0001193125-26-217098 | 10-Q | XBRL Viewer

Stockholders' Equity	3 Months Ended
Mar. 31, 2026
Equity [Abstract]
Stockholders' Equity	Note 8. Stockholders’ Equity Common Stock On June 4, 2025, the Company’s shareholders approved an amendment to the Company’s certificate of incorporation to increase the total number of authorized shares of Common Stock from 100,000,000 to 250,000,000. The reverse stock split did not affect the number of authorized shares of common stock or the par value of the common stock. ATM Program On December 18, 2024, the Company entered into a Controlled Equity OfferingSM Sales Agreement, with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC, or the Agents, relating to the sale of shares of the Company's common stock, par value $0.001 per share. In accordance with the terms of this agreement, the Company may offer and sell up to $75.0 million of shares of common stock. During the three months ended March 31, 2026, the Company utilized its ATM program to raise net proceeds of approximately $15.0 million by issuing 8,018,500 shares of common stock. As of March 31, 2026, $53.1 million remained available to be sold under the ATM program. See Note 15 for discussion of subsequent events related to the ATM program. June 2025 Private Placement On June 12, 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”), with certain institutional investors (the “Investors”) and certain members of the Company’s management (together with the Investors, the “Purchasers”) pursuant to which the Company issued and sold to the Purchasers in a private placement (“June 2025 Private Placement”): (i) 667,192 shares (the “Shares”) of its common stock, as adjusted for the Reverse Stock Split, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 200,000 shares of Common Stock, as adjusted for the Reverse Stock Split, and (iii) accompanying warrants to purchase up to an aggregate of 867,192 shares of Common Stock (the “Common Warrants”), as adjusted for the Reverse Stock Split, for aggregate gross proceeds of approximately $11.5 million (excluding up to approximately $10.4 million of aggregate gross proceeds that may be received in the future upon the cash exercise in full of the Common Warrants issued in the Private Placement), before deducting placement agent fees and other expenses payable by the Company.

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Note 8. Stockholders’ Equity

Common Stock

On June 4, 2025, the Company’s shareholders approved an amendment to the Company’s certificate of incorporation to increase the total number of authorized shares of Common Stock from 100,000,000 to 250,000,000. The reverse stock split did not affect the number of authorized shares of common stock or the par value of the common stock.

ATM Program

On December 18, 2024, the Company entered into a Controlled Equity OfferingSM Sales Agreement, with Cantor Fitzgerald & Co. and H.C. Wainwright & Co., LLC, or the Agents, relating to the sale of shares of the Company's common stock, par value $0.001 per share. In accordance with the terms of this agreement, the Company may offer and sell up to $75.0 million of shares of common stock.

During the three months ended March 31, 2026, the Company utilized its ATM program to raise net proceeds of approximately $15.0 million by issuing 8,018,500 shares of common stock. As of March 31, 2026, $53.1 million remained available to be sold under the ATM program. See Note 15 for discussion of subsequent events related to the ATM program.

June 2025 Private Placement

On June 12, 2025, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”), with certain institutional investors (the “Investors”) and certain members of the Company’s management (together with the Investors, the “Purchasers”) pursuant to which the Company issued and sold to the Purchasers in a private placement (“June 2025 Private Placement”): (i) 667,192 shares (the “Shares”) of its common stock, as adjusted for the Reverse Stock Split, par value $0.001 per share (the “Common Stock”), (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to an aggregate of 200,000 shares of Common Stock, as adjusted for the Reverse Stock Split, and (iii) accompanying warrants to purchase up to an aggregate of 867,192 shares of Common Stock (the “Common Warrants”), as adjusted for the Reverse Stock Split, for aggregate gross proceeds of approximately $11.5 million (excluding up to approximately $10.4 million of aggregate gross proceeds that may be received in the future upon the cash exercise in full of the Common Warrants issued in the Private Placement), before deducting placement agent fees and other expenses payable by the Company.

- Definition

The entire disclosure for equity.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	13,790,794	5,572,529
Common stock, shares outstanding (in shares)	13,790,794	5,572,529

Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Intangible asset impairment charge	$ 67,808	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Intangible Assets - Schedule of Carrying Amount of Indefinite Lived Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
In-process research and development:
Impairment charges	$ (67,808)	$ 0
IPR&D
In-process research and development:
Beginning balance	67,361
Impairment charges	(67,361)
Ending balance	$ 0

Cash, Cash Equivalents and Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2026	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Available-for-sale securities outstanding		$ 15,141,000	$ 16,345,000
Available-for-sale securities outstanding		$ 0
Realized gains or losses on the sale or maturity of available-for-sale securities	$ 0
Amounts reclassify out of accumulated other comprehensive loss	0
Credit losses related to available-for-sale securities	0
Impairment charges	$ 0

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Net Income (Loss) Per Share - Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Numerator:

Net income (loss)

$ 35,912

$ (15,030)

Undistributed earnings allocated to participating securities

(3,118)

Net income (loss) - basic

32,794

(15,030)

Fair value adjustment for pre-funded warrants

(6,358)

Undistributed earnings allocated to participating securities

(3,096)

Net income (loss) - diluted

$ 26,458

$ (15,030)

Denominator:

Weighted average shares of common stock outstanding - basic (in shares)

^[1]

9,120,267

4,394,119

Pre-funded warrants

62,785

Options

7,302

Weighted average shares of common stock outstanding - diluted (in shares)

^[1]

9,190,354

4,394,119

Net income (loss) per share - basic (in USD per share)

^[1]

$ 3.6

$ (3.42)

Net income (loss) per share - diluted (in USD per share)

^[1]

$ 2.88

$ (3.42)

[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.

Warrants - Summary of Warrants Outstanding (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025	Jun. 12, 2025
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable	13,790,794	5,572,529
June 2025 Private Placement
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable			667,192
Common Warrant \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Number of Common Stock Issuable	867,192		867,192
Exercise price of warrants	$ 12		$ 12
Expiration Date	Jun. 12, 2030

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Leases [Abstract]
Rent expenses (less than)	$ 37	$ 35

Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 10. Stock-Based Compensation

The Company operates three stock-based compensation plans as of March 31, 2026:

•

2019 Equity Incentive Plan (Quince)

•

2019 Equity Incentive Plan (Novosteo)

•

2022 Inducement Plan (Quince)

2019 Equity Incentive Plan (Quince)

On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and on April 25, 2019 amended, restated and re-named the 2014 Plan as the 2019 Equity Incentive Plan (the “Quince 2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the Quince 2019 Plan.

The Quince 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. As of March 31, 2026, the maximum aggregate number of shares that may be issued under the Quince 2019 Plan is 1,351,548 shares of the Company’s common stock, as adjusted for the Reverse Stock Split. In addition, the number of shares available for issuance under the Quince 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 214,635 shares of common stock (as adjusted for the Reverse Stock Split); (ii) 4% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Board of Directors may determine.

The Quince 2019 Plan may be amended, suspended or terminated by the Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the Quince 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company's Board of Directors, the Quince 2019 Plan will automatically terminate on April 23, 2029.

As of March 31, 2026, the Company had 75,376 shares available for future issuance under the Quince 2019 Plan, as adjusted for the Reverse Stock Split.

Stock Options

Stock options under the Quince 2019 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the fair market value of the shares on the date of grant. If, at the time of grant, the optionee directly owns stocks representing more than 10% of the voting power of all our outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of the underlying common stock. Stock options granted to employees and non-employees generally have a maximum term of ten years and vest over four years from the vesting commencement date, of which 25% vest on the one-year anniversary of the vesting commencement date, and 75% vest in equal monthly installments over the remaining three years or monthly vesting over 3 to 4 years. We may grant options with different vesting terms from time to time. Unless an employee's or non-employee's termination is due to cause, disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the termination date or expiration of the option, whichever is earlier.

Activity for service-based stock options under the Quince 2019 Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance as of December 31, 2025		1,029,955		$	27.36		7.97	$	18,856
Options granted		278,293			30.77	—			—
Options exercised	—			—		—			—
Options cancelled / forfeited		(31,926	)		16.52	—			—
Balance as of March 31, 2026		1,276,322		$	28.37		7.84	$	—
Options vested and expected to vest as of March 31, 2026		1,276,322			28.37		7.84		—
Options exercisable as of March 31, 2026		581,761		$	38.10		6.66	$	—

For the three months ended March 31, 2026, the Company recognized stock-based compensation expense of $0.9 million related to options granted to employees and non-employees. For the three months ended March 31, 2025, the Company recognized stock-based compensation expense of $0.9 million related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. As of March 31, 2026, total unamortized employee stock-based compensation was $9.3 million, which is expected to be recognized over the remaining estimated vesting period of 2.1 years.

For the three months ended March 31, 2026, in connection with the separation of employees as part of our restructuring activities, the Company extended the post-termination exercise window from 90 days to five years for separated employees and for those with consulting agreements allowed awards to continue vesting through term of the agreements. The Company recorded stock-based compensation expense related to the modification of these awards of $0.1 million.

2019 Equity Incentive Plan (Novosteo)

On May 19, 2022, in accordance with the terms of Agreement and Plan of Merger and Reorganization between the Company, Novosteo, Inc., and the other parties thereto, the Company assumed the 2019 Novosteo, Inc. Equity Incentive Plan (the "2019 Novosteo Plan"). The 2019 Novosteo Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Novosteo legacy employees. On the closing date, each outstanding Novosteo stock option granted under Novosteo’s equity compensation plans was converted into a corresponding stock option with the number of shares underlying such option and the applicable exercise price adjusted based on the exchange ratio of 0.0911. Each such converted stock option continues to be subject to substantially the same terms and conditions as applied to the corresponding Novosteo stock option prior to the Acquisition. The maximum aggregate number of shares that may be issued under the 2019 Novosteo Plan is 54,498 shares of the Company’s common stock, as adjusted for the Reverse Stock Split.

The 2019 Novosteo Plan may be amended, suspended or terminated by the Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Novosteo Plan as required by applicable law or listing requirements. Unless sooner terminated by the Board of Directors, the 2019 Novosteo Plan will automatically terminate on May 20, 2029.

Stock options under the 2019 Novosteo Plan may be granted for periods of up to 10 years and at prices no less than 100% of the fair market value of the shares on the date of grant. If, at the time of grant, the optionee directly owns stocks representing more than 10% of the voting power of all our outstanding capital stock, the exercise price for these options must be at least 110% of the fair value of the underlying common stock. Stock options granted to employees and non-employees generally have a maximum term of ten years and vest over four years from the vesting commencement date, of which 25% vest on the one-year anniversary of the vesting commencement date, and 75% vest in equal monthly installments over the remaining three years or monthly vesting over 3 to 4 years. We may grant options with different vesting terms from time to time. Unless an employee's or non-employee's termination is due to cause, disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the termination date or expiration of the option, whichever is earlier.

As of March 31, 2026, the Company had 24,680 shares available for future issuance under the 2019 Novosteo Plan, as adjusted for the Reverse Stock Split.

Activity for service-based stock options under the 2019 Novosteo Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		16,155	$	5.50		6.23	$	452
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of March 31, 2026		16,155	$	5.50		5.98	$	—
Options vested and expected to vest as of March 31, 2026		16,155		5.50		5.98		—
Options exercisable as of March 31, 2026		16,155	$	5.50		5.98	$	—

For the three months ended March 31, 2026, the Company recognized stock-based compensation expense of $44 thousand related to options granted to employees and non-employees for the 2019 Novosteo Plan. For the three months ended March 31, 2025, the Company recognized stock-based compensation expense of $49 thousand, respectively, related to options granted to employees and non-employees for the 2019 Novosteo Plan. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statement of

operations and comprehensive loss for stock-based compensation arrangements. As of March 31, 2026, there was no total unamortized employee stock-based compensation.

Restricted Stock Awards

There was no restricted stock awards activity during the three months ended March 31, 2026.

