QCLSHIGH SIGNALOPERATIONAL10-K

QCLS has executed a complete business pivot from pharmaceutical development to quantum-class laser-based cryptocurrency infrastructure through an exclusive licensing agreement with LightSolver Ltd.

This represents a fundamental transformation from a biotech company developing therapeutic platforms like Isomyosamine and Supera-CBD to a blockchain technology company focused on energy-efficient computing solutions. The strategic shift introduces entirely new operational risks and market dynamics, requiring investors to reassess the company's competitive position, management expertise, and capital requirements in the cryptocurrency infrastructure space.

Comparing 2026-04-15 vs 2025-04-11View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet reflects substantial growth with total assets roughly doubling to $41.2M and current assets expanding meaningfully to $16.6M, suggesting significant capital deployment or asset acquisition related to the business transformation. Operating performance showed improvement with losses meaningfully reduced and revenue growing modestly by 33% to $3.9M. The reduction in current liabilities by 17% alongside the asset growth indicates a strengthened financial position during this major strategic transition.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+92.2%
$21.4M→$41.2M

Asset base grew 92.2% — expansion through organic growth, acquisitions, or capital deployment.

Current Assets
Balance Sheet
+76.2%
$9.4M→$16.6M

Current assets grew 76.2% — improving short-term liquidity or inventory/receivables build.

Accounts Receivable
Balance Sheet
-75.7%
$176K→$43K

Receivables declined — improved collection efficiency or conservative revenue recognition.

Net Income
P&L
+50.2%
-$23.4M→-$11.6M

Net income grew 50.2% — bottom-line growth signals improving overall business health.

Revenue
P&L
+32.7%
$3.0M→$3.9M

Strong top-line growth of 32.7% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+25.1%
$55K→$68K

Capex increased 25.1% — ongoing investment in capacity or infrastructure for future growth.

Current Liabilities
Balance Sheet
-17.4%
$6.7M→$5.5M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-04-15
PRIOR — 2025-04-11
ADDED
As of April 12, 2026, the registrant had 7,853,429 shares of its Common Stock, par value $ 0.001 per share, outstanding.
If such 2026 Proxy Statement is not filed by such date, an amendment to this Annual Report on Form 10-K will be duly filed with the Securities and Exchange Commission within 120 days of December 31, 2025.
(the Company ) has historically been engaged in the development and commercialization of therapeutic platforms based on well-defined biological targets, including Isomyosamine and Supera-CBD.
More recently, the Company has shifted its business strategy to focus on energy-efficient blockchain and cryptocurrency infrastructure through quantum-class laser-based computing.
The Company s core strategy is centered on leveraging an exclusive global licensing agreement with LightSolver Ltd.
( LightSolver ) to deploy innovative laser processing units ( LPUs ), including the Company-branded qc-LPU100 (the qc-LPU100 ).
These systems are designed to harness the natural properties of light to perform complex computations with the goal of achieving high computational speed and improved energy efficiency relative to traditional computing architectures.
The qc-LPU100 is intended to address complex combinatorial and physical problems, including partial differential equations, and is targeted for applications in cryptocurrency infrastructure, decentralized physical infrastructure networks ( DePin Tokens ), and artificial intelligence ( AI )-driven high-performance computing environments that rely on decentralized or distributed systems.
The Company seeks to position itself as an early participant in integrating laser-based computing with blockchain infrastructure, addressing industry challenges such as high energy consumption, scalability limitations, and dependence on traditional graphics processing units ( GPUs ).
LPUs are designed to operate at room temperature in standard rack-unit configurations and are intended to offer performance and efficiency advantages compared to GPUs and quantum processing units ( QPUs ), while also enhancing aspects of blockchain security.
REMOVED
See the definition of large accelerated filer, accelerated filer, smaller reporting company and emerging growth company in Rule 12b-2 of the Exchange Act.
As of April 4, 2025, the registrant had 10,132,619 shares of its Common Stock, par value $ 0.001 per share, outstanding.
The Reincorporation did not result in any change in the Company s name, business, management, fiscal year, accounting, location of the principal executive offices, assets or liabilities.
Holders of shares of the Company s Common Stock did not have to exchange their existing MyMD New Jersey stock certificates for MyMD Delaware stock certificates.
As of the Effective Date of the Reincorporation, the rights of the Company s stockholders are governed by the Delaware General Corporation Law, the MyMD Delaware Certificate of Incorporation and the Bylaws of MyMD Delaware.
On February 14, 2024, the Company effected a 1-for-30 reverse stock split (the Reverse Stock Split ).
Simultaneously with the Reverse Stock Split, the number of shares of the Company s Common Stock authorized for issuance was reduced from 500,000,000 shares to 16,666,666 shares, and our authorized capital stock was reduced from 550,000,000 shares to 66,666,666 shares.
The Reverse Stock Split reduced the total number of issued and outstanding shares of Common Stock, including shares held by the Company as treasury shares.
All share amounts have been retroactively adjusted for the Reverse Stock Split, unless stated otherwise.
On July 25, 2024, the Company increased the number of authorized shares of the Company s Common Stock from 16,666,666 to 250,000,000 and made a corresponding change to the number of authorized shares of the Company s capital stock by filing a Certificate of Amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware (the Share Increase ).
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