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Quince Therapeutics

QNCX on Nasdaq. Market value $29m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 27 funds in all.

Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

7 investors own more than 5%.

  • GROUP ONE TRADING LLC
    Passive investor
    10.7%
    Since 28 February 2026
  • at least 10.0%
    (filed with 4 related holders)
    Since 30 June 2026
  • at least 10.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • Ikarian Capital, LLC
    Passive investor
    at least 9.0%
    (filed with 1 related holder)
    Since 30 June 2026
  • Integrated Core Strategies (US) LLC
    Passive investor
    at least 7.2%
    (filed with 3 related holders)
    Since 4 June 2026
  • at least 5.6%
    (filed with 3 related holders)
    Since 28 July 2026
  • Sofinnova Capital VIII
    Passive investor
    at least 2.7%−2.7 pts
    (filed with 7 related holders)
    Since 31 March 2025
  • Sold down below 5%
    Since 30 June 2026
  • Genextra S.p.A.
    Passive investor
    Sold down below 5%
    Since 7 July 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 1 sold $173,500.

  • Benatti Luca
    Director
    Sold
    Date
    26 December 2025
    Shares
    50,000
    Price
    $3.47
    Value
    $173,500

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Quince Therapeutics’ filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 10 Apr 2026, plus the 10-Q filed 14 Aug 2026 and 13 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “Accordingly, the Company concluded that substantial doubt about the Company’s ability to continue as a going concern continues to exist within one year after the date these financial statements are available to be issued.”
    Show the full paragraph
    The Company’s ability to satisfy the potential cash settlement obligations associated with the Series C Preferred Stock is not entirely within its control, as it is contingent on, among other things, the Company’s ability to obtain stockholder approval and to deliver shares of common stock upon conversion within the timeframes required by the Certificate of Designation. If the Company is unable to obtain stockholder approval in a timely manner, or is otherwise unable to timely deliver shares of common stock upon conversion, holders who submit conversion notices after the applicable trigger date could require the Company to make significant cash payments that could substantially reduce the Company’s available cash resources. Factoring in these potential cash payments, 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. Accordingly, the Company concluded that substantial doubt about the Company’s ability to continue as a going concern continues to exist within one year after the date these financial statements are available to be issued.

    From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.