Quince Therapeutics (QNCX) posts $75.5M Q2 loss but boosts cash to $116M

Rhea-AI Filing Summary

Quince Therapeutics reported second-quarter 2026 results highlighted by the completed acquisition of Orphai Therapeutics, which added LAM-001, an inhaled rapamycin candidate for multiple serious pulmonary diseases, to its pipeline. The company has initiated a Phase 2b trial of LAM-001 for pulmonary hypertension associated with interstitial lung disease (PH-ILD) with data anticipated in the first quarter of 2028, and a Phase 2 trial in bronchiolitis obliterans syndrome (BOS) with data expected in the first quarter of 2027, and plans a Phase 2 study in sarcoidosis-associated pulmonary hypertension (SAPH) in late 2026.

To fund these programs, Quince closed a private placement that generated $115 million in gross upfront proceeds and $103.6 million in net proceeds, with up to an additional $83 million possible upon warrant exercises. Cash and cash equivalents were $116 million as of June 30, 2026, and the company expects this to fund operations through the end of 2028. The quarter included significant non-recurring charges: $59.0 million of acquired in-process R&D and a $67.8 million intangible asset impairment (year-to-date), as well as a sharp increase in G&A expenses driven by $9.1 million in non-cash stock-based compensation and $4.4 million in professional fees. Net loss for the quarter was $75.5 million (or $12.31 per share).

Positive

• Closed a private placement providing $115 million in gross upfront proceeds and $103.6 million in net cash, materially strengthening liquidity.
• Ended June 30, 2026 with $116 million in cash and cash equivalents, which the company expects will fund operations through the end of 2028.
• Completed the acquisition of Orphai Therapeutics, adding late-stage pulmonary candidate LAM-001 and expanding the company’s pipeline.
• Advanced LAM-001 into a Phase 2b PH-ILD trial and a Phase 2 BOS trial, with data readouts anticipated in 2027 and 2028.
• Research and development expense declined to $5.5 million from $6.6 million year over year for the quarter, reflecting wind-down of the eDSP program.

Negative

• Reported a quarterly net loss of $75.5 million, significantly higher than the prior-year loss of $16.0 million, driven by acquisition-related and impairment charges.
• Year-to-date operating expenses reached $94.4 million versus $25.3 million a year earlier, including $59.0 million acquired in-process R&D and a $67.8 million intangible asset impairment.
• General and administrative expense rose sharply to $16.6 million from $3.3 million for the quarter, largely from $9.1 million in one-time stock-based compensation and higher professional fees.
• Despite new financing, the company reported a stockholders’ equity deficit of $35.3 million as of June 30, 2026.
• Two reverse stock splits (1-for-10 and 1-for-20) were effected in 2026, leaving only 978,022 common shares outstanding as of June 30, 2026, which may reflect significant historical dilution and restructuring.

Filing Explained

The filing confirms two completed reverse stock splits—1-for-10 on April 10 and 1-for-20 on June 29, 2026—consolidating the common-share count and adjusting per-share figures proportionally, without changing company value from the splits themselves.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net loss (quarter): $75.5 million Net loss per share: $12.31 per share Cash and cash equivalents: $116 million +5 more

8 metrics

Net loss (quarter) $75.5 million Net loss for the three months ended June 30, 2026

Net loss per share $12.31 per share Basic and diluted net loss per share for Q2 2026

Cash and cash equivalents $116 million Cash and cash equivalents as of June 30, 2026

Private placement net proceeds $103.6 million Net upfront proceeds from private placement financing

Potential additional warrant proceeds $83 million Potential proceeds upon exercise of outstanding warrants

R&D expense (quarter) $5.5 million Research and development expense for the three months ended June 30, 2026

G&A expense (quarter) $16.6 million General and administrative expense for the three months ended June 30, 2026

Cash runway Through end of 2028 Company expectation for funding operations with existing cash

Key Terms

reverse stock split, acquired in-process research and development, bronchiolitis obliterans syndrome, pulmonary hypertension associated with interstitial lung disease, +2 more

6 terms

reverse stock split financial

"Quince effected a reverse stock split ... at a ratio of 1-for-10 ... and 1-for-20."

