Quince Therapeutics Investor Day Summary Company Overview - **Company**: Quince Therapeutics (NasdaqGS:QNCX) - **Event**: 2025 Investor Day held on October 02, 2025 - **Technology**: Autologous intracellular drug encapsulation (AID) technology, which allows encapsulation of drugs into a patient's own red blood cells for reinfusion [3][4][6] Key Highlights - **Current Status**: Quince is in Phase III clinical trials for ataxia telangiectasia (AT), having completed enrollment of 105 patients, with 83 in the primary analysis population [4][5][71] - **Lead Indication**: Ataxia telangiectasia is a rare pediatric genetic disease with no currently approved therapies, presenting a significant commercial opportunity [4][39][57] - **Partnership**: Recently announced a partnership with Option Care, an outpatient infusion network in the U.S. with approximately 170 locations, to support commercial planning post-approval [6] Clinical Development - **Phase III Trial**: The NEAT trial is designed to evaluate the efficacy of encapsulated dexamethasone in treating AT, with results expected in 2026 [4][71][82] - **Previous Studies**: The ATTEST study, which was the largest trial for AT, had a p-value of 0.07, indicating a near miss for statistical significance, but showed promising results in younger patients [58][63][67] - **Safety Profile**: No major safety concerns were reported in previous trials, with no instances of adrenal suppression or steroid toxicity [67][68] Mechanism of Action - **Dexamethasone Sodium Phosphate**: The lead drug, encapsulated in red blood cells, is designed to provide sustained release while minimizing toxicity associated with traditional corticosteroid administration [12][88] - **RNA Sequencing**: Recent RNA sequencing studies revealed significant gene dysregulation in AT patients, with over 6,000 genes differentially expressed, providing insights into the disease biology and potential biomarkers for treatment response [92][95] Market Opportunity - **Rare Diseases**: If successful in AT, Quince plans to pursue additional rare diseases, with Duchenne muscular dystrophy (DMD) as a primary target [5][22] - **Commercial Strategy**: The company is already planning for commercialization despite not having Phase III results yet, indicating confidence in the trial outcomes [6][7] Additional Insights - **Patient Experience**: The technology allows for a patient-friendly experience, with a fully automated process that takes about 90 minutes for drug encapsulation [33][34] - **Advocacy Groups**: Strong relationships with advocacy groups like the AT Children's Project and the AT Society are in place to support patient recruitment and awareness [78][80] Conclusion Quince Therapeutics is positioned to make significant advancements in the treatment of ataxia telangiectasia and potentially other rare diseases through its innovative drug delivery technology. The upcoming results from the NEAT trial in 2026 will be pivotal for the company's future and its ability to address unmet medical needs in rare pediatric conditions [82][88]

eDSP and A-T Treatment - Quince Therapeutics is developing eDSP, a red blood cell encapsulated dexamethasone sodium phosphate, for treating rare diseases, with a focus on Ataxia-Telangiectasia (A-T)[12] - The Phase 3 NEAT clinical trial for A-T has completed enrollment with 105 participants, including 83 in the primary analysis population aged 6-9 years, and topline data is expected in the first quarter of 2026[14, 74, 76] - A-T affects an estimated 10,000 patients in the U S, UK, and EU4 countries, and there are currently no approved treatments[50, 124] - The company estimates a $1+ billion global peak commercial opportunity for eDSP in the A-T indication[14, 33, 34, 124, 125] - The company has $34.7 million in cash, providing funding through topline results in Q1 2026 and potentially into the second half of 2026 if warrants are exercised[14] eDSP Technology and Mechanism - Over 20 years of R&D and $100 million have been invested in the Autologous Intracellular Drug Encapsulation (AIDE) technology used in eDSP[17, 36] - eDSP is designed to deliver corticosteroids in a patient's own red blood cells, aiming to provide efficacy without the toxicity associated with traditional corticosteroid use[17, 18] - RNA sequencing analysis of ATTeST trial samples revealed that eDSP demonstrates a classic glucocorticoid gene signature, including suppression of interferon-stimulated genes and downregulation of inflammation[105, 107, 108] Commercial and Regulatory Strategy - Quince has entered a strategic partnership with Option Care Health, the largest independent provider of home and outpatient infusion services in the U S, for eDSP administration[14] - The eDSP system has secured CE mark in Europe for clinical trial use, and the company has an active Investigational New Drug (IND) application for over 10 years[45] - The Phase 3 NEAT trial is being conducted under a Special Protocol Assessment (SPA) agreement with the FDA, and the company plans to submit a New Drug Application (NDA) in the second half of 2026, seeking Priority Review[73, 121] Pipeline Expansion - Duchenne muscular dystrophy (DMD) has been selected as the second targeted indication for eDSP, with plans to initiate a Phase 2 clinical study in 2026[14, 33, 163]

