The balance sheet shows significant deterioration, with total equity falling from $13.2 million in 2023Q4 to $597.2K in 2026Q1, while goodwill accounts for nearly 30% of the $15.0 million total asset base.
| Total Current Assets | 10.4M | 6.47M | 12.05M | 11.09M | 17.85M | 45.93M | 26.87M | 8.56M | 16.57M | 4.28M | 7.14K | 2.16K |
| Cash & Short-Term Investments | 10.07M | 6.17M | 7.2M | 3.51M | 17M | 35.42M | 17.52M | 5.97M | 15.52M | 3.77M | 7.14K | 0 |
| Cash Only | 4.36M | 1.9M | 6M | 2.76M | 16.98M | 35.26M | 17.52M | 5.97M | 15.52M | 3.77M | 7.14K | 0 |
| Short-Term Investments | 5.71M | 4.27M | 1.2M | 756.1K | 23.19K | 158.04K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 209.21K | 230.63K | 3.81M | 7.42M | 374.38K | 500.96K | 161.34K | 1.56M | 727.58K | 234.2K | 0 | 2.16K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | 4.14K | - | - |
| Inventory | 51.64K | 52.04K | 117.24K | 0 | 0 | 0 | 0 | 709.37K | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 187.46 | - | - | - | - | - | - | 126.96 | - | - | - | - |
| Other Current Assets | 19.79K | 13.07K | 861.23K | 0 | 0 | 8.65M | 8.61M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 4.57M | 4.67M | 5.07M | 6.39M | 20.56M | 17.03M | 15.1M | 34.66M | 22.18M | 6.59M | 0 | 0 |
| Property, Plant & Equipment | 148.02K | 169.04K | 130.38K | 120.42K | 260.93K | 168.31K | 0 | 8.98M | 8.91M | 6.59M | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | 0.00x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 4.42M | 4.5M | 4.93M | 5.36M | 12.04M | 16.2M | 13.42M | 16.82M | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 2.22K | 6.05K | 827.61K | 660.23K | 1.68M | 8.86M | 13.26M | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 0 | 0 | 907.37K | 7.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 14.98M | 11.14M | 17.12M | 17.47M | 38.41M | 62.96M | 41.97M | 43.22M | 38.75M | 10.88M | 7.14K | 2.16K |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | 0.00x | - | - |
| Asset Growth % | -59.53% | -34.92% | -2.03% | -54.51% | -39% | 50.03% | -2.89% | 11.53% | 256.19% | 152321.03% | 230.34% | - |
| Total Current Liabilities | 16.4M | 6.05M | 6.68M | 4.57M | 7.83M | 8.7M | 5.58M | 6.83M | 1.28M | 1.01M | 61.43K | 60.53K |
| Accounts Payable | 0 | 0 | 3.25M | 3.24M | 2.76M | 3M | 2.06M | 3.36M | 1.28M | 1.01M | 28.31K | 36.75K |
| Days Payables Outstanding | 3.25K | - | - | - | - | - | - | 601.54 | - | - | - | - |
| Short-Term Debt | 872.92K | 1.87M | 771.14K | 300.55K | 300.55K | 300.55K | 384.65K | 1.44M | 0 | 0 | 0 | 18.04K |
| Deferred Revenue (Current) | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 15.53M | 4.17M | 492K | 31.34K | 243.59K | 811.43K | 1.61M | 1.99M | 0 | 0 | 0 | 0 |
| Current Ratio | 0.63x | 1.07x | 1.80x | 2.43x | 2.28x | 5.28x | 4.82x | 1.25x | 12.94x | 4.26x | 0.12x | 0.04x |
| Quick Ratio | 0.63x | 1.06x | 1.79x | 2.43x | 2.28x | 5.28x | 4.82x | 1.15x | 12.94x | 4.26x | 0.12x | 0.04x |
| Cash Conversion Cycle | -3.07K | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 0 | 38K | 131.04K | 79.12K | 110.33K | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 38K | 131.04K | 79.12K | 110.33K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 16.4M | 6.05M | 6.68M | 4.57M | 7.87M | 8.83M | 5.66M | 6.94M | 1.28M | 1.01M | 61.43K | 60.53K |
| Total Debt | 872.92K | 1.87M | 824.92K | 339.2K | 516.42K | 555.9K | 510.61K | 1.59M | 0 | 0 | 0 | 18.04K |
| Net Debt | -3.48M | -29.09K | -5.17M | -2.42M | -16.46M | -34.7M | -17.01M | -4.38M | -15.52M | -3.77M | -7.14K | 18.04K |
| Debt / Equity | -0.61x | 0.37x | 0.08x | 0.03x | 0.02x | 0.01x | 0.01x | 0.04x | - | - | - | - |
| Debt / EBITDA | -0.22x | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.88x | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -54.04x | -42.57x | -312.50x | -60970.87x | -545.96x | -487.99x | -119.77x | -218.43x | - | - | - | - |
| Total Equity | -1.42M | 5.09M | 10.44M | 12.91M | 30.54M | 54.13M | 36.31M | 36.28M | 37.47M | 9.87M | -54.3K | -58.37K |