A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.

acquired in-process research and development financial

"Acquired in-process research and development | | | 59,000 |"

Acquired in-process research and development is the unfinished scientific work and product programs a company buys from another firm as part of a deal — think of it as buying an unfinished prototype and the team working on it. Investors care because the buyer is paying for future potential that may never materialize; that payment often shows up as a large one-time cost and signals higher risk and reward tied to future products rather than current sales.

bronchiolitis obliterans syndrome medical

"a Phase 2 study in bronchiolitis obliterans syndrome post lung transplant (BOS)"

pulmonary hypertension associated with interstitial lung disease medical

"Phase 2b trial of LAM-001 for the treatment of pulmonary hypertension associated with interstitial lung disease (PH-ILD)"

High blood pressure in the vessels of the lungs that develops because the lung tissue has become scarred or inflamed; think of the heart trying to push blood through lungs whose tiny pipes have narrowed or stiffened. It matters to investors because this combined condition creates a clear medical need that can drive demand for new drugs, devices and tests, influence the outcome of clinical trials and regulatory decisions, and affect costs and revenues across healthcare companies.

mTOR pathway medical

"Inhibition of the mTOR pathway via LAM-001 has the potential to offer PH-ILD and BOS patients"

contingent consideration financial

"Fair value adjustment for contingent consideration | | | — |"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

Earnings Snapshot

Net loss (quarter): $75.5 million · Guidance included

Quarter and six months ended June 30, 2026

Net loss (quarter) $75.5 million Higher loss versus $16.0 million in the prior-year quarter due to acquisition-related charges and fair value adjustments.

R&D expense (quarter) $5.5 million Decreased from $6.6 million in the prior-year quarter, mainly from lower eDSP program costs.

G&A expense (quarter) $16.6 million Increased from $3.3 million in the prior-year quarter driven by non-cash stock-based compensation and higher professional fees.

Total operating expenses (YTD) $94.4 million Significantly above $25.3 million in the prior-year period, including $59.0 million acquired IPR&D and $67.8 million impairment.

Cash and cash equivalents $116 million Up from $17.8 million at December 31, 2025, reflecting private placement proceeds and transaction effects.

Guidance

The company expects its cash and cash equivalents balance to fund operations through the end of 2028.

FAQ

What were Quince Therapeutics (QNCX) second-quarter 2026 financial results?

Quince reported a net loss of $75.5 million, or $12.31 per share, for the quarter ended June 30, 2026. Results were driven by large acquisition-related charges and higher operating expenses tied to the Orphai deal and restructuring.

How much cash does Quince Therapeutics (QNCX) have and what is the runway?

Quince had $116 million in cash and cash equivalents as of June 30, 2026. Management expects this cash balance, bolstered by recent financing, to be sufficient to fund operations through the end of 2028.

What financing did Quince Therapeutics (QNCX) complete in 2026?

Concurrent with the Orphai acquisition, Quince closed a private placement with $115 million in gross upfront proceeds and $103.6 million in net proceeds, plus potential for up to $83 million more from warrant exercises.

What is LAM-001 and which trials is Quince Therapeutics (QNCX) running?

LAM-001 is an inhaled formulation of rapamycin targeting the mTOR pathway in serious pulmonary diseases. It is in Phase 2b for PH-ILD, Phase 2 for BOS, with a Phase 2 SAPH study planned for late 2026.

How did expenses change for Quince Therapeutics (QNCX) in Q2 2026?

R&D expense fell to $5.5 million from $6.6 million, but G&A rose to $16.6 million from $3.3 million, driven by $9.1 million in non-cash stock-based compensation and higher professional fees.

What is Quince Therapeutics’ (QNCX) balance sheet position after the Orphai acquisition?

As of June 30, 2026, Quince reported $124.0 million in total assets, $15.5 million in total liabilities, $143.8 million of Series C redeemable convertible preferred stock, and a stockholders’ equity deficit of $35.3 million.

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Understanding 8-K Material Events →

Available on EDGAR 08/14/2026 - 08:22 AM Accepted by SEC EDGAR 08/14/2026 - 08:21 AM Learn about SEC filing dates

false 0001662774 0001662774 2026-08-14 2026-08-14

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 14, 2026

QUINCE THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-38890		90-1024039
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

611 Gateway Boulevard, Suite 273
South San Francisco, California				94080
(Address of principal executive offices)				(Zip Code)

Registrant’s telephone number, including area code: (415) 910-5717

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13d-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		QNCX		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On August 14, 2026, Quince Therapeutics, Inc. (the “Company”) announced its financial results for the quarter ended June 30, 2026 and provided recent business highlights. A copy of the press release issued in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly provided by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Description
99.1		Press Release issued by Quince Therapeutics, Inc. dated August 14, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Quince Therapeutics, Inc.
				By:		/s/ Dirk Thye
Date: August 14, 2026				Name:		Dirk Thye
				Title:		Chief Executive Officer