For the three months ended March 31, 2026, the Company recognized no stock-based compensation expense related to restricted stock awards. For the three months ended March 31, 2025, the Company recognized stock-based compensation expense of $79 thousand related to restricted stock awards. The compensation expense is allocated on a departmental basis, based on the classification of the award holder. No income tax benefits have been recognized in the condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. The fair value of vested restricted stock awards was $0.1 million for the three months ended March 31, 2025.

2022 Inducement Plan

On May 9, 2022, the Company's Board of Directors approved 400,000 shares of common stock, as adjusted for the Reverse Stock Split, that may be offered or issued under the Quince Therapeutics, Inc. 2022 Inducement Plan (the "2022 Inducement Plan"). The 2022 Inducement Plan was adopted by the independent members of the Board of Directors without stockholder approval pursuant to Rule 5635(c)(4) of the Nasdaq Listing Rules (“Nasdaq Rule 5635(c)(4)”). In accordance with Nasdaq Rule 5635(c)(4), awards under those plans may only be made to an employee who has not previously been an employee or member of the Board of Directors or of any board of directors of any parent or subsidiary of the Company, or following a bona fide period of non-employment by the Company or a parent or subsidiary, if he or she is granted such award in connection with his or her commencement of employment with the Company or a subsidiary and such grant is an inducement material to his or her entering into employment with the Company or such subsidiary. The terms and conditions of the 2022 Inducement Plan are substantially similar to those of the Quince 2019 Plan.

Options under the 2022 Inducement Plan may be granted for periods of up to 10 years at prices no less than 100% of the fair market value of the shares on the date of grant. Options granted to employees may have different performance goals or other vesting provisions (including continued employment) in accordance with the applicable award agreement. Unless an employee's termination service is due to disability or death, upon termination of service, any unexercised vested options will be forfeited at the end of the three months from the date of termination or expiration of the option, whichever is earlier.

As of March 31, 2026, the Company had 166,669 shares available for future issuance under the 2022 Inducement Plan, as adjusted for the Reverse Stock Split.

Activity for service-based stock options under the 2022 Inducement Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		233,330	$	29.80		6.39		863
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of March 31, 2026		233,330	$	29.80		6.15		—
Options vested and expected to vest as of March 31, 2026		233,330		29.80		6.15		—
Options exercisable as of March 31, 2026		223,608	$	29.80		6.15		—

For the three months ended March 31, 2026, the Company recognized stock-based compensation expense of $0.3 million related to options granted to employees for the 2022 Inducement Plan. For the three months ended March 31, 2025, the Company recognized stock-based compensation expense of $0.3 million related to options granted to employees for the 2022 Inducement Plan. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the condensed consolidated statement of operations and comprehensive loss for stock-based compensation arrangements. As of March 31, 2026, total unamortized employee stock-based compensation was $0.2 million, which is expected to be recognized over the remaining estimated vesting period of 0.15 years.

Stock-Based Compensation Expense

The following table summarizes employee and non-employee stock-based compensation expense for the three months ended March 31, 2026 and 2025 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
General and administrative expense	$	744	$	951
Research and development expense		542		435
Total stock-based compensation	$	1,286	$	1,386

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Operating expenses:

Research and development

$ 6,845

$ 8,145

General and administrative

4,267

4,789

Intangible asset impairment charge

67,808

Fair value adjustment for contingent consideration

(64,330)

1,924

Total operating expenses

14,590

14,858

Loss from operations

(14,590)

(14,858)

Fair value adjustment for debt

12,168

(444)

Fair value adjustment for warrants

31,116

Interest income

160

406

Other income (expense), net

1,719

(87)

Net income (loss) before income tax expense

30,573

(14,983)

Income tax benefit (expense)

5,339

(47)

Net income (loss)

35,912

(15,030)

Other comprehensive loss:

Foreign currency translation adjustments

(1,135)

2,045

Unrealized loss on available-for-sale securities

(5)

(53)

Total comprehensive income (loss)

$ 34,772

$ (13,038)

Net income (loss) per share - basic (in USD per share)

^[1]

$ 3.6

$ (3.42)

Weighted average shares of common stock outstanding - basic (in shares)

^[1]

9,120,267

4,394,119

Net income (loss) per share - diluted( (in USD per share)

^[1]

$ 2.88

$ (3.42)

Weighted average shares of common stock outstanding - diluted (in shares)

^[1]

9,190,354

4,394,119

[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.

Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026	Jan. 29, 2026	Dec. 31, 2025	Jun. 12, 2025
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	13,790,794		5,572,529
Fair value gain	$ 31.1
June 2025 Private Placement
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)				667,192
Combined purchase price				$ 0.01
Fair value of the Pre-Funded Warrants and Common Warrants at issuance	$ 10.7
June 2025 Private Placement \| Nasdaq
Class of Warrant or Right [Line Items]
Combined purchase price				$ 1.25
Pre-Funded Warants
Class of Warrant or Right [Line Items]
Warrants exercised		200,000
Issuance of common stock on exercise of pre funded warrants		199,765
Pre-Funded Warants \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)				200,000
Exercise price of warrants				$ 0.01
Common Warrant \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Common stock, shares issued (in shares)	867,192			867,192
Exercise price of warrants	$ 12			$ 12
Combined purchase price				13.25
Common Stock \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Remaining proceeds	$ 0.8
Pre Funded and Common Warrant \| June 2025 Private Placement
Class of Warrant or Right [Line Items]
Combined purchase price				$ 13.24

Balance Sheet Components - Schedule of Accrued Severance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Balance Sheet Components [Roll Forward]
Beginning accrued severance	$ 42	$ 0
Incurred during the period	1,391	413
Severance paid during the period	(1,433)	(66)
Ending accrued severance	$ 0	$ 347

Net Income (Loss) Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Income (Loss) Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	2,376,845	1,289,040
Employee Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	1,509,652	1,283,632
Restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	0	5,408
Common Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share (in shares)	867,193	0

Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

The following tables categorize the fair values of cash, cash equivalents and investments measured at fair value on a recurring basis on the condensed consolidated balance sheets (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	3,022	$	1,407
Money market funds		15,141		4,402
Total cash and cash equivalents	$	18,163	$	5,809

Short-term investments:
Government and agency notes		—		11,943
Total short-term investments	$	—	$	11,943

Schedule of Available-for-Sale Securities

The following table summarizes the available-for-sale securities (in thousands):


	Fair Value Measurements as of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	15,141					$	15,141
Total cash equivalents and investments	$	15,141		—	$	—	$	15,141

Classified as:
Cash equivalents (original maturities within 90 days)							$	15,141
Total cash equivalents and investments							$	15,141


	Fair Value Measurements as of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	4,402	$	—	$	—	$	4,402
Government and agency notes		11,938		5		—		11,943
Total cash equivalents and investments	$	16,340	$	5	$	—	$	16,345

Classified as:
Cash equivalents (original maturities within 90 days)							$	4,402
Short-term investments (maturities within one year)								11,943
Total cash equivalents and investments							$	16,345

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Note 13. Intangible Assets

EryDel Intangible Assets

The following table provides details of the carrying amount of the Company's indefinite-lived intangible asset (in thousands):


		(in thousands)
In-process research and development:
	Balance as of December 31, 2025	$	67,361
	Impairment charges		(67,361	)
	Balance as of March 31, 2026	$	—

The following table provides details of the carrying amount of the Company's finite-lived intangible asset (in thousands, except useful life):


			As of March 31, 2026								As of December 31, 2025
		Useful life	Cost		Accumulated Amortization			Net Carrying Value			Cost		Accumulated Amortization			Net Carrying Value
Finite life intangible assets:
	Trade name	21 years	$	460		(49	)	$	411		$	460		(26	)	$	434
	Foreign currency translation adjustments								36								(8	)
	Impairment charges								(447	)							—
	Total							$	—							$	426

In January 2026, the Company ceased clinical development of eDSP as the primary and secondary endpoints did not achieve statistical significance in its Phase 3 NEAT clinical trial (See Note 1). As a result, several of the assumptions used in determining the initial fair value have changed including expected cash flows and thus triggered the need for an interim impairment assessment as required under ASC 350. As a result, the fair value was determined to be significantly below its carrying value and the Company recognized a total impairment charge of $67.8 million for for indefinite and finite-lived intangible assets the three months ended March 31, 2026.

Balance Sheet Components - Schedule of Other Long Term Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Other Liabilities, Noncurrent [Abstract]
Federal and state taxes payable	$ 1,040	$ 773
Foreign taxes payable	86	691
Other long-term liabilities	70	106
Other Liabilities, Noncurrent, Total	$ 1,196	$ 1,570

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

Note 14. Segment Information

The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment, which has been the business of developing and commercializing the Company's proprietary AIDE technology platform. The key factors used to identify the reportable segments are the organization of its business and alignment of the Company's internal operations and the nature of our AIDE technology. Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the CODM, in deciding how to allocate resources and assess performance.

The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated net income (loss), as reported on the condensed consolidated statement of operations and comprehensive income (loss). This assessment involves comparing net income (loss) across prior periods, the Company's forecast, and total expenditures related to eDSP product development and the Phase 3 NEAT clinical trial.

The measure of segment assets reviewed by the CODM is the consolidated total assets, as reported on the condensed consolidated balance sheets. The following table presents the measure of segment assets regularly provided to the CODM (in thousands):


	March 31, 2026		December 31, 2025
Cash, cash equivalents and short-term investments		18,163		17,752

The following table presents financial information, including significant segment expenses, which are regularly provided to the CODM and included within condensed consolidated statements of operations and comprehensive income (loss) (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and development:
Personnel	$	1,914		$	1,320
Stock-based compensation		542			435
Clinical and contract manufacturing		3,600			6,727
Other		789			(337	)
General and administrative:
Personnel		1,335			1,727
Stock-based compensation		744			951
Consulting and professional costs		1,558			1,466
Other		630			645
Intangible asset impairment charge		67,808			—
Fair value adjustment for contingent consideration		(64,330	)		1,924
Total operating expenses		14,590			14,858
Loss from operations		(14,590	)		(14,858	)
Fair value adjustment for debt		12,168			(444	)
Fair value adjustment for warrants		31,116			—
Other segment items		7,218			272
Net income (loss)	$	35,912		$	(15,030	)

Other segment items within net income (loss) include interest income, other income (expense), net, and income tax expense.

The Company’s long-lived assets consist primarily of property, plant and equipment, net, and operating lease right-of-use assets are maintained in Italy. As of March 31, 2026 and December 31, 2025, no individual country other than the U.S. accounted for 10% or more of these assets.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 14: http://www.xbrl.org/2003/role/exampleRef
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Reference 16: http://www.xbrl.org/2003/role/exampleRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements - Schedule of Fair Value of the Level 3 EIB Debt (Details) - Debt - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 18,026	$ 14,321
Change in fair value	(12,168)	444
Interest payment	(29)	(54)
Settlement of debt	(5,545)	0
Due to foreign currency translation	(284)	555
Ending balance	$ 0	$ 15,266

Organization

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Description of Business

Quince Therapeutics, Inc. ("Quince" or the "Company") is a late-stage biotechnology company dedicated to unlocking the power of a patient’s own biology for the treatment of rare diseases.

Quince's proprietary AIDE technology is an innovative drug/device combination platform that uses an automated process to encapsulate a drug into a patient’s own red blood cells. Our Phase 3 lead asset, eDSP, leverages the AIDE technology to encapsulate DSP into a patient’s own red blood cells, and is targeted to treat a rare pediatric neurodegenerative disease, A-T. In January 2026 the Company completed its pivotal Phase 3 NEAT clinical trial to evaluate the treatment of A-T. In the NEAT study, the primary endpoint, which measured the change from baseline to last efficacy visit at month six using the Rescored modified International Cooperative Ataxia Rating Scale (RmICARS) compared to placebo, did not reach statistical significance. Based on the results of the NEAT clinical trial, eDSP does not appear to be an effective treatment for A-T and the Company will be unable to continue development of eDSP in this or other therapeutic indications. As a result, the Company has engaged LifeSci Capital as its exclusive financial advisor to assist in restructuring activities and to evaluate strategic alternatives aimed at maximizing shareholder value.

