Business Combination (Tables)

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

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):

	Preliminary Purchase Price Allocation
Assets acquired:
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