Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 1, 2026
Quince Therapeutics, Inc. (QNCX)
A forensic read on Quince Therapeutics, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Clean
Earnings quality
3
Forensic signals
$285M
Market cap
Quince Therapeutics, Inc. earns a D (Weak — demands caution) forensic quality grade. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-73%Return on invested capital. Return on invested capital is -73% and rising from -386% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+16.5%/yrShare-count dilution. Diluted share count changed +50% over the last 3 years to FY2025 (+16.5%/yr). The count is GROWING — existing holders are being diluted. That's ~16.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~50%.
$18MGoodwill impairments. Took $18M of goodwill writedowns across 2 year(s) (FY2022 ($825,000), FY2024 ($17M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Free Cash Flow$-41.8M
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Data from SEC EDGAR public filings · metrics as of Jul 1, 2026. Forensic signals flag probability, not certainty.