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

About this update from Quantum Biopharma Ltd. Subordinate Voting Shares Class B

[{"type":"text","content":"Quantum Biopharma's 2024 Financial Statements Show Strong Improvements in Cash, Working Capital, Operating Efficiency and the Removal of Material Uncertainty Related to Going ConcernCompletion of unbuzzdTM Clinical Trial and Multiple Sclerosis Drug Lucid-21-302 Phase 1 Trial Advance Company's Pipeline of Products and Assets TORONTO, ONTARIO / ACCESS Newswire / March 28, 2025 / 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 ResultsThe 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 HighlightsunbuzzdCompleted a double-blind, randomized, placebo-controlled crossover design clinica...

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