Quince Therapeutics, Inc. (QNCX) Balance Sheet
QNCX balance sheet, 2025
December 31, 2025 · U.S. dollars$93.5M assets = $129.2M liabilities + −$35.7M equity
Liabilities exceed assets: shareholders’ equity is negative (−$35.7M).
Both columns are drawn to the same scale: what QNCX owns equals what it owes plus shareholders’ equity. Hover a block for its value.
QNCX financial health
Descriptive bands, not a rating. Fiscal 2025.
QNCX balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.7M2017 | $93.5M2025 | +36.6%/yr | |
| Total liabilities | $28.0M2017 | $129.2M2025 | +21.1%/yr | |
| Shareholders’ equity | −$20.3M2017 | −$35.7M2025 | — | |
| Cash & short-term investments | $7.3M2017 | $17.8M2025 | +11.7%/yr | |
| Total debt | $7.2M2017 | $18.5M2025 | +12.6%/yr | |
| Net cash (debt) | $172,0002017 | −$719,0002025 | −$891,000 | |
| Working capital | $5.8M2017 | −$20.3M2025 | −$26.1M | |
| Book value per share | $139.362024 | −$142.582025 | — | |
| Current ratio | 4.282017 | 0.532025 | −3.75 | |
| Debt / equity | 0.002020 | 0.492024 | +0.49 | |
| Shares outstanding | 216K2024 | 250K2025 | +15.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
QNCX assets
QNCX liabilities and equity
QNCX debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
QNCX balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $17.8M | $40.8M | $75.1M | $90.2M | $106.8M | $133.8M | $99.9M | $71.7M | $7.3M |
| Cash & equivalents | $5.8M | $6.2M | $20.8M | $44.6M | $69.7M | $66.8M | $51.2M | $24.9M | $7.3M |
| Short-term investments | $11.9M | $34.6M | $54.3M | $45.6M | $37.1M | $67.0M | $48.6M | $46.8M | — |
| Receivables | $3.6M | $882,000 | $993,000 | $1.0M | $1.1M | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $2.3M | $2.2M | $0 | $0 | $0 | $0 |
| Other current assets | $1.5M | $2.4M | $1.4M | $276,000 | $1.5M | $4.0M | $6.2M | $868,000 | $194,000 |
| Total current assets | $22.9M | $44.0M | $77.4M | $93.7M | $111.7M | $137.9M | $106.1M | $72.6M | $7.5M |
| Property, plant & equipment (net) | $1.0M | $813,000 | $619,000 | $684,000 | $1.4M | $1.1M | $1.3M | $283,000 | $122,000 |
| Goodwill & intangible assets | $67.8M | $60.0M | $81.3M | $5.9M | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $78,000 | $78,000 | $78,000 | $3.6M | $19.9M | $50.5M | $16.8M | $0 | $0 |
| Other non-current assets | $1.7M | $9.5M | $20.8M | $0 | $194,000 | $39,000 | $217,000 | $10,000 | $59,000 |
| Total assets | $93.5M | $114.5M | $180.2M | $103.9M | $133.2M | $189.5M | $124.4M | $72.9M | $7.7M |
| Liabilities | |||||||||
| Accounts payable | $2.2M | $2.9M | $2.0M | $570,000 | $4.9M | $3.6M | $3.1M | $495,000 | $517,000 |
| Short-term debt | $18.1M | $96,000 | $64,000 | $453,000 | $741,000 | $238,000 | — | — | — |
| Deferred revenue | — | — | — | — | $8.4M | −$238,000 | — | — | — |
| Total current liabilities | $43.2M | $7.3M | $9.6M | $3.1M | $14.2M | $17.0M | $8.9M | $1.5M | $1.8M |
| Long-term debt | $0 | $14.3M | $13.4M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $445,000 | $490,000 | $385,000 | $453,000 | $1.2M | $208,000 | — | — | — |
| Other long-term liabilities | $86.0M | $62.7M | $72.1M | $248,000 | $420,000 | $208,000 | $3.1M | $495,000 | $26.2M |
| Total liabilities | $129.2M | $84.3M | $95.1M | $3.3M | $14.6M | $17.2M | $8.9M | $1.5M | $28.0M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $55,000 | $44,000 | $43,000 | $36,000 | $30,000 | $29,000 | $27,000 | $22,000 | $3,000 |
| Retained earnings (deficit) | −$460.5M | −$376.5M | −$319.6M | −$288.3M | −$236.6M | −$146.7M | −$69.8M | −$32.8M | −$20.3M |
