Quantum BioPharma gets FDA nod to start Lucid-MS Phase 2 trial in progressive MS

Quantum BioPharma Ltd. announced on August 14, 2026 that it had received FDA approval to proceed with a pivotal Phase 2 trial of Lucid-MS in progressive multiple sclerosis, alongside its second quarter 2026 financial results for the period ended June 30, 2026.

The FDA clearance came after quarter-end. On August 10, 2026, the company announced that the FDA had approved its Investigational New Drug application for Lucid-MS (Lucid-21-302), clearing the company to advance the program into a randomized, double-blind, placebo-controlled Phase 2 trial in patients with progressive MS.¹

On the balance sheet side, combined cash and cash equivalents, and digital assets, totaled approximately US$9.5 million as of June 30, 2026, up from US$4.1 million as of December 31, 2025.¹ Based on the cash burn rate from the first half of 2026, management said current liquidity should fund planned operations to at least October 2027.¹

Cost reductions were notable. Total operating expenses decreased by 53% in the second quarter of 2026 versus the same period in 2025, falling to US$2.29 million from US$4.85 million.¹ General and administrative expenses fell 47% year over year, to US$1.76 million from US$3.31 million.¹ Cash used in operations also declined: for the six months ended June 30, 2026, cash used in operating activities dropped 44% to US$3.46 million, compared with US$6.21 million in the same period a year earlier, continuing a trend that began in the first quarter.¹

Other balance sheet metrics also improved. Total shareholders' equity rose to US$6.09 million, up about 19% from US$5.10 million at year-end 2025, while working capital improved to approximately US$1.66 million from US$0.42 million.¹ The current ratio rose to 1.2 from 1.07, and the quick ratio rose to 1.19 from 1.06.¹