fsd_ex991.htm

展品99.1

量子生物制药有限公司（前身为fsd pharma公司）

简明综合换算中期基本报表

截至2024年和2023年9月30日的三个月及九个月

[未经审核] [以美元计算，每股金额除外]

QUANTUm BIOPHARMA LTD.（原称fsd pharma公司）

财务状况总表简化合并损益表
[未经审核] [以美国美元表示]

截至			九月三十日，			12月31日
			2024			2023
	注释		$			$
资产
流动资产合计
现金及约当现金				3,120,226			2,757,040
其他应收款项		3		104,204			228,764
预付费用和存款		4		150,325			155,413
短期投资		6		3,485,424			756,100
融资应收款，净额		5		6,983,513			7,187,988
				13,843,692			11,085,305

非流动资产
设备，净额				64,909			87,583
长期投资		6		5,926			6,049
使用权资产，净额				72,374			32,838
融资应收款，净额		5		—			907,366
无形资产，净值		7		5,039,901			5,355,687
资产总额				19,026,802			17,474,828

负债
流动负债
贸易及其他应付款项		8,18		3,307,936			4,195,029
租赁义务				72,475			38,650
warrants负债		9		75			31,338
应付票据		10		300,549			300,549
负债总额				3,681,035			4,565,566

股东权益
A类多重投票股份资本		11		151,701			151,622
B类次级投票股份资本		11		148,929,236			137,626,863
认股证		11		1,997,759			2,723,356
认缴盈余				31,128,922			30,225,741
汇率期货翻译储备				833,061			417,341
累积亏损				(166,750,621	)		(157,908,160	)
归属于本公司股东的权益				16,290,058			13,236,763
非控制股权		13		(944,291	)		(327,501	)
				15,345,767			12,909,262
负债总额及股东权益				19,026,802			17,474,828

持续经营		1
承诺事项和条件		17
随后的事件		20

代表董事会：

“已签署”		“已签署”
董事 - Zeeshan Saeed		董事 - Eric Hoskins

随附附注属于这些简明总合中期财务报表的一部分。

QUANTUm BIOPHARMA LTD.（原称fsd pharma公司）综合损益表换算为美元的简明综合损益表截至2024年和2023年9月30日的三个月及九个月
[未经审核] [以美元表示]

			截至六月三十日止三个月的九月三十日，						截至九个月的期间九月三十日，
			2024			2023			2024			2023
	注释		$			$			$			$
费用
总务及行政		15		3,250,030			3,071,889			7,479,525			7,659,424
外部研发费用				744,802			(32,985	)		1,803,048			3,889,139
股份报酬		12		65,424			126,163			234,691			3,736,091
折旧和摊销		7		120,814			146,810			377,768			2,384,099
资产减损损失				—			—			—			4,319,619
营业费用总计				4,181,070			3,311,877			9,895,032			21,988,372

营运亏损				(4,181,070	)		(3,311,877	)		(9,895,032	)		(21,988,372	)


利息收入		16		(163,868	)		(174,068	)		(440,816	)		(632,572	)
财务费用（收益），净额				10,371			(380	)		31,142			287
债务结算（获利）损失		11		(12,320	)		—			5,156			—
金融负债计量获利				—			(2,012,093	)		—			(4,939,015	)
衍生负债公平价值变动（获利）损失		9		74			8,032			(31,263	)		(113,211	)
投资公平价值变动（获利）损失		6		—			(2,168	)		—			275,161
(2,091,425				(4,015,327	)		(1,131,200	)		(9,459,251	)		(16,579,022	)

其他全面损失
可能后续重分类为亏损的项目：
外国营运之翻译换算汇兑利益				749,564			267,348			415,720			49,859
全面损失				(3,265,763	)		(863,852	)		(9,043,531	)		(16,529,163	)

净损失归属于:
公司业主股权				(3,827,170	)		(1,059,838	)		(8,842,461	)		(16,507,660	)
非控制股权		13		(188,157	)		(71,362	)		(616,790	)		(71,362	)
				(4,015,327	)		(1,131,200	)		(9,459,251	)		(16,579,022	)

每股净损失
基本和稀释		14	$	(4.37	)	$	(1.88	)	$	(11.06	)	$	(27.17	)

基本和稀释后已发行股份的加权平均数		14		917,848			602,962			855,294			610,195

附注是这些简明综合中期财务报表的重要组成部分

QUANTUm BIOPHARMA LTD.（原称fsd pharma公司）

股东权益总额的综合变动表

截至2024年和2023年9月底的九个月

[以美元表示，股份数除外]

	A类多重表决股				B类次级表决股						认股证						资本公积			非控制股权			汇率期货翻译储备		累积亏损			总计
	#		$		#			$			#			$			$			$			$		$			$
2022年12月31日的结存		2		151,588		592,372			143,258,972			99,725			2,142,400			28,500,924			—			652,601		(144,164,265	)		30,542,220
非控制权益之初次确认		—		—		—			—			—			—			—			(24,467	)		—		(40,583	)		(65,050	)
股份回购 [附注11]		—		—		(29,303	)		(7,165,356	)		—			—			—			—			—		4,207,540			(2,957,816	)
以股份支付 [附注12]		—		—		280			16,000			—			—			2,383,745			6,303			—		—			2,406,048
行使股票期权 [附注11]		—		—		323			33,247			—			—			(13,000	)		—			—		—			20,247
将PSU转换成股份 [附注11,12]		—		—		41,848			1,464,000			—			—			(1,464,000	)		—			—		—			—
发行warrants [附注11]		—		—		—			—			61,154			1,330,043			—			—			—		—			1,330,043
warrants到期 [附注11		—		—		—			—			(2,047	)		(791,807	)		791,807			—			—		—			—
本期综合亏损		—		—		—			—			—			—			—			(71,362	)		49,859		(16,507,660	)		(16,529,163	)
2023年9月30日的余额		2		151,588		605,520			137,606,863			158,832			2,680,636			30,199,476			(89,526	)		702,460		(156,504,968	)		14,746,529

2023年12月31日结余		2		151,622		605,796			137,626,863			158,831			2,723,356			30,225,741			(327,501	)		417,341		(157,908,160	)		12,909,262
发行的股份 [附注11]		10		79		956,935			9,185,073			—			—			—			—			—		—			9,185,152
债务换股 [附注11,12]		—		—		292,477			1,983,728			—			—			—			—			—		—			1,983,728
基于股份的付款 [附注12]		—		—		—			—			—			—			234,691			—			—		—			234,691
到期的权证 [附注11]		—		—		—			—			(20,769	)		(286,189	)		286,189			—			—		—			—
取消的权证 [附注11]		—		—		—			—			(7,692	)		(439,408	)		439,408			—			—		—			—
行使期权 [附注11、12]		—		—		1,446			102,563			—			—			(26,098	)		—			—		—			76,465
RSUs转换为股份 [附注11、12]		—		—		7,500			31,009			—			—			(31,009	)		—			—		—			—
本期全面损失		—		—		—			—			—			—			—			(616,790	)		415,720		(8,842,461	)		(9,043,531	)
2024年9月30日余额		12		151,701		1,864,154			148,929,236			130,370			1,997,759			31,128,922			(944,291	)		833,061		(166,750,621	)		15,345,767

