Quantum Biopharma’s 2024 Financial Statements Show Strong Improvements in Cash, Working Capital, Operating Efficiency and the Removal of Material Uncertainty Related to Going Concern
Quantum BioPharma (NASDAQ: QNTM) reported strong financial improvements for FY2024, removing Material Uncertainty Related to Going Concern. Cash position strengthened to $12.1M USD (up from $11.1M in 2023), with operating expenses reduced by 32% to $16.1M USD.
Key highlights include:
- Net loss improved 18% to $14.9M USD
- Net cash used in operations decreased 36% to $6.9M USD
- Successfully completed clinical trials for unbuzzd™ alcohol detoxification beverage, showing 40% faster BAC reduction
- Completed Phase 1 trial for Multiple Sclerosis drug Lucid-21-302, demonstrating safety and tolerability
- Expanded distribution network through FUSION Distribution Group for Caribbean markets
- Invested $3.5M in cryptocurrencies and dual-listed on Upstream exchange
Quantum BioPharma (NASDAQ: QNTM) ha riportato significativi miglioramenti finanziari per l'anno fiscale 2024, eliminando l'incertezza materiale relativa alla continuità aziendale. La posizione di cassa è migliorata a 12,1 milioni di dollari USA (rispetto agli 11,1 milioni del 2023), con una riduzione delle spese operative del 32% a 16,1 milioni di dollari USA.
I punti salienti includono:
- Perdita netta migliorata del 18% a 14,9 milioni di dollari USA
- Utilizzo netto di cassa nelle operazioni diminuito del 36% a 6,9 milioni di dollari USA
- Completati con successo trial clinici per la bevanda disintossicante da alcol unbuzzd™, mostrando una riduzione del BAC del 40% più rapida
- Completato il trial di Fase 1 per il farmaco contro la sclerosi multipla Lucid-21-302, dimostrando sicurezza e tollerabilità
- Espanso la rete di distribuzione attraverso FUSION Distribution Group per i mercati caraibici
- Investiti 3,5 milioni di dollari in criptovalute e quotazione doppia sulla borsa Upstream
Quantum BioPharma (NASDAQ: QNTM) reportó fuertes mejoras financieras para el año fiscal 2024, eliminando la incertidumbre material relacionada con la continuidad de la empresa. La posición de efectivo se fortaleció a 12.1 millones de dólares estadounidenses (en comparación con 11.1 millones en 2023), con gastos operativos reducidos en un 32% a 16.1 millones de dólares estadounidenses.
Los puntos destacados incluyen:
- La pérdida neta mejoró un 18% a 14.9 millones de dólares estadounidenses
- El efectivo neto utilizado en operaciones disminuyó un 36% a 6.9 millones de dólares estadounidenses
- Se completaron con éxito ensayos clínicos para la bebida de desintoxicación de alcohol unbuzzd™, mostrando una reducción del BAC un 40% más rápida
- Se completó el ensayo de Fase 1 para el medicamento de esclerosis múltiple Lucid-21-302, demostrando seguridad y tolerabilidad
- Se amplió la red de distribución a través de FUSION Distribution Group para los mercados del Caribe
- Se invirtieron 3.5 millones de dólares en criptomonedas y se listó doblemente en la bolsa Upstream
Quantum BioPharma (NASDAQ: QNTM)는 2024 회계연도에 강력한 재무 개선을 보고하며, 기업 지속 가능성과 관련된 중대한 불확실성을 제거했습니다. 현금 잔고는 1,210만 달러(2023년 1,110만 달러에서 증가)로 강화되었으며, 운영 비용은 32% 감소하여 1,610만 달러가 되었습니다.
주요 하이라이트는 다음과 같습니다:
- 순손실이 18% 개선되어 1,490만 달러가 되었습니다
- 운영에서 사용된 순현금이 36% 감소하여 690만 달러가 되었습니다
- 알코올 해독 음료 unbuzzd™에 대한 임상 시험을 성공적으로 완료하여 BAC 감소 속도가 40% 빨라졌습니다
- 다발성 경화증 약물 Lucid-21-302에 대한 1상 시험을 완료하여 안전성과 내약성을 입증했습니다
- 카리브해 시장을 위한 FUSION Distribution Group을 통해 유통 네트워크를 확장했습니다
- 암호화폐에 350만 달러를 투자하고 Upstream 거래소에 이중 상장되었습니다
Quantum BioPharma (NASDAQ: QNTM) a rapporté de fortes améliorations financières pour l'exercice 2024, éliminant l'incertitude matérielle liée à la continuité de l'exploitation. La position de trésorerie s'est renforcée à 12,1 millions de dollars USD (contre 11,1 millions en 2023), avec une réduction des dépenses d'exploitation de 32 % à 16,1 millions de dollars USD.
