Quince Therapeutics halted development of its lead eDSP (dexamethasone encapsulated in autologous erythrocytes) program after its pivotal NEAT Phase III in ataxia‑telangiectasia failed to meet primary and key secondary endpoints. The company announced it would stop advancing the asset and refocus resources, triggering immediate investor re‑pricing. The market reaction was severe: shares plunged more than 90% on the topline miss as analysts and investors reassessed the company’s remaining valuation. The outcome underscores execution and efficacy risk in rare‑disease steroid‑delivery programs and the asymmetric market impact of pivotal failures on small biotech balance sheets.