Quantum Biopharma Ltd.
QNTM evidence brief
What we can confirm
- Market Cap:
- $20.6M
What it means
What to watch
Prepared research question
What matters most for QNTM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · QNTM
Quantum BioPharma Ltd. (QNTM) is a biopharmaceutical company developing Lucid-MS, a patented new chemical entity for multiple sclerosis, and other drug candidates for neurodegenerative, inflammatory, metabolic, and alcohol misuse disorders, with a Phase 2 trial planned.
Key risk: Low cash runway
Market Cap
$20.6M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Dec 31, 2025.
Tracking 12 clinical trials for Quantum Biopharma Ltd..
Quantum BioPharma Ltd. (QNTM) is a biopharmaceutical company developing Lucid-MS, a patented new chemical entity for multiple sclerosis, and other drug candidates for neurodegenerative, inflammatory, metabolic, and alcohol misuse disorders, with a Phase 2 trial planned.
- Lead compound Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis [sec · filed 2026-03-26].
- Cash & equivalents of $1.9M and shareholders' equity of $6.9M as of 2025-12-31 [sec].
- Phase 1 clinical trial of Lucid-MS completed with positive results; Phase 2 efficacy trial planned using an oral formulation manufactured by a CDMO [sec · filed 2026-03-26].
- Company settled approximately C$1,117,727 of debt by issuing 370,457 Class B Subordinate Voting Shares [sec · filed 2026-03-26].
- Management concluded the company has sufficient working capital as of December 31, 2025 to carry out planned operations over the next twelve months [sec · filed 2026-03-26].
What works
- Lucid-MS directly addresses demyelination, a hallmark of MS, unlike most immunomodulatory competitors [sec · filed 2026-03-26].
- Positive Phase 1 clinical results and a safety review committee recommendation to proceed to multiple ascending dose study [sec · filed 2026-03-26].
- Exclusive license for Lucid-21-302 patent (effective until 2036) from University Health Network [sec · filed 2026-03-26].
- Joint clinical study with Massachusetts General Hospital to validate a novel PET imaging technique for myelin integrity [sec · filed 2026-03-26].
What to weigh
- Cash & equivalents of only $1.9M as of 2025-12-31, which may limit ability to fund Phase 2 trial without additional financing [sec].
- Lucid-MS will compete with large, well-established companies that have greater marketing and sales experience and capacity [sec · filed 2026-03-26].
- Company terminated FSD-PEA development in 2023 due to profitability concerns, though later resumed in Q3 2024 [sec · filed 2026-03-26].
- Debt settlements via share issuance indicate financial strain and dilution for existing shareholders [sec · filed 2026-03-26].
From the filings
Quoted directly from source documents.
Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation
“Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying me”
SEC filings · March 26, 2026
Phase 2 clinical trial will test efficacy on humans for mobility loss in MS
“Lucid-MS will serve as the drug product for the Company's Phase 2 clinical trial, which will test the efficacy on humans of Lucid-MS as a possible treatment for people to gain back mobility lost with multiple sclerosis (MS).”
SEC filings · March 26, 2026
Company settled approximately C$1,117,727 of debt by issuing shares
“completion of debt settlements by issuing an aggregate of 370,457 Class B Subordinate Voting Shares in the Company to settle approximately C$1,117,727 of debt”
SEC filings · March 26, 2026
Risks & what to watch (4)›
Key risks
- Low cash runway — Cash & equivalents of $1.9M as of 2025-12-31 may be insufficient to complete Phase 2 trial without additional capital [sec].
- Competitive market — Lucid-MS will compete with large, well-established companies with greater marketing and sales capacity [sec · filed 2026-03-26].
- Clinical trial uncertainty — Phase 2 efficacy trial has not yet started; success is not guaranteed and timelines may slip [sec · filed 2026-03-26].
- Debt settlement dilution — Issuing shares to settle debt dilutes existing shareholders and signals financial stress [sec · filed 2026-03-26].
What to watch
- Initiation and results of the Phase 2 clinical trial for Lucid-MS, which will test efficacy in MS patients [sec · filed 2026-03-26].
- Manufacturing progress of drug substance and drug product for Phase 2 studies, expected through Q4 2026 [sec · filed 2026-03-26].
- Any additional financing or partnership announcements given the limited cash position [sec].
- Outcome of the joint PET imaging study with Massachusetts General Hospital [sec · filed 2026-03-26].
Sources: SEC filings · Generated October 11, 2026 · How we verify sources →
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Evidence & data
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
25
Total value held
$1.2M
| Holder | Shares | Value |
|---|---|---|
| advisorshares investments llc | 108,591 | $524K |
| platform technology partners | 41,116 | $199K |
| jane street group, llc | 31,501 | $152K |
| citadel advisors llc | 15,863 | $77K |
| marex group plc | 13,468 | $65K |
| mariner, llc | 10,059 | $49K |
| ubs group ag | 7,237 | $35K |
| osaic holdings, inc. | 6,375 | $31K |
| steward partners investment advisory, llc | 4,381 | $21K |
| atlantic union bankshares corp | 1,000 | $5K |
Showing top 10 of 25 institutional holders of Quantum Biopharma Ltd.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 5.4%
- Days to cover
- 0.5
- Shares short
- 282,526
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
QNTM short interestFrequently asked questions
What is the AI investment thesis for Quantum Biopharma Ltd.?
Quantum BioPharma Ltd. (QNTM) is a biopharmaceutical company developing Lucid-MS, a patented new chemical entity for multiple sclerosis, and other drug candidates for neurodegenerative, inflammatory, metabolic, and alcohol misuse disorders, with a Phase 2 trial planned.
Who is the CEO of Quantum Biopharma Ltd.?
Mr. Zeeshan Saeed is the chief executive officer of Quantum Biopharma Ltd. (QNTM).
Where is Quantum Biopharma Ltd. headquartered?
Quantum Biopharma Ltd. (QNTM) is headquartered in Toronto, ON, Canada.
What therapeutic areas does Quantum Biopharma Ltd. focus on?
Quantum Biopharma Ltd. develops therapies across Oncology, Pain, Dermatology, Musculoskeletal.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.