Quince Therapeutics announced top‑line failure of its pivotal Neat Phase III trial testing dexamethasone sodium phosphate encapsulated in autologous erythrocytes (eDSP) for ataxia‑telangiectasia (A‑T). The study missed its primary endpoint and a key secondary, prompting the company to halt development of the therapy and triggering a severe market reaction. Investors reacted sharply: Quince shares plunged and analysts said the core value driver for the company was effectively removed. Management said it will stop work on the once‑monthly steroid therapy and reassess corporate strategy. The result underscores the risk of single‑asset, rare‑disease bets and highlights the clinical and commercial challenges of translating encapsulated steroid delivery approaches into durable neurological benefit. For investors and partners, the outcome will likely recalibrate valuation and diligence expectations for niche neurology assets.