Quince Therapeutics, Inc. QNCX
We are a biotechnology company and, prior to the completion of our NEAT Phase 3 trial, described below, focused our development activities on unlocking the power of a patient's own biology for the treatment of rare diseases. Our proprietary AIDE technology platform is an innovative drug/device combination that uses an automated process designed to encapsulate a drug into the patient's own red blood cells. Red blood cells have several characteristics that make them an excellent vehicle for drug delivery, potentially including better safety and tolerability, enhanced tissue biodistribution, reduced immunogenicity, and prolongation of circulating half-life. Our AIDE technology is designed to harness these benefits to allow for new and improved therapeutic options for patients living with high unmet medical needs. The AIDE technology platform is believed to confer several benefits over conventional therapies and can be applied to a broad range of small or large molecule drugs and biologics. Our lead asset, eDSP, used our AIDE technology to encapsulate DSP into a patient's own red blood cells. In January 2026 we completed our pivotal Phase 3 NEAT clinical trial to evaluate the treatment of a rare pediatric neurodegenerative disease, A-T. In the NEAT study, the primary endpoint, which measured the change from baseline to last efficacy visit at month six using the Rescored modified International Cooperative Ataxia Rating Scale (RmICARS) compared to placebo, did not reach statistical significance. Based on the results of the NEAT clinical trial, eDSP does not appear to be an effective treatment for A-T and we will be unable to continue development of eDSP in this or other therapeutic indications. We have no other current product candidates and do not have sufficient resources to pursue further research and development activities at this time. We are currently focused on preserving cash while we evaluate available strategic alternatives.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| R&D | $35.4M | $18.6M | $9.4M | $25.2M | $60.8M | $61.3M | $30.2M | $10.1M | — |
| SG&A | $15.0M | $17.6M | $17.7M | $26.0M | $29.5M | $17.6M | $9.0M | $2.0M | — |
| Total operating expenses | $58.1M | $57.3M | $34.6M | $52.0M | $90.3M | $78.9M | $39.2M | $12.1M | — |
| Operating income | -$58.1M | -$57.3M | -$34.6M | -$52.0M | -$90.3M | -$78.9M | -$39.2M | -$12.1M | — |
| Interest expense | — | — | — | — | — | — | — | $957.0K | — |
| Pre-tax income | -$80.8M | -$56.7M | -$31.6M | -$51.9M | -$89.9M | -$76.8M | -$37.0M | -$12.5M | — |
| Income tax | $3.2M | $87.0K | $197.0K | $284.0K | $0 | $0 | $0 | $0 | — |
| Net income | -$84.0M | -$56.8M | -$31.4M | -$51.7M | -$89.9M | -$76.8M | -$37.0M | -$12.5M | — |
| EPS, basic | -1.68 | -1.31 | -0.84 | -1.54 | -3.03 | — | — | — | — |
| EPS, diluted | -1.68 | -1.31 | -0.84 | -1.54 | -3.03 | -2.63 | -1.94 | -3.71 | — |
| Shares, diluted (wtd. avg.) | 50.1M | 43.3M | 37.2M | 33.5M | 29.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.8M | $6.2M | $20.8M | $44.6M | $69.7M | $66.8M | $51.2M | $24.9M | $7.4M |
| Short-term investments | — | $34.6M | $54.3M | $45.6M | $37.1M | $67.0M | $48.6M | $46.8M | — |
| Total current assets | $22.9M | $44.0M | $77.4M | $93.7M | $111.7M | $137.9M | $106.1M | $72.6M | — |
| Property, plant and equipment | $595.0K | $315.0K | $234.0K | $393.0K | $263.0K | $427.0K | $709.0K | $283.0K | — |
| Goodwill | — | $0 | $17.6M | $0 | $0 | — | — | — | — |
| Other intangibles | $67.8M | $60.0M | $63.7M | $5.9M | $0 | — | — | — | — |
| Total assets | $93.5M | $114.5M | $167.9M | $103.9M | $133.2M | $189.5M | $124.4M | $72.9M | — |
| Accounts payable | $2.2M | $2.9M | $2.0M | $570.0K | $4.9M | $3.6M | $3.1M | $495.0K | — |
| Short-term debt | $18.0M | $0 | — | — | — | — | — | — | — |
| Total current liabilities | $43.2M | $7.3M | $9.6M | $3.1M | $14.2M | $17.0M | $8.9M | $1.5M | — |
| Long-term debt | $0 | $14.3M | $13.4M | $0 | — | — | — | — | — |
| Total liabilities | $129.2M | $84.3M | $82.8M | $3.3M | $14.6M | $17.2M | $8.9M | $1.5M | — |
| Retained earnings | -$460.5M | -$376.5M | -$319.6M | -$288.3M | -$236.6M | -$146.7M | -$69.8M | -$32.8M | — |
| Total equity | -$35.7M | $30.1M | $85.1M | $100.6M | $118.6M | $172.3M | $115.5M | -$32.6M | -$20.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$41.4M | -$31.9M | -$18.3M | -$44.0M | -$62.9M | -$50.8M | -$33.3M | -$11.7M | — |
| Depreciation and amortisation | $100.0K | $200.0K | $300.0K | $200.0K | $344.0K | $332.0K | $188.0K | $51.0K | — |
| Stock-based compensation | $5.1M | $4.7M | $5.2M | $16.6M | $29.9M | $14.5M | $2.1M | $155.0K | — |
| Capital expenditure | $352.0K | $257.0K | $160.0K | $133.0K | $180.0K | $52.0K | $55.0K | $212.0K | — |
| Investing cash flow | $23.2M | $21.9M | -$5.8M | $18.0M | $59.0M | -$52.4M | -$17.7M | -$46.8M | — |
| Financing cash flow | $17.9M | -$4.8M | $143.0K | $707.0K | $6.8M | $118.9M | $77.4M | $75.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-364220.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — |
| Net income | — | -$12.5M | -$37.0M | -$76.8M | -$89.9M | -$51.7M | -$31.4M | -$56.8M | -$84.0M |
Recent filings and events
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Other event Item 8.01
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Shareholder rights changed Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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