Quantum BioPharma appoints MNP for IPO readiness audits

TORONTO - Quantum BioPharma Ltd. (NASDAQ: QNTM), a biopharmaceutical company, has engaged MNP LLP to audit its financial statements as part of preparations for a potential initial public offering (IPO). The decision follows the resignation of the company’s previous auditor, Stern & Lovrics LLP, at Quantum BioPharma’s request on May 20, 2025.

Unbuzzd Wellness Inc., a subsidiary of Quantum BioPharma and maker of the hangover-reducing beverage unbuzzd™, will undergo Public Company Accounting Oversight Board (PCAOB) audits conducted by MNP. This move comes after Unbuzzd Wellness retained a New York investment bank on February 5, 2025, to advise on a capital raise and explore an IPO, pending regulatory approval. The timing appears strategic, as Quantum BioPharma’s stock has shown remarkable momentum, posting a 219% return year-to-date. InvestingPro subscribers can access additional insights through exclusive ProTips and detailed financial metrics.

John Duffy, CEO of Unbuzzd Wellness Inc., emphasized the importance of adhering to the highest industry standards and expressed confidence in MNP’s ability to perform PCAOB-level audits. Gerry David, Board Co-Chair, echoed the sentiment, highlighting the significance of the audits for the company’s future success and strength.

The company has also announced a name change from Celly Nutrition Corp. to Unbuzzd Wellness Inc., effective May 23, 2025. The change has been approved by the board of directors and does not require shareholders to take any action.

Quantum BioPharma owns a 20.11% stake in Unbuzzd Wellness as of March 31, 2025, and is entitled to royalty payments from unbuzzd™ sales. The parent company also retains all rights to develop similar products for pharmaceutical and medical uses. Trading at $11.74 per share, InvestingPro analysis suggests the stock is slightly undervalued, despite its high Price/Book multiple of 6.33x.

This information is based on a press release statement and the relevant documents have been filed with regulatory authorities within the required timeframe. There were no reported reservations or modified opinions by the previous auditor on the company’s financial statements.

In other recent news, Quantum BioPharma Ltd. has announced significant advancements in its business operations and strategic initiatives. The company is moving forward with its multiple sclerosis treatment, Lucid-21-302, by preparing an Investigational New Drug application for submission to the FDA in late 2025, marking a crucial step towards a Phase 2 clinical trial. Additionally, Quantum BioPharma has expanded its cryptocurrency holdings by purchasing an additional $1 million in digital currencies, bringing its total investment to $4.5 million, as part of its strategy to integrate digital currencies into its financial operations.

In another development, Quantum BioPharma has partnered with BitGo Trust Company to manage its cryptocurrency assets, ensuring secure and compliant custodianship. Furthermore, the company has appointed Kevin Malone as an advisor to its Board of Directors, enhancing its financial expertise. In a legal update, Quantum BioPharma won a court case against its former CEO, Dr. Raza Bokhari, with the Court of Appeal for Ontario dismissing his reconsideration motion related to his termination.

The company also maintains a strategic investment in Celly Nutrition Corp., with a 25.71% ownership stake and royalty agreements from sales of the product unbuzzd™. These recent developments reflect Quantum BioPharma’s ongoing efforts to diversify its investments and strengthen its position in the biotech and financial markets.

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