Quince Therapeutics Reports $56.8 Million Net Loss for 2024, Driven by Increased Operating Expenses

Quince Therapeutics, Inc. reported a net loss of $56.8 million for the year ended December 31, 2024, compared to a net loss of $31.4 million in 2023. This increase is primarily attributable to a rise in total operating expenses from $34.6 million to $57.3 million, driven by increased research and development expenses related to the Phase 3 NEAT clinical trial for eDSP, its lead drug candidate. The company also recorded a $17.1 million goodwill impairment charge in 2024, and a $5.9 million intangible asset impairment charge in 2023. Interest income decreased slightly, while other expenses increased due to unrealized losses from foreign exchange rate fluctuations.

Significant changes compared to the previous fiscal year include the acquisition of EryDel S.p.A. in October 2023, which brought eDSP into Quince's portfolio. As of March 24, 2025, 61 participants were enrolled in the Phase 3 NEAT clinical trial for eDSP in Ataxia-Telangiectasia (A-T), with 24 participants in the open-label extension trial. The company also selected Duchenne muscular dystrophy (DMD) as a second development program for eDSP and initiated work on a Phase 2 clinical trial design. Further, Quince established a Scientific Advisory Board and received Fast Track designation from the FDA for its eDSP System for the treatment of A-T.

The company's operational developments include over 7,800 infusions of eDSP in approximately 425 patients, with 188 receiving treatment for at least 12 months. Quince completed a patient sizing project estimating approximately 4,600 A-T patients in the U.S. and 5,000 in the U.K. and EU4 countries. The company's commercialization plan involves establishing a U.S. infrastructure and utilizing a specialty distribution model, while exploring potential strategic partnerships for ex-U.S. rights. The company's manufacturing operations are primarily located in Medolla, Italy, with reliance on several third-party manufacturers for key components.

Quince faces competition from other companies developing treatments for A-T and DMD, including corticosteroids. The company's intellectual property portfolio includes patents and patent applications covering eDSP and its AIDE technology platform. The company's outlook includes completing enrollment of the Phase 3 NEAT clinical trial in the second quarter of 2025, reporting topline results in the fourth quarter of 2025, and initiating a DMD Phase 2 clinical trial in 2025, pending additional funding. The company also plans to prepare for U.S. and European regulatory submissions in 2026, contingent on positive NEAT study results. The company acknowledges substantial doubt regarding its ability to continue as a going concern due to its current cash resources and anticipates needing to raise substantial additional funding.