随附的附注是这些简明合并中期基本报表的重要组成部分。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

压缩合并中期现金流量变动表

截至2024年和2023年9月30日的九个月

[未经审核] [以美元表示]

	2024			2023
	$			$
运营活动
经营活动净亏损		(9,459,251	)		(16,579,022	)
增加（减少）不影响现金的项目
折旧和摊销		377,768			2,384,099
利息支出		31,142			21,201
基于股份的支付		234,691			3,736,091
投资公允价值的变化		—			275,161
衍生负债的公允价值变动		(31,263	)		(113,211	)
未实现汇率期货（收益）损失		414,491			—
债务清算损失		5,156			—
金融负债计量收益		—			(4,939,015	)
减值损失		—			4,319,619
非现金运营资本余额变动
融资应收款		1,111,841			(634,080	)
其他应收款		124,560			174,139
预付费用和存款		5,088			123,771
应收票据		—			(219,082	)
交易及其他应付款		1,145,060			1,474,719
经营活动现金流出		(6,040,717	)		(9,975,610	)

投资活动
投资的赎回		738,000			—
投资购买		(3,485,424	)		(744,500	)
控制子公司后的净现金		—			31,783
投资出售的收益		—			443,138
投资活动产生的现金（使用中）		(2,747,424	)		(269,579	)

融资活动
股份回购		—			(2,957,816	)
发行股份所得，净额		9,185,152			—
应付贷款的收入		—			—
租赁义务的支付		(33,825	)		(163,803	)
行使的股票期权		—			20,247
融资活动产生的现金流（用于）		9,151,327			(3,101,372	)

净增加（减少）		363,186			(13,346,561	)
期初的现金及现金等价物		2,757,040			16,980,472
期末的现金及现金等价物		3,120,226			3,633,911

非现金交易
用于偿还债务的股份发行		1,983,728			—
期权行使 - 发行股份用于服务		102,563			—
使用权资产的确认		78,949			—
限制性股票单位转换为股份		31,009			—

随附的附注是这些简明合并中期基本报表的重要组成部分。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

1. 业务性质

量子生物制药有限公司（前身为FSD Pharma Inc.）（“量子”或“公司”）是一家生物制药公司，致力于建立创新资产和生物技术解决方案的投资组合，以治疗具有挑战性的神经退行性、炎症和代谢疾病以及酒精滥用障碍，目前有多种药物候选物处于不同的开发阶段。通过其全资子公司Lucid Psycheceuticals Inc.（“Lucid”），量子专注于其主要化合物Lucid-MS（前身为Lucid-21-302）（“Lucid-MS”）的研究和开发。Lucid-MS是一种已获专利的新化学实体，已在临床前模型中显示出能够预防和逆转髓鞘降解，这是多发性硬化症的根本机制。量子还专注于开发用于医院和其他医疗实践的酒精滥用治疗。量子通过其全资子公司FSD战略投资有限公司维护了一系列战略投资组合，这些投资代表了以住宅物业担保的贷款。

公司的注册办公室位于多伦多安大略省大学大道55号，套房1003，邮政编码M5J 2H7。2024年8月15日，公司按照65:1的比例合并了其A类多重表决权股票和B类从属表决权股票（如下所定义），并更名为“量子生物制药有限公司”，同时在纳斯达克和CSE上更换了新的交易标的“QNTM”。

2023年7月31日，公司与Celly Nutrition Corp.（“Celly”）签订了独家知识产权许可协议（“许可协议”）。许可协议允许Celly访问专有信息，用于消费品开发和营销。该许可协议授予Celly获得天然成分、维生素和矿物质的专有配方的权利，这些成分有助于肝脏和大脑功能，其目的是有可能快速缓解醉酒等饮酒的影响，并恢复正常的生活方式。许可协议还授予Celly对某些商标的权利。作为交换，Quantum 获得了 200,000,000 Celly资本中的普通股遵循以下条件 2:1 股份分割。该公司还收到了一份反稀释认股权证，该证书使Quantum有权购买最多 25被视为已发行普通股的百分比减去 200,000,000 根据许可协议发行的普通股，以及根据反稀释权证进行任何部分行使而不时发行的普通股。根据许可协议，Quantum 还有权收取某些许可费和特许权使用费。通过许可协议，Quantum 收购了 34.66百分比塞利。2023年7月31日，公司和Celly签订了贷款协议，总收益为加元1,000,000。这笔贷款于 2023 年 8 月 1 日融资，应计利率为 10每年百分比。利息按年支付，贷款将于2026年7月31日到期。2023 年 11 月，通过《安排计划》公司将其持有的Celly的3,076,923股股票中的703,270股分配给了股东。简明的合并中期财务报表包含截至2024年9月30日的Celly资产和负债，以及截至2024年9月30日的三个月和九个月的经营业绩和现金流 [注2 (c)]。截至 2024 年 9 月 30 日，该公司拥有 24.15% (2023 年 12 月 31 日- 26.15%) 通过持有的Celly普通股获得Celly的所有权权益。

持续经营

公司于2024年和2023年9月30日止的三个月及九个月的凝缩合并中期基本报表，是基于适用于持续经营的会计原则编制的，假设公司在可预见的未来将继续运营，并能够在正常的事件中实现其资产并清偿其负债和承诺。这些基本报表不包括任何所需的对资产和负债的金额及分类的调整，如果公司无法继续作为持续经营的实体，这些调整可能是重要的。

公司正处于其计划运营的初步阶段，尚未确定其流程和业务计划是否经济可行。公司的持续运营及其确认的无形资产金额的可回收性，取决于公司能否获得足够的融资来完成Lucid-MS的研发项目，以及资助在医院和其他医疗机构应用的酒精滥用治疗的研究和开发。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

截至2024年9月30日，公司累积亏损为$166,750,621 （截至2023年12月31日 - $157,908,160和流动资金为$10,162,657 （截至2023年12月31日 - $6,519,739在截至2024年9月30日的九个月中，公司发生净亏损为$9,459,251 (2023 - $16,579,022公司的盈利能力和运营现金流信息的不确定性较大。持续经营假设的应用取决于公司创造未来盈利性运营的能力，并获得必要的融资。公司需要筹集额外资金以支持其计划的运营，并满足其义务。尽管公司迄今为止在融资方面取得了成功，并相信将能够在未来获得足够的所有基金类型，并最终实现盈利和正现金流，但无法保证公司将实现盈利，并且能够在对公司有利的条件下做到这一点。上述事件和条件表明，存在重大的不确定性，这使得公司作为持续经营主体的能力受到重大怀疑。

子公司

这些合并的中期基本报表包含了公司及其子公司的财务结果，这些子公司是公司控制的实体。当投资者面临风险或拥有权利获取投资对象的变量回报时，并且能够通过对投资对象的控制来影响这些回报时，投资者就控制了投资对象。公司拥有以下子公司：

		截至目前的持股百分比	截至目前的持股百分比
实体名称	国家	2024年9月30日	2023年12月31日
		%	%
FSD Biosciences Inc.	美国	100.00	100.00
Prismic Pharmaceuticals Inc.	美国	100.00	100.00
FV Pharma Inc.	加拿大	100.00	100.00
Lucid Psycheceuticals Inc.	加拿大	100.00	100.00
FSD Strategic Investments Inc.	加拿大	100.00	100.00
FSD Pharma 澳洲有限公司	澳洲	100.00	100.00
Celly Nutrition CORP.	加拿大	24.15	26.15
Huge Biopharma 澳洲有限公司	澳洲	100.00	-

