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Healthcare
Quantum BioPharma (CSE: QNTM) Achieves 32% Reduction in Operating Expenses for 2024, Improving Financial Efficiency
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Highlights
Quantum BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) has released its financial and operational results for the fourth quarter and full year ended December 31, 2024. The company’s results reflect significant operational improvements, including a reduction in operating expenses and a better-than-expected net loss compared to the previous year.
As of December 31, 2024, Quantum BioPharma's cash and cash equivalents totaled $12.1 million USD, showing a slight increase from $11.1 million USD in 2023. Operating expenses for 2024 were reduced to $16.1 million USD, compared to $23.8 million USD in 2023, reflecting a 32% reduction. This reduction in costs contributed to a 36% improvement in net cash used in operations, which decreased to $6.9 million USD from $10.8 million USD in 2023.
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