Mr. Zeeshan Saeed reports

QUANTUM BIOPHARMA LTD. PROVIDES CORPORATE UPDATE

Pursuant to the entry into Quantum Biopharma Ltd.'s previously announced market offering agreement with H.C. Wainwright & Co. LLC on Feb. 16, 2024, Quantum Biopharma at its discretion may offer and sell, from time to time, through Wainwright as sales agent, Class B subordinate voting shares in the capital of the company, having an aggregate offering price of up to $21,225,000 (U.S.). A cash commission of 3.0 per cent on the aggregate gross proceeds raised under the ATM offering will be paid to Wainwright in connection with its services.

Sales of the Class B shares under the prospectus will be made in transactions that are deemed to be at the market defined in Rule 415(a)(4) promulgated under the Securities Act, including sales made directly on or through Nasdaq Stock Market LLC. The Class B shares will be distributed at the prevailing market prices at the time of each sale. As a result, prices may vary as between purchasers and during the period of distribution. No Class B shares in the ATM offering will be sold on the Canadian Securities Exchange or any other trading market in Canada.

The volume and timing of sales, if any, will be determined at the sole discretion of the company's management and in accordance with the terms of the ATM agreement. If the company chooses to sell Class B shares under the ATM offering, the company intends to use the net proceeds of the ATM offering: (i) to finance its various clinical studies, trials and development programs; (ii) to finance research and development; and (iii) for general corporate purposes and working capital.

The ATM offering is being made in the United States pursuant to a registration statement on Form F-3 (file No. 333-276264) filed under the Securities Act of 1933, as amended, with the Securities and Exchange Commission and declared effective on Jan. 4, 2024, the base prospectus contained in the registration statement and the prospectus supplement dated Oct. 31, 2025, filed with the SEC. You can review the SEC filings, the registration statement and prospectus by accessing the SEC's Internet site or on the company's website through which you can access the SEC filings.

About Quantum Biopharma Inc.

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 is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302). 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 has also licensed Unbuzzd, 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, for use in the consumer recreational sector to Celly Nutrition Corp., and is entitled to a royalty on the revenue generated by Celly Nutrition from sales of products created using the technology rights granted under the licensing agreement. Quantum continues its research and development activities to develop novel formulations for alcohol misuse disorders and continues the development of such treatments for use in the health care sector. Quantum maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property.

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