The firm's financial stability is precarious, with total assets declining significantly from $180.2 million in 2023Q4 to $26.6 million by 2026Q1, while accumulated deficits have ballooned to $424.5 million.
| Total Current Assets | 25.58M | 22.9M | 44.04M | 77.44M | 93.75M | 111.67M | 137.86M | 106.06M | 72.58M | 7.54M |
| Cash & Short-Term Investments | 18.16M | 17.75M | 40.78M | 75.06M | 90.18M | 106.8M | 133.82M | 99.86M | 71.72M | 7.34M |
| Cash Only | 18.16M | 5.81M | 6.21M | 20.75M | 44.58M | 69.72M | 66.84M | 51.21M | 24.87M | 7.34M |
| Short-Term Investments | 0 | 11.94M | 34.57M | 54.31M | 45.6M | 37.08M | 66.98M | 48.65M | 46.84M | 0 |
| Accounts Receivable | 5.27M | 3.62M | 882K | 993K | 0 | 1.13M | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.31M | 1.52M | 84K | 81K | 2.37M | 367K | 694K | 688K | 821K | 143K |
| Total Non-Current Assets | 1.04M | 70.63M | 70.44M | 102.76M | 10.16M | 21.55M | 51.6M | 18.31M | 293K | 181K |
| Property, Plant & Equipment | 965K | 1.05M | 813K | 619K | 684K | 1.43M | 1.1M | 1.33M | 283K | 122K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 17.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 67.82M | 60.05M | 63.67M | 5.9M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 312K | 78K | 78K | 78K | 3.58M | 19.93M | 50.46M | 16.76M | 0 | 0 |
| Other Non-Current Assets | 0 | 1.68M | 9.51M | 8.47M | 3.58M | 194K | 39K | 217K | 10K | 59K |
| Total Assets | 26.62M | 93.52M | 114.48M | 180.2M | 103.91M | 133.23M | 189.47M | 124.37M | 72.88M | 7.72M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - | - |
| Asset Growth % | -119.65% | -18.3% | -36.47% | 73.42% | -22.01% | -29.68% | 52.34% | 70.66% | 844.26% | - |
| Total Current Liabilities | 8.77M | 43.23M | 7.28M | 9.57M | 3.07M | 14.22M | 17M | 8.89M | 1.46M | 1.76M |
| Accounts Payable | 5.39M | 2.22M | 2.9M | 2.03M | 570K | 4.91M | 3.56M | 3.08M | 495K | 517K |
| Days Payables Outstanding | 16.42K | 5.71K | - | - | - | - | - | - | 3.54K | 4.19K |
| Short-Term Debt | 113K | 18.03M | 0 | 64K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.39M | 22.98M | 308K | 5.13M | 916K | 180K | 10.79M | 0 | 0 | 0 |
| Current Ratio | 2.92x | 0.53x | 6.05x | 8.09x | 30.55x | 7.85x | 8.11x | 11.93x | 49.82x | 4.28x |
| Quick Ratio | 2.92x | 0.53x | 6.05x | 8.09x | 30.55x | 7.85x | 8.11x | 11.93x | 49.82x | 4.28x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 2.18M | 86.01M | 77.05M | 85.55M | 248K | 420K | 208K | 3.08M | 495K | 26.23M |
| Long-Term Debt | 0 | 330K | 14.32M | 13.43M | 0 | 0 | 0 | 0 | 0 | 7.17M |
| Capital Lease Obligations | 1.37M | 0 | 394K | 321K | 0 | 420K | 208K | 0 | 0 | 0 |
| Deferred Tax Liabilities | 11.3M | 0 | 4.96M | 17.61M | 248K | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1.89M | 85.68M | 57.38M | 54.19M | 0 | 0 | 0 | 0 | 0 | 19.06M |
| Total Liabilities | 10.95M | 129.24M | 84.33M | 95.12M | 3.32M | 14.64M | 17.2M | 8.89M | 1.46M | 28M |
| Total Debt | 406K | 18.36M | 14.81M | 13.81M | 453K | 1.16M | 446K | 0 | 0 | 7.17M |
| Net Debt | -17.76M | 12.55M | 8.6M | -6.94M | -44.13M | -68.56M | -66.39M | -51.21M | -24.87M | -172K |
| Debt / Equity | 0.03x | - | 0.49x | 0.16x | 0.00x | 0.01x | 0.00x | - | - | - |
| Debt / EBITDA | -0.01x | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.33x | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | -90.12x | - | - | - | -12.04x | -6.31x |
| Total Equity | 15.67M | -35.71M | 30.15M | 85.08M | 100.59M | 118.59M | 172.26M | 115.48M | 71.42M | -20.28M |
| Equity Growth % | -406.78% | -218.47% | -64.57% | -15.42% | -15.17% | -31.16% | 49.17% | 61.69% | 452.17% | - |
