Quince Therapeutics(QNCX) - 2024 Q3 - Quarterly Results

Clinical Trials - Quince Therapeutics has enrolled 32 patients in the Phase 3 NEAT clinical trial for Ataxia-Telangiectasia (A-T), with plans to enroll approximately 86 patients aged six to nine years and 20 patients aged 10 years or older[2][3]. - The company expects to complete enrollment in the second quarter of 2025 and report topline results in the fourth quarter of 2025, with NDA and MAA submissions planned for 2026, assuming positive study results[5]. - Quince plans to initiate a Phase 2 clinical trial for EryDex in Duchenne muscular dystrophy (DMD) in 2025, targeting patients with corticosteroid intolerance[9][10]. Financial Performance - Quince reported a net loss of $5.5 million, or$0.13 per share, for the third quarter of 2024, with weighted average shares outstanding of 43.2 million[11]. - The company reported cash, cash equivalents, and short-term investments of $47.8 million as of September 30, 2024, which is expected to fund operations through the Phase 3 NEAT topline results and into 2026[11]. - The total assets of Quince Therapeutics decreased from$167.9 million as of December 31, 2023, to 126.5 million as of September 30, 2024[15][16]. Research and Development Expenses - Research and development (R&D) expenses for the third quarter of 2024 were 4.9 million, primarily related to the ongoing Phase 3 NEAT clinical trial[11]. - Research and development expenses for Q3 2024 were $338 million, down from$386 million in Q3 2023, a decrease of about 12.4%[18]. General and Administrative Expenses - Quince's general and administrative (G&A) expenses for the third quarter of 2024 were $3.6 million, which included personnel-related and stock-based compensation expenses[11]. - General and administrative expenses for Q3 2024 were$786 million, compared to $945 million in Q3 2023, reflecting a decrease of approximately 16.8$1,124 million, compared to $1,331 million in Q3 2023, representing a decline of approximately 15.6$3,621 million, down from $4,134 million for the same period in 2023, a decrease of about 12.4$5 million to EryDel shareholders in the third quarter of 2024 following the enrollment of the first patient in the NEAT study[12]. - The company has identified additional potential rare disease indications for EryDex, including autoimmune hepatitis and dermatomyositis, among others[10].