olivLaw · US equity research
Q/C Technologies, Inc. QCLS
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
Q/C Technologies is a company that has shifted its focus from drug development to laser-based computing for blockchain infrastructure and artificial intelligence, built on an exclusive license from LightSolver. The shift is recent and the company has not yet generated significant revenue from this activity, which makes it a subject to watch closely.
At the close of 04 Nov 2026, Q/C Technologies, Inc. (QCLS) stock was 0.39 USD (−8.00% on the day), with market capitalisation 3.2 m USD, beta 0.99, 52-week range 0.39–6.92 USD. Latest reported quarter (Q2 2026): net income of -6.6 m USD, diluted EPS -0.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 25.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.37 – 0.64
- in the lower half of the band · %B 0.09 · band width 53.4%
- SMA 50 / 200
- 0.97 / 3.02
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.16 / -0.19
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −42.6% | −1.1% | −41.5 pp | — |
| 3 months | −86.7% | −0.5% | −86.3 pp | — |
| 6 months | −90.2% | +4.4% | −94.6 pp | — |
| Year to date | −90.2% | +12.3% | −102.5 pp | — |
| 1 year | −86.9% | +13.5% | −100.5 pp | −21.1% |
| 3 years | −100.0% | +76.4% | −176.4 pp | −44.4% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Research & development | 707.7 k | 1.1 m | 1.5 m | 873.5 k | 356.4 k | 696.5 k | 510.5 k | 236.1 k |
| Operating income | -1.8 m | -2.2 m | -2.5 m | -1.9 m | -1.8 m | -3.7 m | -1.9 m | -6.8 m |
| Pre-tax income | -1.9 m | -2.1 m | -1.1 m | -1.8 m | -2.8 m | -5.9 m | -1.2 m | -6.6 m |
| Net income | -1.9 m | -2.1 m | -1.1 m | -1.8 m | -2.8 m | -5.9 m | -1.2 m | -6.6 m |
| Diluted EPS | -107.62 | -70.01 ≈ | -0.36 | -51.10 | -2.50 | -1.14 ≈ | -0.19 | -0.79 |
| Operating cash flow | -2.4 m ≈ | -2.1 m | -2.6 m | -2.1 m ≈ | -1.2 m ≈ | -3.2 m | -3.3 m | -1.8 m ≈ |
| Dividends paid | 68.1 k ≈ | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.7 m | 1.6 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | −50.4% | −5.3% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Net income | -10.8 m | -3.9 m | -9.5 m | -29.9 m | -15.2 m | -4.0 m | -23.4 m | -11.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.85 | -11.74 | -5.33 | -1,080.87 | -8.66 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -651.4% | -246.6% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | -8.6 m | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | -10.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 987.0 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 21.8 m USD
- Total assets
- 41.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.00x
- ROE
- -73.7%
- ROA
- -37.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Research & development | 2.5 m | 6.7 m | 9.1 m | 7.9 m | 3.4 m | 3.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Operating income | -9.5 m | -28.8 m | -15.3 m | -17.1 m | -10.2 m | -9.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Depreciation & amortisation | 29.5 k | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| EBITDA | -9.5 m ≈ | — | — | — | — | — | SEC (XBRL)· 31 Mar 2022derived |
| Pre-tax income | -9.5 m | -29.9 m | -15.2 m | -4.0 m | -23.4 m | -11.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Net income | -9.5 m | -29.9 m | -15.2 m | -4.0 m | -23.4 m | -11.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Diluted EPS | — | -0.85 | -11.74 | -5.33 | -1,080.87 | -8.66 | SEC (XBRL)· 15 Apr 2026verified |
| Weighted average diluted shares | — | — | 1.3 m | 1.5 m | 25.1 k | 1.7 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 148.3 k | 556.0 k | 749.1 k | 2.7 m | 173.2 k | 987.0 k | SEC (XBRL)· 15 Apr 2026verified |
| Inventories | 197.7 k | — | — | — | — | — | SEC (XBRL)· 01 Mar 2021verified |
| Current assets | 149.5 k | 12.7 m | 5.4 m | 5.8 m | 9.4 m | 16.6 m | SEC (XBRL)· 15 Apr 2026verified |
| Goodwill | — | 10.5 m | 10.5 m | 10.5 m | 10.5 m | 10.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | — | 14.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Total assets | 676.7 k | 24.8 m | 17.5 m | 17.9 m | 21.4 m | 41.2 m | SEC (XBRL)· 15 Apr 2026verified |
| Accounts payable | 1.1 m | 986.6 k | 2.7 m | 3.7 m | 2.9 m | 2.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Current liabilities | 2.3 m | 1.0 m | 2.8 m | 5.0 m | 6.7 m | 5.5 m | SEC (XBRL)· 15 Apr 2026verified |