Liquidity and Capital Resources

The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of March 31, 2026, the Company had an accumulated deficit of $424.5 million. Since inception through March 31, 2026, the Company has funded operations primarily with the net proceeds from the sale of its securities, from the net proceeds from the Company’s initial public offering (the “IPO”) and from the net proceeds of the private investment in public equity transaction (“PIPE Financing”). As of March 31, 2026, the Company had cash and cash equivalents of $18.2 million.

The Company evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued. In January 2026, the Company ceased clinical development of eDSP as the primary and secondary endpoints did not achieve statistical significance in its Phase 3 NEAT clinical trial. Based on its current operating plan, the Company believes that its cash and cash equivalents balance will not be sufficient to fund operations and capital expenditures for at least the twelve months following the issuance of these unaudited condensed consolidated financial statements, and the Company will need to obtain additional funding. The Company has no other current product candidates. The Company is currently focused on preserving cash while it evaluates available strategic alternatives. Because of the uncertainty in securing additional funding and the insufficient amount of cash and cash equivalent resources as of the issuance of these unaudited condensed consolidated financial statements, management concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these unaudited condensed consolidated financial statements are issued.

The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The unaudited condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

In connection with the acquisition of EryDel on October 20, 2023 (the “EryDel Acquisition”), the Company became a guarantor in respect of an unsecured line of credit between EryDel and the European Investment Bank (the “EIB Loan” or “Debt Agreement”).

In March 2026, the EIB agreed to a full settlement of all obligations associated with the loan with a single payment of 4.8 million euros ($5.5 million) which was paid on March 30, 2026.

Stock-Based Compensation - Additional Information (Details)	Mar. 31, 2026 Plan
Share-Based Payment Arrangement [Abstract]
Number of stock plans	3

COVER - shares	3 Months Ended
COVER - shares	Mar. 31, 2026	May 04, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-38890
Entity Registrant Name	Quince Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	611 Gateway Boulevard,
Entity Address, Address Line Two	Suite 273
Entity Address, City or Town	South San Francisco,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	910-5717
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	QNCX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,300,740
Entity Central Index Key	0001662774
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Stock-Based Compensation - 2022 Inducement Plan (Details) - USD ($)		3 Months Ended
	May 09, 2022	Mar. 31, 2026	Mar. 31, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation		$ 1,286,000	$ 1,386,000
2022 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock (in shares)	400,000
Award grant period	10 years
Rate of purchase price of stock on fair value (as a percent)	100.00%
Common stock reserved for issuance (in shares)		166,669
Stock-based compensation		$ 300,000	$ 300,000
Income tax benefits recognized		0
Options, stock-based compensation not yet recognized		$ 200,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period		1 month 24 days

Stock-Based Compensation - Schedule of Activity for Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
2019 Plan \| Service Based Stock Options
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	1,029,955
Options granted (in shares)	278,293
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	(31,926)
Number of Options and Unvested Shares, ending balance (in shares)	1,276,322	1,029,955
Options vested and expected to vest (in shares)	1,276,322
Options exercisable (in shares)	581,761
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 27.36
Weighted Average Exercise Price, granted	30.77
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	16.52
Weighted Average Exercise Price, ending balance	28.37	$ 27.36
Options vested and expected to vest (in USD per share)	28.37
Options exercisable (in USD per share)	$ 38.1
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	7 years 10 months 2 days	7 years 11 months 19 days
Options vested and expected to vest as of March 31, 2026	7 years 10 months 2 days
Options exercisable as of March 31, 2026	6 years 7 months 28 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 18,856
Options vested and expected to vest as of March 31, 2026	0
Options exercisable as of March 31, 2026	$ 0
2019 Novosteo Plan \| Employee Stock Option
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	16,155
Options granted (in shares)	0
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	16,155	16,155
Options vested and expected to vest (in shares)	16,155
Options exercisable (in shares)	16,155
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 5.5
Weighted Average Exercise Price, granted	0
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	5.5	$ 5.5
Options vested and expected to vest (in USD per share)	5.5
Options exercisable (in USD per share)	$ 5.5
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	5 years 11 months 23 days	6 years 2 months 23 days
Options vested and expected to vest as of March 31, 2026	5 years 11 months 23 days
Options exercisable as of March 31, 2026	5 years 11 months 23 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 452
Options vested and expected to vest as of March 31, 2026	0
Options exercisable as of March 31, 2026	$ 0
2022 Inducement Plan \| Employee Stock Option
Number of Options and Unvested Shares
Number of Options and Unvested Shares, beginning balance (in shares)	233,330
Options granted (in shares)	0
Options exercised (in shares)	0
Options cancelled / forfeited (in shares)	0
Number of Options and Unvested Shares, ending balance (in shares)	233,330	233,330
Options vested and expected to vest (in shares)	233,330
Options exercisable (in shares)	223,608
Weighted Average Exercise Price
Weighted Average Exercise Price, beginning balance	$ 29.8
Weighted Average Exercise Price, granted	0
Weighted Average Exercise Price, exercised	0
Weighted Average Exercise Price, cancelled/forfeited	0
Weighted Average Exercise Price, ending balance	29.8	$ 29.8
Options vested and expected to vest (in USD per share)	29.8
Options exercisable (in USD per share)	$ 29.8
Weighted average remaining contractual life (years)
Weighted average remaining contractual life (years)	6 years 1 month 24 days	6 years 4 months 20 days
Options vested and expected to vest as of March 31, 2026	6 years 1 month 24 days
Options exercisable as of March 31, 2026	6 years 1 month 24 days
Aggregate intrinsic value
Aggregate intrinsic value	$ 0	$ 863
Options vested and expected to vest as of March 31, 2026	0
Options exercisable as of March 31, 2026	$ 0

Stock-Based Compensation - 2019 Equity Incentive Plan (Novosteo) (Details) - USD ($)		3 Months Ended
	May 19, 2022	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		$ 1,286,000	$ 1,386,000
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		$ 0	79,000
2019 Novosteo Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan (in shares)	54,498
Common stock reserved for issuance (in shares)		24,680
Income tax benefits recognized		$ 0
2019 Novosteo Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Warrants to purchase common stock (in USD per share)	$ 0.0911
Award grant period	10 years
Rate of purchase price of stock on fair value (as a percent)	100.00%
Voting rights in percentage	0.10
Stock options granted maximum period	10 years
Stock based awards vesting period	4 years
2019 Novosteo Plan \| Employee Stock Option \| One Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	1 year
Award vesting rights	25.00%
2019 Novosteo Plan \| Employee Stock Option \| Three Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	3 years
Award vesting rights	75.00%
2019 Novosteo Plan \| Employee Stock Option \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)	110.00%
Monthly installments over the remaining vesting period	4 years
2019 Novosteo Plan \| Employee Stock Option \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Monthly installments over the remaining vesting period	3 years
2019 Novosteo Plan \| Restricted Stock Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation		44,000	49,000
Income tax benefits recognized		0
Total fair value of shares vested			$ 100,000
Unamortized employee stock-based compensation		$ 0

Debt - Additional Information (Details) € in Thousands, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2026 EUR (€)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Oct. 20, 2023 EUR (€) Tranche
Debt Instrument [Line Items]
Cash interest payment on long-term debt \| $				$ 29	$ 53
EryDel
Debt Instrument [Line Items]
Acquisition date			Oct. 20, 2023	Oct. 20, 2023
Loan restated term			The EIB Loan provides for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche is subject to conditions precedent related to the Company’s business and capitalization.	The EIB Loan provides for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche is subject to conditions precedent related to the Company’s business and capitalization.
European Investment Bank Loan
Debt Instrument [Line Items]
Settlement of loan	€ 4,800	$ 5,500	€ 4,800	$ 5,500
Line of Credit \| European Investment Bank Loan
Debt Instrument [Line Items]
Maximum borrowings						€ 30,000
Number of tranches \| Tranche						4
Cash interest percentage						2.00%
Cash interest payment on long-term debt			€ 25	$ 29
Line of Credit \| European Investment Bank Loan \| Minimum
Debt Instrument [Line Items]
Fixed interest rate						7.00%
Line of Credit \| European Investment Bank Loan \| Maximum
Debt Instrument [Line Items]
Fixed interest rate						9.00%
Line of Credit \| EIB Loan, Tranche A
Debt Instrument [Line Items]
Maximum borrowings						€ 3,000
Line of Credit \| EIB Loan, Tranche B
Debt Instrument [Line Items]
Maximum borrowings						7,000
Line of Credit \| EIB Loan Tranche C
Debt Instrument [Line Items]
Maximum borrowings						10,000
Line of Credit \| EIB Loan ,Tranche D
Debt Instrument [Line Items]
Maximum borrowings						€ 10,000

Cash, Cash Equivalents and Investments - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Schedule Of Available For Sale Securities [Line Items]
Money market funds	$ 15,141	$ 4,402
Unrealized Gains	0	5
Unrealized Losses		0
Short-term investments (maturities within one year)	0	11,943
Total cash equivalents and investments, amortized cost	15,141	16,340
Total cash equivalents and investments, fair value	15,141	16,345
Cash equivalents (original maturities within 90 days)
Schedule Of Available For Sale Securities [Line Items]
Money market funds	15,141	4,402
Money market funds
Schedule Of Available For Sale Securities [Line Items]
Total cash equivalents and investments, amortized cost	15,141	4,402
Total cash equivalents and investments, fair value	15,141	4,402
Government and agency notes
Schedule Of Available For Sale Securities [Line Items]
Unrealized Gains		5
Unrealized Losses		0
Short-term investments (maturities within one year)	$ 0	11,943
Total cash equivalents and investments, amortized cost		11,938
Total cash equivalents and investments, fair value		$ 11,943

Fair Value Measurements - Schedule of Quantitative Information about Fair Value Measurements for Long-Term Debt (Details)	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.13

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets:
Short-term investments	$ 0	$ 11,943,000
Total	15,141,000	16,345,000
Liabilities:
Debt		18,026,000
Common warrants		25,452,000
Common warrants	694,000
Pre-Funded warrants		6,698,000
Total Liabilities	694,000	114,506,000
Short-term Contingent consideration
Liabilities:
Contingent consideration		12,369,000
Long-term Contingent consideration
Liabilities:
Contingent consideration		51,961,000
Money market funds
Assets:
Money market funds	15,141,000	4,402,000
Government and agency notes
Assets:
Short-term investments	0	11,943,000
Level 1
Assets:
Total	15,141,000	4,402,000
Liabilities:
Debt		0
Common warrants		0
Common warrants	0
Pre-Funded warrants		0
Total Liabilities	0
Level 1 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 1 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 1 \| Money market funds
Assets:
Money market funds	15,141,000	4,402,000
Level 1 \| Government and agency notes
Assets:
Short-term investments		0
Level 2
Assets:
Total	0	11,943,000
Liabilities:
Debt		0
Common warrants		0
Common warrants	0
Pre-Funded warrants		0
Total Liabilities	0
Level 2 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 2 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		0
Level 2 \| Money market funds
Assets:
Money market funds	0	0
Level 2 \| Government and agency notes
Assets:
Short-term investments		11,943,000
Level 3
Assets:
Total	0	0
Liabilities:
Debt		18,026,000
Common warrants		25,452,000
Common warrants	694,000
Pre-Funded warrants		6,698,000
Total Liabilities	694,000	114,506,000
Level 3 \| Short-term Contingent consideration
Liabilities:
Contingent consideration		12,369,000
Level 3 \| Long-term Contingent consideration
Liabilities:
Contingent consideration		51,961,000
Level 3 \| Money market funds
Assets:
Money market funds	$ 0	0
Level 3 \| Government and agency notes
Assets:
Short-term investments		$ 0

Cash, Cash Equivalents and Investments - Schedule of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash	$ 3,022	$ 1,407
Money market funds	15,141	4,402
Total cash and cash equivalents	18,163	5,809
Short-term investments	0	11,943
Government and agency notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments	$ 0	$ 11,943

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 605
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477548/944-605-55-14

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 11
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-URI https://asc.fasb.org/1943274/2147477548/944-605-55-11

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-21

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.5-02(1))
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-SubTopic 210
-Topic 946
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477796/946-210-45-20

+ Details

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 12. Net Income (Loss) Per Share

Basic net income (loss) per common share is determined by dividing the net income (loss) by the weighted-average common shares outstanding during the period. Diluted net income (loss) includes the effect, if any, from potential exercises of conversion of securities, such as stock options and warrants, which could result in the issuance of incremental shares of common stock. However, potential common shares are excluded if their effect is anti-dilutive. All warrants are participating in securities, as they participate on a one-for-one basis with common stock in earnings of the Company, if and when declared by the Board of Directors. For the purposes of computing earnings per share, the warrants are considered to participate with common stock in earnings of the Company. Therefore, the Company computes earnings per share using the two-class method, an earnings allocation method that determines net income (loss) per share (when there are earnings) for common stock and participating securities. Diluted earnings per share for the Company’s common stock is computed using the more dilutive of the two-class method or the treasury stock method.

