<SEC-DOCUMENT>0001753926-25-001868.txt : 20251211
<SEC-HEADER>0001753926-25-001868.hdr.sgml : 20251211
<ACCEPTANCE-DATETIME>20251211101449
ACCESSION NUMBER:		0001753926-25-001868
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251211
FILED AS OF DATE:		20251211
DATE AS OF CHANGE:		20251211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Quantum Biopharma Ltd.
		CENTRAL INDEX KEY:			0001771885
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		ORGANIZATION NAME:           	03 Life Sciences
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39152
		FILM NUMBER:		251563796

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		55 UNIVERSITY AVENUE, SUITE 1003
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2H7
		BUSINESS PHONE:		(416) 854-8884

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		55 UNIVERSITY AVENUE, SUITE 1003
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2H7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FSD Pharma Inc.
		DATE OF NAME CHANGE:	20190327
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>g085041_6ka.htm
<DESCRIPTION>6-K/A
<TEXT>
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STATES</B></FONT></P>

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AND EXCHANGE COMMISSION</B></FONT></P>

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D.C. 20549</B></FONT></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 2pt; border-bottom: solid 1pt Black; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>REPORT
OF FOREIGN PRIVATE ISSUER</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>PURSUANT
TO RULE&#160;13a-16&#160;OR&#160;15d-16</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>OF
THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>For
the month of December 2025</B></FONT></P>

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File Number:&#160;001-39152</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 2pt; border-bottom: solid 1pt Black; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt; color: Black"><B>QUANTUM
BIOPHARMA LTD.</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>(Registrant)</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 2pt; border-bottom: solid 1pt Black; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>1
Adelaide Street East, Suite 801</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Toronto,
Ontario M5C 2V9</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>(Address
of Principal Executive Offices)</B>&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 2pt; border-bottom: solid 1pt Black; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Indicate
by check mark whether the Registrant files or will file annual reports under cover of Form&#160;20-F&#160;or Form&#160;40-F.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Form&#160;20-F&#160;&#160;&#9746;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Form&#160;40-F&#160;&#160;&#9744;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Indicate
by check mark if the Registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(1):&#160;&#160;&#9744;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">Indicate
by check mark if the Registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(7):&#160;&#160;&#9744;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 12pt; margin-bottom: 0pt; background-color: White"></P>

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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid; color: Black"><B>EXPLANATORY
NOTE</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">On
December 8, 2025, Quantum Biopharma Ltd. (the "Company") furnished a report on Form 6-K, Accession No. 0001753926-25-001860 (the "Original
Report"). On December 10, 2025, the Company issued a press release (the &#8220;Press Release&#8221;) announcing the termination of the
At The Market Offering Agreement entered into on October 31, 2025 with H.C. Wainwright &amp; Co., LLC. This Amendment No. 1 to the Original
Report (this "Amendment") is being furnished solely to furnish the Press Release as Exhibit 99.1. Except as specifically described in
this explanatory note, this Amendment does not reflect events that may have occurred subsequent to the original submission date and does
not modify or update in any way the disclosures made in the Original Report.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 24pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid; color: Black"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 24pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid; color: Black"><B><BR></B></FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">&#160;</FONT></P>

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    <TD STYLE="width: 0%; vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
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    <TD STYLE="width: 2%; vertical-align: middle; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 0%; vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 44%; vertical-align: middle; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>QUANTUM
                                            BIOPHARMA LTD.</B></FONT></P></TD></TR>
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    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></P></TD></TR>
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                                            December 11, 2025</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By</FONT></P></TD>
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    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 1pt; border-bottom: solid 0.75pt Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
                                            Donal Carroll</FONT></P></TD></TR>
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    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Donal
                                            Carroll</FONT></P></TD></TR>
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    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
                                            Financial Officer</FONT></P></TD></TR>
  </TABLE>

