QUCY

QUCY is not an operating cybersecurity company — it is Mainz Biomed, an in-vitro cancer-diagnostics business that in February 2026 closed its colorectal (ColoAlert/NextGen) line, put that IP up for sale, and terminated all German staff. The remaining revenue was $537K in FY2025 (down 40% YoY) from a product line being wound down, so the trailing figures describe a business that no longer exists. The 'post-quantum cybersecurity' pivot is aspirational branding, not substance: the 10-K's own Item 1C states the Company has no processes for identifying cybersecurity risks and only 'will reexamine' them 'if we expand our business focus.' The arrival of David Lazar as co-CEO and a name/ticker change to chase the quantum-cyber theme is a textbook shell repurposing, not a strategy backed by assets, revenue, or personnel.

The balance sheet is effectively spent. Cash fell 86% to $889K while FY2025 operating cash burn was -$11.0M — the company cannot fund even one more quarter at that rate without financing. Stockholders' equity collapsed 89% to $642K against $4.69M of liabilities (7.30x liabilities/equity), the accumulated deficit is -$105M, and current liabilities ($3.69M) are double current assets ($1.84M). Shares outstanding exploded 439% to 12.5M, and the FY2025 impairment of $2.64M on the discontinued IP confirms asset value is evaporating. Survival here depends entirely on continued, massively dilutive capital raises.