非控股权益（“新华保险”）代表公司不作为股东的各方在合并子公司的所有权权益。它们作为总权益的组成部分在合并中期财务状况简表中列示，归属于非控股权益的收入（损失）份额作为净利润（损失）在合并中期损失和全面损失简表中列示。母公司的所有权变化如果没有导致控制权的丧失，将作为股本交易进行会计处理。

2. 报表基础

[a] 遵守声明

这些经简化的合并中期基本报表（"基本报表"）是使用与公司截至2023年12月31日的审计合并基本报表中采用的相同会计政策和方法编制的。这些基本报表已经遵循国际会计准则委员会（"IASB"）发布的IAS 34 - 中期财务报告进行编制。因此，通常包含在按照国际财务报告准则（"IFRS"）编制的年度基本报表中的某些披露已被省略或简化。这些基本报表应与公司截至2023年12月31日的审计合并基本报表一并阅读。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

这些基本报表于2024年11月5日被公司的董事会（“董事会”）批准和授权发布。

[b] 功能货币和报告货币

合并集团内每家公司的基本报表是以其功能性货币进行计量的，功能性货币是实体所在主要经济环境的货币。这些简明合并中期基本报表以美元（"USD"）呈现，这是本公司的功能性及报告货币，适用于所有呈现的期间。本公司的功能性货币是美元，其子公司的功能性货币如下：

	FSD Biosciences Inc.		美国美元
	Prismic Pharmaceuticals Inc.		美国美元
	FV Pharma Inc.		加币
	Lucid Psycheceuticals Inc.		加币
	FSD Strategic Investments Inc.		加币
	FSD Pharma 澳洲有限公司		澳币
	Celly Nutrition CORP.		加币
	Huge Biopharma 澳洲有限公司		澳币

[c] 使用估计和判断

根据国际财务报告准则（IFRS）准备这些基本报表要求管理层做出估计、判断和假设，这些估计、判断和假设会影响会计政策的应用以及资产和负债的报告金额，这与截至2023年12月31日的经审计合并基本报表中披露的金额一致，并在这些基本报表中描述。实际结果可能与这些估计有所不同。

估算是基于管理层对当前事件和公司未来可能采取的行动的最佳认识。估算和基本假设会持续进行审核。如果修订仅影响当前期间，则会在估算被修订的期间确认会计估算的修订；如果修订同时影响当前和未来期间，则会在修订期间及未来期间确认这个修订。

对其他实体的利益披露

为了评估对Celly的投资，需要判断公司是否对Celly具有重大影响或控制权。公司考虑了相关指南， IFRS第10号 – 合并基本报表，IAS第24号 – 关联方披露，以及IAS第28号 – 对联营企业和合资企业的投资。

在确定公司何时控制投资时，需运用判断标准，即使公司持有的被投资方投票权不足一半（存在事实控制）。公司得出结论认为其控制了Celly，尽管截至2024年9月30日，公司仅持有24.15%的投票权（2023年12月31日为26.15%）。公司之所以认为其控制了Celly，是因为公司与被视为公司事实代理人的个人或实体共同持有Celly的63.65%的投票权（2023年12月31日为52.05%）。此外，公司的高层管理人员担任了Celly四个董事会职位中的三个。控制的评估是持续进行的。公司确定在2023年7月31日获得了对Celly的控制权，并从2023年7月31日到2024年9月30日维持了控制。由于许可协议和贷款，Celly在很大程度上依赖于公司。Celly的NCI部分作为股权中的单独组成部分列示（注释13）。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

公司尚未采纳的新标准、修订和财报解读

国际财务报告准则第16号 – 租赁（“国际财务报告准则第16号”）

在2022年9月，国际会计准则委员会发布了对国际财务报告准则第16号《租赁》的修订，增加了对公司在交易日期之后如何核算售后租回的要求。

修订于2024年1月1日或之后开始的年度报告期间生效。允许提前应用。该修订对基本报表没有重大影响。

所有其他国际财务报告准则及未生效的修正案已由公司进行评估，预计不会对基本报表产生重大影响。

3. 其他应收款

公司的其他应收款包括以下内容：

	2024年9月30日		2023年12月31日
	$		$
可退销售税		70,478		209,550
应收利息		28,852		15,511
其他应收款		4,874		3,703
		104,204		228,764

4. 预付费用和存款

公司的预付费用和存款包括以下内容：

	2024年9月30日		2023年12月31日
	$		$
研发		46,809		30,705
保险		58,708		60,999
其他预付款和存款		44,808		63,709
		150,325		155,413

5. 财务应收款

财务应收款由以摊余成本计量的有担保贷款应收款组成，扣除预期信用损失的准备金。

截至2024年9月30日的财务应收款如下：

	$
余额 – 2024年1月1日	8,095,354
加：附加项	2,452,033
加：利息收入	397,939
减：利息支付	(367,346	)
减：本金支付	(3,390,767	)
汇率期货的影响	(203,700	)
余额 - 2024年9月30日	6,983,513
当前	6,983,513
非流动资产	-
余额 - 2024年9月30日	6,983,513

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

截至2024年9月30日，预期信用损失的拨备为零（截至2023年12月31日 - 零）。金融应收款以固定利率收取费用，平均到期时间为自发行日起两年。贷款以住宅物业为担保，担保物业上有第一或第二顺位抵押，相关方面发放的贷款除外。贷款的额度可高达担保物业初始评估价值的55%。

截至2024年9月30日，金融应收款包括以下内容：

			$
最低应收款项			6,647,037
未赚取的收入			336,476
净投资			6,983,513
信用损失准备			—
金融应收款，净额			6,983,513

截至2024年9月30日，所有贷款均按摊余成本分类。

6. 投资

以下表格概述了各个期间投资的变化：

实体	工具	备注	截至2023年12月31日的余额		新增		赎回			汇率期货的影响			截至九月三十日的余额, 2024
			$		$					$			$
A2ZCryptoCap公司	股份	(i)		6,049		—		—			(123	)		5,926
加拿大皇家银行	GIC	(ii)		756,100		—		(738,000	)		(18,100	)		—
加拿大皇家银行	GIC	(iii)		—		2,985,424		—			—			2,985,424
蒙特利尔银行	GIC	(iv)		—		500,000		—			—			500,000
				762,149		3,485,424		(738,000	)		(18,223	)		3,491,350

										流动			3,485,424
										非流动资产				5,926
														3,491,350

(i) A2ZCryptoCap Inc.（“A2Z”）

在2022年6月23日，公司的收购 80,000 A2Z的股份为C$0.10 截至2024年9月30日，股份的公允价值是基于每股C$0.10（2023年12月31日 – C$0.10）的报价市场价格确定的。这些股份被分类为公允价值层级中的第1层 – 报价市场价格。