Les faits marquants comprennent :
- La perte nette s'est améliorée de 18 % pour atteindre 14,9 millions de dollars USD
- La trésorerie nette utilisée dans les opérations a diminué de 36 % pour atteindre 6,9 millions de dollars USD
- Essais cliniques réussis pour la boisson de désintoxication alcoolique unbuzzd™, montrant une réduction du BAC 40 % plus rapide
- Essai de phase 1 pour le médicament contre la sclérose en plaques Lucid-21-302, démontrant la sécurité et la tolérance
- Extension du réseau de distribution via FUSION Distribution Group pour les marchés des Caraïbes
- Investissement de 3,5 millions de dollars dans les cryptomonnaies et double cotation sur la bourse Upstream
Quantum BioPharma (NASDAQ: QNTM) berichtete über starke finanzielle Verbesserungen für das Geschäftsjahr 2024 und beseitigte die materielle Unsicherheit bezüglich der Fortführungsfähigkeit. Die Liquiditätsposition wurde auf 12,1 Millionen USD (von 11,1 Millionen USD im Jahr 2023) gestärkt, während die Betriebsausgaben um 32% auf 16,1 Millionen USD gesenkt wurden.
Wichtige Höhepunkte sind:
- Der Nettoverlust verbesserte sich um 18% auf 14,9 Millionen USD
- Der Netto-Cashflow aus dem operativen Geschäft verringerte sich um 36% auf 6,9 Millionen USD
- Erfolgreicher Abschluss klinischer Studien für das Alkohol-Entgiftungsgetränk unbuzzd™, das eine 40% schnellere BAC-Reduktion zeigt
- Abschluss der Phase-1-Studie für das Medikament gegen Multiple Sklerose Lucid-21-302, das Sicherheit und Verträglichkeit nachwies
- Erweiterung des Vertriebsnetzes durch die FUSION Distribution Group für die Karibikmärkte
- Investition von 3,5 Millionen USD in Kryptowährungen und doppelte Listung an der Upstream-Börse
- Removed Material Uncertainty Related to Going Concern status
- 32% reduction in operating expenses to $16.1M USD
- 18% improvement in net loss to $14.9M USD
- 36% reduction in cash burn rate
- Successful clinical trial results for unbuzzd showing 40% faster BAC reduction
- Positive Phase 1 safety results for Lucid-MS drug
- Expanded distribution network through FUSION Distribution Group
- Increased R&D expenses to $6.1M USD from $3.9M USD
- Higher G&A expenses at $9.4M USD vs $9.0M USD in 2023
- Continued net loss of $14.9M USD despite improvements
Insights
Quantum BioPharma's 2024 financial results represent a significant improvement in the company's financial health. The removal of the "Material Uncertainty Related to Going Concern" is particularly noteworthy as it signals to investors that auditors no longer question the company's ability to continue operations—a major milestone for any developing biotech company.
The 32% reduction in operating expenses to
Most impressive is the company's cash position of
The company's
The strategic shift toward commercialization with unbuzzd provides a potential near-term revenue source, while Celly Nutrition's planned fundraising and potential IPO could create significant value for Quantum as the licensor of the technology. The financial stability demonstrated allows management to focus on advancing clinical programs and commercialization rather than survival.
Quantum BioPharma has achieved meaningful clinical milestones across its portfolio. The unbuzzd clinical trial delivered statistically significant results with BAC reduction rates
More importantly, the Lucid-MS program represents potential significant value as a first-in-class, non-immunomodulatory MS treatment. Current MS therapies predominantly focus on immunomodulation, so a neuroprotective approach with a novel mechanism could address unmet needs in this substantial market. The successful completion of Phase 1 with favorable safety data enables progression toward Phase 2, though efficacy signals will be the true value drivers.
