Quantum BioPharma Ltd. (QNTM) operates as a biopharmaceutical company focused on researching and developing innovative therapies for neurodegenerative, inflammatory, metabolic disorders, and alcohol misuse disorders; its core pipeline includes the lead compound Lucid-MS, a patented new chemical entity in Phase 2 clinical trials targeting myelin degradation in multiple sclerosis; FSD-PEA, preparing for Phase 2 trials for inflammatory diseases such as mast cell activation syndrome; Lucid-PSYCH for major depressive disorder; and unbuzzd, a dietary supplement for alcohol misuse detoxification licensed to Unbuzzd Wellness Inc., with Quantum retaining 20.10% ownership and 7% royalties on sales up to $250 million. The company conducts operations through two segments, Biopharmaceutical Innovation and Strategic Investments, the latter comprising loans secured by residential and commercial properties; it targets patients with neuropsychiatric and neurodegenerative conditions in global markets, primarily from its headquarters in Toronto, Canada, founded in 1998. Recent developments encompass a name change from FSD Pharma Inc. in August 2024; agreements with a contract development and manufacturing organization via subsidiary Huge Biopharma Australia Pty. Ltd. for Lucid-MS oral formulation production; a joint study with Massachusetts General Hospital validating PET imaging for myelin integrity in multiple sclerosis patients; an IND application package preparation with a global CRO for Lucid-MS submission to the U.S. FDA; strengthened third-quarter 2025 liquidity with closed debt and cryptocurrency gains; and positive early safety signals from MS studies, alongside unbuzzd licensee preparations for a potential IPO capital raise of up to $5 million without equity dilution for Quantum shareholders.