| Total liabilities | 5.9 m | 1.2 m | 2.8 m | 5.1 m | 6.7 m | 16.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Equity | -5.3 m † | 23.6 m † | 14.7 m † | 12.4 m † | 9.8 m † | 21.8 m † | SEC (XBRL)· 15 Apr 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -4.7 m | -19.5 m | -12.3 m | -13.0 m | -9.0 m | -9.1 m | SEC (XBRL)· 15 Apr 2026verified |
| Capex | — | — | — | — | — | 1.8 m | SEC (XBRL)· 15 Apr 2026verified |
| Free cash flow | — | — | — | — | — | -10.8 m ≈ | SEC (XBRL)· 15 Apr 2026derived |
| Investing cash flow | -8.8 m | 19.9 m | 6.9 m | 1.8 m | -6.1 m | -8.4 m | SEC (XBRL)· 15 Apr 2026verified |
| Financing cash flow | 4.7 m | 73.5 k | 5.6 m | 13.1 m | 12.6 m | 18.3 m | SEC (XBRL)· 15 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.2 m USD
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -18.9% | 0 (on a fixed band) | 40% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -350.2% | 0 (on a fixed band) | 40% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Q/C Technologies, Inc. (QCLS). Latest full fiscal year: 2019; data up to 2026-06-30.
Figures computed from the financial statements: YoY growth -5.3%; ROE -155.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.3x
What contradicts it
- Revenue CAGR 3Y: -18.9%
- FCF yield: -350.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −7% / +50% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −48% / −79% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +57% / +261% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +114% / +128% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −87% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −88% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for QCLS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Q/C Technologies is a company that has shifted its focus from drug development to laser-based computing for blockchain infrastructure and artificial intelligence, built on an exclusive license from LightSolver. The shift is recent and the company has not yet generated significant revenue from this activity, which makes it a subject to watch closely.
SWOT
Strengths
- The company holds an exclusive global license for LPU technology, giving it protected access to laser-based computing 1.
- The pharmaceutical patent portfolio remains active and could be monetized through divestiture or partnership 1.
- The strategic shift has been supported by the LPU Holdings acquisition and a headquarters move to build a photonics-focused team 12.
Weaknesses
- The company has not generated significant revenue from the new activity and has a very small employee base 1.
- Dependence on external financing is high, and dilution remains an ongoing concern 1.
- The lack of an operating history in hardware, photonics and blockchain makes execution of the new strategy uncertain 1.
Opportunities
- Demand for energy-efficient computing in AI and decentralized networks could open markets for LPU technology 1.
- Selling or licensing the pharmaceutical assets could generate resources for the new direction 1.
- Progress in silicon photonics could support development of the OPU architecture for AI inference 2.
Risks
- Need for additional capitalhigh
The company stated it will need substantial funding before any commercial revenue, and shareholder dilution could be significant 1.
- Execution risk of the new strategyhigh
The qc-LPU100 remains at an early stage, and the promised performance might not be achieved 1.
- Dependence on the LightSolver licensehigh
Technology development depends on the exclusive license, and a failure of the relationship could seriously affect the business 1.
- Share price volatilitymedium
The share price has been and could remain volatile, and investors could suffer losses 1.
- Regulation and certificationmedium
Hardware certifications and crypto-related requirements could delay product launches 1.
Investment thesis
What would need to be true (bull case)
- If the LPU technology confirms its energy-efficiency and speed advantages, the company could capture part of the growing demand for AI computing and decentralized networks 1.
- A divestiture of the pharmaceutical assets could free up resources and simplify the company's structure 1.
- The OPU direction and the team move to San Francisco could accelerate development of an in-house photonic architecture 2.
What would break the thesis
- With no significant revenue and a small employee base, the company could depend on external financing for years 1.
- Competition from established semiconductor makers could make the technology unattractive 1.
- Frequent changes of strategy could signal an unstable direction and could reduce investor confidence 12.