Company Overview - Quince Therapeutics focuses on developing treatments for rare diseases [2] Leadership - The event features key executives from Quince Therapeutics, including CEO Dirk Thye and COO Brendan Hannah [1]

Core Insights - K-pop is a significant export industry for South Korea, contributing to approximately half of the auto exports, which totaled 68.3 billion USD last year [1] - The Chinese market has been largely absent from the K-pop scene due to a de facto ban on Korean wave products, including K-pop music, for the past decade [2] - The ban inadvertently pushed K-pop companies to explore markets beyond China, such as Europe and North America, leading to a global expansion of K-pop [3] Industry Dynamics - SM Entertainment's CEO acknowledges the importance of the Chinese market due to its proximity and large K-pop fandom, but also raises concerns about the evolving preferences of Chinese fans as local pop music gains popularity [4] - The universal appeal of music as an art form is emphasized, suggesting that K-pop can resonate with audiences regardless of language barriers [5] - K-pop is described as a strong and evolving genre, with continuous efforts from artists and industry professionals to enhance the quality of music and content [5]

Core Points - Quince Therapeutics, Inc. is a late-stage biotechnology company focused on utilizing a patient's own biology to treat rare diseases [1] - The company will host a virtual Investor Day on October 2, 2025, from 10:00 a.m. to 12:00 p.m. Eastern Time [1] - Presentations during the Investor Day will be led by the company's leadership team, highlighting the latest in clinical development and corporate updates [1]

Summary of Quince Therapeutics Conference Call Company Overview - **Company Name**: Quince Therapeutics - **Technology**: Autologous Intracellular Drug Encapsulation (AIDE) technology for encapsulating corticosteroids into patients' own red blood cells [2][3] Industry Context - **Focus Area**: Rare diseases, specifically targeting conditions like ataxia telangiectasia and Duchenne muscular dystrophy (DMD) [3][4] - **Market Opportunity**: The rare disease market is estimated to exceed $1 billion for ataxia telangiectasia alone [3] Core Points and Arguments - **Current Development Stage**: Quince is in Phase 3 trials for ataxia telangiectasia, having completed enrollment with 83 patients in the primary analysis population and 105 overall [3][5] - **Commercial Strategy**: Partnership with Option Care Health, which has approximately 170 outpatient infusion sites, to facilitate product distribution [5][19] - **Safety Profile**: Strong safety database with 70 patients showing no adrenal suppression over three years of monthly treatment [12] - **Efficacy Mechanism**: AIDE technology allows for chronic corticosteroid therapy without the typical toxicities associated with long-term use [2][9] Key Data and Milestones - **Phase 3 Data Readout**: Expected in Q1 2026, which will be pivotal for determining the efficacy of the treatment [5][21] - **Regulatory Pathway**: The study protocol is under special protocol assessment with the FDA, allowing for a single pivotal trial to support approval [17] - **Market Size**: Approximately 10,000 addressable patients in the U.S. and Europe for ataxia telangiectasia, with potential for over $1 billion in revenue [18][19] Additional Insights - **Future Indications**: Plans to pursue additional indications for corticosteroid therapy, including DMD, after raising further capital post-Phase 3 results [20][21] - **Epidemiological Research**: Identified around 4,600 patients with confirmed ataxia telangiectasia in the U.S., supporting market potential [19] - **Device Approval**: The AIDE device has a CE mark in Europe but is regulated differently in the U.S. as a drug-device combination [18] Conclusion Quince Therapeutics is positioned to make significant advancements in the treatment of rare diseases through its innovative AIDE technology, with a strong focus on safety and efficacy, backed by strategic partnerships and a clear regulatory pathway. The upcoming Phase 3 data readout will be crucial for the company's future trajectory and market entry.