(ii) 在2023年8月9日，公司购买了一份金额为$的担保投资凭证（“GIC”）744,500 ，该投资凭证由加拿大皇家银行（“RBC”）提供，到期日为2024年8月9日。该投资凭证的利息是基于RBC的基准利率减去 2.00%。该投资凭证被分类为第2级——使用可观察市场输入的估值技术。在截至2024年9月30日的九个月内，公司赎回了全部金额，获得了$的毛收益。738,000截至2024年9月30日，尚未支付的余额为$零。

iii) 截至2024年9月30日的九个月期间，公司购买了四个GIC，总金额为$2,985,424 来自RBC，到期日期从2025年2月14日到2025年9月12日。GIC的利息为变量，范围在 4.00% 到 4.45% 每年。截至2024年9月30日，未偿余额总额，包括应计利息$28,852 是 $3,014,276。这些GIC被分类为第2级 – 使用可观察市场输入的估值技术。

在截至2024年9月30日的九个月期间，公司购买了一项金额为$的投资保障凭证（GIC）500,000 来自蒙特利尔银行（BMO），其到期日为2024年10月11日。该GIC支付的利息为 4.50%的年利率。截至2024年9月30日，总未偿余额，包括利息累计为$1,171 是 $501,171该GIC被分类为第2级–使用可观察市场输入的估值技术。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

7. 无形资产

截至2024年9月30日，无形资产如下：

成本	Innovet			Prismic			Lucid		总计
截至2022年12月31日		750,000			19,201,493			6,314,571		26,266,064
减值		(750,000	)		(19,201,493	)		—		(19,951,493	)
截至2023年12月31日和2024年9月30日		—			—			6,314,571		6,314,571

累计摊销
截至2022年12月31日		229,933			13,457,622			538,220		14,225,775
摊销		39,971			1,904,348			420,664		2,364,983
减值		(269,904	)		(15,361,970	)		—		(15,631,874	)
截至2023年12月31日		—			—			958,884		958,884
摊销		—			—			315,786		315,786
截至2024年9月30日		—			—			1,274,670		1,274,670

净账面价值
截至2023年12月31日		—			—			5,355,687		5,355,687
截至2024年9月30日		—			—			5,039,901		5,039,901

公司的无形资产关于Lucid代表与大学健康网络的许可协议，赋予公司对Lucid-MS Compound及相关专利的全球独占权。

8. 交易及其他应付款

贸易及其他应付款包括以下内容：

	2024年9月30日		2023年12月31日
	$		$
应付账款		1,349,552		3,240,658
应计负债 (i)		1,958,384		954,371
		3,307,936		4,195,029

(i) 计提负债包括以下内容：

	2024年9月30日		2023年12月31日
	$		$
运营费用		1,343,340		71,953
专业及其他费用		205,851		473,225
应计利息		409,193		409,193
		1,958,384		954,371

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

9. Warrants 责任

在2020年8月，公司发行了 42,499 B类次级表决股份和 21,250 用于购买B类次级表决股份的Warrants，现金收入总额为$9,999,997。每个Warrant可用于以$276.90 的行使价格购买公司的一股B类次级表决股份，且自发行之日起五年内到期。这些Warrants的公允价值在公允价值层级中被归类为第2级。

在初始确认时，公司确定这些Warrants不符合国际财务报告准则关于权益的定义，因为行权价以美元计价，而这在当时并不是公司的功能货币，从而导致行权价的不稳定。2020年10月1日功能货币的变更被视为环境变化，因此，公司选择继续将Warrants作为通过损益计量的金融负债进行确认。

截至2024年9月30日，Warrants负债的公允价值为$75 （截至2023年12月31日 - $31,338）导致公允价值变动的收益为$31,263 截至2024年9月30日的九个月期间（2023年 - $113,211）. 公允价值是使用黑-舒尔斯期权定价模型和截至以下日期的假设确定的：

	2024年9月30日			2023年12月31日
分享价格	$	4.00		$	59.80
行使价格	$	276.90		$	276.90
预期股息收益率		-			-
无风险利率		2.94	%		3.91	%
预期寿命		0.85			1.60
预期波动率		136	%		66	%

10. 应付票据

截至2024年9月30日，公司应付票据的总余额为$300,549 （截至2023年12月31日 - $300,549在截至2024年9月30日的九个月期间，公司发行了面值为$的应付票据290,387 （AUD $440,000）给RH Capital Finance CO LLC，利率为 16.0% 年利率，贷款到期于2024年6月。在截至2024年9月30日的九个月期间，公司累计利息为$30,547 （AUD $34,941）。截至2024年9月30日，连同利息的总余额在九个月内收回，且没有余额剩余。此贷款使公司能够利用与澳大利亚税收抵免方案结构相关的流动性。剩余的应付票据余额为300,549 在收购Prismic时被假设，并且为随时到期。

11. 股本

[a] 已授权

公司被授权发行无数量限制的A类多重表决权股份（"A类多重表决权股份"）和无数量限制的B类从属表决权股份（"B类从属表决权股份"），所有股份均不具有面值。所有股份在公司剩余资产方面的排名相同。

B类附属投票股份在适用的加拿大证券法中被视为“受限证券”，因为这些证券与A类多重投票股份相比不享有平等的投票权。

A级多投票股份的持有者每持有一股可享有276,660票的投票权。A级多投票股份由首席执行官（“CEO”）、总裁、董事会执行联席主席以及董事和董事会执行联席主席持有。B级次级投票股份的持有者每持有一股可享有一（1）票的投票权。

QUANTUm BIOPHARMA LTD.（前称，FSD PHARMA INC.）

简明合并中期基本报表附注

[未经审计] [以美元表示]

截至2024年和2023年9月30日的三个月和九个月

[b] 已发行及流通

截至2024年9月30日的九个月期间，公司以65:1的比例合并其股份，并且该影响追溯适用于所有呈现的比较期间。

公司的股本 reconciliation 如下，经过股份合并调整：

	A类多重投票股票				B类从属投票股票						认股权证
	#		$		#			$			#			$
余额，2022年12月31日		2		151,588		592,372			143,258,972			99,725			2,142,400
股份回购 [a]		—		—		(29,303	)		(7,165,356	)		—			—
发行的Warrants [b]		—		—		—			—			61,154			1,330,043
PSU转换为股份 [c]		—		—		41,848			1,464,000			—			—
期权被行使 [d]		—		—		323			33,247			—			—
基于股份的支付 [e]		—		—		280			16,000			—			—
Warrants 到期 [f]		—		—		—			—			(2,047	)		(791,807	)
截至2023年9月30日的余额		2		151,588		605,520			137,606,863			158,832			2,680,636

余额，2023年12月31日		2		151,622		605,796			137,626,863			158,831			2,723,356
已发行股份 [g]		10		79		956,935			9,185,073			—			—
以股份偿还债务 [h]		—		—		292,477			1,983,728			—			—
Warrants 到期 [i]		—		—		—			—			(20,769	)		(286,189	)
期权被行使 [j]		—		—		1,446			102,563			—			—
Warrants 已取消 [k]		—		—		—			—			(7,692	)		(439,408	)
RSU 转换为分享 [l]		—		—		7,500			31,009			—			—
余额，2024年9月30日		12		151,701		1,864,154			148,929,236			130,370			1,997,759

截至2023年9月30日的九个月期间的活动：

	[a]	截至2023年9月30日的九个月期间，公司回购并取消了 29,303 B类从属投票股份，按照市场价格作为其股份回购计划的一部分。

	[b]	截至2023年9月30日的九个月期间，公司发行了 61,154 用于咨询服务的Warrants，公允价值为$1,384,969。公司确认了$1,330,043 在截至2023年9月30日的九个月期间作为费用，剩余的$54,926 将在某些Warrants的归属期间内确认。公司确定收到的服务的公允价值无法可靠衡量，并使用Black-Scholes模型确定了公允价值。

	[c]	截至2023年9月30日的九个月期间，公司转换了 41,848 在2023年1月6日完成控件后，将PSU转为B类次级投票股份，并提交MS第一阶段IND。

	[d]	截至2023年9月30日的九个月内， 323 期权以C$的行使价格被行使。84.50 以换取 323 B类普通股。

	[e]	在截至2023年9月30日的九个月内，公司发行了 280 以公允价值$的方式为在此期间收到的服务而发行B类次级投票股份16,000.