| Accumulated other comprehensive income | $5.8M | −$35,000 | $3.0M | −$289,000 | −$79,000 | $313,000 | $60,000 | −$49,000 | −$17.2M |
| Total shareholders' equity | −$35.7M | $30.1M | $85.1M | $100.6M | $118.6M | $172.3M | $115.5M | $71.4M | −$20.3M |
| Key figures | |||||||||
| Total debt | $18.5M | $14.8M | $13.8M | $453,000 | $1.2M | $446,000 | — | — | $7.2M |
| Net cash (debt) | −$719,000 | $26.0M | $61.2M | $89.7M | $105.6M | $133.4M | — | — | $172,000 |
| Working capital | −$20.3M | $36.8M | $67.9M | $90.7M | $97.5M | $120.9M | $97.2M | $71.1M | $5.8M |
| Tangible book value | −$103.5M | −$29.9M | $3.8M | $94.7M | $118.6M | $172.3M | $115.5M | $71.4M | −$20.3M |
| Book value per share | −$142.58 | $139.36 | — | — | — | — | — | — | — |
| Shares outstanding | 250K | 216K | — | — | — | — | — | — | — |
| Current ratio | 0.53 | 6.05 | 8.09 | 30.55 | 7.85 | 8.11 | 11.93 | 49.82 | 4.28 |
| Quick ratio | 0.49 | 5.72 | 7.95 | 29.71 | 7.59 | 7.87 | 11.23 | 49.22 | 4.17 |
| Debt / equity | — | 0.49 | 0.16 | 0.00 | 0.01 | 0.00 | — | — | — |
| Equity / assets | −38.2% | 26.3% | 47.2% | 96.8% | 89.0% | 90.9% | 92.9% | 98.0% | −262.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $116.0M | $18.2M | $17.8M | $26.3M | $34.7M | $31.6M | $40.8M | $47.8M | $59.4M | $67.8M | $75.1M | $83.2M |
| Cash & equivalents | $116.0M | $18.2M | $5.8M | $6.5M | $16.8M | $7.8M | $6.2M | $2.7M | $7.9M | $21.8M | $20.8M | $21.6M |
| Short-term investments | $0 | $11.9M | $11.9M | $19.8M | $17.9M | $23.8M | $34.6M | $45.2M | $51.6M | $46.0M | $54.3M | $61.6M |
| Receivables | $4.8M | $5.3M | $0 | $0 | $992,000 | $916,000 | $882,000 | $995,000 | $964,000 | $971,000 | $0 | $500,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$964,000 | −$971,000 | $0 | $1.4M |
| Other current assets | $2.7M | $2.1M | $5.1M | $2.9M | $1.6M | $1.3M | $2.4M | $2.9M | $4.0M | $2.6M | $2.4M | $92,000 |
| Total current assets | $123.4M | $25.6M | $22.9M | $29.2M | $37.3M | $33.8M | $44.0M | $51.7M | $63.4M | $70.4M | $77.4M | $85.2M |
| Property, plant & equipment (net) | $506,000 | $965,000 | $1.0M | $1.1M | $1.1M | $941,000 | $813,000 | $767,000 | $800,000 | $810,000 | $619,000 | $53,000 |
| Goodwill & intangible assets | $0 | $67.8M | $67.8M | $67.7M | $67.6M | $62.4M | $60.0M | $64.5M | $61.8M | $79.5M | $81.3M | $0 |
| Long-term investments | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 | $78,000 |
| Other non-current assets | $0 | $0 | $1.7M | $11.8M | $11.1M | $9.9M | $9.5M | $9.4M | $8.7M | $8.5M | $8.5M | $82,000 |
| Total assets | $124.0M | $26.6M | $93.5M | $109.9M | $117.2M | $107.1M | $114.5M | $126.5M | $134.8M | $159.3M | $167.9M | $85.4M |
| Liabilities | ||||||||||||
| Accounts payable | $4.6M | $5.4M | $2.2M | $3.4M | $1.8M | $3.0M | $2.9M | $1.6M | $2.4M | $2.1M | $2.0M | $409,000 |
| Short-term debt | — | $113,000 | — | $17.6M | $112,000 | $102,000 | $96,000 | $101,000 | $94,000 | $93,000 | — | $61,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $1 | — | $1.6M |
| Total current liabilities | $8.5M | $8.8M | $43.2M | $26.0M | $7.5M | $8.4M | $7.3M | $5.4M | $10.3M | $9.8M | $9.6M | $2.3M |
| Long-term debt | $0 | $0 | $0 | $0 | $17.0M | $15.3M | $14.3M | $14.9M | $13.8M | $13.5M | $13.4M | $0 |
| Lease obligations | $0 | $406,000 | $445,000 | $473,000 | $499,000 | $485,000 | $490,000 | $551,000 | $547,000 | $573,000 | $385,000 | $61,000 |
| Other long-term liabilities | $7.0M | $2.2M | $86.0M | $82.8M | $81.0M | $64.9M | $62.7M | $61.3M | $63.7M | $61.8M | $59.8M | $0 |
