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
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 $12.1 million USD as of December 31, 2024, compared to $11.1 million USD as of December 31, 2023.
For the year ended December 31, 2024, Operating Expenses were reduced to $16.1 million USD compared to $23.8 million USD in the same period of 2023, an improvement of over 32%.
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 $6.9 million USD for the year ended December 31, 2024, compared to $10.8 million USD in the same period of 2023 an improvement of 36 %.
For the year ended December 31, 2024, external research and development fees increased to $6.1 million USD compared to $3.9 million USD in the same period of 2023 as a result of advancing key clinical assets.
For the year ended December 31, 2024, General and Administrative expenses increased to $9.4 million USD compared to $9.0 million USD in the same period of 2023 as a result of advancing key clinical assets.
For the year ended December 31, 2024, Net Loss was $14.9 million USD, compared to $18.2 million USD for the same period of 2023 an improvement of 18 %.
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 ...