Quince Therapeutics Inc (QNCX) News & EventsQNCXQuince Therapeutics Inc

Stock Futures Steady as S&P 500 Hits Record High

Stock futures are mostly flat after the S&P 500 closed at a record high Thursday, as investors balance easing inflation pressures and strong corporate earnings against renewed geopolitical risks.The inflation backdrop remains supportive for equities. July CPI and PPI both came in softer than expected, reducing concerns that the Federal Reserve will need to raise interest rates at its September meeting. PPI was unchanged in July after declining 0.1% in June, while the latest CPI data showed inflation continuing to moderate. The market is increasingly focused on whether the combination of cooling inflation and a weakening labor market will give the Fed room to ease policy later this year.AI and semiconductor stocks remain a major source of strength. Applied Materials is falling in premarket trading despite reporting strong results and raising its outlook. Meanwhile, memory and storage stocks including SanDisk, Seagate Technology and Micron have been strong following upbeat industry forecasts.Brent crude is approaching $90 a barrel after the U.S. threatened an indefinite naval blockade of Iran as efforts to reach a ceasefire remain stalled. Higher oil prices could complicate the Fed's inflation outlook if they persist, particularly with gasoline prices already above $4 a gallon.In pre-market trading, S&P 500 futures rose 0.08%, Nasdaq futures rose 0.26% and Dow futures fell 0.16%.Check out this morning's top movers from around Wall Street, compiled by The Fly.HIGHER -Redditup 11% after being chosen for admission into the S&P 500 indexSanDiskup 6% after JPMorgan initiated coverage of the stock with an Overweight rating and $2,250 price target following the company's investor day meetingWayfairup 5% after Bernstein upgraded shares to Outperform with a price target of $125, up from $100Fox Corp.up 3% after Wells Fargo upgraded the stock to Overweight with a price target of $80, up from $65UP AFTER EARNINGS -Eton Pharmaceuticalsup 27%DOWN AFTER EARNINGS -ARS Pharmaceuticalsdown 15%Quince Therapeuticsdown 9%Applied Materialsdown 6%Outlook Therapeuticsdown 4%Sigma Lithiumdown 2%

Selling Stockholders Plan to Sell 15.47M Shares of Common Stock

This filing relates to the offer and sale from time to time by the selling stockholders of up to 15.47M shares of common stock. The company is not selling any shares under this prospectus and will not receive any of the proceeds from the sale of shares by the selling stockholders.

Quince Therapeutics Acquires Orphai Therapeutics

Quince Therapeutics announced it has acquired Orphai Therapeutics. The acquisition brings Orphai's program LAM-001, an inhaled formulation of rapamycin, to treat rare pulmonary diseases, into Quince's pipeline. New Phase 2 data with LAM-001 were recently presented at the American Thoracic Society conference in Orlando and are detailed in a separate press release also announced. Concurrent with the acquisition, Quince entered into a definitive agreement for a private placement financing to raise up to $187M in gross proceeds, which includes $115M in upfront proceeds for the purchase of shares of Series C non-voting convertible preferred stock and up to an additional approximately $72M upon exercise of accompanying warrants, before deducting placement agent and other offering expenses. The financing was led by Balyasny Asset Management and includes participation from healthcare investors. Upfront proceeds from the financing together with existing cash and cash equivalents at closing, are expected to support the advancement of LAM-001 through multiple clinical milestones, including data from a Phase 2 clinical trial in BOS anticipated in the first quarter of 2027, data from a planned Phase 2b study in PH-ILD anticipated in the first quarter of 2028 and data from a planned Phase 2 study in sarcoidosis associated PH anticipated in the fourth quarter of 2028.