[Front Matter](index=1&type=section&id=Front%20Matter) This section contains preliminary information about the Form 10-Q filing, forward-looking statements, and defined terms [Form 10-Q Filing Information](index=1&type=section&id=Form%2010-Q%20Filing%20Information) This Form 10-Q for Quince Therapeutics, Inc. covers Q2 2025, reporting 53.7 million shares outstanding - Quince Therapeutics, Inc. filed its Quarterly Report on Form 10-Q for the period ended June 30, 2025[2](index=2&type=chunk) | Indicator | Value | | :--- | :--- | | Filer Status | Non-accelerated filer, Smaller reporting company | | Common Stock Outstanding (as of Aug 5, 2025) | 53,713,798 shares | | Trading Symbol | QNCX | | Exchange | The Nasdaq Stock Market LLC | [Special Note Regarding Forward-Looking Statements](index=3&type=section&id=Special%20Note%20Regarding%20Forward-Looking%20Statements) This report contains forward-looking statements subject to known and unknown risks and uncertainties detailed in 'Risk Factors' - The report contains forward-looking statements regarding future results, business strategy, drug candidates, clinical trials, regulatory approvals, and financial performance[9](index=9&type=chunk)[10](index=10&type=chunk) - These statements are subject to known and unknown risks, uncertainties, and assumptions, including those described in the 'Risk Factors' section[10](index=10&type=chunk) - Readers are cautioned not to rely on forward-looking statements as predictions of future events, and the company does not intend to update them unless legally required[12](index=12&type=chunk) [Defined Terms](index=6&type=section&id=Defined%20Terms) This section defines key abbreviated and specific terms used in the Quarterly Report on Form 10-Q - The section defines key terms such as AIDE (Autologous Intracellular Drug Encapsulation), eDSP (Encapsulated dexamethasone sodium phosphate), A-T (Ataxia-Telangiectasia), and various financial and regulatory acronyms[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) [PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This part presents the unaudited condensed consolidated financial statements and management's discussion and analysis [Item 1. Financial Statements (Unaudited)](index=8&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents Quince Therapeutics' unaudited condensed consolidated financial statements and explanatory notes [Condensed Consolidated Balance Sheets](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets slightly increased to $117.21 million, while liabilities grew significantly due to warrants and long-term debt | Metric (in thousands) | June 30, 2025 | December 31, 2024 | Change ($) | Change (%) | | :-------------------- | :------------ | :---------------- | :--------- | :--------- | | Cash and cash equivalents | $16,826 | $6,212 | $10,614 | 170.86% | | Short-term investments | $17,882 | $34,572 | $(16,690) | (48.28)% | | Total current assets | $37,345 | $44,036 | $(6,691) | (15.19)% | | Intangible assets | $67,566 | $60,045 | $7,521 | 12.53% | | Total assets | $117,210 | $114,478 | $2,732 | 2.39% | | Total current liabilities | $7,467 | $7,278 | $189 | 2.60% | | Long-term debt | $16,989 | $14,321 | $2,668 | 18.63% | | Warrant liabilities | $15,144 | $0 | $15,144 | N/A | | Total liabilities | $105,474 | $84,332 | $21,142 | 25.07% | | Total stockholders' equity | $11,736 | $30,146 | $(18,410) | (61.07)% | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Net loss improved to $16.05 million (3 months) and $31.08 million (6 months), mainly due to no goodwill impairment | Metric (in thousands) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :------------------------------- | :------------------------------- | :--------- | :--------- | | Research and development | $6,553 | $4,147 | $2,406 | 58.02% | | General and administrative | $3,342 | $4,695 | $(1,353) | (28.82)% | | Goodwill impairment charge | $0 | $17,130 | $(17,130) | (100.00)% | | Fair value adjustment for contingent consideration | $532 | $2,220 | $(1,688) | (76.04)% | | Total operating expenses | $10,427 | $28,192 | $(17,765) | (62.99)% | | Net loss | $(16,049) | $(27,729) | $11,680 | (42.12)% | | Net loss per share (basic and diluted) | $(0.34) | $(0.64) | $0.30 | (46.88)% | | Metric (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Research and development | $14,698 | $7,849 | $6,849 | 87.26% | | General and administrative | $8,131 | $9,666 | $(1,535) | (15.88)% | | Goodwill impairment charge | $0 | $17,130 | $(17,130) | (100.00)% | | Fair value adjustment for contingent consideration | $2,456 | $4,765 | $(2,309) | (48.46)% | | Total operating expenses | $25,285 | $39,410 | $(14,125) | (35.84)% | | Net loss | $(31,079) | $(38,878) | $7,799 | (20.06)% | | Net loss per share (basic and diluted) | $(0.69) | $(0.90) | $0.21 | (23.33)% | [Condensed Consolidated Statements of Stockholders' Equity](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Stockholders' equity decreased to $11.74 million, driven by net loss, partially offset by equity and warrant issuances | Metric (in thousands) | December 31, 2024 | June 30, 2025 | Change ($) | Change (%) | | :-------------------- | :---------------- | :------------ | :--------- | :--------- | | Common Stock (shares) | 44,001,643 | 53,624,180 | 9,622,537 | 21.87% | | Common Stock (value) | $44 | $53 | $9 | 20.45% | | Additional paid in capital | $406,609 | $413,078 | $6,469 | 1.59% | | Accumulated other comprehensive income (loss) | $(35) | $6,156 | $6,191 | N/A | | Accumulated deficit | $(376,472) | $(407,551) | $(31,079) | 8.26% | | Total stockholders' equity | $30,146 | $11,736 | $(18,410) | (61.07)% | - Issuance of common stock and warrants in private placement generated **$746 thousand** in additional paid-in capital[32](index=32&type=chunk) - Issuance of common stock in ATM offerings generated **$2.89 million** in additional paid-in capital[32](index=32&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=12&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash increased by $10.61 million, driven by financing and investing activities, offsetting operating cash outflows | Cash Flow Activity (in thousands) | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | Change ($) | Change (%) | | :-------------------------------- | :----------------------------- | :----------------------------- | :--------- | :--------- | | Net cash used in operating activities | $(21,016) | $(17,092) | $(3,924) | 22.96% | | Net cash provided by investing activities | $16,937 | $3,936 | $13,001 | 330.33% | | Net cash provided by financing activities | $14,499 | $225 | $14,274 | 6344.00% | | Net increase (decrease) in cash and cash equivalents | $10,

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) Quince Therapeutics achieved key milestones in Q2 2025, including completing Phase 3 NEAT trial enrollment, securing financing, and forming a commercial partnership for eDSP [Second Quarter 2025 Key Achievements](index=1&type=section&id=Second%20Quarter%202025%20Key%20Achievements) Quince Therapeutics achieved significant milestones over the last quarter, including completing enrollment for the pivotal Phase 3 NEAT clinical trial, securing additional financing to extend its operating runway, and establishing a strategic partnership with Option Care Health for the commercial launch of its lead asset, eDSP - Completed enrollment in the pivotal Phase 3 NEAT clinical trial evaluating eDSP for the treatment of Ataxia-Telangiectasia (A-T)[2](index=2&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) - Secured approximately **$11.5 million** in upfront proceeds from a private placement, extending the existing cash position to approximately **$35 million**, expected to provide runway through Phase 3 topline results and into at least Q2 2026[2](index=2&type=chunk)[4](index=4&type=chunk)[9](index=9&type=chunk) - Entered into a strategic relationship with Option Care Health to support the commercial launch of eDSP in the U.S.[2](index=2&type=chunk)[4](index=4&type=chunk)[9](index=9&type=chunk) - Topline results from the Phase 3 NEAT clinical trial are expected in the **first quarter of 2026**, with a subsequent New Drug Application (NDA) submission planned for the **second half of 2026**, assuming positive study results[2](index=2&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Clinical Development & Pipeline Updates](index=1&type=section&id=Clinical%20Development%20%26%20Pipeline%20Updates) This section details the progress of the pivotal Phase 3 NEAT clinical trial, other pipeline advancements, and corporate strategic developments [Pivotal Phase 3 NEAT Clinical Trial](index=1&type=section&id=Pivotal%20Phase%203%20NEAT%20Clinical%20Trial) Quince Therapeutics successfully completed enrollment for its pivotal Phase 3 NEAT clinical trial for A-T, enrolling 105 participants, with the primary analysis