlights

Unbuzzd

Unbuzzd has completed its corporate reorganization, including hiring a new Chief Executive Officer with significant capital markets and company leadership experience to launch Unbuzzd’s IPO financing and lead nationwide commercialization.

Multiple Sclerosis Drug Candidate Lucid-21-302 (“Lucid-MS”) Advances

The Company announced that it has formally submitted an IND application to the U.S. FDA for Lucid-MS, its new drug candidate for the treatment of multiple sclerosis (MS). This milestone IND submission supports Quantum’s planned Phase 2 clinical trial evaluating its first-in-class therapeutic treatment targeting demyelination, advancing Quantum’s strategic growth in the global neurological market.

The Company announced the appointment of Dr. Salvatore Napoli as the principal investigator for its planned Phase Two clinical trial evaluating novel drug Lucid-MS in MS.

The Company announced that it has entered a binding Letter of Intent (LOI) with Allucent, a global contract research organization with extensive experience supporting central nervous system clinical trials, to conduct the planned Phase 2 clinical trial of Lucid-MS for the treatment of multiple sclerosis.

Update on Lawsuit Launched by Quantum Against CIBC World Markets (CIBC) and RBC Dominion Securities (RBC) in Relation to Alleged Stock Market Manipulation

The Company filed a Memorandum of Law in opposition to defendants’ CIBC and RBC joint motion to dismiss in the United States District Court for the Southern District of New York. The United States District Court for the Southern District of New York has ruled against CIBC and RBC joint motion to dismiss Quantum Biopharma’s lawsuit alleging illegal market manipulation.

The reply, original, and amended complaints can be viewed and downloaded from the Quantum versus Banks page on the Company’s website, or from the following link: https://www.quantumbiopharma.com/quantum-biopharma-vs-banks.

Management Commentary

“We significantly reduced our operating cash outflows while maintaining strategic progress, including the formal submission of our IND application to the FDA for Lucid-MS,” said Zeeshan Saeed, CEO of Quantum.

“Q1 2026 was a quarter of disciplined execution. We reduced our operating cash burn by over 60% year-over-year, brought operating expenses down 13%, repaid in full the BitGo loan, and reduced payables. At the same time, we strengthened our treasury to US$9.8 million between cash and digital assets, giving us a runway to approximately July 2027 at our current budgeted spend. We did all of this without sacrificing momentum, as evidenced by our IND submission for Lucid-MS,” said Donal Carroll, CFO of Quantum.

“The IND Application was filed to the FDA for Quantum’s Lucid-MS Phase Two clinical trial. We also signed a binding LOI with Allucent, a global contract research organization with extensive experience supporting central nervous system clinical trials,” stated Mr. Carroll. “We are now looking to begin our Phase 2 clinical trial as we work towards our goals of drug approval and commercialization.”

“In addition, Unbuzzd hired a new CEO, Mr. Richard Buzbuzian, to launch an IPO financing and lead nationwide commercialization. We look forward to his progress which could help us monetize without any shareholder dilution,” Mr. Carroll concluded.

The Company has entered into an agreement dated May 4, 2026 with InvestorBrandNetwork of 1108 Lavaca Street, Suite 110-IBN, Austin, Texas 78701, Tel: (512) 354-7000, to provide corporate communications and investor awareness for a six month period with a total US$77,400 that has a 10 day written termination notice.

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™ 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 19.84% (as of March 31, 2026) of Unbuzzd at www.unbuzzd.com. The agreement with Unbuzzd also includes royalty payments of 7% of sales from unbuzzd™ 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 information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the closing of the Offering and the Debt Settlement; the use of proceeds from the Offering; and the Shares issued pursuant to the Debt Settlement, and potential issuance of Shares and Debenture Units.

Forward-looking information in this press release is based on certain assumptions and expected future events, including but not limited to: the Company has the ability to complete additional tranches of the Offering and the Debt Settlement.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: risks relating to the Company's business and operations generally; and the reader is urged to refer to additional information relating to Quantum BioPharma, including its annual information form, which can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the United States Securities and Exchange Commission's website at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

Contacts:

Quantum BioPharma Ltd.
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: Zsaeed@quantumbiopharma.com
Telephone: (833) 571-1811