Exhibit 99.1

Quince Therapeutics Reports Second Quarter 2026 Financial Results and Corporate Update

Completed acquisition of Orphai Therapeutics, adding LAM-001, an inhaled formulation of rapamycin for the treatment of multiple serious, underserved pulmonary diseases, to pipeline

LAM-001 Phase 2b data in PH-ILD anticipated in the first quarter of 2028; Phase 2 data in BOS anticipated in the first quarter of 2027

Closed private placement financing, receiving $115 million in upfront gross proceeds, with potential for up to an additional $83 million upon exercise of warrants (including warrants issued to former Orphai stockholders)

Cash and cash equivalents of $116 million as of June 30, 2026, expected to fund operations through the end of 2028

South San Francisco, CA, August 14, 2026 – Quince Therapeutics, Inc. (Nasdaq: QNCX), a clinical stage biopharmaceutical company focused on the development of novel, disease modifying therapies for serious underserved diseases, today provided a business update and reported financial results for the second quarter ended June 30, 2026.

“This was a transformational quarter for the company with a renewed focus on a differentiated, late-stage pulmonary pipeline anchored by LAM-001 as well as a strengthened balance sheet to support our development plans,” said Dr. Brigette Roberts, former CEO of Orphai Therapeutics and Chief Corporate Affairs Officer of Quince Therapeutics. “We are pleased to have initiated the Phase 2b trial of LAM-001 for the treatment of pulmonary hypertension associated with interstitial lung disease (PH-ILD), and look forward to releasing top line bronchiolitis obliterans syndrome post lung transplant (BOS) data in the first quarter of next year. Inhibition of the mTOR pathway via LAM-001 has the potential to offer PH-ILD and BOS patients a new treatment option that is designed to target and potentially reverse key elements of the underlying pathophysiology of these devastating diseases.”

Second Quarter and Recent Business Highlights

• Completed Orphai acquisition and closed a concurrent $115 million private placement financing. On May 18, 2026, Quince completed a stock-for-stock merger to acquire Orphai, a clinical-stage biotechnology company, bringing Orphai’s lead program, LAM-001, an inhaled formulation of rapamycin (an mTOR inhibitor), into the pipeline. LAM-001 is being developed for the treatment of serious, underserved pulmonary diseases, including PH-ILD, BOS, and sarcoidosis-associated pulmonary hypertension (SAPH).

Concurrent with the acquisition, Quince entered into a definitive agreement for a private placement financing with gross upfront proceeds of $115 million, yielding net proceeds of $103.6 million after deducting placement agent and other offering expenses of $11.4 million, for the purchase of shares of Series C non-voting convertible preferred stock and up to an additional $83 million upon the exercise of warrants (including warrants issued to former Orphai stockholders).

• Advancing the LAM-001 clinical program. Clinical sites have been activated and the company is actively screening subjects for its Phase 2b trial of LAM-001 in PH-ILD. Topline data is anticipated in the first quarter of 2028. The company also continues to expect data from the Phase 2 trial of LAM-001 in BOS in the first quarter of 2027. The Phase 2 trial of LAM-001 in SAPH is anticipated to begin in late 2026, with data expected in the fourth quarter of 2028.

• Presented new LAM-001 Phase 2a data at the American Thoracic Society (ATS) Conference. Data from the Phase 2a trial of LAM-001 in 10 adult patients with PAH and PH-ILD demonstrated clinically meaningful improvement across functional, hemodynamic, and biomarker measures of disease. A mean improvement in six-minute walk distance (6MWD) of 67.4 meters and a mean reduction in pulmonary vascular resistance (PVR) (supine) of 33.9% at 24 weeks were seen in PH-ILD patients. A mean 6MWD improvement of 81.3 meters and a mean reduction in PVR (supine) of 28.1% were seen in the combined evaluable population of PAH and PH-ILD patients.The drug was generally well tolerated in both populations.

• Formed Scientific Advisory Board (SAB). Appointed five internationally recognized experts in pulmonary medicine to an SAB – Dr. Paul Yu, Dr. Aaron Waxman, Dr. Steven Nathan, Dr. Steve Hays, and Dr. Robert Baughman – who Quince believes will be instrumental in helping to progress the development of LAM-001 across multiple pulmonary indications.