The following table sets forth the calculation of basic and diluted net income (loss) per share during the periods presented (in thousands, except share amounts, as adjusted for the Reserve Stock Split):


	Three Months Ended March 31,
	2026			2025
Numerator:
Net income (loss)	$	35,912		$	(15,030	)
Undistributed earnings allocated to participating securities		(3,118	)	$	—
Net income (loss) – basic	$	32,794		$	(15,030	)

Net income (loss)	$	35,912		$	(15,030	)
Fair value adjustment for pre-funded warrants		(6,358	)		—
Undistributed earnings allocated to participating securities		(3,096	)		—
Net income (loss) – diluted	$	26,458		$	(15,030	)

Denominator:
Weighted average shares of common stock outstanding – basic		9,120,267			4,394,119
Effect of dilutive shares
Pre-funded warrants		62,785			—
Options		7,302			—
Weighted average shares of common stock outstanding – diluted		9,190,354			4,394,119

Net income (loss) per share – basic	$	3.60		$	(3.42	)
Net income (loss) per share – diluted	$	2.88		$	(3.42	)

The following outstanding potentially dilutive shares have been excluded from the calculation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive, as adjusted for the Reverse Stock Split:


	March 31,
	2026		2025
Stock options issued and outstanding		1,509,652		1,283,632
Restricted stock awards		—		5,408
Common warrants		867,193		—
Total		2,376,845		1,289,040

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net Income (Loss)	$ 35,912	$ (15,030)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock based compensation	1,286	1,386
Depreciation and amortization	36	32
Change in the fair value of contingent consideration liabilities	(64,330)	1,924
Change in fair value of debt, net	(12,197)	391
Change in fair value of warrants	(31,116)	0
Gain on settlement of accounts payable	(2,584)	0
Intangible asset impairment charge	67,808	0
Amortization of discount on available-for-sale investments	(62)	(355)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(3,639)	944
Right of use assets, operating leases and operating lease liabilities	28	24
Other assets	1,782	163
Accounts payable	5,911	22
Accrued expenses and other current liabilities	(7,163)	899
Other liabilities	701	(1)
Net cash used in operating activities	(7,627)	(9,601)
Cash flow from investing activities:
Purchase of investments	0	(1,954)
Proceeds from maturities of investments	12,000	13,000
Purchase of property and equipment	0	(148)
Net cash provided by investing activities	12,000	10,898
Cash flows from financing activities:
Issuance of common stock in connection with the ATM offerings, net of issuance costs	14,988	0
Proceeds from issuance of common stock upon exercise of stock options	0	87
Repayment of borrowings	(5,545)	0
Net cash provided by financing activities	9,443	87
Effect of exchange rate changes on cash	(1,462)	175
Net increase in cash and cash equivalents	12,354	1,559
Cash and cash equivalents at beginning of period	5,809	6,212
Cash and cash equivalents at end of period	18,163	7,771
Supplemental disclosures of cash flow and non-cash information:
Interest payment on debt	(29)	(53)
Noncash exercise of pre-funded warrants	$ 340	$ 0

Fair Value Measurements - Schedule of Changes in Present Value of Acquisition Related Accrued Earnouts of Contingent Consideration Liability (Details) - Contingent Consideration - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 64,330	$ 56,691
Change in fair value	(64,330)	1,924
Ending balance	$ 0	$ 58,615

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2026 Segment
Segment Reporting [Abstract]
Number of operating segment	1
Number of reportable segment	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated net income (loss), as reported on the condensed consolidated statement of operations and comprehensive income (loss). This assessment involves comparing net income (loss)
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Summary of Warrants Outstanding

The following table is a summary of the Company’s warrants outstanding as of March 31, 2026, as adjusted for the Reverse Stock Split:


	Number of Common Stock Issuable		Exercise Price		Expiration Date
Common Warrants		867,192	$	12.00	June 12, 2030

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

Following March 31, 2026, and through the issuance of these financial statements, the Company raised net proceeds of approximately $5.4 million by issuing 2,510,000 shares of common stock under the ATM program, with approximately $47.5 million remaining subject to available shares for issuance.

Through filing date, as part of the restructuring activities and evaluation of strategic alternatives aimed at maximizing shareholder value, the Company anticipates incurring severance costs of $0.8 million related to personnel separation.

Summary of Significant Accounting Policies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) Segment	Mar. 31, 2025 USD ($)
Accounting Policies [Abstract]
Number of operating segment	1
Number of reportable segment	1
Change in the fair value of contingent consideration liabilities \| $	$ (64,330)	$ 1,924

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
General and administrative:
Stock-based compensation	$ 1,286	$ 1,386
Intangible asset impairment charge	67,808	0
Fair value adjustment for contingent consideration	(64,330)	1,924
Total operating expenses	14,590	14,858
Loss from operations	(14,590)	(14,858)
Fair value adjustment for warrants	(31,116)	0
Net income (loss)	35,912	(15,030)
Reportable Segment
Research and development:
Personnel	1,914	1,320
Stock-based compensation	542	435
Clinical and contract manufacturing	3,600	6,727
Other	789	(337)
General and administrative:
Personnel	1,335	1,727
Stock-based compensation	744	951
Consulting and professional costs	1,558	1,466
Other	630	645
Intangible asset impairment charge	67,808	0
Fair value adjustment for contingent consideration	(64,330)	1,924
Total operating expenses	14,590	14,858
Loss from operations	(14,590)	(14,858)
Fair value adjustment for debt	12,168	(444)
Fair value adjustment for warrants	31,116	0
Other segment items	7,218	272
Net income (loss)	$ 35,912	$ (15,030)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 18,163

$ 5,809

Short-term investments

11,943

Prepaid expenses and other current assets

7,417

5,144

Total current assets

25,580

22,896

Property and equipment, net

550

595

Operating lease right-of-use assets

415

453

Intangible assets

67,819

Other assets

1,760

Total assets

26,623

93,523

Current liabilities:

Accounts payable

5,392

2,223

Accrued expenses and other current liabilities

3,376

10,608

Current portion of debt

18,026

Short-term contingent consideration

12,369

Total current liabilities

8,768

43,226

Long-term operating lease liabilities

293

330

Long-term contingent consideration

51,961

Warrant liabilities

694

32,150

Other long-term liabilities

1,196

1,570

Total liabilities

10,951

129,237

Stockholders' equity (deficit):

Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

Common stock, $0.001 par value, 250,000,000 shares authorized, 13,790,794 and 5,572,529 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

^[1]

Additional paid in capital

^[1]

435,587

418,981

Accumulated other comprehensive income

4,610

5,750

Accumulated deficit

(424,539)

(460,451)

Total stockholders' equity (deficit)

15,672

(35,714)

Total liabilities and stockholders' equity (deficit)

$ 26,623

$ 93,523

[1]	(1) Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026.

Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

Note 7. Debt

In connection with the acquisition of EryDel on October 20, 2023, the Company became a guarantor in respect of the EIB Loan. The EIB Loan was amended and restated as of the acquisition date. The EIB Loan provides for maximum borrowings of 30.0 million euro through four tranches; tranche A, 3.0 million euro; tranche B, 7.0 million euro; tranche C, 10.0 million euro; and tranche D, 10.0 million euro. Each tranche is subject to conditions precedent related to the Company’s business and capitalization. Only tranches A and B were drawn. All amounts due under tranche A and B were payable on their maturity date of August 2026. Interest accrued at fixed rates for each tranche and was payable on the maturity date for each Tranche (with the exception of 2% cash interest which was accrued and payable quarterly during fiscal year 2025 pursuant to the terms of the Amendment, which correspondingly reduced the deferred interest rate accruing during such period). The fixed rates ranged from 7.0% to 9.0% per annum.

For the three months ended March 31, 2026, the Company paid 25 thousand euros ($29 thousand) in interest payments.

The Company elected to account for the EIB Loan at fair value, which requires the EIB Loan to be recorded at fair value at issuance and at the end of each reporting period. Gains or losses upon remeasurement are to be recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss). The Company presents separately in other

comprehensive income (loss) the portion of the total change in the fair value of the EIB Loan that results from a change in instrument-specific credit risk. The EIB Loan’s fair value at the date it was assumed adjusted its carrying value based on using a discounted cash flow analysis with a discount rate based on a yield curve that was adjusted for credit rating.

In March 2026, the EIB agreed to a full settlement of all obligations associated with the loan with a single payment of 4.8 million euros ($5.5 million) which was paid on March 30, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Schedule of Reserve Foreign Research and Development Tax Credit (Details) - Research and Development [Member] - Italy $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Tax Credit Carryforward [Line Items]
Beginning balance, reserve	$ 0
Reserve for Italian research and development tax credit	(1,083)
Ending balance, reserve	$ (1,083)

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table presents the measure of segment assets regularly provided to the CODM (in thousands):


	March 31, 2026		December 31, 2025
Cash, cash equivalents and short-term investments		18,163		17,752


	Three Months Ended March 31,
	2026			2025
Research and development:
Personnel	$	1,914		$	1,320
Stock-based compensation		542			435
Clinical and contract manufacturing		3,600			6,727
Other		789			(337	)
General and administrative:
Personnel		1,335			1,727
Stock-based compensation		744			951
Consulting and professional costs		1,558			1,466
Other		630			645
Intangible asset impairment charge		67,808			—
Fair value adjustment for contingent consideration		(64,330	)		1,924
Total operating expenses		14,590			14,858
Loss from operations		(14,590	)		(14,858	)
Fair value adjustment for debt		12,168			(444	)
Fair value adjustment for warrants		31,116			—
Other segment items		7,218			272
Net income (loss)	$	35,912		$	(15,030	)

Fair Value Measurements - Schedule of Quantitative Information about Fair Value Measurements for Contingent Consideration (Details)	Dec. 31, 2025
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.145
Probability of achievement \| Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.01
Probability of achievement \| Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Contingent consideration, measurement input	0.565

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Prepaid research and development expenses	$ 0	$ 578
Short-term Italian research and development refundable tax credit, net	1,284	0
Short-term VAT receivable	5,273	3,622
Prepaid insurance	405	635
Prepaid expenses	431	255
Other current assets	24	54
Total prepaid expenses and other current assets	$ 7,417	$ 5,144

Net Income (Loss) Per Share - Schedule of Reconciliation of the Basic Weighted Average Shares of Common Stock Outstanding to the Dilutive Weighted Average Shares of Common Stock Outstanding (Details) - shares

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]

Weighted average shares of common stock outstanding - basic (in shares)

^[1]

9,120,267

4,394,119

Weighted average shares of common stock outstanding - diluted (in shares)

^[1]

9,190,354

4,394,119

[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.

