Any content you receive is for information purposes only. Always conduct your own research. *Disseminated on Behalf of Quantum BioPharma Ltd. Krypton Street Announces (QNTM) Will Be Topping Our Watchlist
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December 21, 2025
Heading Into Monday | Why (QNTM) Will be at the Very Top of Our Screen Dear Reader, Just before the weekend set in, a late-Friday development involving Quantum BioPharma Ltd. (NASDAQ: QNTM) crossed the wires—one that brings renewed focus to a company operating at the crossroads of science and commercialization. The timing alone ensured it flew under the radar for many, but the magnitude of what surfaced suggests this story is far from routine. And this is just one of the reasons why (QNTM) will be topping our watchlist tomorrow morning—December 22, 2025. But keep in mind, (QNTM) has less than 3M shares listed as available to the public, according to MarketWatch. When companies like this have small floats, the potential exists for big moves if demand begins to change. In the last month alone, (QNTM) has made an approximate 97% move from $5.57 on November 21 to $11 on December 10. Against that backdrop, independent research coverage begins to add another layer to how this situation is being assessed. Two research firms have issued targets of $35.50 and $45.00—which suggest an upside potential of 300% to 400% from Friday's $8.80 range. 
Company Overview: Dual-Segment Biopharmaceutical Model
(QNTM) operates through two distinct business segments that provide exposure to both clinical-stage dr-ug development and near-term commercial revenue. The company's lead asset, Lucid-MS (Lucid-21-302), represents a first-in-class approach to treating demyelinating diseases with an initial indication in multiple sclerosis. Unlike conventional MS therapies that suppress the immune system, Lucid-MS works by inhibiting hypercitrullination—a pathological process that degrades myelin, the protective sheath around nerve fibers. The company also holds a 20.11% equity stake in Unbuzzd Wellness Inc. (formerly Celly Nutrition), which markets unbuzzd™, a clinically validated beverage that accelerates alcohol metabolism. Under the licensing agreement, (QNTM) receives a 7% royalty on gross sales up to $250 million, then 3% in perpetuity, while retaining 100% rights to pharmaceutical applications for alcohol misuse treatment. As of its most recent Q3 2025 update, (QNTM) reported a strengthened balance sheet, reaffirmed "no going concern" status, and stated that existing capital resources are sufficient to support operations beyond March 2027, supported in part by a growing digital asset position and the elimination of convertible debenture liabilities. What elevates this discussion beyond structure and capital, however, is the scope of (QNTM)'s lead clinical program. Lucid-MS: Targeting a Potential $45B Multiple Sclerosis Market
Multiple sclerosis affects approximately 2.8M people worldwide, including nearly 1M in the United States. The global MS therapeutics market is projected to exceed $22B in 2025 and top $45B by 2034, driven by increasing prevalence and demand for safer, more targeted treatments that avoid immunosuppressive risks. Lucid-MS represents a paradigm shift in MS treatment. The compound inhibits peptidyl arginine deiminase (PAD) enzymes that convert arginine to citrulline in myelin proteins. This hypercitrullination process destabilizes myelin, making it vulnerable to degradation. By blocking PAD2 and PAD4 enzymes, Lucid-MS maintains myelin integrity without compromising immune function—a critical advantage over existing therapies. Preclinical studies in mouse models demonstrated accelerated functional recovery, preserved myelin, and reduced axonal degeneration. Mice treated with Lucid-MS showed restored mobility after paralysis, with functional recovery observed within days. The company completed Phase 1 single-ascending dose (SAD) and multiple-ascending dose (MAD) studies demonstrating safety and tolerability at doses ranging from 50mg to 300mg, with no serious dr-ug-related adverse events reported. (QNTM) has licensed Lucid-MS from the University Health Network, securing worldwide exclusive rights through patent US 10,716,791 B2, which expires August 15, 2036. The company submitted Lucid-MS to the UK's Innovative Licensing and Access Pathway (ILAP), which could accelerate regulatory review and patient access. Management expects to file an Investigational New Dr-ug (IND) application with the FDA in Q4 2025, with Phase 2 trials targeting initiation in Q1 2026. In a groundbreaking collaboration, (QNTM) partnered with Massachusetts General Hospital to validate a novel PET imaging technique to monitor demyelination in MS patients, providing a data-driven approach to measuring treatment efficacy in real-time. unbuzzd™: Commercial-Stage Recovery Product
The global hangover remedy category was estimated at $2.58B in 2022 and is projected to expand to approximately $12.4B by 2034, reflecting sustained demand growth over the next decade. Beyond consumer demand, excessive alcohol consumption carries measurable economic consequences—driving significant losses in personal and workplace productivity. In the United States alone, excessive drinking is estimated to cost roughly $160B per year, with a substantial portion tied directly to lost productivity. Seen through a wider lens,, unbuzzd™ positions itself as a scientifically validated formulation designed to accelerate alcohol metabolism, addressing not just recovery, but a broader efficiency and wellness challenge. In a double-blind, placebo-controlled study completed February 2025, unbuzzd™ demonstrated blood alcohol concentration reductions of over 40% faster within 30 minutes compared to placebo, with rapid improvements in alertness, cognitive performance, and a 67% reduction in headache severity—all without adverse effects. Unbuzzd Wellness has engaged audit firm MNP LLP for PCAOB audits in preparation for a potential IPO. The commercial team is led by Gerry David, former CEO of Celsius Holdings who drove a 35-fold market cap increase to $9 billion, with strategic advisor Kevin Harrington (original Shark Tank member) bringing experience from launching 1,000+ products generating $6 billion in sales. Analyst Targets: $35.50 to $45.00