Second Quarter 2026 Financial Results

Cash position: Cash and cash equivalents were $116 million as of June 30, 2026, which reflects the $103.6 million in net upfront proceeds from the private placement. The Company expects that its cash position will be sufficient to fund operations through the end of 2028.

Research and development (R&D) expense: R&D expense for the three months ended June 30, 2026 was $5.5 million, compared to $6.6 million for the three months ended June 30, 2025. The decrease in R&D expense is primarily due to the decrease in the eDSP program costs due to the wind down of the program. LAM-001 costs increased $0.8 million as a result of study start-up costs.

General and administrative (G&A) expense: G&A expense for the three months ended June 30, 2026 was $16.6 million, compared to $3.3 million for the three months ended June 30, 2025. The increase in G&A expense is due to $9.1 million in non-cash stock based compensation due to a one-time charge due to the assumption of historical options upon the closing of the acquisition and an increase of $4.4 million in professional fees due to the Quince restructuring prior to the completion of the acquisition.

Net loss: Quince reported a net loss of $75.5 million, or net loss per share of $12.31 per basic and diluted share, for the three months ended June 30, 2026, compared to a net loss of $16.0 million, or net loss per share of $68.75 per basic and diluted share for the three months ended June 30, 2025.

Shares outstanding: 978,022 shares of common stock were outstanding as of June 30, 2026.

On April 10, 2026, Quince effected a reverse stock split of all shares of its issued and outstanding common stock at a ratio of 1-for-10. On June 29, 2026, Quince effected a reverse stock split of all shares of its issued and outstanding common stock at a ratio of 1-for-20. All issued and outstanding shares of common stock and share-based awards’ exercise prices and per share data herein have been adjusted, on a retrospective basis, to reflect the reverse stock splits. The number of authorized shares and par value of the common stock were not adjusted because of the reverse stock splits.

About LAM-001

LAM-001 is a proprietary, investigational, once-daily inhaled formulation of rapamycin, also known as sirolimus. LAM-001’s potential as a disease-modifying agent in PH stems from its ability to inhibit mTOR-mediated pulmonary arterial smooth muscle cell proliferation, to limit endothelial cell dysfunction, and to suppress inflammatory signaling, leading to improvement in pulmonary vascular remodeling. The mTOR pathway has been shown to be activated in pulmonary arteries of patients with PH, and mTOR inhibition with rapamycin has been shown to reverse smooth muscle cell hyperproliferation and to attenuate pulmonary vascular remodeling and cardiopulmonary dysfunction in multiple published nonclinical models. Additionally, in published non-clinical studies, hyperactive mTOR signaling has been shown to promote fibroblast activation, myofibroblast differentiation, and extracellular matrix deposition in injured or inflamed lung tissue, and mTOR inhibition has been shown to exert direct antifibrotic activity, suppressing profibrotic cytokine signaling, reducing collagen accumulation, and attenuating parenchymal fibrosis. These effects are particularly relevant in PH-ILD, where vascular remodeling and progressive fibrosis evolve in parallel and amplify pulmonary vascular load. LAM-001 is designed to enhance pulmonary delivery and to reduce systemic exposure of rapamycin, offering a promising, potentially disease-modifying, therapy for multiple pulmonary diseases.

LAM-001 is currently being studied in multiple indications including PH-ILD, a serious and progressive condition affecting an estimated 200,000 patients between the U.S. and Europe. Based on compelling Phase 2a data presented at the American Thoracic Society (ATS) in May 2026, the company has advanced LAM-001 into a Phase 2b PH-ILD trial and data is anticipated in the first quarter of 2028. LAM-001 is also being evaluated in a Phase 2 study in bronchiolitis obliterans syndrome post lung transplant (BOS), a serious complication with an estimated prevalence of ~30K patients between the U.S. and Europe by 2032. The trial is fully enrolled, and data is anticipated in the first quarter of 2027. In late 2026, the company also plans to initiate a Phase 2 study of LAM-001 in sarcoidosis-associated pulmonary hypertension (SAPH), a severe complication of pulmonary sarcoidosis with no approved therapy, that affects an estimated ~60K patients in the U.S. and Europe.

About Quince Therapeutics, Inc.

Quince Therapeutics, Inc. is committed to transforming the lives of patients facing serious, underserved diseases by developing disease-modifying therapies to treat their conditions. The company is currently developing LAM-001 for the treatment of PH-ILD, BOS, and SAPH. A Phase 2a study in PH patients has been completed, a Phase 2 clinical study in BOS patients is ongoing, a Phase 2b study in PH-ILD is ongoing, and a Phase 2 study in SAPH is anticipated to begin in late 2026. By pioneering innovative approaches, the company aims to offer new hope and improved quality of life to patients worldwide.

