Quince Therapeutics (QNCX) Registration Filing summary

Company overview and business model

• Late-stage biotechnology company focused on therapies for rare diseases using proprietary Autologous Intracellular Drug Encapsulation (AIDE) technology platform, which encapsulates drugs in a patient's own red blood cells for improved delivery and tolerability.

• Lead asset, EryDex, is in Phase 3 and targets Ataxia-Telangiectasia, a rare pediatric neurodegenerative disease.

• Technology platform is applicable to a broad range of small and large molecule drugs and biologics.

Financial performance and metrics

• Net tangible book deficit as of September 30, 2024, was $(19.6) million, or $(0.45) per share.

• After a $75 million offering at $2.10 per share, as adjusted net tangible book value would be $52.6 million, or $0.67 per share, resulting in immediate dilution of $1.43 per share to new investors.

• 43,276,606 shares of common stock outstanding as of September 30, 2024, with up to 84,037,535 shares possible post-offering, depending on sale price and volume.

Use of proceeds and capital allocation

• Net proceeds from offerings will be used for working capital and general corporate purposes, including research and development, general and administrative expenses, and capital expenditures.

• Management has broad discretion over the use of proceeds.