	[f]	在截至2023年9月30日的九个月内， 2,047 权证到期未被行使。

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

Activity during the nine months ended September 30, 2024:

	[g]	During the nine months ended September 30, 2024, the Company entered into an at-the-market offering agreement (the “ATM Agreement”) to sell Class B Subordinate Voting Shares, having an aggregate offering price up to $11,154,232. During the nine months ended September 30, 2024, the Company issued 956,935 common shares for gross proceeds of $9,612,409. A cash commission of $288,373 based on 3.0% of the aggregate gross proceeds, plus other trading expenses of $138,963, resulted in total share issuance costs of $427,336. The net proceeds were $9,185,073.

		During the nine months ended September 30, 2024, the Company issued 10 Class A Multiple Voting Shares of the Company for total gross proceeds of approximately C$108.

	[h]	In March 2024, the Company settled an aggregate of $524,324 (C$637,750) of amounts owing to an arm’s length creditor through the issuance of 9,231 Class B Subordinate Voting Shares at a price of $58.70 per Class B Subordinate Voting Share for total value of $541,800. Included in this amount is 846 Class B Subordinate Voting Shares issued pursuant to the conversion of RSUs, which vested immediately upon grant (Note 12). Each RSU entitled the holder to acquire one Class B Subordinate Voting Share of the Company upon vesting. The Company incurred a loss on settlement of debt of $17,476 as the share price on the date of issuance was higher than the price stated in the agreement.

		In February 2024, the Company issued 605 Class B Subordinate Voting Shares at a deemed price of $55.90 per Class B Subordinate Voting Share to settle an aggregate amount of $33,636 owing to an arm’s length creditor.

		In June 2024, the Company settled an aggregate of $109,614 (C$150,000) of amounts owing to arm’s length creditors through the issuance of 7,692 Class B Subordinate Voting Shares at a price of $14.25 per Class B Subordinate Voting Share for total value of $109,614. The agreements state that the creditors will accept shares as payment and settlement of debt, provided that upon selling the debt settlement shares, the creditors have received net proceeds from the sale equal to the debt. For any losses, if any, calculated as the total debt minus the net proceeds, shall be added back to the debt amount on a dollar-for-dollar basis by the amount of the loss.

		In July and August 2024, the Company issued a total of 22,308 Class B Subordinate Voting Shares to settle debts owing to two arm’s length creditors to settle an aggregate of $244,049 at prices ranging from $4.71 to $14.32 per share. As at September 30, 2024, there were amounts remaining in payables for these creditors. There were no gains or losses recognized.

		In July 2024, the Company issued a total of 2,308 Class B Subordinate Voting Shares to settle debts owing to an arm’s length creditor to settle an aggregate of $33,057 at a price of $14.32 per share. The Company recognized a gain on settlement of $12,321 and there were no amounts remaining in payables as at September 30, 2024.

		In July 2024, the Company issued a total of 2,173 Class B Subordinate Voting Shares to settle debts owing to an arm’s length creditor to settle an aggregate of $24,866 at a price of $11.44 per share. There were no amounts remaining in payables as at September 30, 2024. There were no gains or losses recognized.

		In September 2024, the Company completed debt settlements in the amount of $997,920 (C$1,350,000) to the Company’s executives through the issuance of 248,160 Class B Subordinate Voting Shares, at a deemed price of $4.02 (C$5.44) per Class B Subordinate Voting Share with a total value of $996,705. The difference was related to foreign exchange translation.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

	[i]	During the nine months ended September 30, 2024, 20,769 warrants expired unexercised.

	[j]	During the nine months ended September 30, 2024, 1,446 share options were exercised with a price of $71.50 (C$97.50) in exchange for 1,446 Class B Common shares. The shares were issued in exchange for services.

	[k]	On September 6, 2024, the Company cancelled an aggregate of 7,692 warrants with an exercise price of $97.50 to purchase Class B Subordinate Voting Shares, which were previously granted to a board member.

	[l]	On September 6, 2024, the Company granted 7,500 RSUs to an arm’s length party with a price of $4.13 per unit for a total value of $31,009 based on the share price at the date of issuance. The total amount was recognized as share-based compensation expense as the RSUs vested immediately upon issuance and 7,500 Class B Subordinate Voting Shares were issued for the same value.

The changes in the number of warrants outstanding during the nine months ended September 30, 2024, and 2023:

	Number of warrants			Weighted average exercise price
	#			C$
Outstanding as at December 31, 2022		99,725			356.20
Issued		61,154			295.75
Expired		(2,047	)		260.65
Outstanding as at September 30, 2023		158,832			333.45

Outstanding as at December 31, 2023		158,831			328.30
Cancelled		(7,692	)		97.50
Expired		(20,769	)		232.19
Outstanding as at September 30, 2024		130,370			399.64

Measurement of fair values

There were no warrants granted during the nine months ended September 30, 2024.

The fair value of the warrants issued during the nine months ended September 30, 2023, was estimated at the date of grant using the Black-Scholes option pricing model with the following inputs:

	2023
Grant date share price	C$93.60 - C$148.85
Exercise price	C$97.50 - C$703.30
Expected dividend yield		—
Risk free interest rate	3.08% - 4.26%
Expected life	0.75 - 5 years
Expected volatility	64% - 109%

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

The following table is a summary of the Company’s warrants outstanding as at September 30, 2024:

		Exercise price		Number outstanding
Expiry Date		C$		#
February 27, 2025	(i)		155.69		6,154
February 27, 2025	(i)		355.87		6,154
February 27, 2025	(i)		711.74		3,077
May 15, 2025			97.50		577
May 15, 2025			195.00		577
May 23, 2025			97.50		769
March24,2025	(i)		155.69		6,154
March24,2025	(i)		355.87		6,154
March24,2025	(i)		711.74		3,077
May 4, 2025			1,737.65		57
May 10, 2025			1,737.65		29
May 17, 2025			1,737.65		57
May 31, 2025			1,737.65		29
June 8, 2025			627.25		23,077
August 6, 2025	(i)		503.56		21,249
October 20, 2025	(i)		294.48		53,147
January 16, 2026			1,737.65		26
January 20, 2026			1,737.65		6
			399.64		130,370

	(i)	Warrants were issued in US$

12. Share-based compensation

The Company has established a share option plan (the “Option Plan”) for directors, officers, employees and consultants of the Company. The Company’s Board determines, among other things, the eligibility of individuals to participate in the Option Plan, the term and vesting periods, and the exercise price of options granted to individuals under the Option Plan.