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INDEX</B></FONT></P>

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  <TR>
    <TD STYLE="width: 6%; vertical-align: middle; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 4%; vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 90%; vertical-align: middle; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; border-bottom: solid 1pt Black"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline solid"><B>Description
                                            of Exhibit</B></FONT></P></TD></TR>
  <TR STYLE="height: 6pt">
    <TD STYLE="vertical-align: middle; background-color: White"></TD>
    <TD COLSPAN="2" STYLE="vertical-align: middle; background-color: White"></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="g085041_ex99-1.htm">Press Release dated December 10, 2025 &#8211; Quantum Biopharma announces closing of private placement &amp; provides corporate update</A></FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: bottom; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; background-color: White"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>g085041_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="font: 9pt Sans-Serif; margin: 0 0 9pt; text-align: right; background-color: white; color: Red"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; font: 9pt Sans-Serif; margin-bottom: 0; color: Red"></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="image_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: center; background-color: white; color: #44697D"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>QUANTUM
BIOPHARMA ANNOUNCES CLOSING OF <BR>
PRIVATE PLACEMENT &amp; PROVIDES CORPORATE UPDATE</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Toronto,
Ontario, December 10, 2025</B> &ndash; Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (&quot;<B>Quantum BioPharma</B>&quot;
or the &quot;<B>Company</B>&quot;), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions
for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different
stages of development, is pleased to announce that, further to its news release on October 29, 2025 it has closed a non-brokered private
placement and issued 30 class A multiple voting shares (&ldquo;<B>Class A Multiple Voting Shares</B>&rdquo;) of the Company at a price
of $25 Per Class A Multiple Voting Shares for gross proceeds of $750 (the &ldquo;<B>Offering</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>The
Offering </U></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
securities issued pursuant to the Offering are subject to a statutory hold period of four months plus a day from issuance in accordance
with applicable securities laws of Canada. The Company intends to use the proceeds of the Offering for general working capital purposes.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>MI
61-101 Disclosure</I></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #0A0A0A">Xorax
Family Trust (&ldquo;<B>Xorax</B>&rdquo;), a trust of which </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zeeshan
Saeed (&ldquo;<B>Mr. Saeed</B>&rdquo;), <FONT STYLE="color: #0A0A0A">the Chief Executive Officer and Co-Chairman of the Company is a
beneficiary, and Fortius Research and Trading Corp. (&ldquo;<B>Fortius</B>&rdquo;), a corporation of which Anthony Durkacz (&ldquo;<B>Mr.
Durkacz</B>&rdquo;), a director of the Company, purchased all the Class A Multiple Voting Shares issued pursuant to the Offering. The
participation by such insiders is considered a &ldquo;related-party transaction&rdquo; within the meaning of Multilateral Instrument
61-101 <I>- Protection of Minority Security Holders in Special Transactions</I> (&ldquo;<B>MI 61-101</B>&rdquo;). </FONT>The Company
has 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 the Offering 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&rsquo;s market capitalization (as determined under MI 61-101).</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 12.65pt 8pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has filed a material change report more than 21 days before the expected closing of the Offering in accordance with MI 61-101
on its SEDAR+ profile.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Early
Warning Disclosure</I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
press release is being issued in accordance with the requirements of National Instrument 62-103 - <I>The Early Warning System and Related
Take-Over Bid and Insider Reporting Issues</I> (&ldquo;<B>NI 62-103</B>&rdquo;), in connection with the filing of the Early Warning Reports
by Xorax, whose registered address is 3688 Stratton Woods Court, Mississauga, Ontario, L5L 4V2, and Fortius, whose registered address
is 2045 Lakeshore Boulevard West, Suite 3006, Toronto, Ontario M6V 2Z6 (collectively, the &ldquo;<B>Acquirors</B>&rdquo;) in respect
of the Offering of the Company, whose registered address is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9, Canada.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 10, 2025, each of Xorax and Fortius acquired 15 Class A Multiple Voting Shares at a price of $25 per Class A Multiple Voting
Shares for a total price for each of $375.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Offering, Xorax owns 21 Class A Multiple Voting Shares and 6,786 class B subordinate voting shares (&ldquo;<B>Class B
Subordinate Voting Shares</B>&rdquo;), representing 50% of the outstanding Class A Multiple Voting Shares, 0.18% of the outstanding
Class B Subordinate Voting Shares, and <FONT STYLE="line-height: 107%">37.66% of the voting rights attached to all of the
Company&rsquo;s outstanding voting securities. Prior to the Offering, Xorax Owned 6 Class A Multiple Voting Shares and 6,786 Class B
Subordinate Voting Shares, which represented 50% of the outstanding Class A Multiple Voting Shares, 0.18% of the outstanding Class B
Subordinate Voting Shares, and 23.33% of the voting rights attached to all of the Company&rsquo;s outstanding voting securities. </FONT></FONT></P>

