Quince Therapeutics, Inc. Leases Disclosure
Note 6. Leases
In January 2024, the Medolla Lease Agreement for the office space was renegotiated. The new Medolla Lease Agreement includes an additional space and commenced on February 1, 2024, and will end on January 31, 2030, substituting the Medolla Lease Agreement commenced in June 2018.
The Company recognizes lease expense on a straight-line basis over the term of its operating lease. During the year ended December 31, 2025 and 2024, the Company recorded lease expense of $0.2 million and $0.1 million, respectively.
Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):
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December 31, 2025 |
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December 31, 2024 |
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Assets: |
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Operating lease right of use asset, net |
|
$ |
453 |
|
|
$ |
498 |
|
Liabilities: |
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|
|
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||
|
|
115 |
|
|
|
96 |
|
|
Long-term operating lease liability |
|
|
330 |
|
|
|
394 |
|
Total lease liabilities |
|
$ |
445 |
|
|
$ |
490 |
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|
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|
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|
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Other information: |
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Weighted average remaining lease term |
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3.7 years |
|
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4.6 years |
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Weighted average discount rate |
|
|
9.12 |
% |
|
|
9.11 |
% |
Future minimum lease payments under lease agreements as of December 31, 2025, were as follows (in thousands):
Fiscal Year |
|
|
|
|
2026 |
|
$ |
149 |
|
2027 |
|
|
142 |
|
2028 |
|
|
128 |
|
2029 and thereafter |
|
|
101 |
|
Total lease payments |
|
|
520 |
|
Less: imputed interest |
|
|
(75 |
) |
Total remaining lease liability |
|
$ |
445 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Apr 10, 2026 | Showing above |
| 2024 | Mar 24, 2025 | |
| 2023 | Apr 1, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 16, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.