Each share option converts into one common share of the Company on exercise. No amounts are paid or payable by the individual on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.

[i] Share-based payment arrangements

During the nine months ended September 30, 2024, the Company granted a total of 54,308 (2023 – 38,277) share options, consisting of 12,308 granted to consultants of the Company exercisable at a price of $97.50 per unit and 42,000 granted to directors and certain consultants of the Company exercisable at prices ranging from $5.25 to $5.69 per unit.

During the nine months ended September 30, 2024, the Company cancelled an aggregate of 47,358 options, which were previously granted to board members, advisory board members, employees, advisors and consultants of the Company.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

During the nine months ended September 30, 2024, 33,368 (2023 – 3,516) share options related to former officers and employees who are no longer with the Company expired. Individuals who are no longer with the Company have 30 days after their last day to exercise any vested share options. Vested options that remain unexercised after 30 days expired.

The changes in the number of share options outstanding during the nine months ended September 30, 2024, and 2023, were as follows:

	Number of options			Weighted average exercise price
	#			C$
Outstanding as at December 31, 2023		37,856			101.59
Granted		54,308			26.24
Exercised		(1,446	)		97.50
Cancelled		(47,358	)		95.84
Expired		(904	)		352.83
Outstanding as at September 30, 2024		42,456			6.97
Exercisable as at September 30, 2024		34,123			7.30

	Number of options			Weighted average exercise price
	#			C$
Outstanding as at December 31, 2022		6,439			241.15
Granted		38,277			98.80
Forfeited		(1,900	)		135.85
Exercised		(323	)		84.50
Expired		(3,516	)		303.55
Outstanding as at September 30, 2023		38,977			102.70
Exercisable as at September 30, 2023		37,546			100.10

Measurement of fair values

The fair value of share options granted during the nine months ended September 30, 2024, and 2023, were estimated at the date of grant using the Black-Scholes option pricing model with the following inputs:

	2024		2023
Grant date share price	C$2.84 - C$72.15		C$83.20 - $C161.20
Exercise price	C$5.25 - C$97.50		C$84.50 - $C159.25
Expected dividend yield		—		—
Risk free interest rate	2.91% - 4.20%		2.88% - 3.99%
Expected life	2.00 years		2.91 – 5.00 years
Expected volatility	66% - 103%		95% - 110%

Expected volatility was estimated by using the annualized historical volatility of the Company. The expected option life represents the period that options granted are expected to be outstanding. The risk-free interest rate is based on Canadian government bonds with a remaining term equal to the expected life of the options.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

The following table is a summary of the Company’s share options outstanding as at September 30, 2024:

Options outstanding						Options exercisable
Exercise price		Number outstanding		Weighted average remaining contractual life [years]		Exercise price		Number exercisable
C$		#		#		C$		#
	154.39		228		1.41		154.39		228
	156.55		228		1.48		156.55		228
	5.60		12,500		1.93		5.60		4,167
	5.25		29,500		1.99		5.25		29,500
	6.97		42,456		1.97		7.30		34,123

[ii] Performance Share Units (“PSUs”) and Restrictive Share Units (“RSUs”)

In May 2022, the Company established a performance share unit plan (“PSU Plan”) and a restrictive unit plan (“RSU Plan”), for directors, offers, employees and consultants of the Company. The Company’s Board determines the eligibility of individuals to participate in the PSU Plan and RSU Plan to align their interests with those of the Company’s shareholders.

No amounts are paid or payable by the individual on receipt of the PSUs and RSUs. Each PSU and RSU converts into one common share of the Company at $nil exercise price. The Company’s PSU Plan and RSU Plan provides that the number of common shares reserved for issuance may not exceed 10% of the aggregate number of common shares that are outstanding unless the Board has increased such limit by a Board resolution.

PSUs

There were no PSUs issued during the nine months ended September 30, 2024. As at September 30, 2024, there were no PSUs outstanding (December 31, 2023 – Nil).

During the nine months ended September 30, 2023, the Company converted 41,848 PSUs to Class B Subordinate Voting Shares. The PSUs were fully vested as of January 6, 2023, upon the filing of the MS Phase 1 IND. During the nine months ended September 30, 2023, 1,538 PSUs related to a former independent director who are no longer with the Company was forfeited.

RSUs

On February 23, 2024, the Company granted 846 RSUs pursuant to the shares for debt transaction (Note 11). The RSUs vested immediately upon grant and 846 Class B Subordinate Voting Shares were issued with a total fair value of $49,665, which was determined based on the share price of the Company on the date of the grant.

On August 23, 2024, the Company granted an aggregate of 32,690 RSUs at a price of $4.21 per unit for a total value of $137,625 based on the share price at the date of issuance. Each RSU granted vests the earlier of: (i) one year; and (ii) the successful implementation of the MS MAD study conducted by Ingenu of Australia, subject to acceleration in the event of a takeover bid or change of control. During the nine months ended September 30, 2024, the Company recognized $2,868 as share-based compensation expense and contributed surplus.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

On September 6, 2024, the Company granted 7,500 RSUs at a price of $4.13 per unit for a total value of $31,009 based on the share price at the date of issuance, which was recognized as share-based compensation expense. The RSUs vested immediately upon issuance and 7,500 Class B Subordinate Voting Shares were issued for the same value.

The change in the number of RSUs during the nine months ended September 30, 2024, is as follows:

	Number of RSUs
	#
Outstanding as at December 31, 2023		—
Granted		41,036
Converted to common shares		(8,346	)
Outstanding as at September 30, 2024		32,690

The Company recognized share-based compensation as follows for the three and nine months ended September 30, 2024, and 2023:

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
	$		$		$		$
Share options		31,547		5,797		200,814		1,925,492
RSUs		33,877		—		33,877		—
PSUs		—		—		—		458,253
Shares for services		—		16,000		—		16,000
Warrants for services		—		98,063		—		1,330,043
Other (i)		—		6,303		—		6,303
		65,424		126,163		234,691		3,736,091

	i)	Share-based compensation related to share options and restricted share units issued by Celly and convertible into common shares of Celly.

13. Non-controlling interests

Through the License Agreement, Quantum acquired 34.66% of Celly on July 31, 2023. As of September 30, 2024, the Company has a 24.15% (December 31, 2023 – 26.15%) ownership interest in Celly through common shares held in Celly. The non-controlling interest represents the common shares of Celly not attributable to the Company.

Reconciliation of non-controlling interest is as follows:

	$
Balance, December 31, 2023	(327,501	)
Net loss for the period	(616,790	)
Balance, September 30, 2024	(944,291	)

14. Loss per share

Net loss per common share represents net loss attributable to common shareholders divided by the weighted average number of common shares outstanding during the period.

