Quince Therapeutics Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Quince Therapeutics filed its Q1 2024 10-Q, detailing financial instruments and equity plans.</b>

AI Summary

Quince Therapeutics, Inc. (QNCX) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Quince Therapeutics, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company was formerly known as Cortexyme, Inc. and changed its name on January 4, 2016. The filing includes data related to various financial instruments and equity plans, such as Series A preferred stock, restricted stock units, and employee stock options. Specific dates mentioned include May 19, 2022, October 20, 2023, and April 5, 2023, related to different plans and events. The company's business address is located at 611 Gateway Blvd., Suite 273, South San Francisco, CA 94080.

Why It Matters

For investors and stakeholders tracking Quince Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides an update on Quince Therapeutics' financial position and operational activities for the first quarter of 2024, which is crucial for investors to assess ongoing performance and strategic direction. The inclusion of details on various equity plans and financial instruments offers insight into the company's capital structure, compensation strategies, and potential future liabilities or assets.

Risk Assessment

Risk Level: low — Quince Therapeutics, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update.

Analyst Insight

Monitor future filings for updates on the company's financial performance, R&D progress, and any strategic shifts following this quarterly report.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 2016-01-04 — Name Change Date (Date of former company name change)
• 2022-05-19 — Event Date (One Year Anniversary date mentioned)
• 2023-10-20 — Event Date (EryDel Member date mentioned)

Key Players & Entities

• Quince Therapeutics, Inc. (company) — Filer name
• Cortexyme, Inc. (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• 611 Gateway Blvd., Suite 273, South San Francisco, CA 94080 (address) — Business address
• 415-910-5717 (phone) — Business phone
• 2836 (industry_code) — Standard Industrial Classification
• CA (state) — State of incorporation

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations applicable to biotechnology firms, including those from the FDA and other health authorities.
• Funding and Liquidity [high — financial]: As a biotechnology company, Quince Therapeutics may require significant capital for research and development, impacting its liquidity and financial stability.
• Research and Development Risks [high — operational]: The success of Quince Therapeutics is heavily dependent on the outcome of its research and development programs, which are inherently uncertain and may not result in approved products.
• Market Acceptance [medium — market]: Even if products are developed, their market acceptance and commercial success depend on factors like competition, pricing, and physician/patient adoption.
• Intellectual Property [medium — legal]: Protecting intellectual property rights is critical for biotechnology companies, and any disputes or challenges to patents could adversely affect the company.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share Series A Junior Participati

Filing Documents

• qncx-20240331.htm (10-Q) — 2457KB
• qncx-ex31_1.htm (EX-31.1) — 13KB
• qncx-ex31_2.htm (EX-31.2) — 13KB
• qncx-ex32_1.htm (EX-32.1) — 10KB
• qncx-ex32_2.htm (EX-32.2) — 10KB
• img175908028_0.jpg (GRAPHIC) — 538KB
• img175908028_1.jpg (GRAPHIC) — 107KB
• img175908028_2.jpg (GRAPHIC) — 285KB
• img175908028_3.jpg (GRAPHIC) — 255KB
• img175908028_4.jpg (GRAPHIC) — 305KB
• 0000950170-24-058201.txt (&nbsp;) — 13736KB
• qncx-20240331.xsd (EX-101.SCH) — 1494KB
• qncx-20240331_htm.xml (XML) — 1951KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 8 Condensed Consolidated Balance Sheets 8 Condensed Consolidated Statements of Operations and Comprehensive Loss 9 Condensed Consolidated Statements of Stockholders' Equity 10 Condensed Consolidated Statements of Cash Flows 11 Notes to Unaudited Condensed Consolidated Financial Statements 12 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 44 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 45 Item 1A.

Risk Factors

Risk Factors 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 100 Item 3. Defaults Upon Senior Securities 100 Item 4. Mine Safety Disclosures 101 Item 5. Other Information 101 Item 6. Exhibits 102

Signatures

Signatures 103 1 Special Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy, drug candidates, planned preclinical studies and clinical trials, research and development costs, regulatory approvals, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, forward-looking statements may be identified by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "could," "would," "expect," "objective," "plan," "potential," "seek," "grow," "target," "if," and similar expressions intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions, including risks described in the section titled "Risk Factors" set forth in Part II, Item 1A of this Quarterly Report on Form 10-Q and in our other filings with the SEC. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur, and actual results may differ materially and adversely from those

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. QUINCE THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands except share amounts) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 21,813 $ 20,752 Short-term investments 46,010 54,307 Prepaid expenses and other current assets 2,616 2,381 Total current assets 70,439 77,440 Property and equipment, net 234 234 Operating lease right-of-use assets 576 385 Goodwill 17,245 17,625 Intangible asset 62,253 63,672 Other assets 8,467 8,466 Equity investments in Lighthouse Pharmaceuticals, Inc. 78 78 Total assets $ 159,292 $ 167,900 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable 2,070 $ 2,033 Short-term contingent consideration 4,748 4,103 Accrued expenses and other current liabilities 3,020 3,436 Total current liabilities 9,838 9,572 Long-term debt 13,518 13,429 Long-term operating lease liabilities 480 321 Long-term contingent consideration 55,503 53,603 Deferred tax liabilities 5,177 5,304 Other long-term liabilities 599 587 Total liabilities 85,115 82,816 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.001 par value, 10,000,000 authorized, ( 100,000 shares of which are designated as Series A Junior Participating Preferred Stock), no shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. — — Common stock, $ 0.001 par value, 100,000,000 shares authorized, 43,215,233 and 42,973,215 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively. 43 43 Additional paid in capital 403,102 401,638 Accumulated other comprehensive income 1,825 3,047 Accumulated deficit ( 330,793 ) ( 319,644 ) Total stockholders' equity 74,177 85,084 Total liabilities and stockholders' equity $ 159,292

View Full Filing

View this 10-Q filing on SEC EDGAR