| Book Value per Share | 3.13 | -7.13 | 6.97 | 22.85 | 30.03 | 39.90 | 59.04 | 60.68 | 33.14 | -9.41 |
| Total Shareholders' Equity | 15.67M | -35.71M | 30.15M | 85.08M | 100.59M | 118.59M | 172.26M | 115.48M | 71.42M | -20.28M |
| Common Stock | 14K | 55K | 44K | 43K | 36K | 30K | 29K | 27K | 22K | 3K |
| Retained Earnings | -424.54M | -460.45M | -376.47M | -319.64M | -288.26M | -236.6M | -146.65M | -69.81M | -32.83M | -20.35M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -220K | 0 |
| Accumulated OCI | 4.61M | 5.75M | -35K | 3.05M | -289K | -79K | 313K | 60K | -49K | -17.18M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Critical liquidity and dilution
As reported in recent financial statements, QNCX has seen its total assets decline from $180.2 million in 2023Q4 to $26.6 million by 2026Q1, a trend that underscores the rapid depletion of resources as the company attempts to pivot its clinical focus toward skeletal therapeutics.
The consistent contraction of the asset base suggests that the company is consuming its capital reserves at a rate that outpaces its ability to generate value from its clinical pipeline. Investors should monitor whether the current asset level is sufficient to reach meaningful clinical milestones without further dilutive financing.
Based on the 2026Q1 balance sheet, the company's cash position of $18.2 million provides a temporary reprieve, yet the current ratio of 2.92 remains highly sensitive to the timing of clinical trial expenditures and potential legacy liability settlements that could rapidly drain available liquid resources.
While the current ratio appears improved compared to the 2025Q4 low of 0.53, the underlying cash burn remains a significant concern for operational continuity. The volatility in liquidity metrics suggests that the company lacks a stable financial cushion to withstand unexpected delays in its research programs.
According to historical balance sheet data, the company's equity has been severely eroded by accumulated deficits, which reached $424.5 million in 2026Q1, reflecting the persistent failure of previous clinical programs to generate any form of sustainable return on invested capital for shareholders.
The negative equity position observed in 2025Q4 highlights the extent of the value destruction associated with the company's legacy neurology assets. Future equity stability is entirely dependent on the successful clinical validation of the bone-targeting platform, which remains an unproven and highly speculative endeavor.
As indicated by the company's historical filings, the presence of significant goodwill—which peaked at $67.8 million in 2025Q4—poses a substantial risk to the balance sheet, as these non-cash assets may require further write-downs if the acquired Novosteo platform fails to meet clinical expectations.
The sudden disappearance of goodwill in 2026Q1 warrants further investigation, as it may signal a significant impairment charge or a restructuring of the asset base. Investors should be wary of the potential for additional non-cash charges that could further weaken the reported book value of the firm.
Quick answers to the most common questions about buying QNCX stock.
As of 2025, Quince Therapeutics, Inc. (QNCX) had total assets of $93.5M including $22.9M in current assets.
Quince Therapeutics, Inc. (QNCX) carries total debt of $18.4M, offset by $17.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Quince Therapeutics, Inc. (QNCX) has total shareholders' equity (book value) of $-35.7M ($-7.13 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Quince Therapeutics, Inc. (QNCX) reported a current ratio of 0.53x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.