population achieving approximately 90% statistical power - Enrollment completed with a total of **105 participants**, including **83** in the six to nine year-old primary analysis population and **22** participants aged 10 years and older[5](index=5&type=chunk) - The **83** enrolled participants in the primary analysis population reflect powering of approximately **90%** to determine statistical significance of the primary endpoint[5](index=5&type=chunk) - Topline results are expected in **Q1 2026**, and assuming positive study results, the company plans to submit an NDA to the FDA in **H2 2026**[5](index=5&type=chunk) - The Phase 3 NEAT clinical trial is being conducted under a Special Protocol Assessment (SPA) agreement with the U.S. FDA, and eDSP was granted FDA Fast Track designation for A-T[5](index=5&type=chunk) - All **50** NEAT participants to date have elected to transition to the open label extension (OLE) study[5](index=5&type=chunk) - NEAT is an international, multicenter, randomized, double-blind, placebo-controlled clinical trial evaluating eDSP (dexamethasone sodium phosphate encapsulated in autologous red blood cells) in A-T patients[5](index=5&type=chunk) - The primary efficacy endpoint will be measured by the change from baseline to last efficacy visit using the Rescored modified International Cooperative Ataxia Rating Scale (RmICARS) compared to placebo[6](index=6&type=chunk) [Other Pipeline and Corporate Updates](index=2&type=section&id=Pipeline%20and%20Corporate%20Updates) Beyond the NEAT trial, Quince Therapeutics advanced its pipeline and corporate strategy by forming a key commercial partnership, securing additional financing, progressing eDSP development for Duchenne muscular dystrophy (DMD) and a pediatric A-T study, and strengthening its Scientific Advisory Board [Strategic Partnerships & Financing](index=2&type=section&id=Strategic%20Partnerships%20%26%20Financing) Quince Therapeutics established a strategic commercial partnership with Option Care Health and secured approximately $11.5 million in upfront proceeds from a private placement - Announced a strategic relationship with Option Care Health, Inc. to support the commercial development and efficient launch of eDSP in the U.S., leveraging their network for administration[9](index=9&type=chunk) Private Placement Financing (June 2025) | Item | Details | | :--- | :--- | | Upfront Proceeds | ~**$11.5 million** | | Potential Additional Proceeds (warrant exercise) | Up to **$10.4 million** | | Pricing | >**10%** premium to market price of common stock | | Lead Investor | Nantahala Capital | | Participants | Existing stockholders (ADAR1 Capital Management, Legend Capital Partners, Lagfin S.C.A.), new stockholder (Second Line Capital), Quince senior management | [Other Clinical & Corporate Developments](index=2&type=section&id=Other%20Clinical%20%26%20Corporate%20Developments) Quince Therapeutics progressed eDSP development for Duchenne muscular dystrophy (DMD) and a pediatric A-T study, and strengthened its Scientific Advisory Board - Finalized Phase 2 clinical trial study designs to evaluate eDSP for the potential treatment of Duchenne muscular dystrophy (DMD), prioritizing capital-efficient approaches including potential investigator-initiated trials (IITs)[9](index=9&type=chunk) - Initiated Study 3 (Pediatric Encapsulated Dexamethasone Sodium Phosphate, PeD study) in the European Union pediatric investigational plan to evaluate the safety and pharmacokinetics of eDSP in younger A-T patients (**9-15 kilograms**)[9](index=9&type=chunk) - Participated at the 2025 A-T Clinical Research Conference, where key opinion leaders presented post hoc data analyses from the prior Phase 3 ATTeST clinical trial, and Quince management provided an overview of the Phase 3 NEAT clinical trial[9](index=9&type=chunk) - Appointed Dr. Hassan Abolhassani to the company's Scientific Advisory Board (SAB), becoming the **ninth member** and adding expertise in clinical immunology[9](index=9&type=chunk) [Second Quarter 2025 Financial Results](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Results) This section presents Quince Therapeutics' financial performance for Q2 2025, including cash position, operating expenses, net loss, and balance sheet changes [Financial Highlights](index=2&type=section&id=Financial%20Highlights) Quince Therapeutics reported a cash, cash equivalents, and short-term investments balance