Mr. Zeeshan Saeed reports

QUANTUM BIOPHARMA WINS SIGNIFICANT COURT CHALLENGE IN USD $700,000,000 CLAIM AS DEFENDANTS JOINT MOTION TO DISMISS LAWSUIT ALLEGING MARKET MANIPULATION BY CIBC WORLD MARKETS AND RBC DOMINION SECURITIES IS DENIED

The U.S. District Court for the Southern District of New York has largely ruled against defendants CIBC World Markets and RBC Dominion Securities' joint motion to dismiss Quantum Biopharma Ltd.'s lawsuit alleging illegal market manipulation.

The Quantum Biopharma lawsuit alleges that between Jan. 1, 2020, and Aug. 15, 2024, the defendants and/or their customers used spoofing techniques to manipulate the share price of Quantum Biopharma shares. The company alleges that these market manipulation schemes violated Section 10(b) and Rule 10b-5(a) and (c) and Section 9(a) of the Securities Exchange Act of 1934.

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 over-the-counter version to a company, Unbuzzd Wellness Inc., led by industry veterans. Quantum Biopharma retains ownership of 19.84 per cent (as of Dec. 31, 2025) of UWI. The agreement with UWI 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 product or alternative formulations specifically for pharmaceutical and medical uses.

We seek Safe Harbor.