The company is strategically balancing its pipeline with both near-term commercial products (unbuzzd) and longer-term pharmaceutical assets (Lucid-MS), while adding a new development program (rekvry) that leverages their alcohol metabolism expertise for medical applications. This creates multiple potential value inflection points.
The increased R&D investment (
With clinical validation in hand for unbuzzd and a clear safety profile established for Lucid-MS, the company has meaningfully de-risked two key assets while maintaining financial discipline—a combination rarely achieved by early-stage biotech companies.
Completion of unbuzzd™ Clinical Trial and Multiple Sclerosis Drug Lucid-21-302 Phase 1 Trial Advance Company’s Pipeline of Products and Assets
TORONTO, March 28, 2025 (GLOBE NEWSWIRE) -- Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (“Quantum BioPharma” or the “Company”), has reported its financial and operational results for the fourth quarter and year ended December 31, 2024.
Fourth Quarter and Full Year 2024 Financial Results
The company’s strong balance sheet and overall progress enabled it to remove its Material Uncertainty Related to Going Concern. Management is confident that there is sufficient working capital as of December 31, 2024 to carry out its operations over the next twelve months. Management believes there is sufficient cash on hand to sustain basic operations beyond January 2027.
Cash and cash equivalents totaled
For the year ended December 31, 2024, Operating Expenses were reduced to
Accounts payable have been significantly reduced from 4.4 million USD at December 31, 2024, compared to less than 1M USD as of the date of filing these Financial Statements. Net cash used in operations was
For the year ended December 31, 2024, external research and development fees increased to
For the year ended December 31, 2024, General and Administrative expenses increased to
For the year ended December 31, 2024, Net Loss was
Fourth Quarter & Subsequent 2024 Corporate Highlights
unbuzzd
- Completed a double-blind, randomized, placebo-controlled crossover design clinical trial (NCT06505239) of dietary supplement product unbuzzd, investigating its effects on alcohol intoxication and alcohol metabolism.
- Results of data analysis show definitively that unbuzzd accelerated the rate at which Blood Alcohol Concentration (“BAC”) was reduced in study subjects, while simultaneously reducing the symptoms of intoxication and hangover.
- Licensee Celly Nutrition Corp. (“Celly”) signed a master distribution agreement with FUSION Distribution Group across Puerto Rico, The Caribbean, and Parts of Central and South America to bring unbuzzd to new markets through FUSION's robust distribution network.
- Celly launched unbuzzd powder sticks in 2024 in the USA only and sales are increasing organically quarter over quarter. unbuzzd is available on amazon.com and unbuzzd.com.
- Awaiting approval of filing submitted to Health Canada for approval to sell unbuzzd in Canada.
- Celly engaged a leading New York Investment Bank to raise up to
$10 million USD in capital and explore an initial public offering on a major US public exchange, subject to regulatory approval.
rekvry™
- Development of a formulation has begun for rekvry – an alcohol misuse treatment for emergency and hospital settings. The Company believes that rekvry fulfills an unmet need in healthcare settings, reducing the costs and burden on healthcare resources and staff.
Multiple Sclerosis Drug Lucid-21-302 (“Lucid-MS”)
- Completed Phase 1 multiple ascending dose clinical trial.
- Final safety review committee (“SRC”) meeting was held after completion of the trial and found that Lucid-MS was well-tolerated with no safety concerns. No serious adverse events were reported during the trial.
- Safety review committee subsequently recommended commencing dosing of the second cohort in its trial entitled “A Phase 1, Randomized, Double-Blind, Placebo-Controlled, Multiple Ascending Dose Study to Evaluate the Safety and Pharmacokinetics of Lucid-21-302 in Healthy Adult Participants.”
- Commenced a toxicology study to be completed in 2025.
- The Company has begun preparing for an FDA submission in 2025.
Additional Highlights
- Dual listed on Upstream, a MERJ Exchange market and global securities trading app, under the ticker symbol ‘QNTM'.
- Purchased
$3.5 million worth of Bitcoin (BTC) and other cryptocurrencies to diversify its Treasury, allowing for future financings and other transactions to be carried out in cryptocurrency. - Closed multiple tranches of financing for
$2.5 million USD - Cash and cash equivalents totaled
$12.1 million USD as of December 31, 2024.