Stock-Based Compensation - 2019 Equity Incentive Plan (Quince) - Stock Options (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 1,286	$ 1,386
2019 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award grant period	10 years
Voting rights in percentage	10
Stock based awards vesting period	4 years
Stock-based compensation	$ 100
Options, stock-based compensation not yet recognized	$ 9,300
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period	2 years 1 month 6 days
2019 Plan \| Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 900	$ 900
Income tax benefits recognized	$ 0
2019 Plan \| One Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	1 year
Award vesting rights	25.00%
2019 Plan \| Three Year Anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock based awards vesting period	3 years
Award vesting rights	75.00%
2019 Plan \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)	100.00%
Stock options granted maximum period	10 years
Monthly installments over the remaining vesting period	4 years
Post-termination exercise window	5 years
2019 Plan \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Rate of purchase price of stock on fair value (as a percent)	110.00%
Stock options granted maximum period	3 months
Monthly installments over the remaining vesting period	3 years
Post-termination exercise window	90 days

Balance Sheet Components - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Long-term VAT receivable	$ 0	$ 1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.	78	78
Total other assets	$ 78	$ 1,760

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Share


	Three Months Ended March 31,
	2026			2025
Numerator:
Net income (loss)	$	35,912		$	(15,030	)
Undistributed earnings allocated to participating securities		(3,118	)	$	—
Net income (loss) – basic	$	32,794		$	(15,030	)

Net income (loss)	$	35,912		$	(15,030	)
Fair value adjustment for pre-funded warrants		(6,358	)		—
Undistributed earnings allocated to participating securities		(3,096	)		—
Net income (loss) – diluted	$	26,458		$	(15,030	)

Denominator:
Weighted average shares of common stock outstanding – basic		9,120,267			4,394,119
Effect of dilutive shares
Pre-funded warrants		62,785			—
Options		7,302			—
Weighted average shares of common stock outstanding – diluted		9,190,354			4,394,119

Net income (loss) per share – basic	$	3.60		$	(3.42	)
Net income (loss) per share – diluted	$	2.88		$	(3.42	)

Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Income (Loss) Per Share


	March 31,
	2026		2025
Stock options issued and outstanding		1,509,652		1,283,632
Restricted stock awards		—		5,408
Common warrants		867,193		—
Total		2,376,845		1,289,040

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 1,286	$ 1,386
General and administrative expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	744	951
Research and development expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock-based compensation	$ 542	$ 435

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (f)(2)(iii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (l)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Publisher FASB
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(2)
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical)	Apr. 10, 2026
Subsequent Event
Reverse stock split	1-for-10

Stock-Based Compensation - 2019 Equity Incentive Plan (Quince) - General (Details) - 2019 Plan	3 Months Ended
	Mar. 31, 2026 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan (in shares)	1,351,548
Increase in number of shares available for issuance as proportion of shares of common stock (in shares)	214,635
Percentage of common stock outstanding	4.00%
Common stock reserved for issuance (in shares)	75,376

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid research and development expenses	$	—	$	578
Short-term Italian research and development refundable tax credit, net		1,284		—
Short-term VAT receivable		5,273		3,622
Prepaid insurance		405		635
Prepaid expenses		431		255
Other current assets		24		54
Total prepaid expenses and other current assets	$	7,417	$	5,144

Schedule of Reserve for Foreign Research and Development Tax Credit

The activity in the reserve for Italian research and development tax credit for the three months ended March 31, 2026 is as follows (in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	—
Reserve for Italian research and development tax credit		(1,083	)
Ending balance as of March 31, 2026	$	(1,083	)

Schedule of Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Long-term VAT receivable	$	—	$	1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.		78		78
Total other assets	$	78	$	1,760

Schedule of Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026			December 31, 2025
Computer equipment	$	65		$	66
Computer software		31			32
Lab equipment		1,051			1,076
Leasehold improvement		37			38
Office furniture		222			227
Less: accumulated amortization and depreciation		(856	)		(844	)
Property and equipment, net	$	550		$	595

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Personnel expenses	$	871	$	3,138
Research and development expenses		1,752		6,966
Professional fees		464		181
Current portion of operating lease liabilities		113		115
Other		176		208
Total accrued expenses and other current liabilities	$	3,376	$	10,608

Schedule of Accrued Severance and Related Expenses

For the three months ended March 31, 2026 and 2025, the severance accrual activity was as follows (in thousands):


	For the Three Months Ended March 31,
	2026			2025
Beginning accrued severance	$	42		$	—
Incurred during the period		1,391			413
Severance paid during the period		(1,433	)		(66	)
Ending accrued severance	$	—		$	347

Schedule of Other-Long Term Liabilities

Other long-term liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Federal and state taxes payable	$	1,040	$	773
Foreign taxes payable		86		691
Other long-term liabilities		70		106
Other long-term liabilities	$	1,196	$	1,570

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The fair value of the Company's financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of the assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active.

Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the three months ended March 31, 2026 and year ended December 31, 2025.

The Company elected the fair value option for the EIB Loan guaranteed by the Company in connection with the EryDel Acquisition. The Company adjusted the EIB Loan to fair value through the change in fair value of debt in the accompanying condensed consolidated statements of operations and comprehensive income (loss). Subsequent unrealized gains and losses on items for which the fair value option is elected are reported in earnings. The Company will break out any change in value due to credit loss in accumulated other comprehensive loss. For the three months ended March 31, 2026 and year ended December 31, 2025, there was no change in value due to credit loss.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2026 and December 31, 2025 are presented in the following tables (in thousands):


	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,141	$	15,141	$	—	$	—
Total Assets	$	15,141	$	15,141	$	—	$	—
Liabilities:
Common warrants		694		—		—		694
Total	$	694	$	—	$	—	$	694


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	4,402	$	4,402	$	—	$	—
Government and agency notes		11,943		—		11,943		—
Total Assets	$	16,345	$	4,402	$	11,943	$	—
Liabilities:
Short-term contingent consideration	$	12,369		—		—		12,369
Long-term contingent consideration		51,961		—		—		51,961
Debt		18,026		—		—		18,026
Common warrants		25,452		—		—		25,452
Pre-Funded warrants		6,698		—		—		6,698
Total Liabilities	$	114,506	$	—	$	—	$	114,506

The Company classifies government and agency notes as Level 2 investments as the Company uses quoted prices for similar assets sourced from certain third-party pricing services. The third-party pricing services generally utilize industry standard valuation models for which all significant inputs are observable, either directly or indirectly, to estimate the price or fair value of the securities. The primary input generally includes reported trades or quotes on the same or similar securities. The Company does not make additional judgments or assumptions made to the pricing data sourced from the third-party pricing services.

Level 3 Assets and Liabilities

Contingent Consideration

The following table reflects the changes in present value of acquisition related accrued earnouts of contingent consideration liability using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025 (in thousands):


	March 31, 2026			March 31, 2025
Beginning balance	$	64,330		$	56,691
Change in fair value		(64,330	)		1,924
Ending balance	$	—		$	58,615

The contingent consideration arrangement requires the Company to pay up to $485.0 million of additional consideration in cash, comprised of up to $5.0 million upon the enrollment of the first patient in the Phase 3 NEAT clinical trial, which was paid in 2024, $25.0 million at NDA acceptance, up to $60.0 million upon the achievement of specified approval milestones, and up to $395.0 million upon the achievement of specified on market and sales milestones. The Company owes no further payments to EryDel shareholders for development-related milestones. The remaining potential contingent payments in connection with the EryDel Acquisition pertain to approval, on market and sales milestones. As of March 31, 2026, no approval, on market, or sales milestones were met. As a result of the clinical readout of the Phase III NEAT study in January 2026 (see Note 1), the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero.

To estimate the fair value of the contingent consideration, the Company used a probability-weighted discounted cash flow model with an expected present value valuation technique with significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The estimates of fair value are uncertain and changes in the estimated inputs may result in significant adjustments to the fair value. The unobservable inputs consisted of the expected timing of milestone completion dates, probability of achievement, and

discount rate. The change in the fair value of the contingent consideration is primarily due to the expected timing of achieving various milestones, and the passage of time related to the contingent consideration earnout resulting from the EryDel Acquisition.

The following table summarizes the assumptions used in the valuation of the contingent consideration in the period presented (in thousands except for percentages):


		December 31, 2025
Expected timing of milestones completion dates		2026 - 2038
Discount rate		14.5%
Probability of achievement		1% - 56.5%

Debt

The following table presents the changes in the fair value of the Level 3 EIB Loan for the three months ended March 31, 2026 and 2025 (in thousands):


	March 31, 2026			March 31, 2025
Beginning balance	$	18,026		$	14,321
Change in fair value		(12,168	)		444
Interest payment		(29	)		(54	)
Settlement of debt		(5,545	)		—
Due to foreign currency translation		(284	)		555
Ending balance	$	—		$	15,266

To estimate the fair value of the EIB Loan, the Company used an expected present value valuation technique with significant unobservable inputs resulting in classification as a Level 3 measurement. The estimate of fair value is uncertain and changes in the estimated inputs may result in significant adjustments to the fair value. The unobservable inputs consisted of discount rate which includes the credit quality of the Company and credit spreads for comparable debt.

The following table summarizes the assumptions including the unobservable inputs related to the Company's debt in the periods presented:


	December 31, 2025
Discount rate		13	%

Warrants

During the year ended December 31, 2025, the Company issued common and pre-funded warrants which are classified as liabilities based on an assessment of the warrant’s specific terms and applicable authoritative guidance in ASC 815. The Company estimates the fair value of the common and pre-funded warrants utilizing the Black-Scholes option pricing model, which is dependent upon several Level 3 inputs that are not observable in active markets, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires judgment to determine.

The following table summarizes key inputs used in the valuation of the liability classified warrants as of the issuance date and as of March 31, 2026:


	As of December 31, 2025			As of March 31, 2026
Expected term	4.45 years			4.21 years
Common stock market price	$	33.50		$	1.00
Common warrants exercise price	$	12.00		$	12.00
Pre-Funded warrants exercise price	$	0.01		$	—
Risk-free interest rate		3.63	%		3.87	%
Expected volatility		110.96	%		173.24	%

The following table presents the changes in the fair value of the Level 3 liability classified warrants for the three months ended March 31, 2026:


	(in thousands)
Balance as of December 31, 2025	$	32,150
Exercise of pre-funded warrants and reclassification to equity		(340	)
Change in fair value of warrants		(31,116	)
Balance as of March 31, 2026	$	694

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

After considering all available positive and negative evidence, including cumulative losses, the Company concluded that it remains more likely than not that its net deferred tax assets will not be realized. Accordingly, the Company maintains a full valuation allowance against its net deferred tax assets.

