Quantum Biopharma's funding raises lift its balance sheet as losses shrink

Quantum Biopharma, the company that previously traded as FSD Pharma, is still funding itself through capital markets rather than operations. Its latest interim accounts show a smaller loss, but also a balance sheet that has been rebuilt mainly with money raised from investors.

For the nine months to 30 September 2026, the company reported a net loss of roughly $17.3M, against $23.3M in the same period of 2025. According to the company's own summary, the improvement came from lower operating expenses and smaller fair-value losses on derivatives and warrants. The figures are from unaudited condensed interim statements.

Cash stood at about $3.6M at the period end, while digital assets were about $8.7M. The company links the increases to roughly $10.3M in net proceeds from share issuance and a further $2.7M from convertible debentures. On those figures, digital assets are well over twice the size of the cash balance.

The summary reviewed for this article did not cover the three-month results, a breakdown of operating costs, or the state of the company's clinical programmes. It also gave no indication of how long the current funds might last, so the commercial and pipeline implications cannot be judged from it.