Quince Therapeutics, Inc. reported a net loss of $15.03 million for the first quarter ended March 31, 2025, an increase from $11.15 million for the same period in 2024. Research and development expenses significantly rose to $8.15 million in Q1 2025 from $3.70 million in Q1 2024, primarily due to costs associated with the Phase 3 NEAT clinical trial.
As of March 31, 2025, the company held $31.60 million in cash, cash equivalents, and short-term investments, a decrease from $40.78 million at December 31, 2024. This cash position is not expected to fund operations for at least the next twelve months, leading management to conclude that substantial doubt exists regarding the company's ability to continue as a going concern.
In response to its cash runway and slower-than-anticipated enrollment, Quince announced a strategic decision to potentially conclude enrollment for its pivotal Phase 3 NEAT clinical trial by the end of June 2025, absent additional funding. This early conclusion is expected to provide approximately 80% statistical power to detect a significant difference in the primary endpoint and allow for topline results by early 2026 while maintaining a positive cash balance.
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