The complete leadership and board refresh to Orphai-aligned executives, combined with the $116M cash runway and upcoming Phase 2 data catalysts for LAM-001 in BOS (Q1 2027) and PH-ILD (Q1 2028), creates a clear binary catalyst path. Monitor the BOS Phase 2 readout as the first major pipeline de-risking event. The stock's move to Nasdaq Capital Market may trigger index/ETF repositioning.
Price Chart
Executive Summary
Quince Therapeutics has completed its transformation into IRulya Therapeutics, executing a full leadership overhaul with a new CEO, CFO, and COO from the acquired Orphai Therapeutics, and replacing the entire board. The company is now focused on advancing LAM-001, an inhaled rapamycin formulation for pulmonary diseases, with a cash balance of $116M expected to fund operations through end of 2028. The stock will trade under the new ticker IRLA on the Nasdaq Capital Market starting October 12, 2026, following the conversion of Series C preferred stock into approximately 10.8M common shares outstanding.
Key Facts
- Company renamed from Quince Therapeutics to IRulya Therapeutics Inc., effective October 9, 2026
- Common stock to trade on Nasdaq Capital Market under new symbol IRLA starting October 12, 2026
- CEO Dirk Thye and COO Brendan Hannah resigned; Brigette Roberts appointed CEO, John Militello CFO, Keith Fandrick COO
- Four new directors appointed: Catherine Bonuccelli, Leone Patterson, James Valentine, Drayton Wise; four prior directors resigned
- Cash balance of $116 million as of June 30, 2026, expected to fund operations through end of 2028
- Series C preferred stock converting into common stock, resulting in approximately 10,841,470 shares outstanding
- LAM-001 Phase 2 data readouts anticipated: BOS in Q1 2027, PH-ILD in Q1 2028, SAPH in Q4 2028
- Principal executive office relocated from South San Francisco to New Haven, CT
Financial Impact
Cash balance of $116M as of June 30, 2026, expected to fund operations through end of 2028. No revenue or earnings figures reported.
Risk Factors
- LAM-001 is still in Phase 2 development with no approved products; clinical failure risk is high
- Downlisting from Nasdaq Global Select to Capital Market signals reduced listing tier
- Orphai merger integration and full management turnover create execution risk
- No revenue-generating products; entirely dependent on pipeline success and cash runway
Investment Themes
Documents Analyzed
This report is based on 12 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-418538 |
| Document: d172110dex103.htm | 0001193125-26-418538 |
| Document: d172110dex105.htm | 0001193125-26-418538 |
| Document: d172110dex991.htm | 0001193125-26-418538 |
| Document: d172110dex102.htm | 0001193125-26-418538 |
| Document: d172110dex101.htm | 0001193125-26-418538 |
| Document: d172110dex106.htm | 0001193125-26-418538 |
| Document: d172110dex104.htm | 0001193125-26-418538 |
| Document: d172110dex31.htm | 0001193125-26-418538 |
| Document: 0001193125-26-418538-index-headers.html | 0001193125-26-418538 |
| Document: 0001193125-26-418538-index.html | 0001193125-26-418538 |
| Document: 0001193125-26-418538.txt | 0001193125-26-418538 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 18d ago | 8-K | $31.73 $32.03 | ▲ +0.95% | ▲ +2.91% | $31.38 (−1.10%) |
Oct 2, 2026 25d ago | DEFA14A | $29.20 $31.73 | ▲ +8.66% | ▲ +7.50% | $31.38 (+7.47%) |
Oct 2, 2026 25d ago | 8-K | $29.20 $31.73 | ▲ +8.66% | ▲ +7.50% | $31.38 (+7.47%) |
Sep 4, 2026 7w ago | 8-K | $31.32 $28.59 | ▲ +8.72% | ▲ +7.51% | $31.38 (−0.19%) |
Aug 25, 2026 9w ago | EFFECT | $30.93 $32.11 | ▼ −3.82% | ▼ −4.35% | $31.38 (−1.45%) |
Aug 14, 2026 10w ago | 8-K | $31.34 | awaiting T+5 | — | $31.38 (+0.13%) |
Aug 14, 2026 10w ago | Press Release | $31.34 | awaiting T+5 | — | $31.38 (+0.13%) |
Aug 5, 2026 11w ago | S-3/A | $28.88 $31.26 | ▲ +8.24% | ▲ +7.89% | $31.38 (+8.66%) |
Jun 11, 2026 19w ago | 3 | $0.9337 $0.9276 | ▼ −0.65% | ▼ −1.01% | $31.38 (+3260.82%) |
May 18, 2026 23w ago | 8-K | $19.90 $24.00 | ▲ +20.60% | ▲ +18.99% | $31.38 (+57.69%) |
US Market Status
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