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<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white; color: #0A0A0A"></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Saeed, who may be deemed to be a joint actor of Xorax, collectively holds 118,407 Class B Subordinate Voting Shares, stock options of
the Company (&ldquo;<B>Options</B>&rdquo;) to acquire up to 7,000 Class B Subordinate Voting Shares, and restricted share units of the
Company (&ldquo;<B>RSUs</B>&rdquo;) exercisable into 32,000 Class B Subordinate Voting Shares.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Offering, Xorax, together with Mr. Saeed, have ownership and control over an aggregate of 21 Class A Multiple Voting Shares, 125,193
Class B Subordinate Voting Shares, 7,000 Options, and 32,000 RSUs, representing 50% of the outstanding Class A Multiple Voting Shares,
3.27% of the outstanding Class B Subordinate Voting Shares, 4.25% of the outstanding Class B Subordinate Voting Shares on a partially
diluted basis, assuming the exercise of the 7,000 Options, and the 32,000 RSUs, 38.43% of the voting rights attached to all of the Company&rsquo;s
outstanding voting securities, and 38.58% of the voting rights attached to all of the Company&rsquo;s outstanding voting securities on
a partially diluted basis, assuming the exercise of the 7,000 Options, and the 32,000 RSUs.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Offering, Fortius owns 21 Class A Multiple Voting Shares and 1,632 Class B Subordinate Voting Shares, representing 50% of the outstanding
Class A Multiple Voting Shares, 0.04% of the outstanding Class B Subordinate Voting Shares, and 37.63% of the voting rights attached
to all of the Company&rsquo;s outstanding voting securities. Prior to the Offering, Fortius owned 6 Class A Multiple Voting Shares and
1,632 Class B Subordinate Voting Shares, which represented 50% of the outstanding Class A Multiple Voting Shares, 0.04% of the outstanding
Class B Subordinate Voting Shares, and 23.25% of the voting rights attached to all of the Company&rsquo;s outstanding voting securities.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Durkacz and First Republic Capital Corporation (&ldquo;<B>FRCC</B>&rdquo;), may be deemed to be joint actors of Fortius, collectively
hold 29,114 Class B Subordinate Voting Shares, Options to acquire up to 7,000 Class B Subordinate Voting Shares, and RSUs exercisable
into 32,000 Class B Subordinate Voting Shares.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the Offering, Fortius, together with Mr. Durkacz, and FRCC, have ownership and control over an aggregate of 21 Class A Multiple Voting
Shares, 30,746 Class B Subordinate Voting Shares, 7,000 Options, and 32,000 RSUs representing 50% of the outstanding Class A Multiple
Voting Shares, 0.80% of the outstanding Class B Subordinate Voting Shares, 1.80% of the outstanding Class B Subordinate Voting Shares
on a partially diluted basis, assuming the exercise of the 7,000 Options, and the 32,000 RSUs, 37.82% of the voting rights attached to
all of the Company&rsquo;s outstanding voting securities and 37.97% of the voting rights attached to all of the Company&rsquo;s outstanding
voting securities on a partially diluted basis, assuming the exercise of the 7,000 Options, and the 32,000 RSUs.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Acquirors acquired the above-noted Class A Multiple Voting Shares for investment purposes. In the future, the Acquirors will evaluate
their respective investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances,
increase or decrease its shareholdings as circumstances require through market transactions, private agreements, or otherwise.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Acquirors currently have no plans or intentions which would result in a corporate transaction, a sale or transfer of a material amount
of the assets of the Company or any of its subsidiaries, a change in the board of directors or management of the Company, including any
plans or intentions to change the number or term of directors or to fill any existing vacancies on the board, a material change in the
Company&rsquo;s business or corporate structure, a change in the Company&rsquo;s charter, bylaws or similar instruments or another action
which might impede the acquisition of control of Company by any person or company, a class of securities of the Company being delisted
from, or ceasing to be authorized to be quoted on, a marketplace, the Company ceasing to be a reporting issuer in any jurisdiction of
Canada, a solicitation of proxies from securityholders, or an action similar to any of those enumerated.</FONT></P>