of $34.7 million as of June 30, 2025, providing an expected cash runway into Q2 2026, potentially extending into H2 2026 with full warrant exercise Key Financial Highlights (Q2 2025) | Metric | Value (in millions) | | :--- | :--- | | Cash, cash equivalents, and short-term investments (as of June 30, 2025) | **$34.7** | | Research and development (R&D) expenses (Q2 2025) | **$6.6** | | General and administrative (G&A) expenses (Q2 2025) | **$3.3** | | Net loss (Q2 2025) | **$16.1** | | Net loss per basic and diluted share (Q2 2025) | **$0.34** | | Net cash used in operating activities (Six months ended June 30, 2025) | **$21.0** | - Existing cash runway is expected to be sufficient to fund the company's capital efficient development plan through Phase 3 NEAT topline results into the **second quarter of 2026**. Full exercise of warrants could extend the cash runway into the **second half of 2026**[9](index=9&type=chunk) - R&D expenses primarily included costs related to ongoing Phase 3 NEAT clinical trial activities and related manufacturing costs[9](index=9&type=chunk) - G&A expenses primarily included personnel-related and stock-based compensation expenses, commercial planning, new product planning expenses, and other professional administrative costs[10](index=10&type=chunk) [Condensed Consolidated Balance Sheets](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Quince Therapeutics reported total assets of $117.2 million, a slight increase from $114.5 million at December 31, 2024, while total liabilities significantly increased to $105.5 million, primarily driven by warrant liabilities Condensed Consolidated Balance Sheets (Selected Items, in thousands) | Item | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | Change (in thousands) | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | **$16,826** | **$6,212** | +**$10,614** | | Short-term investments | **$17,882** | **$34,572** | -**$16,690** | | Total current assets | **$37,345** | **$44,036** | -**$6,691** | | Intangible assets | **$67,566** | **$60,045** | +**$7,521** | | Total assets | **$117,210** | **$114,478** | +**$2,732** | | Total current liabilities | **$7,467** | **$7,278** | +**$189** | | Long-term debt | **$16,989** | **$14,321** | +**$2,668** | | Warrant liabilities | **$15,144** | **$0** | +**$15,144** | | Total liabilities | **$105,474** | **$84,332** | +**$21,142** | | Total stockholders' equity | **$11,736** | **$30,146** | -**$18,410** | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20LOSS) For the second quarter ended June 30, 2025, Quince Therapeutics reported a net loss of $16.0 million, an improvement from $27.7 million in Q2 2024, primarily due to the absence of a goodwill impairment charge Condensed Consolidated Statements of Operations (Selected Items, in thousands) | Item | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Research and development | **$6,553** | **$4,147** | **$14,698** | **$7,849** | | General and administrative | **$3,342** | **$4,695** | **$8,131** | **$9,666** | | Goodwill impairment charge | **$0** | **$17,130** | **$0** | **$17,130** | | Fair value adjustment for contingent consideration | **$532** | **$2,220** | **$2,456** | **$4,765** | | Fair value adjustment for warrants | **$4,464** | **$0** | **$4,464** | **$0** | | Net loss | **$(16,049)** | **$(27,729)** | **$(31,079)** | **$(38,878)** | | Net loss per share - basic and diluted | **$(0.34)** | **$(0.64)** | **$(0.69)** | **$(0.90)** | - Research and development expenses increased by **$2.4 million (58.0%)** for Q2 2025 year-over-year and by **$6.8 million (86.6%)** for the six months ended June 30, 2025, primarily due to ongoing Phase 3 NEAT clinical trial activities and manufacturing costs[9](index=9&type=chunk)[17](index=17&type=chunk) - General and administrative expenses decreased by **$1.3 million (28.8%)** for Q2 2025 year-over-year and by **$1.5 million (15.9%)** for the six months ended June 30, 2025, mainly due to lower personnel-related and stock-based compensation expenses[10](index=10&type=chunk)[17](index=17&type=chunk) - The net loss improved significantly in Q2 2025 compared to Q2 2024, largely due to the absence of a **$17.1 million** goodwill impairment charge recorded in the prior year period[17](index=17&type=chunk) [Company Information & Disclaimers](index=4&type=section&id=Company%20Information%20%26%20Disclaimers) This section provides an overview of Quince Therapeutics, outlines