aibioQuince Therapeutics (now IRulya Therapeutics) files NT 10-K after Phase 3 miss and staff cuts
Tickers IRLA
The company says it needs more time to complete its 2025 annual report because of reduced headcount and negative Phase 3 results. It expects to file within the fifteen calendar day extension under Rule 12b-25.
Key facts
- Company
- IRulya Therapeutics Inc. (NASDAQ: IRLA)
- News type
- Distress
- Primary source
- IRulya Therapeutics Inc. Form NT 10-K filed April 1, 2026 (SEC EDGAR)
Quince Therapeutics, Inc. said on April 1, 2026 that it could not file its annual report on Form 10-K for the year ended December 31, 2025 on time. The company filed a Form NT 10-K, a late filing notice, and said it needs more time to complete accounting procedures and prepare required disclosures. It cited recent reductions in headcount and the impact of negative Phase 3 clinical trial results. The notice names the registrant as Quince Therapeutics, Inc., with an address at 611 Gateway Boulevard, Suite 273, South San Francisco, California.
What the late filing notice says
An NT 10-K, filed under Securities and Exchange Commission Rule 12b-25, tells the market that a company will miss the due date for a periodic report. The company checked the boxes stating that the report could not be filed without unreasonable effort or expense, and that it will be filed on or before the fifteenth calendar day after the prescribed due date. The company currently expects to file the annual report within that extension period.
The reasons the company gives
The narrative section ties the delay to two causes. One is the recent reduction in headcount. The other is the recently announced negative results of its pivotal Phase 3 trial. The company describes the study as an international, multicenter, randomized, double-blind, placebo-controlled trial. Its primary endpoint measured the change from baseline to the last efficacy visit at month six, using the Rescored modified International Cooperative Ataxia Rating Scale compared with placebo. The company says the endpoint did not reach statistical significance.
As a result, the company says it took actions to preserve cash, including staff reductions, as it explores strategic options. It says the smaller headcount, together with the accounting and strategic complexities that arose from the Phase 3 results, delayed its normal financial close and disclosure preparation.
What the notice answers
In Part IV, the company answered yes when asked whether all other periodic reports required during the preceding 12 months had been filed. It answered no when asked whether it anticipates a significant change in results of operations from the prior fiscal year to be reflected in the subject report. Brendan Hannah, Chief Business Officer, Chief Operating Officer and Chief Compliance Officer, is the contact person and signed the notice on April 1, 2026.
The notice does not give an amount for any expected change in results, and it does not describe the strategic options the company is exploring.
About the company
The company's earlier Form 10-K for 2024, filed March 24, 2025, describes its lead asset as eDSP, an encapsulated form of dexamethasone sodium phosphate in a patient's own red blood cells. The company calls eDSP its lead asset and AIDE its proprietary technology platform, which the filing spells out as Autologous Intracellular Drug Encapsulation. The lead indication is ataxia-telangiectasia, or A-T, and the Phase 3 NEAT trial of eDSP for A-T is the company's main clinical program. The 10-K says the company was dependent on that trial's success.
The 2024 report also warned of money trouble. It said the company had $40.8 million in cash, cash equivalents and short-term investments as of December 31, 2024, and that, on its available cash resources and operating plan, there was substantial doubt about its ability to continue as a going concern for one year after the financial statements were issued. It added that if the company cannot continue as a going concern it may have to cease operations and liquidate its assets. It also carries an unsecured line of credit between EryDel and the European Investment Bank, called the EIB Loan, whose terms the 10-K says restrict its operating and financial flexibility.
The filing also refers to Quince Therapeutics, S.p.A., previously named EryDel S.p.A., which the company acquired. The 10-K reports 44,001,643 shares of common stock outstanding as of March 13, 2025. Those figures predate the April 2026 notice.