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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 12pt 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copies
of the Early Warning Reports being filed by the Acquirors may be obtained on the Company&rsquo;s SEDAR+ profile or by emailing rehansk@gmail.com
or calling 416-786-6063 for Xorax&rsquo;s Early Warning Report, or by emailing anthony@firstrepubliccapital.com or calling 416-720-4360
Fortius' Early Warning.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 12.65pt 0.5pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Corporate
Update</U></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 12.65pt 0.5pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company announces that, further to the Company&rsquo;s press release dated October 31, 2025, effective December 6, 2025,
the Company provided notice to H.C. Wainwright &amp; Co., LLC (&ldquo;<B>HCW</B>&rdquo;) of its election to terminate the at-the-market
offering agreement entered into on October 31, 2025 (the &ldquo;<B>Sales Agreement</B>&rdquo;). Pursuant to Section 8(a) of the Sales
Agreement, the Company is required to provide 10 business days prior notice of termination. The at-the-market offering will terminate
on December 20, 2025. Following such termination, the Company may not sell any further Class B Subordinate Voting Shares under the Sales
Agreement.&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Sales Agreement, the Company previously filed a prospectus supplement permitting it offer and sell, from time to time, up to $21,225,000
worth of Class B Subordinate Voting Shares through HCW as the sales agent and as of the date hereof, the no such shares have been sold.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Debt
Settlement </U></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Company has settled $260,000 of amounts owing to an arm&rsquo;s length creditor through the issuance of 17,626 Class B
Subordinate Voting Shares at the deemed price of $14.75 per share.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 9pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Quantum BioPharma</B></FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantum
BioPharma (NASDAQ: QNTM) is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions
for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different
stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (&ldquo;<B>Lucid</B>&rdquo;), Quantum BioPharma
is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent
and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented unbuzzd&trade;
and spun out its OTC version to a company, Unbuzzd Wellness Inc. (formerly Celly Nutrition Corp.), led by industry veterans. Quantum
BioPharma retains ownership of 20.11% (as of March 31, 2025) of Unbuzzd Wellness Inc. The agreement with Unbuzzd Wellness Inc. also includes
royalty payments of 7% of sales from unbuzzd&trade; until payments to Quantum BioPharma total $250 million. Once $250 million is reached,
the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations
specifically for pharmaceutical and medical uses. Quantum BioPharma maintains a portfolio of strategic investments through its wholly
owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information on Quantum BioPharma, please visit www.quantumbiopharma.com.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
press release contains certain &quot;forward-looking statements&quot; within the meaning of Canadian securities law. Any statements that
express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future
events or performance (often, but not always, identified by words or phrases such as &quot;believes&quot;, &quot;anticipates&quot;, &quot;expects&quot;,
&quot;is expected&quot;, &quot;scheduled&quot;, &quot;estimates&quot;, &quot;pending&quot;, &quot;intends&quot;, &quot;plans&quot;, &quot;forecasts&quot;,
&quot;targets&quot;, or &quot;hopes&quot;, or variations of such words and phrases or statements that certain actions, events or results
&quot;may&quot;, &quot;could&quot;, &quot;would&quot;, &quot;will&quot;, &quot;should&quot; &quot;might&quot;, &quot;will be taken&quot;,
or &quot;occur&quot; and similar expressions) are not statements of historical fact and may be forward-looking statements. Forward-looking
information herein includes, but is not limited to, statements that address activities, events or developments that the Company expects
or anticipates will or may occur in the future, including the Offering and subscription to the Offering by insiders of the Company, the
completion of the at-the-market offering, the Company&rsquo;s cancellation of the Sales Agreement, and statements relating to the debt
settlement.</I></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>In
making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation:
the Company&rsquo;s ability to comply with all applicable regulations and laws, including environmental, health and safety laws; the
Company having sufficient working capital for future operating activities; the ability of the Company to achieve its business objectives
and milestones and the anticipated timing of execution; the Company&rsquo;s ability to continue as a going concern and the Company&rsquo;s
ability to use the proceeds from the Offering for the business objectives outlined herein.</I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the
date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such
statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events
and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently
anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: changes in general economic,
business and political conditions, including changes in the financial markets; consents or authorizations required; changes in laws,
regulations and policies affecting the Company&rsquo;s operations; currency fluctuations; environmental issues and liabilities; the potential
impact of the announcement or consummation of the Offering on relationship, including with regulatory bodies, employees, suppliers, customers
and competitors; the inability of the Company to obtain additional financing for continued operations on terms acceptable to the Company;
the lack of control over the Company&rsquo;s investees; risks relating to investing in the Class A Multiple Voting Shares; risks relating
to the use of proceeds from the Offering; volatility in the market price of the shares; dilution of shareholders&rsquo; holdings; negative
operating cash flow; the negative effects of interest rate and exchange rate changes; risks relating to the Company&rsquo;s reliance
on key employees; limitations in the liquidity of The Class A Multiple Voting Shares; litigation risks; the Company&rsquo;s inability
to expand into new business areas and geographic markets; management of growth; and the Company&rsquo;s inability to continue as a going
concern.</I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Except
to the extent required by applicable securities laws and the policies of the Canadian Securities Exchange, the Company undertakes no
obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.</I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
reader is urged to refer to additional information relating to Quantum BioPharma, including its annual information form, can be located
on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the SEC's website at&nbsp;www.sec.gov&nbsp;for a more complete
discussion of such risk factors and their potential effects.</I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; text-align: justify; background-color: white; color: #333333"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Contacts</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 7.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><B>Quantum
BioPharma Ltd.</B><BR>
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board, Quantum BioPharma Ltd.<BR>
Email:&nbsp;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">info@QuantumBioPharma.com</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #333333"><BR>
Telephone: (416) 854-8884</FONT></P>

<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

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<P STYLE="font: 10pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I></I></FONT></P>



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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
