I'm offering this opinion as board member and not a professional;
The answer is...depends...on a lot of factors. Where the helmet was stored when not worn, how often it was worn (and in what conditions). It's difficult to tell how protective it will be in a crash as they do certainly break down.
I'm not as concerned about the helmet "condition" as much as something you stated however:
"My Arai Quantum e liner feels like its becoming compressed..."
My experience tells me that you
might not have a helmet that fits you properly. While a helmet may "loosen" a bit, it shouldn't feel loose as it ages. If it does, it
may mean that areas that were tight are now loose, and the loose areas are...for lack of a better term...looser.
You really want to get fitted by a professional if you haven't. I don't know if you have or haven't, but I do know of a statistic that states that up to 80% of riders are wearing the wrong helmet. Let me give you a quick example of what I mean; if you get a tape measurer and come up with say 62CM which corresponds to a (for arguments sake) Large in brand "S". You try brand "S" on, but it's too tight. However the XL in brand "S" feels better. The fact is (fortunately or unfortunately) brand "S" doesn't fit your head. It's likely the wrong shape (your head or the helmet, however you want to look at it).
The vast majority of retailers have you try a helmet on and as long as you can't pull it off your head, and it doesn't hurt for a few minutes of wearing it around, they call it "good". I call it dumb...(not you, them) but hey, what do I know?