The Company recorded an income tax benefit of $5.3 million for the three months ended March 31, 2026, primarily related to the release of uncertain tax position liabilities associated with intellectual property sales made in prior periods. The release resulted from changes in facts and circumstances impacting the more likely than not position to be assessed by the relevant tax authorities during the quarter ended March 31, 2026. This benefit was partially offset by current-period Italian income tax expense. The primary differences between the Company’s effective tax rate and the U.S. federal statutory tax rate were the change in valuation allowance and the discrete release of uncertain tax position liabilities. The Company recorded $47 thousand of tax expense for the three months ended March 31, 2025 primarily related to foreign withholding tax and interest on the uncertain tax position liability.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with GAAP for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair statement of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of March 31, 2026, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Form 10-K filed with the SEC on April 10, 2026. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period.
Reverse Stock Split	Reverse Stock Split On April 10, 2026, the Company effected a 1-for-10 reverse stock split of its outstanding common stock (the “Reverse Stock Split”). The reverse stock split became effective as of 11:59 p.m., Eastern Time, on April 10, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on April 13, 2026. The Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All share and per share information has been retroactively adjusted to reflect the Reverse Stock Split for all periods presented in this report.
Risks and Uncertainties	Risks and Uncertainties Based on the results of the NEAT clinical trial, the Company will be unable to continue development of eDSP. The Company is currently focused on preserving cash while it evaluates available strategic alternatives. While the Company engaged LifeSci Capital as its exclusive financial advisor to assist in restructuring activities and evaluate strategic alternatives aimed at maximizing shareholder value, the Company does not currently have any agreements or commitments to effect any such transactions and may not be able to execute such transactions on terms favorable to the Company or its stockholders, or at all. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company’s ability to maintain sufficient funding while evaluating strategic alternatives or successfully effect a strategic transaction.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s condensed consolidated financial statements relate to the determination of the fair value of identifiable assets and liabilities in connection with business combinations including associated intangible assets, the fair value of contingent consideration, warrant liabilities and debt, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, impairment of intangible assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned subsidiaries are the Euro and Australian Dollar. The Company's financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the condensed consolidated statements of operations and comprehensive income (loss).
Segment Information	Segment Information The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment, which has been the business of developing and commercializing the Company's proprietary AIDE technology platform. The key factors used to identify the reportable segments are the organization of its business and alignment of the Company's internal operations and the nature of its AIDE technology. Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the CODM, in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated financial information. See Note 14 for further details.
Intangible Assets	Intangible Assets Definite lived Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. The Company regularly reviews whether current conditions or events suggest that the carrying values of its acquired definite lived intangible assets might not be recoverable. When such conditions are identified, an estimate of the undiscounted future cash flows from these assets, or relevant asset groupings, is compared to their carrying value to determine if an impairment exists. If an impairment is identified, the loss is calculated as the difference between the carrying value of the intangible asset and its fair value, which is based on the net present value of the estimated future cash flows. Indefinite lived Intangible Assets Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An indefinite lived intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, or a more competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. As a result of the clinical readout of the Phase III NEAT study in January 2026 (see Note 1), the research and development associated with the IPR&D was abandoned and an impairment charge recorded to reduce the carrying value to zero.
Contingent Consideration	Contingent Consideration The Company determines the fair value of contingent consideration related to the Company's acquisition of EryDel in October 2023 using a probability-weighted discounted cash flow method, with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC Topic 820, Fair Value Measurement. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows, during the contingent consideration period, appropriately discounted considering the uncertainties associated with the earnout obligation, and calculated in accordance with the terms of the definitive agreement. The liability for the contingent consideration were initially established at the time of the acquisition and are evaluated on a quarterly basis based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. Changes in the fair value of the contingent consideration obligations may result from changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Significant increases or decreases in the inputs noted above in isolation would result in a significantly lower or higher fair value measurement. As a result of the clinical readout of the Phase III NEAT study in January 2026 (see Note 1), the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero.
Cash, Cash Equivalents and Investments	Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Collectively, cash equivalents and short-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive income (loss) in the consolidated statements of operations and included as a separate component of consolidated statements of stockholders’ equity. Realized gains and losses are included in interest income in the condensed consolidated statements of operations and comprehensive loss. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the condensed consolidated statements of operations and comprehensive income (loss).
Warrants	Warrants The Company accounts for warrants as equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability, and whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are recorded as a component of additional paid-in capital in the condensed consolidated balance sheets at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized within the condensed consolidated statements of operations. The fair value of the warrants is estimated using the Black-Scholes option pricing model (see Note 9).
Reserve for Italian Research and Development Tax Credit	Reserve for Italian Research and Development Tax Credit The Company maintains a reserve for Italian research and development tax credit to reflect estimated loss of utilization due to the wind-down of the business. This estimate is based on historical utilization and management’s judgment regarding forecasted utilization. The reserve is reviewed quarterly, and adjustments are recorded in research and development operating expense in the period they become known.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three months ended March 31, 2026. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. The Company is evaluating the disclosure requirements related to the new standard. ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued a new accounting standard to clarify the applicability of interim reporting guidance under GAAP, provide a comprehensive list of interim disclosure requirements within Topic 270, and introduce a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Business Combination [Line Items]
Fair value assets transfers out of level 3	$ 0	$ 0
NDA acceptance under contingent consideration	25,000
Specified Approval Milestones [Member]
Business Combination [Line Items]
Milestone Payment	60,000
Ery Del [Member]
Business Combination [Line Items]
Amount payable upon achievement of specified milestone.	5,000
Milestone achievement related to market and sales	395,000
Ery Del [Member] \| Maximum
Business Combination [Line Items]
Maximum amount of future consideration payment	$ 485,000

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis

The following tables categorize the fair values of cash, cash equivalents and investments measured at fair value on a recurring basis on the condensed consolidated balance sheets (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	3,022	$	1,407
Money market funds		15,141		4,402
Total cash and cash equivalents	$	18,163	$	5,809

Short-term investments:
Government and agency notes		—		11,943
Total short-term investments	$	—	$	11,943

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis


	Fair Value Measurements as of March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	15,141	$	15,141	$	—	$	—
Total Assets	$	15,141	$	15,141	$	—	$	—
Liabilities:
Common warrants		694		—		—		694
Total	$	694	$	—	$	—	$	694


	Fair Value Measurements as of December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Money market funds	$	4,402	$	4,402	$	—	$	—
Government and agency notes		11,943		—		11,943		—
Total Assets	$	16,345	$	4,402	$	11,943	$	—
Liabilities:
Short-term contingent consideration	$	12,369		—		—		12,369
Long-term contingent consideration		51,961		—		—		51,961
Debt		18,026		—		—		18,026
Common warrants		25,452		—		—		25,452
Pre-Funded warrants		6,698		—		—		6,698
Total Liabilities	$	114,506	$	—	$	—	$	114,506

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation


	March 31, 2026			March 31, 2025
Beginning balance	$	64,330		$	56,691
Change in fair value		(64,330	)		1,924
Ending balance	$	—		$	58,615

The following table presents the changes in the fair value of the Level 3 EIB Loan for the three months ended March 31, 2026 and 2025 (in thousands):


	March 31, 2026			March 31, 2025
Beginning balance	$	18,026		$	14,321
Change in fair value		(12,168	)		444
Interest payment		(29	)		(54	)
Settlement of debt		(5,545	)		—
Due to foreign currency translation		(284	)		555
Ending balance	$	—		$	15,266

The following table presents the changes in the fair value of the Level 3 liability classified warrants for the three months ended March 31, 2026:


	(in thousands)
Balance as of December 31, 2025	$	32,150
Exercise of pre-funded warrants and reclassification to equity		(340	)
Change in fair value of warrants		(31,116	)
Balance as of March 31, 2026	$	694

Schedule of Quantitative Information About Fair Value Measurements

The following table summarizes the assumptions used in the valuation of the contingent consideration in the period presented (in thousands except for percentages):


		December 31, 2025
Expected timing of milestones completion dates		2026 - 2038
Discount rate		14.5%
Probability of achievement		1% - 56.5%

The following table summarizes the assumptions including the unobservable inputs related to the Company's debt in the periods presented:


	December 31, 2025
Discount rate		13	%

The following table summarizes key inputs used in the valuation of the liability classified warrants as of the issuance date and as of March 31, 2026:


	As of December 31, 2025			As of March 31, 2026
Expected term	4.45 years			4.21 years
Common stock market price	$	33.50		$	1.00
Common warrants exercise price	$	12.00		$	12.00
Pre-Funded warrants exercise price	$	0.01		$	—
Risk-free interest rate		3.63	%		3.87	%
Expected volatility		110.96	%		173.24	%

Warrants

3 Months Ended

Mar. 31, 2026

Warrants and Rights Note Disclosure [Abstract]

Warrants

Note 9. Warrants

Warrants Issued with June 2025 Private Placement

On June 12, 2025, in connection with the sale and issuance of common stock as part of the June 2025 Private Placement, the Company issued Pre-Funded Warrants to purchase up to an aggregate of 200,000 shares of Common Stock at an exercise price of $0.01 per share, as adjusted for the Reverse Stock Split, and Common Warrants to purchase up to an aggregate of 867,192 shares of Common Stock at an exercise price of $12.00 per share, as adjusted for the Reverse Stock Split. Each Share and each Pre-Funded Warrant sold pursuant to the Securities Purchase Agreement was accompanied by one Common Warrant. The combined purchase price of each Share and accompanying Common Warrant was $13.25 (which included $1.25 per Common Warrant in accordance with the rules and regulations of Nasdaq), as adjusted for the Reverse Stock Split. The combined purchase price of each Pre-Funded Warrant and accompanying Common Warrant was $13.24 (equal to the combined purchase price per Share and accompanying Common Warrant,

minus $0.01).

The Common Warrants can be exercised into either common stock or Pre-Funded Warrants at the holders' option, and both Common Warrants and Pre-Funded Warrants contain purchase rights that could result in holders receiving securities that more than offsets or neutralizes the effect of a distribution event. As a result of the aforementioned provisions, both Common Warrants and Pre-Funded Warrants fail the indexation guidance under ASC 815 and are classified as liabilities. The Pre-Funded Warrants and Common Warrants liabilities were recorded at fair value as of the issuance date and March 31, 2026, and subject to adjustment to estimated fair value at each balance sheet date until the warrants are settled.

The proceeds from June 2025 Private Placement were first allocated to the full fair value of the Pre-Funded Warrants and Common Warrants due to the liability classification. The fair value of the Pre-Funded Warrants and Common Warrants at issuance was $10.7 million. The remaining proceeds of $0.8 million, before issuance costs, were allocated to the Common Stock.

During the three months ended March 31, 2026, the Company recognized a fair value gain of $31.1 million related to the warrants.

On January 29, 2026, all 200,000 shares of the Pre-Funded Warrants were exercised through a cashless exercise into 199,765 shares of the Company's Common Stock, as adjusted for the Reverse Stock Split. All of the Common Warrants issued in connection with the June 2025 Private Placement remained outstanding as of March 31, 2026. The following table is a summary of the Company’s warrants outstanding as of March 31, 2026, as adjusted for the Reverse Stock Split:


	Number of Common Stock Issuable		Exercise Price		Expiration Date
Common Warrants		867,192	$	12.00	June 12, 2030

Organization (Details) $ in Thousands, € in Millions	1 Months Ended		3 Months Ended
Organization (Details) $ in Thousands, € in Millions	Mar. 31, 2026 EUR (€)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 EUR (€)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
Accumulated deficit		$ (424,539)		$ (424,539)	$ (460,451)
Cash, cash equivalents, and short-term investments		18,200		18,200
European Investment Bank Loan
Line of Credit Facility [Line Items]
Settlement of loan	€ 4.8	$ 5,500	€ 4.8	$ 5,500

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 35,912	$ (15,030)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Components [Line Items]
Less: accumulated amortization and depreciation	$ (856)	$ (844)
Property and equipment, net	550	595
Computer Software
Balance Sheet Components [Line Items]
Property and equipment	31	32
Computer Equipment
Balance Sheet Components [Line Items]
Property and equipment	65	66
Lab Equipment
Balance Sheet Components [Line Items]
Property and equipment	1,051	1,076
Leasehold Improvement
Balance Sheet Components [Line Items]
Property and equipment	37	38
Office Furniture
Balance Sheet Components [Line Items]
Property and equipment	$ 222	$ 227

Fair Value Measurements - Schedule of Changes In The Fair Value Level 3 Liability Classified Warrants (Details) - Level 3 $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 32,150
Exercise of pre-funded warrants and reclassification to equity	(340)
Change in fair value of warrants	(31,116)
Ending balance	$ 694