forward-looking statements, and lists contact information for media and investors [About Quince Therapeutics](index=4&type=section&id=About%20Quince%20Therapeutics) Quince Therapeutics, Inc. (Nasdaq: QNCX) is a late-stage biotechnology company dedicated to developing treatments for rare diseases by leveraging a patient's own biology - Quince Therapeutics, Inc. (Nasdaq: QNCX) is a **late-stage biotechnology company**[11](index=11&type=chunk) - The company is dedicated to unlocking the power of a patient's own biology for the treatment of rare diseases[11](index=11&type=chunk) [Forward-looking Statements](index=4&type=section&id=Forward-looking%20Statements) This section contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, regarding clinical trial timelines, financial outlook, eDSP development, strategic partnerships, and regulatory submissions - Statements in this news release are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995[12](index=12&type=chunk) - Examples include statements relating to the timing, success, and reporting of clinical trial results (e.g., Phase 3 NEAT topline results, NDA submission), expected cash position and operating runway, current and future clinical development of eDSP (A-T, DMD), strategic development path (Option Care Health partnership), and market opportunity[12](index=12&type=chunk) - Forward-looking statements are based on current expectations and are subject to inherent uncertainties, risks, and assumptions that could cause actual results to differ materially, as described in the company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC[12](index=12&type=chunk) [Media & Investor Contact](index=4&type=section&id=Media%20%26%20Investor%20Contact) Contact information for media and investor inquiries is provided, directing communications to Stacy Roughan, Vice President, Corporate Communications & Investor Relations for Quince Therapeutics, Inc. - Media & Investor Contact: Stacy Roughan, Vice President, Corporate Communications & Investor Relations, Quince Therapeutics, Inc.[13](index=13&type=chunk) - Email for inquiries: ir@quincetx.com[13](index=13&type=chunk)

eDSP & A-T - eDSP (Red blood cell encapsulated dexamethasone sodium phosphate) is designed to chronically deliver corticosteroid efficacy without toxicity[5] - The company is conducting a Pivotal Phase 3 NEAT clinical trial in pediatric rare disease Ataxia-Telangiectasia (A-T) with no currently approved treatments and a $1+ billion commercial opportunity[9] - 99 patients with A-T enrolled as of June 25, 2025, including 78 participants in 6 to 9 year-old cohort[9, 46] - The estimated prevalence of A-T is approximately 10,000 patients in the U S, U K, and EU4 countries[28, 53] - The company plans to submit NDA with FDA and MAA with EMA in 2026[49] Financials - The company recently closed up to $22 million private placement of securities – with proceeds of approximately $11.5 million upfront and up to $10.4 million if warrants exercised in full[9] - Financing proceeds plus $31.6 million in cash provides funding through topline results in first quarter of 2026 and into the second quarter of 2026 – or second half of 2026 if warrants exercised[9] - The company has invested $100 million in AIDE technology over 20+ years of research & development[13, 76] Pipeline Expansion - The company sees significant pipeline expansion opportunity for eDSP with Duchenne muscular dystrophy (DMD) as second indication with multiple other rare immunology and autoimmune focused rare disease targets[9, 56, 60] - The company plans to dose first patient in DMD Phase 2 clinical study in 2026[60, 64] AIDE Technology - 20+ years of research & development and $100 million invested in AIDE technology[13, 76]

Group 1 - Quince Therapeutics (QNCX) is focused on developing treatments for ataxia-telangiectasia, a rare neurodegenerative disorder that begins in early childhood [1] - The company has been previously covered in the summer of 2024, indicating ongoing interest and analysis in its stock performance [1] - The stock has shown positive performance, suggesting potential investor interest and market confidence [1] Group 2 - The analyst has a beneficial long position in QNCX shares, indicating personal investment and confidence in the company's future [2] - The article reflects the analyst's own opinions and is not influenced by external compensation, suggesting an independent analysis [2]