Quantum BioPharma contracts Thermo Fisher unit to prepare progressive MS trial

Quantum BioPharma has lined up a large contract research partner for Lucid-MS, its candidate for progressive multiple sclerosis, as it reported a stronger balance sheet and lower costs in its third-quarter update. The figures are unaudited and were published on 13 November.

The company reported about US$12.22m in cash and digital assets. Shareholders' equity rose 91% to US$9.77m, and operating expenses for the first nine months of 2026 were 32% lower. The update as summarised does not say what drove the equity increase or the cost reduction, and it gives no revenue figure or cash-runway estimate.

On the clinical side, the US Food and Drug Administration cleared the Lucid-MS investigational new drug application in August. On 6 October Quantum signed a start-up contract with the clinical research arm of Thermo Fisher Scientific to prepare a Phase 2 study in progressive MS. The trial will be randomised and placebo-controlled. Context: an IND clearance lets a sponsor begin human studies in the US, and start-up work of this kind generally covers preparation such as setting up the study and its sites. The company has not disclosed an enrolment target, endpoints, contract value or start date.

Separately, Quantum extended its loan to Unbuzzd and bought more shares in that company's private placement. The amounts and terms of both transactions were not provided, so their effect on Quantum's finances cannot be assessed from the information available.