| Total liabilities | $15.5M | $11.0M | $129.2M | $108.8M | $105.5M | $88.5M | $84.3M | $81.6M | $87.9M | $85.1M | $82.8M | $2.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1,000 | $14,000 | — | $54,000 | $53,000 | $44,000 | $44,000 | $43,000 | $43,000 | $43,000 | — | $36,000 |
| Retained earnings (deficit) | −$500.0M | −$424.5M | −$460.5M | −$421.0M | −$407.6M | −$391.5M | −$376.5M | −$364.0M | −$358.5M | −$330.8M | −$319.6M | −$310.8M |
| Accumulated other comprehensive income | $4.3M | $4.6M | — | $6.3M | $6.2M | $2.0M | −$35,000 | $3.4M | $1.1M | $1.8M | — | $516,000 |
| Total shareholders' equity | $108.5M | $15.7M | −$35.7M | $1.1M | $11.7M | $18.6M | $30.1M | $44.9M | $47.0M | $74.2M | $85.1M | $83.1M |
| Key figures | ||||||||||||
| Total debt | — | $406,000 | — | $18.0M | $17.5M | $15.8M | $14.8M | $15.4M | $14.4M | $14.1M | $13.4M | $61,000 |
| Net cash (debt) | — | $17.8M | — | $8.3M | $17.2M | $15.8M | $26.0M | $32.4M | $45.1M | $53.7M | $61.6M | $83.2M |
| Working capital | $114.9M | $16.8M | −$20.3M | $3.2M | $29.9M | $25.5M | $36.8M | $46.3M | $53.1M | $60.6M | $67.9M | $82.9M |
| Tangible book value | $108.5M | −$52.1M | −$103.5M | −$66.7M | −$55.8M | −$43.8M | −$29.9M | −$19.6M | −$14.8M | −$5.3M | $3.8M | $83.1M |
| Book value per share | — | $62.57 | −$128.18 | $3.93 | $50.28 | $84.57 | $139.36 | $208.19 | $217.97 | $344.93 | — | — |
| Shares outstanding | — | 250K | 279K | 270K | 233K | 220K | 216K | 216K | 215K | 215K | — | — |
| Current ratio | 14.52 | 2.92 | 0.53 | 1.12 | 5.00 | 4.05 | 6.05 | 9.53 | 6.15 | 7.16 | 8.09 | 37.80 |
| Quick ratio | 14.21 | 2.67 | 0.41 | 1.01 | 4.78 | 3.89 | 5.72 | 9.00 | 5.85 | 6.99 | 7.84 | 37.16 |
| Debt / equity | — | 0.03 | — | 16.99 | 1.49 | 0.85 | 0.49 | 0.34 | 0.31 | 0.19 | 0.16 | 0.00 |
| Equity / assets | 87.5% | 58.9% | −38.2% | 1.0% | 10.0% | 17.4% | 26.3% | 35.5% | 34.8% | 46.6% | 50.7% | 97.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 10, 2026); data from EODHD.
QNCX financial position
At the end of fiscal 2025 (December 31, 2025), Quince Therapeutics had total assets of $93.5 million (down 18.3% from a year earlier), total liabilities of $129.2 million and shareholders' equity of -$35.7 million. It held $17.8 million in cash and short-term investments against $18.5 million of debt, net debt of $0.7 million. Its current ratio was 0.53. In the latest quarter (ended June 30, 2026) total assets were $124.0 million and equity $108.5 million.
Related: QNCX income statement, QNCX cash flow statement, QNCX key metrics. See the QNCX stock overview for the latest quote and news.
QNCX balance sheet FAQ
What are Quince Therapeutics's total assets?
Quince Therapeutics reported total assets of $93.5 million at the end of fiscal 2025 (December 31, 2025), compared with $114.5 million a year earlier.
How much debt does Quince Therapeutics have?
Quince Therapeutics had $18.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Quince Therapeutics have?
Quince Therapeutics held $17.8 million in cash and short-term investments at the end of fiscal 2025; with $18.5 million of debt that is net debt of $0.7 million.
What is Quince Therapeutics's book value?
Quince Therapeutics's shareholders' equity (book value) was -$35.7 million at the end of fiscal 2025, or −$142.58 per share.
What is Quince Therapeutics's current ratio?
Quince Therapeutics had current assets of $22.9 million and current liabilities of $43.2 million, a current ratio of 0.53 (current liabilities exceed current assets).
How much goodwill does Quince Therapeutics have?
Quince Therapeutics carried $67.8 million of goodwill and intangible assets, 72.5% of total assets, at the end of fiscal 2025.