For all the periods presented, diluted loss per share equals basic loss per share due to the anti-dilutive effect of warrants, share options, PSUs and RSUs. The outstanding number and type of securities that could potentially dilute basic net loss per share in the future but would have decreased the loss per share (anti-dilutive) for the nine months ended September 30, 2024, and 2023, are as follows:

	September 30, 2024		September 30, 2023
	#		#
Warrants		130,370		158,831
Share Options		42,456		38,977
RSUs		32,690		—
		205,516		197,808

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

15. General and administrative

Components of general and administrative expenses for the three and nine months ended September 30, 2024, and 2023 were as follows:

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
	$		$		$		$
Professional fees		618,906		977,628		2,435,706		2,386,402
Investor relations		543,327		248,206		1,376,543		595,756
Salaries, wages and benefits		1,409,817		352,256		2,225,956		1,448,182
Consulting fees		281,326		247,542		704,779		1,073,413
Office and general administrative		288,702		734,146		638,731		2,047,564
Foreign exchange loss (gain)		107,952		512,111		97,810		108,107
		3,250,030		3,071,889		7,479,525		7,659,424

16. Segment information

Reportable segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, with appropriate aggregation. The chief operating decision maker is the CEO who is responsible for allocating resources, assessing the performance of the reportable segment and making key strategic decisions. The Company operates in two segments: Biopharmaceutical and Strategic Investments.

The Company’s Biopharmaceutical segment is focused on furthering the research and development of the Company’s drug candidates and the development of a treatment for alcohol misuse for application in hospitals and other medical practices. The Biopharmaceutical segment primarily earns interest income on excess cash on hand invested in short-term guaranteed investment certificates.

The Company’s Strategic Investments segment is focused on generating returns and cash flow through the issuance of loans secured by residential property, with FSD Strategic Investments having a first or second collateral mortgage on the secured property.

The following tables summarize the Company's total current and non-current assets and current and non-current liabilities as of September 30, 2024, and December 31, 2023, on a segmented basis:

	As at September 30, 2024
	Biopharmaceutical		Strategic Investments		Total
	$		$		$
Current assets		6,860,179		6,983,513		13,843,692
Non-current assets		5,183,110		—		5,183,110
Current liabilities		3,681,035		—		3,681,035
Non-current liabilities		—		—		—

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

	As at December 31, 2023
	Biopharmaceutical		Strategic Investments		Total
	$		$		$
Current assets		3,897,317		7,187,988		11,085,305
Non-current assets		5,482,157		907,366		6,389,523
Current liabilities		4,565,566		—		4,565,566
Non-current liabilities		—		—		—

The following tables summarize the Company's interest income, total operating expenses, and net loss for the three and nine months ended September 30, 2024 and 2023 on a segmented basis:

	For the nine months ended September 30, 2024
	Biopharmaceutical			Strategic Investments			Total
	$			$			$
Interest expense (income)		(1,998	)		(438,818	)		(440,816	)
Total operating expenses		9,894,725			307			9,895,032
Net (loss) income		(9,897,762	)		438,511			(9,459,251	)

	For the three months ended September 30, 2024
	Biopharmaceutical			Strategic Investments			Total
		$		$			$
Interest expense (income)		(14,107	)		(149,761	)		(163,868	)
Total operating expenses		4,181,008			62			4,181,070
Net (loss) income		(4,165,026	)		149,699			(4,015,327	)

	For the nine months ended September 30, 2023
	Biopharmaceutical			Strategic Investments			Consolidated
	$			$			$
Interest income		(193,848	)		(438,724	)		(632,572	)
Total operating expenses		21,988,188			184			21,988,372
Net (loss) income		(17,017,562	)		438,540			(16,579,022	)

	For the three months ended September 30, 2023
	Biopharmaceutical			Strategic Investments			Consolidated
	$			$			$
Interest income		(22,545	)		(151,523	)		(174,068	)
Total operating expenses		3,311,874			3			3,311,877
Net (loss) income		(1,951,904	)		820,704			(1,131,200	)

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

17. Commitments and contingencies

Commitments

Lucid-MS Agreement

The Company has entered into a license agreement that governs the Lucid-MS compound. Under the terms of the agreement, the Company shall pay a yearly license maintenance fee of C$100,000 until the first commercial sale of a product is made.

Under the agreement the Company is committed to minimum milestone payments of $nil and maximum milestone payments of C$12,500,000 if all product development and regulatory milestones are met. Furthermore, the Company is also responsible to pay revenue milestone payments and royalties if revenue milestones from commercial sales are achieved. Milestones can be extended by mutual agreement. No payments have been made to date related to these milestones.

Contingencies

Legal Matters

From time to time, the Company is named as a party to claims or involved in proceedings, including legal, regulatory and tax related, in the ordinary course of its business. While the outcome of these matters may not be estimable at the reporting date, the Company makes provisions, where possible, for the estimated outcome of such claims or proceedings. Should a loss result from the resolution of any claims or proceedings that differs from these estimates, the difference will be accounted for as a charge to the condensed consolidated interim statements of loss and comprehensive loss in that period.

GBB Drink Lab, Inc.

GBB Drink Lab, Inc. (“GBB”) has filed a complaint with the United States District Court of Southern District of Florida, Fort Lauderdale Division against FSD Biosciences, Inc. and Quantum, claiming a material breach of a mutual non-disclosure agreement and misappropriation of trade secrets, which GBB claims has and continues to cause irreparable harm, valued, as of August 30, 2022 (prior to the misappropriation and material breach) at $53,047,000. On June 23, 2023, the Company filed a motion to dismiss the complaint. On July 3, 2023, GBB responded in opposition to the Company’s motion to dismiss the complaint. On August 24, 2023, the parties filed a proposed joint scheduling report with the U.S. District Court, which set forth various deadlines that would govern this action. Under the proposed joint schedule, which still needs to be approved by the U.S. District Court, the case would be trial-ready by June 2025.

The ultimate outcome of the matter cannot be determined at this time.

Raza Bokhari

On July 15, 2021, the Company’s former CEO, Raza Bokhari, filed a notice of arbitration seeking relief and support for breach of contract and severance and damages in the amount of $30,200,000, for aggravated and punitive damages in the amount of $500,000 and legal fees and disbursements associated with the arbitration.

Raza Bokhari was placed on administrative leave from his role as the Company’s Chief Executive Officer following the Company’s annual general and special meeting of shareholders on May 14, 2021, pending the outcome of an investigation of various concerns by a Special Committee comprised of independent directors using independent legal counsel. Upon the recommendation of the Special Committee, Raza Bokhari’s employment was terminated for cause by the Company’s board on July 27, 2021.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

The Company disputed the allegations and counterclaimed against Raza Bokhari for losses sustained as a result of his alleged breaches of his duties to the Corporation. The arbitration hearing concluded in August 2022 and the arbitrator issued his decision in November 2022. Raza Bokhari’s claim for USD $30.2 million was dismissed in its entirety along with his claim that he had been wrongfully dismissed. The arbitrator ordered that Raza Bokhari repay certain monies to Quantum, while also holding him responsible for Quantum’s costs of the arbitration.

On December 9, 2022, Raza Bokhari filed an application in the Ontario Superior Court seeking to set aside the arbitral award of the court on the grounds that he was not treated equally and fairly and the arbitrator’s written award provided inadequate reasons for his decision.

On December 20, 2022, the Company’s legal counsel wrote to the Commercial List of the Ontario Superior Court of Justice seeking to transfer the application from the Civil List to the Commercial List. The request was granted on January 12, 2023.

On April 28, 2023, the court ordered the case to be heard at the Commercial List on September 27, 2023.

On September 27 and 28, 2023, the application to set aside the award and cost of ground of unfairness was dismissed. As Raza Bokhari lost the set aside application, the court ordered Raza Bokhari to pay the Company C$165,000 to cover the Company’s legal expenses.

