Is QNTM halal?
Quantum Biopharma Ltd.
Doubtful
No clear verdict is possible for Quantum Biopharma Ltd. — data is insufficient or the case is contested in fiqh. As a precaution it is NOT included in the halal list.
Checked: 15 October 2026
Exchange
NASDAQ
Price
2.47
Day
-8.86%
Market cap
$16.8M
Industry
Biotechnology
Sector
Healthcare
Manually identified reason
Automatic screening reads the industry label, not what's inside. This company's filings were checked by hand and a hidden prohibited activity was found:
Doubtful: crypto — Also holds a Bitcoin treasury (Quantum BioPharma); scholarly disagreement + share/interest nature unclear
What the company does
Quantum Biopharma (Canada) develops Lucid-MS (a multiple-sclerosis drug, clinical stage) and licenses Unbuzzd (an alcohol-recovery drink brand), and also holds a Bitcoin treasury. Revenue is tiny.
What was checked
The AAOIFI standard has four steps: business activity first, then three financial ratios. Fail one and the stock is not halal.
Business activity
Doubtful: crypto — Also holds a Bitcoin treasury (Quantum BioPharma); scholarly disagreement + share/interest nature unclear
Interest-bearing debt / market cap
limit 30%
5.7%
Pass
Cash & investments / market cap
limit 30%
23.0%
Pass
Non-compliant income / total revenue
limit 5%
—
No data
In the lists
- In the S&P 500
- Not in the S&P 500
- Held by funds
- Not held by any tracked fund
Halal stocks in the same industry
The largest halal stocks in Biotechnology — for comparison.
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- Halal investingBlogWhy does a stock's halal status change?A stock that was halal yesterday can leave the list today. The four main reasons — and why none of them is a bug.
- Halal investingBlogAAOIFI Shariah Standard No. 21 in plain languageThe most widely used standard for halal stock screening: the two-step test, the three ratios and how it differs from other methods.
Halal is the first question. The second: when to enter?
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This is neither investment advice nor a fatwa. Screening is based on public financial statements and AAOIFI standard No. 21; data may lag. For a personal decision consult your own scholar.