Quantum Biopharma Ltd.

Pre-revenue clinical micro-cap with explicit going-concern doubt, a distracting crypto treasury, and a still-preclinical/Phase 2 lead asset.

Strengths

• Debt-to-equity moderate (60th pct) and current ratio just above 1.0
• Holds a multi-jurisdiction UHN license for lead candidate Lucid-MS

Risks

• Explicit going-concern language; only ~$1.9M cash (8th pct) and negative ROIC (-1.9, 9th pct)
• ~34% of assets in volatile crypto, diverting management from drug development
• No product revenue; Lucid-MS only advancing toward IND/Phase 2, plus active litigation

Notable findings

• No interest coverageInterest coverage -96.81 (cannot cover interest)
• RestatementA change in any of these judgments, or a determination by the Company's auditors or regulators that the methodology applied is not consistent with IFRS, could require a restatement or adjustment of ou 8-K ↗
• Notable holderHeld by 1 notable fund(s): CITADEL ADVISORS LLC (as of 2026-03-31)