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Quince Therapeutics(QNCX) - 2024 Q2 - Quarterly Results
QNCXQuince Therapeutics(QNCX)2024-08-13 20:10

Financial Performance - Quince reported a net loss of 27.7millionforQ22024,includinganon−cashgoodwillimpairmentchargeof27.7 million for Q2 2024, including a non-cash goodwill impairment charge of 17.1 million[6]. - The company reported a net loss of 27,729,000forQ22024,comparedtoanetlossof27,729,000 for Q2 2024, compared to a net loss of 4,886,000 in Q2 2023, reflecting a 466% increase in losses[11]. - The net loss per share for Q2 2024 was (0.64),comparedto(0.64), compared to (0.14) in Q2 2023[11]. - Total operating expenses for Q2 2024 were 28,192,000,asignificantincreasefrom28,192,000, a significant increase from 5,584,000 in Q2 2023, representing a 404% rise[11]. - Research and development expenses for Q2 2024 were 4,147,000,upfrom4,147,000, up from 1,353,000 in Q2 2023, indicating a 206% increase[11]. - General and administrative expenses for Q2 2024 totaled 4.7million,includingpersonnel−relatedcostsandcommercialplanning[6].−Totalstock−basedcompensationforQ22024was4.7 million, including personnel-related costs and commercial planning[6]. - Total stock-based compensation for Q2 2024 was 1,223,000, slightly down from 1,321,000inQ22023[11].−InterestincomeforQ22024was1,321,000 in Q2 2023[11]. - Interest income for Q2 2024 was 823,000, compared to 805,000inQ22023,amodestincreaseof2805,000 in Q2 2023, a modest increase of 2%[11]. - Fair value adjustment for contingent consideration in Q2 2024 was 2,220,000, with no such adjustment in Q2 2023[11]. - The company incurred a fair value adjustment for long-term debt of (415,000)inQ22024,withnosuchexpenseinQ22023[11].ClinicalTrialsandResearch−ThecompanyachievedamajormilestonebyenrollingthefirstpatientinthePhase3NEATclinicaltrialforAtaxia−Telangiectasia(A−T),withatargetofapproximately86patientsaged6to9years[2].−TheNEATtrialisarandomized,double−blind,placebo−controlledstudyevaluatingEryDex′sneurologicaleffects,withtoplineresultsexpectedinQ42025[3].−Thecompanyplanstoinitiateaproof−of−conceptstudyforDuchennemusculardystrophy(DMD)in2025,focusingoncapital−efficientstudyapproaches[5].−ResearchanddevelopmentexpensesforQ22024were(415,000) in Q2 2024, with no such expense in Q2 2023[11]. Clinical Trials and Research - The company achieved a major milestone by enrolling the first patient in the Phase 3 NEAT clinical trial for Ataxia-Telangiectasia (A-T), with a target of approximately 86 patients aged 6 to 9 years[2]. - The NEAT trial is a randomized, double-blind, placebo-controlled study evaluating EryDex's neurological effects, with topline results expected in Q4 2025[3]. - The company plans to initiate a proof-of-concept study for Duchenne muscular dystrophy (DMD) in 2025, focusing on capital-efficient study approaches[5]. - Research and development expenses for Q2 2024 were 4.2 million, primarily related to the NEAT clinical trial[6]. Market Opportunity - The estimated number of diagnosed A-T patients in the U.S. has increased to approximately 4,600, representing a global market opportunity exceeding 1billion[4].FinancialPosition−QuinceTherapeuticsreportedcash,cashequivalents,andshort−terminvestmentsof1 billion[4]. Financial Position - Quince Therapeutics reported cash, cash equivalents, and short-term investments of 59.4 million for Q2 2024, expected to fund operations through 2026[6]. - Quince's total assets decreased to 134.8millionasofJune30,2024,downfrom134.8 million as of June 30, 2024, down from 167.9 million at the end of 2023[9]. Strategic Initiatives - The company is evaluating potential strategic partnerships to extend operational runway and support NDA approval for EryDex in the U.S.[5].