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

Core Insights - Quantum BioPharma Ltd. reported strong financial and operational results for Q4 and the full year 2024, highlighting a solid balance sheet and sufficient working capital to sustain operations through January 2027 [2][12]. Financial Performance - Cash and cash equivalents increased to $12.1 million USD as of December 31, 2024, up from $11.1 million USD in 2023 [3]. - Operating expenses were reduced to $16.1 million USD in 2024, a decrease of over 32% from $23.8 million USD in 2023 [3]. - Net cash used in operations improved by 36%, totaling $6.9 million USD in 2024 compared to $10.8 million USD in 2023 [4]. - The net loss for 2024 was $14.9 million USD, an improvement of 18% from $18.2 million USD in 2023 [6]. Research and Development - External research and development fees rose to $6.1 million USD in 2024, up from $3.9 million USD in 2023, due to advancements in key clinical assets [5]. - The company completed a Phase 1 clinical trial for its multiple sclerosis drug, Lucid-21-302, which was deemed safe and well-tolerated [14]. Product Development and Market Strategy - The company initiated the development of rekvry, an alcohol misuse treatment aimed at emergency and hospital settings, addressing an unmet healthcare need [8]. - The clinical trial for unbuzzd demonstrated a significant reduction in blood alcohol concentration, with results showing an average reduction of over 40% faster than control subjects [13]. - Celly Nutrition Corp., the licensee for unbuzzd, is exploring an IPO to raise up to $10 million USD and expand market reach [10][15]. Strategic Initiatives - Quantum BioPharma has engaged in purchasing $3.5 million worth of Bitcoin and other cryptocurrencies to diversify its treasury [16]. - The company is focused on building a multi-channel distribution strategy for unbuzzd, with upcoming launches in collaboration with FUSION Distribution [12][16].