Quince Therapeutics(QNCX) - 2024 Q4 - Annual Results

Clinical Trials - The Phase 3 NEAT clinical trial has exceeded 50% enrollment with 71 participants screened and 61 randomized, targeting completion in Q2 2025[2] - The NEAT clinical trial is being conducted under a Special Protocol Assessment agreement with the FDA, with topline results expected in Q4 2025[5] - Quince plans to initiate a Phase 2 study for Duchenne muscular dystrophy (DMD) in 2025[4] Financial Performance - The company reported a net loss of $56.8 million, or$1.31 per share, for the fiscal year ended December 31, 2024, compared to a net loss of $31.4 million in 2023[10] - Quince reported cash, cash equivalents, and short-term investments of$40.8 million as of December 31, 2024, expected to fund operations through Phase 3 topline results into 2026[9] - Quince's total liabilities as of December 31, 2024, were $84.3 million, compared to$82.8 million in 2023[15] Expenses - Research and development (R&D) expenses for FY 2024 were 18.6 million, primarily related to the ongoing Phase 3 NEAT clinical trial activities[9] - General and administrative (G&A) expenses for FY 2024 totaled 17.6 million, including personnel-related and stock-based compensation expenses[9] Future Plans - The company expects to submit a New Drug Application (NDA) to the FDA and a Marketing Authorization Application (MAA) to the EMA in 2026, assuming positive study results[5] - A cash milestone payment of $5.0 million was made to EryDel shareholders in Q3 2024 following the enrollment of the first patient in the NEAT study[10]