What to watch
- Progress of the qc-LPU100 prototype and benchmarks2026
- Outcome of the evaluation of divesting Isomyosamine and Supera-CBD2026
- New financing transactions and the level of dilutionnext 10-K
- First sales or leasing contracts for LPU systems2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Q/C Technologies, Inc., previously known as TNF Pharmaceuticals and MyMD Pharmaceuticals, was initially engaged in developing therapies, including Isomyosamine and Supera-CBD. In September 2025 it redirected its strategy toward laser-based computing, built on laser processing units (LPUs), in particular the qc-LPU100, licensed exclusively from LightSolver Ltd. 1. The company acquired LPU Holdings LLC in September 2025 and defines its main activity around this segment 1. According to the annual report, the company is still in the prototype stage and has not generated significant revenue from this activity 1.
According to the latest quarterly report for the period ended June 30, 2026, the company described an OPU Initiative focused on a silicon photonic architecture for AI inference, and moved its headquarters to San Francisco, California 2. This change shows the technology direction continues to evolve from what was described in the April 2026 annual report. The company remains dependent on external financing to support its development.
The legacy pharmaceutical assets, Isomyosamine and Supera-CBD, are being evaluated for a possible divestiture, with the aim of funding the new strategic direction 1. The company had only two full-time employees at the end of 2025 1.
Segments
Laser-based computing (LPU)
This is the main strategic focus, centered on the qc-LPU100, aimed at cryptocurrency infrastructure, DePin networks and AI high-performance computing 1. The activity is at the prototype, internal validation and early benchmarking stage, and commercialization depends on prototype validation, customer adoption and the ability to raise additional capital 1.
Market context
The company targets markets in blockchain and cryptocurrency infrastructure, DePin networks, AI and high-performance computing, and photonic and optical computing 1. According to the report, these markets are expanding but face challenges around energy consumption, scalability and computational efficiency 1. The quarterly report notes that demand for AI continues to grow, which could support interest in alternative approaches 2.
Trends
- Demand for energy-efficient computingtailwind
The high energy consumption of blockchain and AI infrastructure creates interest in more efficient architectures, which could favor LPU technology 1.
- Volatility of the cryptocurrency marketheadwind
The cryptocurrency sector is described as volatile, and a prolonged fall in demand could reduce the market for laser-based computing products 1.
- Advances in silicon photonicstailwind
Progress in integrated photonic circuits could make optical computing more practical, supporting the company's OPU direction 2.
- Uncertain regulation for crypto and hardwaremixed
SEC, CFTC, MiCA and FCC or UL certification requirements may delay commercialization, and export controls may limit sales 1.
Competitive position
The company competes with established semiconductor makers (CPUs, GPUs and specialized AI hardware), with photonic, optical and quantum computing companies, and with blockchain infrastructure providers 1. These competitors have greater financial resources, customer relationships and research budgets 1.
In the pharmaceutical area, competition includes companies developing TNF-α inhibitors and cannabinoid-based therapies, many with greater clinical development experience 1. The company's competitive position depends on its ability to develop its technologies and protect its intellectual property 1.
- GPU and AI hardware makers
Established semiconductor companies producing GPUs and AI accelerators, described in the report as the main competitors in AI computing 1.
- Photonic and optical computing companies
Emerging firms developing photonic or optical computing technologies that compete directly with the LPU and OPU approaches 12.
- Quantum computing companies
Developers of quantum processing units (QPUs) presented in the report as a performance alternative for complex applications 1.
- Blockchain infrastructure providers
Companies offering decentralized computing and blockchain network infrastructure that represent alternatives for customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report18 Sept 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report11 Sept 2026Termination of a material agreement · Departure or appointment of officers · Financial statements and exhibits
- Quarterly report12 Aug 2026
- Current report02 Jul 2026Termination of a material agreement · Other events
- Quarterly report15 May 2026
- Annual report15 Apr 2026
- Current report13 Mar 2026Item 4.01 · Financial statements and exhibits
- Current report23 Jan 2026Material agreement · Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report09 Dec 2025Material agreement · Item 3.02 · Other events · Financial statements and exhibits
- Quarterly report19 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Q/C Technologies, Inc. · 15 Apr 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Q/C Technologies, Inc. · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Q/C Technologies, Inc. · 15 Nov 2018
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.