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Quince Therapeutics, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with GAAP for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for the fair statement of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of March 31, 2026, the condensed consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of stockholders’ equity (deficit) for the three months ended March 31, 2026 and 2025, the condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2025 included in the Company’s Form 10-K filed with the SEC on April 10, 2026. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. Reverse Stock Split On April 10, 2026, the Company effected a 1-for-10 reverse stock split of its outstanding common stock (the “Reverse Stock Split”). The reverse stock split became effective as of 11:59 p.m., Eastern Time, on April 10, 2026 and the Company’s common stock began trading on the Nasdaq Stock Market on a split-adjusted basis on April 13, 2026. The Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All share and per share information has been retroactively adjusted to reflect the Reverse Stock Split for all periods presented in this report. Risks and Uncertainties Based on the results of the NEAT clinical trial, the Company will be unable to continue development of eDSP. The Company is currently focused on preserving cash while it evaluates available strategic alternatives. While the Company engaged LifeSci Capital as its exclusive financial advisor to assist in restructuring activities and evaluate strategic alternatives aimed at maximizing shareholder value, the Company does not currently have any agreements or commitments to effect any such transactions and may not be able to execute such transactions on terms favorable to the Company or its stockholders, or at all. The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, the Company’s ability to maintain sufficient funding while evaluating strategic alternatives or successfully effect a strategic transaction. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s condensed consolidated financial statements relate to the determination of the fair value of identifiable assets and liabilities in connection with business combinations including associated intangible assets, the fair value of contingent consideration, warrant liabilities and debt, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, impairment of intangible assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Foreign Currency Translation and Transactions The functional currency of the Company’s wholly-owned subsidiaries are the Euro and Australian Dollar. The Company's financial results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss), as a separate component of equity. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the re-measurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the condensed consolidated statements of operations and comprehensive income (loss). Segment Information The Company manages its business activities on a consolidated basis and operates as one operating and reportable segment, which has been the business of developing and commercializing the Company's proprietary AIDE technology platform. The key factors used to identify the reportable segments are the organization of its business and alignment of the Company's internal operations and the nature of its AIDE technology. Operating segments are defined as components of an enterprise for which discrete financial information is available and is evaluated regularly by the CODM, in deciding how to allocate resources and assess performance. The Company’s Chief Executive Officer, who is the CODM, reviews financial information on a consolidated basis for purposes of allocating and evaluating financial performance. The CODM evaluates the Company’s performance and resource allocation by analyzing consolidated financial information. See Note 14 for further details. Intangible Assets Definite lived Intangible Assets Intangible assets with a definite useful life are amortized on a straight-line basis over the estimated useful life of the related assets. The Company regularly reviews whether current conditions or events suggest that the carrying values of its acquired definite lived intangible assets might not be recoverable. When such conditions are identified, an estimate of the undiscounted future cash flows from these assets, or relevant asset groupings, is compared to their carrying value to determine if an impairment exists. If an impairment is identified, the loss is calculated as the difference between the carrying value of the intangible asset and its fair value, which is based on the net present value of the estimated future cash flows. Indefinite lived Intangible Assets Intangible assets with an indefinite useful life are not amortized. Intangible assets acquired in a business combination or an acquisition that are used in research and development activities (regardless of whether they have an alternative future use) shall be considered indefinite lived until the completion or abandonment of the associated research and development efforts. Intangible assets acquired in a business combination are initially recorded at fair value. During the period that those assets are considered indefinite lived, they shall not be amortized but shall be tested for impairment. Once the research and development efforts are completed or abandoned, the entity shall determine the useful life of the assets. An indefinite lived intangible asset shall be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not that the asset is impaired. The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of the intangible asset is less than its carrying amount. If that is the case, the Company performs a quantitative impairment test, and, if the carrying amount of the Company exceeds its fair value, then the Company will recognize an impairment charge for the amount by which its carrying amount exceeds its fair value, not to exceed the carrying amount of the intangible asset. Qualitative factors to be considered include but are not limited to: • Cost factors such as increases in raw materials, labor, or other costs that have a negative effect on future expected earnings and cash flows • Legal/regulatory factors or progress and results of clinical trials • Other relevant entity-specific events such as changes in management, key personnel, strategy, or customers; contemplation of bankruptcy; or litigation that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset • Industry and market considerations such as a deterioration in the environment in which an entity operates, or a more competitive environment • Macroeconomic conditions such as deterioration in general economic conditions, limitations on accessing capital, fluctuations in foreign exchange rates, or other developments in equity and credit markets that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset. As a result of the clinical readout of the Phase III NEAT study in January 2026 (see Note 1), the research and development associated with the IPR&D was abandoned and an impairment charge recorded to reduce the carrying value to zero. Contingent Consideration The Company determines the fair value of contingent consideration related to the Company's acquisition of EryDel in October 2023 using a probability-weighted discounted cash flow method, with significant inputs that are not observable in the market and thus represents a Level 3 fair value measurement as defined in ASC Topic 820, Fair Value Measurement. The significant inputs in the Level 3 measurement not supported by market activity include the probability assessments of expected future cash flows, during the contingent consideration period, appropriately discounted considering the uncertainties associated with the earnout obligation, and calculated in accordance with the terms of the definitive agreement. The liability for the contingent consideration were initially established at the time of the acquisition and are evaluated on a quarterly basis based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. Changes in the fair value of the contingent consideration obligations may result from changes in probability assumptions with respect to the likelihood of achieving the various contingent payment obligations. Significant increases or decreases in the inputs noted above in isolation would result in a significantly lower or higher fair value measurement. As a result of the clinical readout of the Phase III NEAT study in January 2026 (see Note 1), the criteria for the contingent consideration payments will not be met, resulting in the related liability being reduced to zero. Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Collectively, cash equivalents and short-term investments are considered available-for-sale and are recorded at fair value. Unrealized gains and losses are recorded as a component of other comprehensive income (loss) in the consolidated statements of operations and included as a separate component of consolidated statements of stockholders’ equity. Realized gains and losses are included in interest income in the condensed consolidated statements of operations and comprehensive loss. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the condensed consolidated statements of operations and comprehensive income (loss). Warrants The Company accounts for warrants as equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms. The assessment considers whether the warrants are freestanding financial instruments, meet the definition of a liability, and whether the warrants meet all of the requirements for equity classification, including whether the warrants are indexed to the Company’s own common stock, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For warrants that meet all criteria for equity classification, the warrants are recorded as a component of additional paid-in capital in the condensed consolidated balance sheets at the time of issuance. For warrants that do not meet all the criteria for equity classification, the warrants are recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter. Changes in the estimated fair value of the warrants are recognized within the condensed consolidated statements of operations. The fair value of the warrants is estimated using the Black-Scholes option pricing model (see Note 9). Reserve for Italian Research and Development Tax Credit The Company maintains a reserve for Italian research and development tax credit to reflect estimated loss of utilization due to the wind-down of the business. This estimate is based on historical utilization and management’s judgment regarding forecasted utilization. The reserve is reviewed quarterly, and adjustments are recorded in research and development operating expense in the period they become known. Recently Adopted Accounting Pronouncements There were no new accounting standards adopted during the three months ended March 31, 2026. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. The Company is evaluating the disclosure requirements related to the new standard. ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. In December 2025, the FASB issued a new accounting standard to clarify the applicability of interim reporting guidance under GAAP, provide a comprehensive list of interim disclosure requirements within Topic 270, and introduce a disclosure principle requiring entities to provide information about events and changes occurring after the end of the most recent annual reporting period that have a material impact on the entity. The ASU does not change the fundamental nature of interim reporting or expand or reduce existing interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027 for public business entities, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its interim financial reporting and related disclosures. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

At The Market Offering

Common Stock

At The Market Offering

Additional Paid in Capital

^[1]

Additional Paid in Capital

At The Market Offering

^[1]

Accumulated Other Comprehensive Income / (Loss)

Accumulated Deficit

Beginning balance (in shares) at Dec. 31, 2024

^[1]

4,400,164

Beginning balance at Dec. 31, 2024

$ 30,146

$ 4

^[1]

$ 406,649

$ (35)

$ (376,472)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock on exercise of stock options (in shares)

^[1]

8,749

Issuance of common stock on exercise of stock options

Stock based compensation

1,386

Foreign currency translation adjustments

2,045

Unrealized gain (loss) on available for sale investments

(53)

Net Income (Loss)

(15,030)

Ending balance (in shares) at Mar. 31, 2025

^[1]

4,408,913

Ending balance at Mar. 31, 2025

$ 18,581

$ 4

^[1]

408,122

1,957

(391,502)

Beginning balance (in shares) at Dec. 31, 2025

5,572,529

^[1]

Beginning balance at Dec. 31, 2025

$ (35,714)

$ 6

^[1]

418,981

5,750

(460,451)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Issuance of common stock (in shares)

^[1]

8,018,500

Issuance of common stock

$ 14,988

$ 8

^[1]

$ 14,980

Issuance of common stock on exercise of pre-funded warrants, net, shares

^[1]

199,765

Issuance of common stock on exercise of pre-funded warrants, net

340

Stock based compensation

1,286

Foreign currency translation adjustments

(1,135)

Unrealized gain (loss) on available for sale investments

(5)

Net Income (Loss)

$ 35,912

35,912

Ending balance (in shares) at Mar. 31, 2026

13,790,794

^[1]

Ending balance at Mar. 31, 2026

$ 15,672

$ 14

^[1]

$ 435,587

$ 4,610

$ (424,539)

[1]	Adjusted prior period common stock and additional paid-in-capital to reflect the 1-for-10 reverse stock split effected on April 10, 2026.

Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets:
Operating lease right of use asset, net	$ 415	$ 453
Liabilities:
Short-term operating lease liability	$ 113	$ 115
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Long-term operating lease liability	$ 293	$ 330
Total lease liabilities	$ 406	$ 445
Other information:
Weighted average remaining lease term (in years)	3 years 6 months	3 years 8 months 12 days
Weighted average discount rate (as percent)	9.13%	9.12%

Leases - Schedule of Future Minimum Lease Payments Under Lease Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (remainder of the year)	$ 108
2027	139
2028	125
2029 and thereafter	99
Total lease payments	471
Less: imputed interest	(65)
Total remaining lease liability	$ 406	$ 445

Cash, Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

Note 4. Cash, Cash Equivalents and Investments

The following tables categorize the fair values of cash, cash equivalents and investments measured at fair value on a recurring basis on the condensed consolidated balance sheets (in thousands):


	March 31, 2026		December 31, 2025
Cash and cash equivalents:
Cash	$	3,022	$	1,407
Money market funds		15,141		4,402
Total cash and cash equivalents	$	18,163	$	5,809

Short-term investments:
Government and agency notes		—		11,943
Total short-term investments	$	—	$	11,943

The Company's investments are classified as available-for-sale securities. As of March 31, 2026, there were no available-for-sale securities outstanding. There were no significant realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three months ended March 31, 2025, and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income (loss). No other-than-temporary impairments on these securities were recognized for the three months ended March 31, 2025.

The Company periodically assesses its investment in available-for-sale securities for impairment losses and credit losses. The amount of credit losses is determined by comparing the difference between the present value of future cash flows expected to be collected on these securities and the amortized cost. Factors considered in assessing credit losses include the position in the capital structure, vintage and amount of collateral, delinquency rates, current credit support, and geographic concentration. There have been no impairments or credit losses related to available-for-sale securities for the three months ended March 31, 2025.

For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value and recognized in interest and other income, net in the statement of operations and comprehensive loss. If neither criteria is met, the Company evaluates whether the decline in fair value is related to credit-related factors or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions

specifically related to the security, among other factors. Credit-related impairment losses, limited by the amount that the fair value is less than the amortized cost basis, are recorded through an allowance for credit losses in other income (expense), net.

Any unrealized losses from declines in fair value below the amortized cost basis as a result of non-credit factors are recognized in accumulated other comprehensive income, net of tax as a separate component of stockholders’ equity, along with unrealized gains. Realized gains and losses and declines in fair value, if any, on available-for-sale securities are included in other income (expense), net in the condensed consolidated statement of operations and comprehensive income (loss).

For purposes of identifying and measuring credit-related impairments, the Company’s policy is to exclude applicable accrued interest from both the fair value and amortized cost basis of the related security. The Company has elected to write-off uncollectible accrued interest receivable balances in a timely manner, which is defined by the Company as when interest due becomes 90 days delinquent. The accrued interest write-off will be recorded by reversing interest income. Accrued interest receivable is recorded in other current assets on the condensed consolidated balance sheets.

