The company exhibits a complete absence of revenue generation, with quarterly operating losses frequently exceeding $10 million, as seen in the $11.1 million loss reported for 2026Q1.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 71K | 142K | 0 | 0 | 0 | 0 | 0 | 0 | 51K | 45K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -71K | -142K | 0 | 0 | 0 | 0 | 0 | 0 | -51K | -45K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | 100% | -13.33% | - |
| Operating Expenses | 53.72M | 50.29M | 57.28M | 34.62M | 52.02M | 90.32M | 78.89M | 39.17M | 12.12M | 10.37M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 14.53M | 15.05M | 17.58M | 17.7M | 26.01M | 29.52M | 17.59M | 8.95M | 2.03M | 1.27M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 34.08M | 35.38M | 18.59M | 9.45M | 25.18M | 60.8M | 61.31M | 30.21M | 10.09M | 9.1M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.93M | -142K | 21.11M | 7.48M | 825K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -53.79M | -50.43M | -57.28M | -34.62M | -52.02M | -90.32M | -78.89M | -39.17M | -12.12M | -10.37M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 11.97% | -65.47% | 33.44% | 42.41% | -14.48% | -101.42% | -223.19% | -16.87% | - |
| EBITDA | -53.64M | -50.29M | -57.1M | -34.3M | -51.81M | -89.97M | -78.56M | -38.98M | -12.07M | -10.32M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 8.84% | 11.93% | -66.48% | 33.8% | 42.42% | -14.53% | -101.54% | -223% | -16.88% | - |
| D&A (Non-Cash Add-back) | 146K | 142K | 186K | 322K | 204K | 344K | 332K | 188K | 51K | 45K |
| EBIT | -54.69M | -50.43M | -36.17M | -27.14M | -51.19M | -90.32M | -78.89M | -39.17M | -11.52M | -10.37M |
| Net Interest Income | 998K | 1.24M | 2.93M | 3.48M | 500K | 620K | 2.04M | 2.19M | -151K | 0 |
| Interest Income | 998K | 1.24M | 2.93M | 3.48M | 1.07M | 620K | 2.04M | 2.19M | 806K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 568K | 0 | 0 | 0 | 957K | 1.64M |
| Other Income/Expense | 18.58M | -30.34M | 544K | 3.04M | 71K | 373K | 2.04M | 2.19M | -357K | -1.86M |
| Pretax Income | -35.21M | -80.77M | -56.74M | -31.58M | -51.94M | -89.94M | -76.85M | -36.98M | -12.48M | -12.23M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | -2.17M | 3.21M | 87K | -197K | -284K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 6.17% | -3.98% | -0.15% | 0.62% | 0.55% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -33.04M | -83.98M | -56.83M | -31.39M | -51.66M | -89.94M | -76.85M | -36.98M | -12.48M | -12.23M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 45.58% | -47.78% | -81.07% | 39.25% | 42.56% | -17.04% | -107.81% | -196.41% | -1.97% | - |
| Net Income (Continuing) | -33.04M | -83.98M | -56.83M | -31.39M | -51.66M | -89.94M | -76.85M | -36.98M | -12.48M | -12.23M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.59 | -16.80 | -13.10 | -8.40 | -15.40 | -30.30 | -26.30 | -19.30 | -5.80 | -5.70 |
| EPS Growth % | 55.18% | -28.24% | -55.95% | 45.45% | 49.17% | -15.21% | -36.27% | -232.76% | -1.75% | - |
| EPS (Basic) | - | -16.80 | -13.10 | -8.40 | -15.40 | -30.30 | -26.30 | -19.30 | -5.80 | -5.70 |
| Diluted Shares Outstanding | 5.01M | 5.01M | 4.33M | 3.72M | 3.35M | 2.97M | 2.92M | 1.9M | 2.16M | 2.16M |
| Basic Shares Outstanding | 5.01M | 5.01M | 4.33M | 3.72M | 3.35M | 2.97M | 2.92M | 1.9M | 2.16M | 2.16M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and dilution
As reported in recent financial statements, QNCX maintains a high-burn cost structure, with R&D expenses fluctuating between $3.4 million and $12.6 million per quarter, reflecting the intensive capital requirements of advancing the NOV004 clinical program through necessary regulatory and trial milestones.
The company's cost structure is almost entirely comprised of R&D and SG&A, as it lacks commercial revenue to offset these operational outlays. The variability in R&D spending suggests that clinical trial execution is not yet a predictable, steady-state process, which complicates long-term cash flow forecasting for investors.
Based on the 2026Q1 income statement, the company reported a net income of $35.9 million, a figure that appears disconnected from operational reality and likely stems from non-operating accounting adjustments rather than core business performance or sustainable profitability.
Investors should exercise caution when interpreting these bottom-line figures, as they do not reflect the underlying clinical-stage business model. The presence of such anomalies suggests that the net income line is currently an unreliable indicator of the company's true financial health or its ability to generate future shareholder value.
According to historical income statement data, QNCX consistently records negative operating margins, with quarterly operating losses frequently exceeding $10 million, indicating that the firm has yet to achieve the scale necessary to leverage its fixed SG&A and R&D infrastructure.
The lack of revenue generation means that every dollar spent on operations directly erodes the company's limited cash reserves. Without a commercial product to provide operating leverage, the firm remains entirely dependent on external financing to sustain its current research-heavy cost structure.
With a reported cash balance of approximately $5.8 million, the company faces a precarious financial position that, based on historical quarterly burn rates, suggests an urgent requirement for additional capital to avoid a potential cessation of clinical activities in the near term.
The current cash position appears insufficient to support the long-term development of the BTP platform without significant dilution to existing shareholders. This liquidity risk warrants close monitoring, as any delay in securing funding could force the company into a distressed strategic transaction or a pivot that further compromises its long-term competitive positioning.
Quick answers to the most common questions about buying QNCX stock.
For fiscal year 2025, Quince Therapeutics, Inc. (QNCX) reported total revenue of $0.0M.
Quince Therapeutics, Inc. (QNCX) reported a net loss of $84.0M for the fiscal year ending 2025.