Quince Therapeutics Announces Closing of Up to $22 Million Private Placement of Securities

Financing priced at a premium; led by healthcare-focused institutional investor Nantahala Capital with participation from existing Quince stockholders including ADAR1 Capital Management, along with members of Quince’s senior management

Cash runway now extends through Phase 3 NEAT into at least the second quarter of 2026

Phase 3 NEAT enrollment momentum continues with 95 total participants enrolled to date; topline results expected in first quarter of 2026

Quince Therapeutics, Inc. (Nasdaq: QNCX) (“Quince” or the “Company”), a late-stage biotechnology company dedicated to unlocking the power of a patient’s own biology for the treatment of rare diseases, today announced the closing of its previously announced sale and issuance to certain institutional and accredited investors, of its common stock (or pre-funded warrants in lieu thereof), and accompanying common warrants (“Warrants”) that resulted in approximately $11.5 million in upfront proceeds and potential additional proceeds of up to $10.4 million if the accompanying Warrants are exercised in full for cash, before deducting placement agent fees and other private placement expenses.

The private placement priced at a premium and was led by healthcare-focused institutional investor Nantahala Capital with participation from existing Quince stockholders including ADAR1 Capital Management, along with members of Quince’s senior management.

Dirk Thye, M.D., Quince’s Chief Executive Officer and Chief Medical Officer, said, “We are pleased to secure additional financing that allows us to complete enrollment of our pivotal Phase 3 NEAT clinical trial and extend our cash runway beyond topline results. This transaction reflects a significant commitment from high caliber healthcare investors who believe in our technology platform and Phase 3 asset, eDSP. Success in our lead indication of Ataxia-Telangiectasia (A-T) would demonstrate our ability to deliver corticosteroid efficacy without toxicity and would expand opportunities for pursuing additional indications for both rare and non-rare diseases.”

Quince intends to use the net proceeds of this offering for working capital and general corporate purposes, including funding the ongoing enrollment of the Company’s pivotal Phase 3 NEAT (Neurological Effects of eDSP on Subjects with A-T; NCT06193200/IEDAT-04-2022) clinical trial in A-T, research and development expenses, general and administrative expenses and capital expenditures. The net upfront proceeds from the private placement, combined with Quince’s current cash, cash equivalents, and short-term investments of $31.6 million as of March 31, 2025, are expected to fund the Company’s operations into the second quarter of 2026, or the second half of 2026 if the Warrants are exercised in full for cash. In addition, the Company expects to use proceeds to continue to expand and accelerate its development pipeline by funding new program expansion into Duchenne muscular dystrophy and other high priority rare disease indications for its lead asset eDSP.

The Company continues to make meaningful progress in enrolling participants in its pivotal Phase 3 NEAT clinical trial. Key highlights to date include:

• A total of 95 participants have been enrolled, including 77 participants in the six to nine year-old primary analysis population and 18 participants aged 10 years or older.
• All 39 NEAT participants to date have elected to transition to the NEAT open label extension (OLE) study (NCT06664853/IEDAT-04-2022). Participants who complete the full treatment period, complete study assessments, and provide informed consent are eligible to transition to the OLE study.
• Quince expects to report topline results from the Phase 3 NEAT clinical trial in the first quarter of 2026. Assuming positive study results, the Company plans to submit a New Drug Application to the U.S. Food and Drug Administration (FDA) in the second half of 2026.
• Quince was granted FDA Fast Track designation for the Company’s eDSP System for the treatment of patients with A-T based on the potential for eDSP to address a high unmet medical need.
• NEAT is an international, multicenter, randomized, double-blind, placebo-controlled clinical trial to evaluate the neurological effects of Quince’s lead asset, eDSP (dexamethasone sodium phosphate [DSP] encapsulated in autologous red blood cells; previously referred to as EryDex) in patients with A-T.
• Participants are randomized (1:1) between eDSP or placebo and treatment consists of six infusions scheduled once every 21 to 30 days. The primary efficacy endpoint will be measured by the change from baseline to last efficacy visit in the rescored modified International Cooperative Ataxia Rating Scale (RmICARS) compared to placebo.

About the Private Placement

At the closing, the Company issued to the investors an aggregate of 6,671,928 shares of common stock, 2,000,000 pre-funded warrants and accompanying Warrants to purchase an aggregate of 8,671,928 shares of common stock (or pre-funded warrants in lieu thereof), at a combined purchase price of $1.325 per share (or $1.324 per pre-funded warrant) and accompanying Warrant (representing a 10% premium over the $1.20 closing price per share of the Company’s common stock on June 11, 2025). The accompanying Warrants have an exercise price of $1.20 per share and are exercisable immediately. The Warrants will expire five years from the date of issuance.

Citizens Capital Markets acted as the lead placement agent for the private placement. Maxim Group LLC and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-placement agents for the private placement.

The securities issued in connection with the private placement described above were offered in a private placement and were not registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state or other applicable jurisdictions’ securities laws, and were not offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state or other jurisdictions’ securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Quince Therapeutics

Quince Therapeutics, Inc. (Nasdaq: QNCX) is a late-stage biotechnology company dedicated to unlocking the power of a patient’s own biology for the treatment of rare diseases. For more information on the Company and its latest news, visit www.quincetx.com and follow Quince on social media platforms LinkedIn, Facebook, X, and YouTube.

Forward-looking Statements

Statements made in this news release that are not statements of historical or current facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this news release regarding the receipt of additional gross proceeds if the accompanying Warrants are exercised in full; the achievement of positive clinical trial results and approval of the eDSP by the FDA; the Company’s intended use of the proceeds from the private placement, including the expected funding of new program expansion into Duchenne muscular dystrophy and other high priority rare disease indications for its lead asset eDSP; the potential for expanded opportunities for pursuing additional indications for both rare and non-rare diseases if A-T is successful; the Company’s expectation that the net proceeds from the closing of the private placement, combined with its current cash, cash equivalents and marketable securities, will fund its operating and capital expenditures into the second quarter of 2026, or the second half of 2026 if all Warrants are exercised for cash; and the Company’s strategy, future operations, future financial position, projected expenses, expected timing and results of clinical trials, prospects, plans and objectives of management constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks and uncertainties related to: cost, timing, progress and results of the pivotal Phase 3 NEAT clinical trial in A-T indication and potential future trials in other indications; the Company’s ability to obtain FDA approval and successfully commercialize its product candidate; the satisfaction of customary closing conditions related to the proposed private placement and the impact of general economic, industry or political conditions in the United States or internationally, the current or evolving effects of macroeconomic conditions, on Quince’s business operations and activities. There can be no assurance that the Company will be able to complete the proposed private placement on acceptable terms, or at all. Quince’s actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of Quince’s most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of its Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. Quince undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.

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