Hi Raed,
In the case of censored observations, it is a probability defined via the underlying method used (e.g. Kaplan-Meier versus parametric), so you account for the contributions of the censored observations up to the time point where they are censored.
If you have censored observations and the univariate quantile summary of your continuous time variable is the followup time interval for **all** observations, both those with the event and those censored, then it simply the Xth percentile of the follow up interval for all observations. It is not the Xth percentile of the time to the event.
You can run the summary on only the subset of those observations that had the event to get the Xth percentile of the time to event, but then you are not considering the contributions of the patients who are censored, which is what the survival analysis is doing and what makes survival analyses arguably unique. Presumably, this is what you have below.
That you can have a survival curve that never gets below 0.5 in the presence of censored observations, thus not have a median survival time defined, should be a trigger for understanding that there are differences between survival probabilities and simple descriptive statistics of a continuous time to event variable. :-)
It might be prudent to Google survival analyses and take time to look at some of the methods used and how censored observations are handled, perhaps easiest for the KM method. If your sample is small enough, you could work through the formula on your data manually, which might provide further insight.
Regards,
Marc