| Equity Growth % | -313.69% | -51.21% | -19.13% | -57.73% | -43.58% | 49.09% | 0.09% | -3.18% | 279.55% | 18280.87% | 6.98% | - |
| Book Value per Share | -0.32 | 1.55 | 9.18 | 21.20 | 51.26 | 100.69 | 195.95 | 334.18 | 412.42 | 97.74 | -0.54 | -0.58 |
| Total Shareholders' Equity | 597.18K | 6.91M | 11.48M | 13.24M | 30.54M | 54.13M | 36.31M | 36.28M | 37.47M | 9.87M | -54.3K | -58.37K |
| Common Stock | 178.07M | 169.39M | 150.47M | 137.78M | 143.41M | 152.32M | 103.21M | 73.74M | 49.87M | 10.34M | 1.07M | 1.06M |
| Retained Earnings | -212.54M | -197.93M | -172.11M | -157.91M | -144.16M | -126.15M | -90.87M | -59.07M | -19.46M | -3.35M | -1.3M | -1.26M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 215.24K | 101.36K | 50.8K | 417.34K | 652.6K | 239.61K | 207.8K | -84.78K | 0 | 0 | 0 | 0 |
| Minority Interest | -2.02M | -1.82M | -1.04M | -327.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity shortfall
As reported in recent financial filings, the company's total equity has plummeted from $13.2 million in 2023Q4 to just $597.2K in 2026Q1, signaling a rapid erosion of the balance sheet that reflects the ongoing, uncompensated cash burn of its clinical-stage biopharmaceutical operations.
The consistent decline in equity, coupled with a ballooning accumulated deficit of $212.5 million, suggests that the company is struggling to maintain a viable capital base. This trajectory implies that without a significant infusion of non-dilutive capital or a successful clinical milestone, the company's ability to continue as a going concern may be increasingly constrained.
Based on the most recent quarterly data, the company's cash position has dwindled to $4.4 million, while the current ratio has compressed to 0.63, indicating a severe liquidity crunch that leaves little buffer for the high costs associated with Phase 2 clinical trials.
A current ratio below 1.0 suggests that current liabilities are outpacing liquid assets, which may force management to prioritize short-term obligations over long-term R&D investments. Investors should monitor this closely, as the current cash balance appears insufficient to support the company's operational requirements through the next phase of its clinical development.
According to the balance sheet, goodwill remains a significant component of total assets at $4.4 million, representing nearly 30% of the $15.0 million total asset base as of 2026Q1, which warrants further investigation into potential impairment risks given the company's lack of operational revenue.
The reliance on intangible assets like goodwill in a pre-revenue environment suggests that the asset base is highly sensitive to valuation adjustments. If the clinical pipeline fails to deliver, these assets may be subject to significant write-downs, further weakening the company's already strained financial position.
As evidenced by the company's historical filings, the inclusion of residential loan-backed investments introduces non-core volatility to the balance sheet, potentially masking the true underlying burn rate of the biopharmaceutical segment and complicating the assessment of the firm's actual clinical-stage liquidity.
The presence of these illiquid, non-biopharma assets suggests that the balance sheet may not accurately reflect the company's operational focus or its ability to fund R&D. This structural complexity may lead to a mispricing of the firm's core clinical value, as investors must account for the risks associated with the legacy investment portfolio.
Quick answers to the most common questions about buying QNTM stock.
As of 2025, Quantum BioPharma Ltd. (QNTM) had total assets of $11.1M including $6.5M in current assets.
Quantum BioPharma Ltd. (QNTM) carries total debt of $1.9M, offset by $6.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Quantum BioPharma Ltd. (QNTM) has total shareholders' equity (book value) of $6.9M ($1.55 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Quantum BioPharma Ltd. (QNTM) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.