Management Commentary
“The fourth quarter of 2024 and early 2025 were highlighted by continued development of our robust pipeline of products and assets focused on addressing significant unmet needs in brain disorders and alcohol health, with three near-term monetization events.” said Zeeshan Saeed, CEO of Quantum BioPharma. “We launched unbuzzd, our rapid alcohol detoxification beverage, in 2024 with a first-to-market scientifically formulated powder stick for this fast-growing consumer product category. We are now building a multi-channel distribution strategy with upcoming launches with our distribution partner FUSION across Puerto Rico and the Asian American Trade Associations Council.
“Recently we completed a double-blinded, randomized, placebo-controlled crossover design clinical trial of unbuzzd, investigating its effects on alcohol intoxication and alcohol metabolism. Key findings from the clinical trial included statistically significant results that unbuzzd dramatically and rapidly reduced blood alcohol concentration in study participants. The rate at which BAC was lowered was, on average for most participants, more than 40 percent faster within 30 minutes of consuming unbuzzd compared to control subjects. The trial also showed rapid improvements in alertness, improvements in physiological changes due to intoxication, reduced perceived impairment and mental fatigue and hangover relief, all with no side effects. Following these highly positive results from the clinical study, Celly Nutrition is exploring an IPO on a major US public exchange.
“We also made significant progress with our MS program, completing a Phase 1, randomized, double-blind, placebo-controlled, multiple ascending dose study to evaluate the safety and pharmacokinetics of Lucid-21-302 in healthy adult participants. Lucid-MS is a first-in-class, non-immunomodulatory, neuroprotective compound for the treatment of MS. It is a patented New Chemical Entity (“NCE”) that has a unique mechanism of action. Lucid-MS was deemed safe and well-tolerated in healthy participants by the safety review committee, and we are optimistic about the potential of Lucid-MS to protect myelin in MS patients as it represents a new direction in the treatment of this disease. We are now looking ahead to our Phase 2 trial as we work towards our goals of drug approval and commercialization.
“Operationally, we took several steps to strengthen our balance sheet and expand our reach in the capital markets to execute on upcoming milestones. Following highly positive results from the unbuzzd clinical study, our licensee Celly Nutrition Corporation, the company behind unbuzzd, engaged a leading New York Investment Bank to raise up to
“Looking ahead, we are focused on the imminent unbuzzd launch with FUSION Distribution across Puerto Rico and expanding the availability of unbuzzd through e-commerce. We are launching affiliate, ambassador, and social media programs to further market unbuzzd’s potential to provide relief from inebriation and accelerate alcohol metabolism. We are encouraged by the strong safety and tolerability profile of Lucid-MS and are actively exploring the most expeditious path to advance this program to patients. We look forward to additional milestone announcements in the coming months as we work to develop novel solutions for brain and inflammatory disorders,” concluded Saeed.
About Quantum BioPharma Ltd.
Quantum BioPharma (NASDAQ: QNTM) 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 BioPharma 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 BioPharma invented unbuzzd™ and spun out its OTC version to a company, Celly Nutrition Corp. (“Celly Nutrition”), led by industry veterans. Quantum BioPharma retains ownership of
Forward Looking Information
This press release contains certain “forward-looking statements” within the meaning of applicable Canadian securities law. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as “believes”, “anticipates”, “expects”, “is expected”, “scheduled”, “estimates”, “pending”, “intends”, “plans”, “forecasts”, “targets”, or “hopes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “will”, “should” “might”, “will be taken”, or “occur” and similar expressions) are not statements of historical fact and may be forward-looking statements. The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’s focus on the research and development of Lucid-MS to prevent and reverse myelin degradation; the Company’s Lucid-21-302 clinical development program in multiple sclerosis advancing towards human phase-2 efficacy trials; the Company’s intention to retain
Forward-looking information in this news release are based on certain assumptions and expected future events, namely: the Company’s assessment of market conditions, its ability to gain market share, and its potential competitive edge are accurate; the Company will have the ability to carry out its plans with respect to its new innovation and offerings, including its ability to conduct research and development of Lucid-MS; the Company’s Lucid-21-302 clinical development program in multiple sclerosis will advance towards human phase-2 efficacy trials; the Company will retain
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: the Company’s inability to retain
The reader is urged to refer to additional information relating to Quantum BioPharma, including its annual information form, 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.
Contacts:
Quantum BioPharma Ltd.
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: Zsaeed@quantumbiopharma.com
Telephone: (833) 571-1811
