$QNCX

Quince Therapeutics, Inc.

CIK:0001662774|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Operating expenses:

Research and development

$ 5,461

$ 6,553

$ 12,306

$ 14,698

Acquired in-process research and development

59,000

General and administrative

16,626

3,342

20,893

8,131

Gain on Orphai Acquisition

(1,305)

Intangible asset impairment charge

67,808

Fair value adjustment for contingent consideration

532

(64,330)

2,456

Total operating expenses

79,782

10,427

94,372

25,285

Loss from operations

(79,782)

(10,427)

(94,372)

(25,285)

Fair value adjustment for debt

(501)

12,168

(945)

Fair value adjustment for warrants

4,507

(4,464)

35,623

(4,464)

Warrant issuance costs

(874)

(872)

(874)

(872)

Interest income

584

311

744

717

Other (expense) income, net

152

(29)

1,871

(116)

Net loss before income tax expense

(75,413)

(15,982)

(44,840)

(30,965)

Income tax benefit (expense)

(75)

(67)

5,264

(114)

Net income (loss)

(75,488)

(16,049)

(39,576)

(31,079)

Other comprehensive loss:

Foreign currency translation adjustments

(355)

4,216

(1,490)

6,261

Unrealized loss on available-for-sale securities

(17)

(5)

(70)

Total comprehensive loss

$ (75,843)

$ (11,850)

$ (41,071)

$ (24,888)

Net loss per share - basic (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

Net loss per share - diluted( (in USD per share)

^[1]

$ (12.31)

$ (68.75)

$ (12.01)

$ (137.17)

Weighted average shares of common stock and in-substance common stock outstanding - basic (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

Weighted average shares of common stock and in-substance common stock outstanding - diluted (in shares)

^[1]

6,132,845

233,431

3,295,727

226,571

[1]	Adjusted prior period net loss per share and weighted average of common shares outstanding to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net Income (Loss)	$ (39,576)	$ (31,079)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation	13,379	2,659
Depreciation and amortization	77	67
Change in the fair value of contingent consideration liabilities	(64,330)	2,456
Change in fair value of debt, net	(12,197)	828
Change in fair value of warrants	(35,623)	4,464
Gain on settlement of accounts payable	(3,720)	0
Intangible asset impairment charge	67,808	0
Acquired in-process research and development from the Orphai Acquistion	59,000	0
Gain on Orphai Acquisition	(1,305)	0
Amortization of discount on available-for-sale investments	(62)	(590)
Changes in operating assets and liabilities, net of acquisitions:
Prepaid expenses and other current assets	(3,277)	588
Right of use assets, operating leases and operating lease liabilities	451	53
Other assets	1,774	(121)
Accounts payable	6,171	(1,417)
Accrued expenses and other current liabilities	(15,097)	1,103
Other liabilities	13	(27)
Net cash used in operating activities	(26,514)	(21,016)
Cash flow from investing activities:
Purchase of investments	0	(13,789)
Proceeds from maturities of investments	12,000	31,000
Purchase of property and equipment	0	(274)
Net cash assumed in the Orphai Acquisition	8,001	0
Net cash provided by investing activities	20,001	16,937
Cash flows from financing activities:
Proceeds from issuance of common stock upon exercise of stock options	0	183
Proceeds from issuance of common stock, common warrants, and pre-funded warrants pursuant to June 2025 private placement offering, net of issuance costs	0	11,426
Proceeds from issuance of Series C Preferred Stock and Financing Warrants pursuant to May 2026 private placement offering, net of issuance costs	103,639	0
Issuance of common stock in connection with the ATM offerings, net of issuance costs	20,338	2,890
Repayment of debt	(5,545)	0
Cash settlement of common warrants	(56)	0
Net cash provided by financing activities	118,376	14,499
Effect of exchange rate changes on cash	(1,691)	194
Net increase in cash and cash equivalents	110,172	10,614
Cash and cash equivalents at beginning of period	5,809	6,212
Cash and cash equivalents at end of period	115,981	16,826
Supplemental disclosures of cash flow and non-cash information:
Cash paid for interest	29	117
Offering costs in accounts payable and accrued expenses	0	193
Noncash exercise of pre-funded warrants	341	0
Common stock and Series C Preferred Stock issued in connection with Orphai Acquisition	51,388	0
Fair value of replacement awards issued as consideration in the Orphai Acquisition	4,161	0
Net liabilities assumed in connection with Orpahi Acquisition	$ 9,283	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 115,981

$ 5,809

Short-term investments

11,943

Prepaid expenses and other current assets

7,430

5,144

Total current assets

123,411

22,896

Property and equipment, net

506

595

Operating lease right-of-use assets

453

Intangible assets

67,819

Other assets

1,760

Total assets

123,995

93,523

Current liabilities:

Accounts payable

4,636

2,223

Accrued expenses and other current liabilities

3,864

10,608

Current portion of debt

18,026

Short-term contingent consideration

12,369

Total current liabilities

8,500

43,226

Long-term operating lease liabilities

330

Long-term contingent consideration

51,961

Warrant liabilities

6,292

32,150

Other long-term liabilities

716

1,570

Total liabilities

15,508

129,237

Mezzanine equity:

Series C Preferred Stock, $0.001 par value, 294,370 shares and no shares designated as of June 30, 2026 and December 31, 2025, respectively; 211,301.868 and no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

143,811

Stockholders' equity (deficit):

Preferred stock, $0.001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

Common stock, $0.001 par value, 250,000,000 shares authorized, 1,017,063 and 278,627 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively

^[1]

Additional paid in capital

^[1]

460,447

418,987

Accumulated other comprehensive income

4,255

5,750

Accumulated deficit

(500,027)

(460,451)

Total stockholders' equity (deficit)

(35,324)

(35,714)

Total liabilities, mezzanine equity, and stockholders' equity (deficit)

$ 123,995

$ 93,523

[1]	(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026.