Operational liquidity is under severe pressure, evidenced by a $7.6 million negative operating cash flow in 2026Q1 that highlights the company's inability to self-fund its R&D expenses.
| Cash from Operations | -39.45M | -41.42M | -31.9M | -18.29M | -44.04M | -62.93M | -50.82M | -33.28M | -11.7M | -9.83M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | -85.59% | -29.84% | -74.41% | 58.46% | 30.02% | -23.84% | -52.71% | -184.54% | -19.01% | - |
| Net Income | -33.04M | -83.98M | -56.83M | -31.39M | -51.66M | -89.94M | -76.85M | -36.98M | -12.48M | -12.23M |
| Depreciation & Amortization | 146K | 142K | 186K | 322K | 204K | 344K | 332K | 188K | 51K | 45K |
| Stock-Based Compensation | 5M | 5.11M | 4.75M | 5.22M | 16.62M | 29.85M | 14.47M | 2.06M | 155K | 38K |
| Deferred Taxes | 0 | -4.96M | 0 | -248K | -284K | 878K | 635K | -812K | -145K | 222K |
| Other Non-Cash Items | -7.91M | 29.43M | 20.48M | 5.82M | 913K | 199K | 367K | 367K | 1.11M | 1.64M |
| Working Capital Changes | -3.66M | 12.84M | -484K | 1.98M | -9.83M | -4.26M | 10.23M | 1.9M | -390K | 460K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.95M | -940K | 927K | -288K | -5.94M | 1.36M | 480K | 2.58M | -23K | 223K |
| Cash from Investing | 24.33M | 23.23M | 21.91M | -5.76M | 18M | 58.95M | -52.43M | -17.75M | -46.75M | -77K |
| Capital Expenditures | -204K | -352K | -257K | -160K | -133K | -180K | -52K | -55K | -212K | -77K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -2.12M | 10.59M | -58.95M | 52.43M | -812K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 1.01M | 2.35M | -910K | 70K | 58.95M | -52.43M | 812K | -46.54M | 0 |
| Cash from Financing | 27.27M | 17.91M | -4.78M | 143K | 707K | 6.81M | 118.88M | 77.37M | 75.93M | 7.75M |
| Debt Issued (Net) | -5.54M | 0 | 0 | -6K | -49K | 0 | -34K | -559K | 250K | 7.75M |
| Equity Issued (Net) | 18.4M | 17.91M | 225K | 149K | 608K | 6.81M | 117.63M | 77.83M | 75.69M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 14.41M | 0 | -5M | 0 | 148K | 0 | 1.28M | 98K | -10K | 0 |
| Net Change in Cash | 10.39M | -403K | -14.54M | -23.83M | -25.14M | 2.88M | 15.63M | 26.34M | 17.48M | -2.15M |
| Free Cash Flow | -39.66M | -41.78M | -32.16M | -18.45M | -44.17M | -63.11M | -50.87M | -33.33M | -11.91M | -9.9M |
| FCF Margin % | - | - | - | - | - | - | - | - | - | - |
| FCF Growth % | -18.31% | -29.9% | -74.3% | 58.23% | 30.01% | -24.07% | -52.62% | -179.94% | -20.22% | - |
| FCF per Share | -7.92 | -8.34 | -7.43 | -4.96 | -13.19 | -21.24 | -17.44 | -17.51 | -5.52 | -4.60 |
| FCF Conversion (FCF/Net Income) | 1.20x | 0.49x | 0.56x | 0.58x | 0.85x | 0.70x | 0.66x | 0.90x | 0.94x | 0.80x |
| Interest Paid | 64K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 1K |
Critical liquidity and dilution
According to recent financial filings, QNCX reported a net income of $35.9 million in 2026Q1, yet the company simultaneously generated negative operating cash flow of $7.6 million, highlighting a significant divergence between accounting profit and the actual cash resources available to support ongoing clinical operations.
The reported net income appears to be driven by non-operating accounting adjustments that provide no tangible benefit to the company's liquidity position. Investors should interpret this disconnect as a warning that the firm's reported profitability is not indicative of its ability to self-fund its research and development pipeline.
As reported in historical cash flow statements, QNCX has consistently recorded negative free cash flow, with quarterly outflows ranging between $6.1 million and $11.5 million, underscoring the company's total dependence on external financing to sustain its clinical-stage development programs and administrative overhead.
The lack of positive free cash flow is a structural reality for a pre-revenue biotech firm, but the consistency of these outflows suggests that the company has yet to reach a meaningful inflection point in its clinical development. The absence of any positive FCF margin indicates that the business model remains entirely reliant on capital markets for survival.
Based on quarterly data, QNCX exhibits significant volatility in working capital changes, including a $14.4 million outflow in 2026Q1, which suggests that timing differences in vendor payments and clinical trial accruals are creating substantial, unpredictable swings in the company's quarterly cash consumption profile.
These fluctuations in working capital make it difficult to discern the underlying steady-state burn rate of the business. Analysts should monitor these shifts closely, as they may mask the true cost of clinical trial execution and the potential for future liquidity crunches.
Data from recent filings indicates that stock-based compensation consistently adds over $1 million per quarter to the company's expenses, which, while non-cash, serves to dilute existing shareholders without providing the immediate cash liquidity required to fund the company's intensive clinical research and development activities.
The reliance on equity-based incentives suggests that management is attempting to preserve cash, yet this strategy does not address the fundamental need for capital to advance the NOV004 program. Investors should view these non-cash adjustments as a secondary cost that, while not impacting the immediate cash balance, significantly alters the long-term value proposition for equity holders.
Quick answers to the most common questions about buying QNCX stock.
Quince Therapeutics, Inc. (QNCX) generated $-41.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quince Therapeutics, Inc. (QNCX) reported negative free cash flow of $41.8M in 2025, indicating capital requirements exceeded cash from operations.
Quince Therapeutics, Inc. (QNCX) spent $0.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.