The company has failed to generate any operational revenue over the last ten quarters, while SG&A expenses frequently exceed $2 million per quarter, highlighting a lack of sustainable top-line growth.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.63K | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | -100% | - | - | - |
| Cost of Goods Sold | 125.67K | 0 | 0 | 0 | 0 | 0 | 0 | 2.04M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -125.67K | 0 | 0 | 0 | 0 | 0 | 0 | -1.84M | 0 | 20.63K | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | 100% | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | 100% | - | -100% | - | - | - |
| Operating Expenses | 4.39M | 15.3M | 16.14M | 23.79M | 27.43M | 33.74M | 30.69M | 20.44M | 18.62M | 2.82M | 29.63K | 32.8K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | 13686.02% | - | - |
| Selling, General & Admin | 12.53M | 12.01M | 9.31M | 13.2M | 15.98M | 23.37M | 18.11M | 20.49M | 17.49M | 2.82M | 29.63K | 32.8K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | 13686.02% | - | - |
| Research & Development | 1.73M | 2.76M | 6.08M | 3.86M | 6.91M | 6.33M | 7.83M | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -684.23K | 530.75K | 742.8K | 6.73M | 4.54M | 4.05M | 4.75M | -45.53K | 1.13M | 0 | 0 | 0 |
| Operating Income | -4.52M | -15.3M | -16.14M | -23.79M | -27.43M | -33.74M | -30.69M | -22.48M | 0 | -2.8M | 0 | 0 |
| Operating Margin % | - | - | - | - | - | - | - | - | - | -13586.02% | - | - |
| Operating Income Growth % | - | 5.17% | 32.17% | 13.27% | 18.71% | -9.95% | -36.5% | - | 100% | - | - | - |
| EBITDA | -3.98M | -14.76M | -15.65M | -21.28M | -22.89M | -29.7M | -26.79M | -20.54M | -16.54M | -2.8M | -29.63K | -32.8K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | -13586.02% | - | - |
| EBITDA Growth % | 76.29% | 5.68% | 26.49% | 7.03% | 22.92% | -10.85% | -30.42% | -24.19% | -490.11% | -9359.74% | 9.67% | - |
| D&A (Non-Cash Add-back) | 541.76K | 545.78K | 490.57K | 2.51M | 4.54M | 4.05M | 3.9M | 1.94M | 134.5K | 0 | 0 | 0 |
| EBIT | -20.82M | -26.34M | -14.87M | -18.23M | -26.65M | -33.87M | -28.22M | -33.93M | -16.67M | -2.8M | -29.63K | -32.8K |
| Net Interest Income | -194.05K | -382.56K | 525.31K | 786.06K | 318.91K | -68.11K | -231.89K | -155.32K | 0 | 0 | 0 | 0 |
| Interest Income | 191.15K | 236.08K | 572.89K | 786.36K | 367.74K | 1.29K | 3.69K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 385.2K | 618.64K | 47.58K | 299 | 48.82K | 69.4K | 235.58K | 155.32K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -27.26M | -11.65M | 1.22M | 5.56M | 725.95K | -194.3K | 2.24M | -11.6M | -16.67M | 0 | -29.63K | -32.8K |
| Pretax Income | -31.78M | -26.96M | -14.92M | -18.23M | -26.7M | -33.94M | -28.45M | -34.08M | -16.67M | -2.8M | -29.63K | -32.8K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | -13586.02% | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -30.97M | -26.18M | -14.2M | -17.9M | -23.61M | -35.29M | -31.8M | -39.13M | -16.67M | -2.8M | -29.63K | -32.8K |
| Net Margin % | - | - | - | - | - | - | - | - | - | -13586.02% | - | - |
| Net Income Growth % | -48.36% | -84.3% | 20.66% | 24.17% | 33.1% | -10.96% | 18.73% | -134.67% | -494.91% | -9359.74% | 9.67% | - |
| Net Income (Continuing) | -31.78M | -26.96M | -14.92M | -18.23M | -26.7M | -33.94M | -28.45M | -34.08M | -16.67M | -2.8M | -29.63K | -32.8K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 3.1M | -1.35M | -3.35M | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -2.02M | -1.82M | -1.04M | -327.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.90 | -8.11 | -12.49 | -29.39 | -39.62 | -65.63 | -171.62 | -360.45 | -183.54 | -27.75 | -0.29 | -0.32 |
| EPS Growth % | 61.4% | 35.07% | 57.5% | 25.82% | 39.63% | 61.76% | 52.39% | -96.39% | -561.41% | -9468.97% | 9.38% | - |
| EPS (Basic) | - | -8.11 | -12.49 | -29.39 | -39.62 | -65.63 | -171.62 | -360.45 | -183.54 | -27.75 | -0.29 | -0.32 |
| Diluted Shares Outstanding | 4.49M | 3.29M | 1.14M | 609.06K | 595.88K | 537.62K | 185.29K | 108.56K | 90.85K | 101K | 101K | 101K |
| Basic Shares Outstanding | 4.49M | 3.29M | 1.14M | 609.06K | 595.88K | 537.62K | 185.29K | 108.56K | 90.85K | 101K | 101K | 101K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity shortfall
As indicated by the company's financial statements over the last ten quarters, Quantum BioPharma has generated zero revenue, underscoring its status as a pre-commercial entity entirely reliant on external capital to fund its ongoing clinical development programs and administrative overhead without any organic top-line growth.
The lack of revenue confirms that the firm remains in a purely developmental phase, with no commercialized products to offset its R&D expenditures. Investors should note that the absence of sales suggests the company's valuation is tied exclusively to the speculative success of its clinical pipeline rather than current operational performance.
Based on reported figures, the company's operating expenses remain elevated, with SG&A costs frequently exceeding $2 million per quarter, which, when combined with variable R&D spending, creates a significant cash drain that appears unsustainable given the reported $1.9 million cash balance as of recent filings.
The cost structure is heavily weighted toward administrative and overhead expenses, which may be disproportionate for a firm at this stage of clinical development. This expense discipline warrants further investigation, as the high SG&A relative to R&D suggests that the company may be prioritizing corporate maintenance over the acceleration of its core drug development programs.
According to recent SEC filings, the company's net income figures are frequently impacted by non-operating items, such as the $8.0 million operating income reported in 2025Q4, which appears to be an anomaly rather than a reflection of core biopharmaceutical operational success or sustainable profitability.
These non-operating fluctuations suggest that the net income line is not a reliable indicator of the company's underlying business health. Analysts should look past these accounting entries to focus on the core cash burn, as the volatility in net results may mask the true extent of the capital required to sustain operations.
As highlighted in the company's historical financial data, the inclusion of a 'Strategic Investments' segment introduces significant complexity and non-correlated risk, which may distract management from the critical Phase 2 clinical milestones required to validate the company's primary intellectual property and justify its current market valuation.
The presence of a residential loan portfolio within a drug manufacturer's balance sheet is highly atypical and suggests a lack of strategic focus. Investors should monitor whether this auxiliary segment serves as a genuine liquidity source or merely a source of additional risk that complicates the company's core mission of neurodegenerative drug development.
Quick answers to the most common questions about buying QNTM stock.
For fiscal year 2025, Quantum BioPharma Ltd. (QNTM) reported total revenue of $0.0M.
Quantum BioPharma Ltd. (QNTM) reported a net loss of $26.2M for the fiscal year ending 2025.