Quince Therapeutics Inc
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Quince Therapeutics Inc AI Insights
Informational only. Not investment advice.Snapshot
- Zero revenue pre-commercial biotech burning 39M FCF TTM with only 6.5M cash - under 2 months runway without financing[Cash and Equivalents]
- Goodwill/intangibles of 67.7M represent 64x total equity (1.1M) - balance sheet dominated by acquired assets at risk of impairment[Goodwill and Other Intangible Assets]
- Debt/equity ratio of 17x with 17.5M current debt due - equity cushion nearly exhausted at 1.1M book value[Debt to Equity]
Watch Triggers
- Cash and Equivalents: Falls below 5M or no financing announced within 60 days — Triggers going concern risk and potential bankruptcy or fire-sale
- Issuance of Capital Stock: Equity raise >20M announced — Signals runway extension but confirms dilution magnitude
- Research and Development TTM: Drops >30% from 28.6M baseline — Pipeline cuts indicate strategic retreat or failed trials
Bull Case
R&D spend of 28.6M TTM (65% of opex) focused on pipeline - successful clinical readout could transform valuation from 237M market cap
Enterprise value of 249M implies modest premium for pipeline optionality if financing secured and trials advance
Bear Case
Negative tangible book value (-66.7M) with 17x debt/equity signals equity is effectively worthless absent clinical success
Cash burn of 39M/year with 6.5M on hand forces near-term financing at distressed terms - severe dilution risk
Bull vs Bear Balance
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Forward Thesis
Imminent dilution or restructuring required - cash runway under 2 months at current burn rate
- 6.5M cash vs 39M annual FCF burn
- 17.5M current debt maturing
- Only 1.4M equity issuance TTM insufficient
Valuation Context
Caveats
QNCX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$375.41M | — | ||
$357.65M | — | ||
0.00 | — | ||
$0 | — | ||
$-210.00 | — | ||
0% | — | ||
0% | — | ||
$-39.66M | — | ||
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
QNCX Dividend History
QNCX Stock Splits
QNCX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/11/26 | 03/31/26 | 10-Q | |
04/10/26 | 12/31/25 | Unknown | |
11/12/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/13/25 | 03/31/25 | 10-Q | |
03/24/25 | 12/31/24 | 10-K | |
11/13/24 | 09/30/24 | 10-Q | |
08/13/24 | 06/30/24 | 10-Q | |
05/13/24 | 03/31/24 | 10-Q | |
04/01/24 | 12/31/23 | 10-K | |
11/14/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/15/23 | 03/31/23 | 10-Q | |
03/15/23 | 12/31/22 | 10-K | |
11/09/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/12/20 | 09/30/20 | 10-Q | |
08/14/20 | 06/30/20 | 10-Q | |
05/12/20 | 03/31/20 | 10-Q | |
03/16/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
06/12/19 | 03/31/19 | 10-Q | |
05/09/19 | 12/31/18 | 424B4 | |
11/12/19 | 09/30/18 | 10-Q | |
08/09/19 | 06/30/18 | 10-Q | |
06/12/19 | 03/31/18 | 10-Q |