Forward-Looking Statements

Statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as “believe,” “may,” “should,” “expect,” “anticipate,” “plan,” “believe,” “estimated,” “potential,” “intend,” “will,” “can,” “seek,” or other similar words. Examples of forward-looking statements include, among others, statements relating to the design and potential benefits of LAM-001, including as a disease-modifying therapy for pulmonary disease; anticipated regulatory and development processes and timelines, including the expected timing to initiate the planned Phase 2 trial of LAM-001 in SAPH, the expected timing for data readouts from the ongoing Phase 2 trial of LAM-001 in BOS and the ongoing Phase 2b trial of LAM-001 in PH-ILD; the Phase 2a data of LAM-001 in PAH and PH-ILD supporting continued development of LAM-001 in PH-ILD and the potential benefit across exercise capacity, pulmonary hemodynamics, cardiac stress and lung function; observed improvements in 6MWD and PVR in the Phase 2a trial potentially suggesting broader effects on cardiopulmonary physiology; the estimated patient populations in the U.S. and Europe for PH-ILD, BOS and SAPH; the potential advantages of mTOR inhibitors in PH-ILD, BOS and SAPH; and the company’s anticipated cash runway. Forward-looking statements are based on Quince’s current expectations and are subject to inherent uncertainties, risks, and assumptions that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to: clinical results may not be indicative of results that may be observed in the future, including in larger

populations; potential safety and other complications related to LAM-001; the ability to obtain and maintain regulatory approval; competition in the company’s industry; the scope, progress and expansion of developing LAM-001; the size and growth of the market(s) therefor and the rate and degree of market acceptance thereof vis-à-vis alternative therapies; the company’s ability to attract or retain key management, members of the board of directors and other personnel; the company’s ability to fund its operations and clinical development plans, including its anticipated cash runway; the impacts of general macroeconomic and geopolitical conditions on the company’s business and financial position; and other risks and uncertainties described in the section titled “Risk Factors” in the company’s Amendment No. 2 to its Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on July 30, 2026 and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.

		Three Months Ended March 31,								Six Months Ended June 30,
		2026				2025				2026				2025
Operating expenses:
Research and development			5,461				6,553				12,306				14,698
Acquired in-process research and development			59,000				—				59,000				—
General and administrative			16,626				3,342				20,893				8,131
Gain on Orphai Acquisition			(1,305	)			—				(1,305	)			—
Intangible asset impairment charge			—				—				67,808				—
Fair value adjustment for contingent consideration			—				532				(64,330	)			2,456
Total operating expenses			79,782				10,427				94,372				25,285
Loss from operations			(79,782	)			(10,427	)			(94,372	)			(25,285	)
Fair value adjustment for debt			—				(501	)			12,168				(945	)
Fair value adjustment for warrants			4,507				(4,464	)			35,623				(4,464	)
Warrant issuance costs			(874	)			(872	)			(874	)			(872	)
Interest income			584				311				744				717
Other income (expense), net			152				(29	)			1,871				(116	)
Net income (loss) before income tax expense			(75,413	)			(15,982	)			(44,840	)			(30,965	)
Income tax benefit (expense)			(75	)			(67	)			5,264				(114	)
Net loss		$	(75,488	)		$	(16,049	)		$	(39,576	)		$	(31,079	)
Net loss per share - basic and diluted (1)		$	(12.31	)		$	(68.75	)		$	(12.01	)		$	(137.17	)
Weighted-average common shares outstanding - basic and diluted (1)			6,132,845				233,431				3,295,727				226,571
		June 30, 2026				December 31, 2025
Cash, cash equivalents, and investments		$	115,981			$	17,752
Total assets			123,995				93,523
Total liabilities			15,508				129,237
Series C Redeemable Convertible Preferred Stock			143,811				—
Total stockholders’ equity (deficit)			(35,324	)			(35,714	)

⁽¹⁾  Adjusted prior period net loss per share and weighted average of common shares outstanding to reflect the 1-for-10 reverse stock split effected on April 10, 2026 and the 1-for-20 reverse stock split effected on June 29, 2026

Contacts

Corey Davis, Ph.D.

LifeSci Advisors, LLC

cdavis@lifesciadvisors.com

212-915-2577

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 56.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 17.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.0 KB