Business Combination (Tables)

12 Months Ended

Dec. 31, 2023

Business Acquisition [Line Items]

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the identifiable assets acquired and liabilities assumed as the final determination of the date of acquisition (in thousands):

	May 19,
	2022
Identifiable assets acquired and liabilities assumed:
Cash and cash equivalents	$	10,593
Prepaid expenses and other current assets		1,040
ROU asset		124
Property and equipment		279
In-process Research and Development		5,900
Accounts payable and accrued liabilities		(1,726	)
Deferred tax liabilities		(532	)
Net assets acquired		15,678
Goodwill	$	825

Schedule of Revenue and Net Loss of the Combined Entity

The unaudited pro forma revenue and net loss of the combined entity had the acquisition date been January 1, 2021 are as follows (in thousands):

	For the year ended December 31,
	2022
Revenue	$	262
Net loss		(52,592	)

Ery Del [Member]

Business Acquisition [Line Items]

Schedule of Fair Value of the Total Purchase Consideration Transferred

The acquisition date fair value of the consideration transferred for EryDel was approximately $66.9 million, which consisted of the following (in thousands):

	Fair Value of
	Consideration
Cash	$	2,615
Quince Therapeutics common stock (7,250,352 shares)		7,164
Contingent consideration		56,128
Settlement of preexisting notes receivable		1,000
Fair value of total consideration transferred	$	66,907

Schedule of Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the allocation of the consideration paid for EryDel to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date, with the excess recorded to goodwill (in thousands):

Assets acquired:		Preliminary Purchase Price Allocation
Cash	$		560
Tax assets			10,187
Other current assets			644
Property and equipment, net			238
Operating lease right-of-use assets, net			383
Other non-current assets			14
Intangible assets			61,096
Goodwill			16,929
Total assets acquired			90,051
Liabilities assumed:
Trade payables			(1,685	)
Accrued expenses and other current liabilities			(2,943	)
Debt, non-current			(12,564	)
Other non-current liabilities			(854	)
Deferred tax liability			(5,098	)
Total liabilities assumed			(23,144	)
Fair value of total consideration transferred	$		66,907

Schedule of Revenue and Net Loss of the Combined Entity

The following unaudited pro forma information gives effect to the acquisition of EryDel as if it had been completed on January 1, 2022 (the beginning of the comparable prior reporting period), including pro forma adjustments primarily related to

amortization of acquired intangible assets, tax benefit from release of the valuation allowance and the inclusion of acquisition-related expenses reflected in the revenue and net loss (in thousands):

	For the year ended December, 31
		2023			2022
Revenue		$	—		$	—
Net Loss			(40,265	)		(67,580	)