On October 13, 2023, Raza Bokhari filed a “Notice of Motion for Leave to Appeal” with the Court of Appeal for Ontario.

On December 15, 2023, the Company submitted a responding party’s factum to the Court of Appeal for Ontario.

On February 6, 2024, the Ontario Superior Court of Justice affirmed the judgment and awarded an additional C$5,000 in costs considering Raza Bokhari’s failed motion for leave to appeal. As of the date hereof, the litigation is ongoing.

On May 31, 2024, the United States District Court for the Eastern District of Pennsylvania confirmed Quantum’s Petition to Confirm Arbitration Awards entered against Dr. Raza Bokhari.

On June 27, 2024, the US District Court for the Eastern District of Pennsylvania confirmed Quantum’s motion for entry of judgment and granted judgment in favor of Quantum of approximately USD 3 million.

18. Related party transactions

Related parties and related party transactions impacting the accompanying financial statements are summarized below and include transactions with the following individuals or entities:

Key management personnel

Related parties include directors, officers, close family members, certain consultants and enterprises that are controlled by these individuals as well as certain persons performing similar functions.

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company directly or indirectly, including any directors (executive and non-executive) of the Company.

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

Transactions with key management and directors comprised of the following:

	a)	Director’s compensation for the three and nine months ended September 30, 2024, was $31,294 and $131,010, respectively (2023 – $38,183 and $142,528).
	b)	During the nine months ended September 30, 2024, the Company granted Nil (2023 – 6,154) PSUs to independent members of the Board. As at September 30, 2024, the PSUs had fully vested upon the filing of the MS Phase 1 IND on January 6, 2023 and were settled with the issuance of Class B Subordinate Voting Shares.
	c)	During the nine months ended September 30, 2024, the Company granted the previous interim CEO, the current CEO, the Chief Operating Officer (“COO”) and the CEO of Lucid, Nil (2023 – 7,692) share options each with an exercise price of C$84.50 and an expiry date of January 25, 2028. All options were fully vested on grant. Each share option can be exercised to acquire one Class B Subordinate Voting Share.
	d)	During the nine months ended September 30, 2024, the Company issued 10 Class A Multiple Voting Shares for aggregate gross proceeds of approximately C$108 to Xorax Family Trust (“Xorax”), a trust of which Zeeshan Saeed, the Chief Executive Officer and Co- Chairman of Quantum is a beneficiary, and Fortius Research and Trading Corp. (“Fortius”), a corporation controlled by Anthony Durkacz, a Co-Chairman of Quantum. On August 15, 2024, the Company closed a non-brokered private placement and issued 4 Class A Multiple Voting Shares at a price of C$18 per Class A Multiple Voting Share for aggregate gross proceeds of C$72 to Xorax and Fortius, with each entity receiving 2 Class A Multiple Voting Shares. On September 13, 2024, the Company closed a non-brokered private placement and issued 6 Class A Multiple Voting Shares at a price of $6 per Class A Multiple Voting Share for gross proceeds of C$36 to Xorax and Fortius, with each entity receiving 3 Class A Multiple Voting Shares. The participation by such insiders in each of the private placements is considered a “related-party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in respectively, sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in each private placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61- 101).
	e)	During the nine months ended September 30, 2023, the Company entered into a secured loan agreement with the CEO for C$1,200,000, with monthly payments of C$6,000 based on an annual interest rate of 6%. The loan matures on April 26, 2025, and is part of FSD Strategic Investments’ portfolio of loans. The loan is secured by a second charge mortgage on the underlying residential property. During the nine months ended September 30, 2024, a payment of C$400,000 was made by the CEO.
	f)	During the nine months ended September 30, 2023, the Company issued 1,539 warrants for consulting services to certain independent members of the Board of Directors with a fair value of $533,206, prior to them joining the Board of Directors. The Company determined the fair value of the services received could not be measured reliably and determined the fair value using the Black-Scholes model.

Key management personnel compensation during the three and nine months ended September 30, 2024, and 2023 is comprised of:

	For the three months ended September 30,				For the nine months ended September 30,
	2024		2023		2024		2023
	$		$		$		$
Salaries, benefits, bonuses and consulting fees		1,217,268		374,667		1,693,796		1,047,111
Share-based payments		21,530		—		2,366,146		1,963,983
		1,238,798		374,667		4,059,942		3,011,094

As at September 30, 2024, the Company owed an executive officer $Nil (December 31, 2023 - $140,012), for legal fees incurred by the Company and paid by the executive officer on behalf of the Company. The amount owed is recorded within trade and other payables.

As at September 30, 2024, the Company has $Nil owing to related parties included in accounts payable and accrued liabilities (December 31, 2023 - $Nil).

QUANTUM BIOPHARMA LTD. (FORMERLY, FSD PHARMA INC.)

Notes to the condensed consolidated interim financial statements

[unaudited] [expressed in United States dollars]

For the three and nine months ended September 30, 2024, and 2023

19. Capital Management

The Company’s capital management objectives are to maintain financial flexibility to complete the research and development of a proprietary formulation of natural ingredients, vitamins, and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption.

The Company defines capital as the aggregate of its capital stock and borrowings.

As at September 30, 2024, the Company’s share capital was $149,080,937 (December 31, 2023 – $137,778,485). The Company does not have any long-term debt. Outstanding notes payables were assumed on the acquisition of Prismic and are due on demand.

The Company manages its capital structure in accordance with changes in economic conditions. To maintain or adjust its capital structure, the Company may elect to issue or repay financial liabilities, issue shares, repurchase shares or undertake any other activities as deemed appropriate under specific circumstances. The Company is not subject to any externally imposed capital requirements.

20. Subsequent Events

On October 7, 2024, the Company announced that Celly had signed a Master Distribution Agreement with FUSION Distribution Group for unbuzzd™, its alcohol metabolism beverage product, across Puerto Rico, the Caribbean, and parts of Central and South America. The product was available in Ready-to-Mix powder format on Amazon, with Ready-to-Drink cans planned for future release through FUSION's distribution network.

On October 20, 2024, the Company filed a complaint in the U.S. District Court for the Southern District of New York against CIBC World Markets, Inc., RBC Dominion Securities Inc., and John Does 1-10. The complaint alleges market manipulation through spoofing activities between January 1, 2020, and August 15, 2024, seeking damages exceeding USD 700 million related to the sale of approximately 90 million shares. The matter is currently in its initial legal proceedings phase.

On October 29, 2024, the Company announced that its subsidiary, Huge Biopharma Australia Pty Ltd, had initiated sentinel dosing in a Phase 1 clinical trial for Lucid-MS, a potential multiple sclerosis treatment, in Australia. The randomized, double-blind, placebo-controlled trial was designed to evaluate the safety and pharmacokinetics of Lucid-MS in healthy adult participants, marking a significant step toward Phase-2 efficacy trials.

On October 31, 2024, the Company successfully further reduced its outstanding debt to a creditor, which was previously reported in the balance sheet at approximately $611,000. The debt has been reduced to approximately $211,000, representing a significant reduction of approximately $400,000.

On November 5, 2024, the Company successfully settled its total outstanding debt to a creditor, which was previously reported on the balance sheet at approximately $278,000.