Quince Therapeutics announced top-line Phase III results from the Neat trial for its once‑monthly dexamethasone-in-erythrocyte program (eDSP) in ataxia‑telangiectasia (A‑T) that missed the primary and key secondary endpoints. The negative readout prompted the company to halt development of the eDSP asset and triggered a dramatic market reaction. The primary efficacy endpoint did not reach statistical significance and the company immediately discontinued the program; shares collapsed more than 90% on the news. Analysts described the result as a fundamental removal of Quince’s core value driver, leaving the company’s equity effectively impaired. Sponsors and investors will now reassess valuation paradigms for rare‑disease steroid delivery platforms; program discontinuation also raises questions about the viability of the erythrocyte‑encapsulation approach in other indications without new supportive data.