Singular Research has outlined a $35.50 valuation framework, which implies upside potential of more than 300% from recent levels. The firm's sum-of-the-parts analysis evaluates (QNTM)'s assets individually, assigning approximately $111.3M to Lucid-MS using a risk-adjusted discounted cash flow model, $37M to Quantum's 20.11% equity interest in Unbuzzd Wellness, and $72M to FSD202, a PEA-based compound under development for Mast Cell Activation Syndrome. Singular applies conservative probability assumptions, including 10% for Lucid-MS and 16% for FSD202, and values unbuzzd™ at 1.0x projected 2027 sales of $327M, reflecting a substantial discount to comparable consumer wellness peers. Separately, Kingswood Capital Partners has issued a $45.00 valuation, suggesting upside potential exceeding 400%, driven by its assessment of Lucid-MS's differentiated neuroprotective mechanism and the commercial progress of unbuzzd™. Kingswood's discounted cash flow model incorporates staged clinical advancement assumptions, applies a 50% discount rate to reflect development risk, and uses a 15% perpetual growth rate on forward free cash flows. The analysis frames Lucid-MS as a potentially significant entrant within the multiple sclerosis treatment landscape. Taken together, both research perspectives emphasize (QNTM)'s differentiated profile: a Phase-2-ready multiple sclerosis program with a novel mechanism of action, combined with a commercial-stage consumer asset, supported by experienced leadership and collaborations with established institutions. A Late-Friday Legal Development Adds a New, High-Stakes
Dimension to the (QNTM) Story
A federal securities class action has been filed in the U.S. District Court for the Southern District of New York, naming CIBC World Markets, RBC Dominion Securities, and their parent companies as defendants. The complaint alleges violations of federal securities laws tied to "spoofing" practices—the placement and rapid cancellation of orders intended to influence pricing—across both Canadian and U.S. exchanges. According to the filing, the alleged activity spans hundreds of days and a substantial number of shares, while also citing prior SEC consent orders that resulted in combined fines of $57M related to supervisory and communications failures. The lawsuit seeks damages exceeding $700M. (QNTM) has stated that it plans to issue Contingent Value Rights (CVRs) to shareholders, providing participation in a portion of any net litigation proceeds if successful. As with any legal matter, these are allegations, not established facts, and outcomes remain uncertain. Readers can review the full court filing and related disclosures directly here. 8 Reasons Why (QNTM) Will Topping Our Watchlist Tomorrow
Morning—Monday, December 22, 2025
1. High Stakes: the scope of a recently filed lawsuit references alleged damages above $700M, introducing a legal dimension that continues to shape how (QNTM) is being evaluated. 2. Low Float: with fewer than 3M shares available to the public, (QNTM)'s small float could see the potential for big moves if demand begins to shift. 3. Recent Momentum: in the last month, (QNTM) has made an approximate 97% move, signaling elevated interest and heightened sensitivity to new information. 4. Analyst Targets: independent research coverage has outlined valuation ranges for (QNTM) that suggest 300% to 400% upside potential from recent levels. 5. Dual Revenue Paths: operating across both clinical development and commercial wellness, (QNTM) maintains exposure to long-cycle science alongside nearer-term royalty-linked activity. 6. Advanced MS Program: at the core of the pipeline, (QNTM) controls Lucid-MS, a Phase-2-ready multiple sclerosis candidate with a novel, non-immunosuppressive mechanism and global exclusivity through 2036. 7. Commercial Royalties: beyond the pipeline, (QNTM) holds a 20.11% stake in Unbuzzd Wellness and earns royalties tied to sales of a clinically validated recovery product. 8. Strengthened Balance Sheet: following its latest Q3 update, (QNTM) reported reduced liabilities, eliminated convertible debentures, and sufficient capital resources extending beyond March 2027. Take A Look At (QNTM) Before Tomorrow Morning…
Taken together, (QNTM) presents a rare convergence of factors that don't often appear in the same story at the same time. A tightly constrained float, notable recent price action, and independent research modeling that spans a wide valuation range have all surfaced alongside a strengthened balance sheet and capital runway extending beyond March 2027. Layer in a Phase-2-ready multiple sclerosis program with a differentiated, non-immunosuppressive approach, a commercial wellness asset generating royalties, and a high-stakes legal development citing alleged damages above $700M—and it becomes clear why attention around (QNTM) has intensified so quickly. We will have all eyes on (QNTM) tomorrow morning. Take a look at (QNTM) before you call it a night. Also, keep a lookout for my morning update. Have a good night. Sincerely, Alex Ramsay
Co-Founder / Managing Editor
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