Mr. Zeeshan Saeed reports

QUANTUM BIOPHARMA LTD. RESPONDS TO VAGUE AND MISLEADING ALLEGATIONS BY THE SCHALL LAW FIRM AND DJS LAW GROUP

Quantum Biopharma Ltd. today issued a formal response to the press releases published by the Schall Law Firm and DJS Law Group on Oct. 9, 2025, and Oct. 10, 2025, which announced an investigation into alleged securities law violations by the company.

The company strongly refutes the vague and unsubstantiated claims made in the releases, which fail to specify any factual basis or concrete allegations. Specifically, the Schall Law Firm's statement that it is "investigating claims on behalf of investors ... for violations of the securities laws" and that the investigation "focuses on whether the company issued false and/or misleading statements and/or failed to disclose information pertinent to investors" lacks any detail, context or substantiation. These ambiguous assertions are misleading and appear designed to provoke unwarranted concern among shareholders.

Quantum Biopharma views the Schall Law Firm's and DJS Law Group's announcements as part of a broader pattern of opportunistic litigation tactics that seek to exploit public markets without merit. The company is reviewing the conduct of both the Schall Law Firm and its principal, Brian Schall, Esq., as well as DJS Law Group and its principal, David J. Schwartz, and will take all appropriate action to address what it believes to be a deliberate attempt to damage its reputation.

The company would like to hear from any individual who, or any entity that, may have been treated unfairly or unjustly by the Schall Law Firm and DJS Law Group, or their associates. Your identity and information will be kept confidential.

About Quantum Biopharma Ltd.

Quantum Biopharma 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., 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 and spun out its OTC (over-the-counter) version to a company, Celly Nutrition Corp., now Unbuzzd Wellness Inc., led by industry veterans. Quantum Biopharma retains ownership of 20.10 per cent (as of June 30, 2025) of Unbuzzd Wellness. The agreement with Unbuzzd Wellness also includes royalty payments of 7 per cent of sales from unbuzzd until payments to Quantum Biopharma total $250-million. Once $250-million is reached, the royalty drops to 3 per cent in perpetuity. Quantum Biopharma retains 100 per cent 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.

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