QNCXQuince Therapeutics, Inc.
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Thesis

Quince shed its founding A-T program and rebuilt entirely around inhaled rapamycin; the BOS readout is the first test of whether LAM-001 works in a controlled setting

Updated yesterday

Quince is a clinical-stage company developing LAM-001, an inhaled formulation of rapamycin, for bronchiolitis obliterans syndrome, a serious lung condition that is not yet approved with this drug.

Quince divested eDSP for $450,000 in September 2026 after the Phase 3 NEAT trial failed, making LAM-001, an inhaled rapamycin formulation, the entire company. Phase 2a PH-ILD data showed meaningful 6MWD and PVR improvements, but only four patients were evaluable, and no controlled efficacy data exist in any indication. The BOS readout and PH-ILD Phase 2b results are the only tests of whether LAM-001's early signals hold under rigorous conditions, with a crowded PH-ILD field including Liquidia's YUTREPIA as a direct competitor.

Status
Broken
Conviction

Current Thesis Drivers

  • $118M cash; runway guided through end of 2028
  • BOS Phase 2 fully enrolled; PH-ILD Phase 2b enrolling
  • eDSP divested for $450K after Phase 3 NEAT failure
  • LAM-001 efficacy base: N=4 evaluable, open-label only

What could change the thesis?

  • Q1 2027 BOS readout: positive signal validates LAM-001, miss deepens credibility gap
  • Q1 2028 PH-ILD Phase 2b data: hit opens registrational path, miss ends pivot thesis
  • Liquidia YUTREPIA PH-ILD label expansion: broader approval narrows LAM-001's addressable market

Generated from public SEC filings and disclosures. For informational purposes only — not investment advice. Always conduct your own research before making investment decisions.

Thesis log

Tracked in real time as it happened — not reconstructed after the fact

Key value driver

The most decisive event ahead

Bull and bear case

Both sides of the thesis, argued

Pipeline

4 programs · 8 catalysts

Stress Test