Ash, India, September 17th, 2026, FinanceWire
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Rodman & Renshaw initiates coverage on the strength of LUCID-MS, an oral, non-immune therapy aimed at a form of multiple sclerosis that has stumped drugmakers for decades
Quantum BioPharma Ltd. (NASDAQ: QNTM) is drawing fresh Wall Street attention after investment bank Rodman & Renshaw launched coverage of the stock with a Buy rating and an $8 price target — more than double where shares have recently traded near the $3 mark.
The call centers on LUCID-MS (also known as Lucid-21-302), an experimental oral pill the company hopes can address progressive multiple sclerosis, a stage of the disease where existing treatments have struggled to keep patients from accumulating long-term disability.
A Different Angle on MS
Most approved MS drugs work by dialing down the immune system — reducing relapses through drugs that target immune cells. LUCID-MS takes a different route. It’s designed to block an enzyme called PAD2, which is involved in a chemical change to myelin (the insulating layer around nerve fibers) that researchers believe destabilizes it and contributes to nerve damage. Rather than suppressing immune activity broadly, the drug is meant to protect myelin directly.
That distinction matters commercially, according to the report: because LUCID-MS doesn’t compete for the same immune-suppression pathway as existing therapies, it could eventually be layered on top of a patient’s current treatment rather than replacing it — widening its potential patient pool, if later trials support that use.
Regulatory Green Light, Bigger Test Ahead
The most concrete near-term catalyst already happened: the FDA cleared Quantum’s Investigational New Drug (IND) application on August 10, 2026, clearing the way for a placebo-controlled Phase 2 trial in patients with progressive MS.
Early safety data, drawn from two small Phase 1 studies in 40 healthy volunteers, showed no serious side effects tied to the drug at either the 150 mg or 300 mg daily doses tested over a week. That safety profile — while limited by short duration and small numbers — was enough to support advancing into patients.
According to the company’s current planning, the first trial site could open as soon as February 2027, with patient enrollment starting the following month. Full enrollment isn’t expected until roughly February 2028, and the first readout on whether the drug actually works is projected around December 2029 — a multi-year runway that leaves plenty of room for delays.
Competing in a Crowded Field
Quantum isn’t operating in a vacuum. The MS treatment landscape includes established immune-based therapies from Roche (Ocrevus), Novartis (Kesimpta), and others, along with newer oral contenders like Roche’s fenebrutinib and Sanofi’s tolebrutinib, both of which have shown they can slow disability progression through different mechanisms. Rodman & Renshaw’s analyst notes that no other clinical-stage drug is known to target PAD2 the way LUCID-MS does — but he’s also careful to point out that mechanistic novelty alone won’t be enough. The drug still needs to prove it works in actual MS patients, something Phase 1 data in healthy volunteers can’t demonstrate.
A Side Bet: unbuzzd
Beyond the MS program, Quantum holds a secondary, non-core asset: a roughly 19.5% ownership stake in Unbuzzd Wellness, the maker of a licensed alcohol-recovery consumer product called unbuzzd. Quantum collects a 7% royalty on unbuzzd sales (stepping down to 3% after cumulative royalties hit $250 million) but has generated only negligible royalty revenue so far. The analyst treats it as contingent upside rather than a near-term financial driver.
The Money Question
Quantum reported about $9.5 million in combined cash and digital assets as of June 30, 2026, after trimming operating expenses by more than half year-over-year. Management pegs the full Phase 2 program at roughly $15 million — meaning the company will likely need to raise additional capital, potentially through stock sales, before trial results are in. That dilution risk is one of the report’s flagged concerns, alongside the broader reality that the drug has yet to be tested in a single MS patient.
Bottom Line
Rodman & Renshaw’s $8 target is built on a sum-of-the-parts model that assigns the bulk of the value — roughly $5.81 per share — to LUCID-MS, with the unbuzzd stake contributing another notch and net cash rounding out the rest. The thesis leans heavily on execution: getting the Phase 2 trial up and running on schedule, and eventually showing that blocking PAD2 does something meaningful for patients who are still losing function despite otherwise-controlled disease. Other biotech stocks to keep on the radar include Axsome Therapeutics (NASDAQ: AXSM), Jazz Pharmaceuticals (NASDAQ: JAZZ), BioNTech (NASDAQ: BNTX), Exelixis (NASDAQ: EXEL), Bristol Myers Squibb (NYSE: BMY), Roche (OTC: RHHBY), Incyte (NASDAQ: INCY), and Vertex Pharmaceuticals (NASDAQ: VRTX).
For now, QNTM remains a clinical-stage story — one where the near-term stock catalysts are trial milestones (site activation, first patient dosed, interim data) rather than revenue.
About Quantum BioPharma
Quantum 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. (“Lucid”), Quantum 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 invented UNBUZZD and spun out its OTC version to a company, Unbuzzd Wellness Inc. (“Unbuzzd”) (formerly, Celly Nutrition Corp.), led by industry veterans. Quantum retains ownership of 19.48% (as of June 30, 2026) of Unbuzzd. The agreement with Unbuzzd also includes royalty payments of 7% of sales from unbuzzd until payments to Quantum total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses.
For more information visit www.quantumbiopharma.com
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