Quince Therapeutics, Inc.

What they do

Quince completed the NEAT Phase 3 trial of its prior lead asset eDSP in ataxia-telangiectasia in January 2026; the primary endpoint did not reach statistical significance, and the company stated eDSP does not appear effective in A-T or other indications. On May 18, 2026, it acquired Orphai Therapeutics and pivoted to Orphai's lead asset LAM-001, a proprietary inhaled dry powder formulation of rapamycin (an mTOR inhibitor). It is now developing LAM-001 for pulmonary hypertension associated with interstitial lung disease (PH-ILD), bronchiolitis obliterans syndrome post lung transplant (BOS), and sarcoidosis-associated pulmonary hypertension (SAPH).

Revenue drivers

• LAM-001 in PH-ILD — Lead pipeline program; a Phase 2b trial has activated clinical sites and is screening subjects, with topline data anticipated in the first quarter of 2028. No product revenue is generated today.
• LAM-001 in BOS — Phase 2 trial ongoing, with data expected in the first quarter of 2027; represents the nearest-term clinical readout for the company.
• LAM-001 in SAPH — Phase 2 trial anticipated to begin in late 2026, with data expected in the fourth quarter of 2028.
• Legacy eDSP / AIDE technology — The company stated eDSP does not appear effective in A-T and that it cannot continue development; management does not expect meaningful consideration from any sale of these assets.

Recent performance

Quince reported a net loss of $84.0 million for fiscal 2025, with diluted EPS of $-1.68 and operating cash flow of $-41.4 million. On June 30, 2026, cash and cash equivalents were $116.0 million, reflecting $103.6 million in net upfront proceeds from the May 2026 private placement. Total assets were $124.0 million and total liabilities $15.5 million at June 30, 2026, producing shareholders' equity of $-35.3 million. The company also completed two reverse stock splits, a 1-for-10 split effective April 10, 2026 and a 1-for-20 split effective June 29, 2026. The 8-K event list since the 10-K includes a delisting notice or listing-rule failure on September 4, 2026 and several director or officer changes.

Strategy

Following the failed NEAT trial, Quince engaged LifeSci Capital in February 2026 as exclusive financial advisor to evaluate strategic alternatives, initially focused on a reverse merger. The May 2026 Orphai acquisition and concurrent $115 million private placement, raising up to $187.0 million including warrants, repositioned the company around LAM-001. Management states cash is sufficient to fund operations through the end of 2028, supporting the PH-ILD Phase 2b, BOS Phase 2, and planned SAPH Phase 2 trials. The company formed a Scientific Advisory Board with five pulmonary medicine experts to support LAM-001 development. A 10-Q reference cites Amendment No. 2 to a Current Report on Form 8-K filed July 30, 2026 as a factor affecting forward-looking statements.

Risks

• Single-asset dependence — The pipeline now depends entirely on LAM-001 after eDSP failed its Phase 3 NEAT trial and the company stated it has no other current product candidates.
• Negative shareholder equity — Shareholders' equity was negative $35.3 million as of June 30, 2026, despite $116.0 million in cash and cash equivalents.
• Nasdaq listing failure — An 8-K filed September 4, 2026 disclosed a delisting notice or listing-rule failure, raising the prospect of losing the Nasdaq listing.
• Financing and warrant overhang — The May 2026 financing relies partly on up to approximately $83 million from future warrant exercises, which may or may not occur, and the company states it may need additional funding.

Outlook

Management expects topline BOS data from the LAM-001 Phase 2 trial in the first quarter of 2027 and PH-ILD Phase 2b topline data in the first quarter of 2028. The SAPH Phase 2 trial is anticipated to begin in late 2026 with data expected in the fourth quarter of 2028. Quince states its $116 million cash position will fund operations through the end of 2028.