Quince Therapeutics(QNCX) - 2025 Q3 - Quarterly Results

Financial Performance - Quince Therapeutics reported cash, cash equivalents, and short-term investments of $26.3 million for Q3 2025, with an expected cash runway sufficient to fund operations through Q2 2026[11]. - The company reported a net loss of $13.3 million, or $0.25 per share, for Q3 2025, with weighted average shares outstanding of 54.0 million[11]. - The net loss for Q3 2025 was $13,442 million, compared to a net loss of $5,492 million in Q3 2024, reflecting a year-over-year increase of 144.5%[17]. - The company reported a net loss per share of $0.25 for Q3 2025, compared to $0.13 for Q3 2024[17]. - The total comprehensive loss for the nine months ended September 30, 2025, was $38,193 million, compared to $43,998 million for the same period in 2024[17]. Research and Development - Research and development (R&D) expenses for Q3 2025 were $8.1 million, primarily related to the ongoing Phase 3 NEAT clinical trial activities[11]. - Research and development expenses for Q3 2025 were $8,083 million, a significant increase of 64.5% compared to $4,916 million in Q3 2024[17]. - Quince completed enrollment in the pivotal Phase 3 NEAT clinical trial with 105 participants, expecting topline results in Q1 2026[4]. - The NEAT clinical trial is powered at approximately 90% to detect a statistically significant difference between eDSP and placebo[3]. - Quince plans to submit a New Drug Application (NDA) to the FDA in the second half of 2026, assuming positive study results[4]. - The company has received FDA Fast Track designation for its eDSP System, addressing a high unmet medical need in A-T[4]. Operating Expenses - General and administrative (G&A) expenses for Q3 2025 totaled $3.3 million, including personnel-related costs and commercial planning expenses[11]. - Total operating expenses for Q3 2025 reached $13,430 million, up 128.5% from $5,863 million in Q3 2024[17]. - General and administrative expenses for Q3 2025 were $3,281 million, a decrease of 9.6% from $3,630 million in Q3 2024[17]. Liabilities and Equity - Quince's total liabilities increased to $108.8 million as of September 30, 2025, compared to $84.3 million at the end of 2024[15]. - The weighted average shares of common stock outstanding for Q3 2025 were 53,951,371, compared to 43,164,136 in Q3 2024[17]. Other Financial Metrics - Fair value adjustments for contingent consideration resulted in a charge of $2,066 million in Q3 2025, compared to a gain of $2,683 million in Q3 2024[17]. - Interest income for Q3 2025 was $300 million, down from $683 million in Q3 2024, representing a decline of 56.1%[17]. - 100% of NEAT participants have opted to transition to the open label extension study, indicating strong patient engagement[4]. - Total stock-based compensation for the nine months ended September 30, 2025, was $3,914 million, an increase of 8.1% from $3,621 million in the same period of 2024[18].