The following table summarizes the available-for-sale securities (in thousands):


	Fair Value Measurements as of March 31, 2026
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	15,141					$	15,141
Total cash equivalents and investments	$	15,141		—	$	—	$	15,141

Classified as:
Cash equivalents (original maturities within 90 days)							$	15,141
Total cash equivalents and investments							$	15,141


	Fair Value Measurements as of December 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Money market funds	$	4,402	$	—	$	—	$	4,402
Government and agency notes		11,938		5		—		11,943
Total cash equivalents and investments	$	16,340	$	5	$	—	$	16,345

Classified as:
Cash equivalents (original maturities within 90 days)							$	4,402
Short-term investments (maturities within one year)								11,943
Total cash equivalents and investments							$	16,345

Intangible Assets - Schedule of Carrying Amount of Finite-Lived Intangible Asset (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Foreign currency translation adjustments	$ 36	$ (8)
Impairment charges	(447)	0
Total	$ 0	426
Trade Names
Finite-Lived Intangible Assets [Line Items]
Useful life	21 years
Cost	$ 460	460
Accumulated Amortization	(49)	(26)
Net Carrying Value	$ 411	$ 434

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Amount of Indefinite-Lived Intangible Asset

The following table provides details of the carrying amount of the Company's indefinite-lived intangible asset (in thousands):


		(in thousands)
In-process research and development:
	Balance as of December 31, 2025	$	67,361
	Impairment charges		(67,361	)
	Balance as of March 31, 2026	$	—

Schedule of Carrying Amount of Finite-Lived Intangible Asset

The following table provides details of the carrying amount of the Company's finite-lived intangible asset (in thousands, except useful life):


			As of March 31, 2026								As of December 31, 2025
		Useful life	Cost		Accumulated Amortization			Net Carrying Value			Cost		Accumulated Amortization			Net Carrying Value
Finite life intangible assets:
	Trade name	21 years	$	460		(49	)	$	411		$	460		(26	)	$	434
	Foreign currency translation adjustments								36								(8	)
	Impairment charges								(447	)							—
	Total							$	—							$	426

Balance Sheet Components

3 Months Ended

Mar. 31, 2026

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Prepaid research and development expenses	$	—	$	578
Short-term Italian research and development refundable tax credit, net		1,284		—
Short-term VAT receivable		5,273		3,622
Prepaid insurance		405		635
Prepaid expenses		431		255
Other current assets		24		54
Total prepaid expenses and other current assets	$	7,417	$	5,144

The Company was eligible to obtain an R&D tax credit as companies in Italy that invest in eligible research and development activities, regardless of the legal form and economic sector in which they operate, can benefit from a R&D tax credit. Such tax credits can only be used to offset payments of certain taxes and contributions (e.g., social contributions, VAT payables, registration fees, income and withholding taxes and other tax-related items that companies usually pay monthly). During the three months ended March 31, 2026, the Company recorded $2.4 million of R&D tax credit, prior to any reserve, primarily due to the release of Italy related unrecognized tax benefits and the related tax payable. We recorded a reserve for estimated credits that were not probable of being used of $1.1 million based on forecasted utilization in Italy as of March 31, 2026. The Company recognized reductions to R&D expense of $0.3 million for the three months ended March 31, 2025.

The activity in the reserve for Italian research and development tax credit for the three months ended March 31, 2026 is as follows (in thousands):


	March 31, 2026
Beginning balance as of December 31, 2025	$	—
Reserve for Italian research and development tax credit		(1,083	)
Ending balance as of March 31, 2026	$	(1,083	)

Other Assets

Other assets consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Long-term VAT receivable	$	—	$	1,682
Equity investments in Lighthouse Pharmaceuticals, Inc.		78		78
Total other assets	$	78	$	1,760

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	March 31, 2026			December 31, 2025
Computer equipment	$	65		$	66
Computer software		31			32
Lab equipment		1,051			1,076
Leasehold improvement		37			38
Office furniture		222			227
Less: accumulated amortization and depreciation		(856	)		(844	)
Property and equipment, net	$	550		$	595

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Personnel expenses	$	871	$	3,138
Research and development expenses		1,752		6,966
Professional fees		464		181
Current portion of operating lease liabilities		113		115
Other		176		208
Total accrued expenses and other current liabilities	$	3,376	$	10,608

During the three months ended March 31, 2026, the Company entered into settlement agreements with vendors pursuant to which they relinquished amounts owed by the Company. This resulted in a $2.6 million gain on settlement of accounts payable, which is reflected in the condensed consolidated statements of operations and comprehensive income (loss) within research and development.

For the three months ended March 31, 2026 and 2025, the severance accrual activity was as follows (in thousands):


	For the Three Months Ended March 31,
	2026			2025
Beginning accrued severance	$	42		$	—
Incurred during the period		1,391			413
Severance paid during the period		(1,433	)		(66	)
Ending accrued severance	$	—		$	347

During the three months ended March 31, 2026 and 2025, the Company incurred severance costs related to personnel separation, reflecting payments made and accrued to departing employees.

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):


	March 31, 2026		December 31, 2025
Federal and state taxes payable	$	1,040	$	773
Foreign taxes payable		86		691
Other long-term liabilities		70		106
Other long-term liabilities	$	1,196	$	1,570

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Options Activity

Activity for service-based stock options under the Quince 2019 Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance as of December 31, 2025		1,029,955		$	27.36		7.97	$	18,856
Options granted		278,293			30.77	—			—
Options exercised	—			—		—			—
Options cancelled / forfeited		(31,926	)		16.52	—			—
Balance as of March 31, 2026		1,276,322		$	28.37		7.84	$	—
Options vested and expected to vest as of March 31, 2026		1,276,322			28.37		7.84		—
Options exercisable as of March 31, 2026		581,761		$	38.10		6.66	$	—

Activity for service-based stock options under the 2019 Novosteo Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		16,155	$	5.50		6.23	$	452
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of March 31, 2026		16,155	$	5.50		5.98	$	—
Options vested and expected to vest as of March 31, 2026		16,155		5.50		5.98		—
Options exercisable as of March 31, 2026		16,155	$	5.50		5.98	$	—

Activity for service-based stock options under the 2022 Inducement Plan is as follows, as adjusted for the Reverse Stock Split:


	Number of Options and Unvested Shares		Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
							(In thousands)
Balance as of December 31, 2025		233,330	$	29.80		6.39		863
Options granted		—		—		—		—
Options exercised		—		—		—		—
Options cancelled / forfeited		—		—		—		—
Balance as of March 31, 2026		233,330	$	29.80		6.15		—
Options vested and expected to vest as of March 31, 2026		233,330		29.80		6.15		—
Options exercisable as of March 31, 2026		223,608	$	29.80		6.15		—

Schedule of Employee and Non-Employee Stock-Based Compensation Expense


	Three Months Ended March 31,
	2026		2025
General and administrative expense	$	744	$	951
Research and development expense		542		435
Total stock-based compensation	$	1,286	$	1,386

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Jun. 12, 2025	Dec. 18, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Jun. 04, 2025
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock			250,000,000		250,000,000
Common stock, par value (in USD per share)	$ 0.001	$ 0.001	$ 0.001		$ 0.001
Net proceeds			$ 14,988	$ 0
Common stock, shares issued (in shares)			13,790,794		5,572,529
Controlled Equity Offering Sales Agreement
Subsidiary, Sale of Stock [Line Items]
Maximum aggregate offering price		$ 75,000
Private Placement
Subsidiary, Sale of Stock [Line Items]
Net proceeds			$ 15,000
Issuance of stock (in shares)			8,018,500
Common stock, shares issued (in shares)	667,192
Aggregate gross proceeds of private placement	$ 11,500
Private Placement \| Pre-Funded Warants
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)	200,000
Private Placement \| Common Warrant
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued (in shares)	867,192		867,192
Aggregate gross proceeds of cash exercise in full of the Common Warrants	$ 10,400
ATM Program
Subsidiary, Sale of Stock [Line Items]
Common stock reserved for issuance (in shares)			53,100,000
Maximum
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock						250,000,000
Minimum
Subsidiary, Sale of Stock [Line Items]
Authorized shares of common stock						100,000,000

Leases (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	March 31, 2026			December 31, 2025
Assets:
Operating lease right of use asset, net	$	415		$	453
Liabilities:
Short-term operating lease liability		113			115
Long-term operating lease liability		293			330
Total lease liabilities	$	406		$	445

Other information:
Weighted average remaining lease term	3.5 years			3.7 years
Weighted average discount rate		9.13	%		9.12	%

Schedule of Future Minimum Lease Payments Under Lease Agreements

Future minimum lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):


Fiscal Year
2026 (remainder of the year)	$	108
2027		139
2028		125
2029 and thereafter		99
Total lease payments		471
Less: imputed interest		(65	)
Total remaining lease liability	$	406

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense (benefit)	$ (5,339)	$ 47

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

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+ Details

Fair Value Measurements - Schedule of Quantitative Information about Valuation of the Liability Classified Warrants (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Expected term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term	4 years 2 months 15 days	4 years 5 months 12 days
Common stock market price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock market price	$ 1	$ 33.5
Common warrants exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price of warrants	12	12
Pre-Funded warrants exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Pre-Funded warrants exercise price	$ 0	$ 0.01
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	3.87%	3.63%
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility	173.24%	110.96%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]
Personnel expenses	$ 871	$ 3,138
Research and development expenses	1,752	6,966
Professional fees	464	181
Current portion of operating lease liabilities	113	115
Other	176	208
Total accrued expenses and other current liabilities	$ 3,376	$ 10,608

Segment Information - Schedule of Segment Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Cash, cash equivalents, and short-term investments	$ 18,200
Reportable Segment
Segment Reporting Information [Line Items]
Cash, cash equivalents, and short-term investments	$ 18,163	$ 17,752

Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

Note 6. Leases

In January 2024, the Medolla Lease Agreement for the office space was renegotiated. The new Medolla Lease Agreement includes an additional space and commenced on February 1, 2024, and will end on January 31, 2030, substituting the Medolla Lease Agreement commenced in June 2018.

The Company recognizes lease expense on a straight-line basis over the term of its operating lease. During the three months ended March 31, 2026, the Company recorded lease expense of $37 thousand. During the three months ended March 31, 2025, the Company recorded lease expense of $35 thousand.

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):


	March 31, 2026			December 31, 2025
Assets:
Operating lease right of use asset, net	$	415		$	453
Liabilities:
Short-term operating lease liability		113			115
Long-term operating lease liability		293			330
Total lease liabilities	$	406		$	445

Other information:
Weighted average remaining lease term	3.5 years			3.7 years
Weighted average discount rate		9.13	%		9.12	%

Future minimum lease payments under lease agreements as of March 31, 2026, were as follows (in thousands):


Fiscal Year
2026 (remainder of the year)	$	108
2027		139
2028		125
2029 and thereafter		99
Total lease payments		471
Less: imputed interest		(65	)
Total remaining lease liability	$	406

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Tax Credit Carryforward [Line Items]
Reductions in research and development expense		$ 0.3
Gain on settlement of accounts payable	$ 2.6
Italy
Tax Credit Carryforward [Line Items]
R&D tax credit	2.4
Reserve for estimated losses	$ 1.1

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions		1 Months Ended
	Apr. 01, 2026	Apr. 30, 2026	Mar. 31, 2026
ATM Program
Subsequent Event [Line Items]
Remaining shares available for issuance			53,100,000
Subsequent Event
Subsequent Event [Line Items]
Severance Costs		$ 0.8
Subsequent Event \| ATM program
Subsequent Event [Line Items]
Net proceeds issuance of common stock	$ 5.4
Issuance of common stock (in shares)	2,510,000
Remaining shares available for issuance	$ 47.5