Quince Therapeutics disclosed that its pivotal Phase III NEAT trial of dexamethasone sodium phosphate encapsulated in autologous erythrocytes (eDSP) in ataxia‑telangiectasia failed to meet the primary endpoint and key secondary measures. Top‑line data showed no statistically significant improvement in the ataxia rating scale versus placebo; the company halted development and shares plunged more than 90%. The trial miss removes Quince’s lead‑value driver and prompted analysts to mark the equity as effectively impaired. Management signaled a cessation of the program and a re‑evaluation of corporate strategy in response to the negative pivotal readout. The failure illustrates the high technical and clinical risk for repurposed steroid delivery platforms in rare neurologic disorders and highlights investor sensitivity to single‑asset biotechs reliant on one pivotal study.