Quince Therapeutics announced the acquisition of Orphai Therapeutics along with a private placement financing valued at up to $187 million to expand its pulmonary disease pipeline. The acquisition adds Orphai’s lead program, LAM-001, an inhaled formulation of rapamycin designed to treat multiple pulmonary diseases including pulmonary hypertension associated with interstitial lung disease (PH-ILD), bronchiolitis obliterans syndrome (BOS), and sarcoidosis-associated pulmonary hypertension (SAPH).
The financing includes $115 million in upfront proceeds and up to an additional $72 million through accompanying warrant exercises. The financing round was led by Balyasny Asset Management and included participation from healthcare-focused investors such as Foresite Capital, Perceptive Advisors, Janus Henderson Investors, Cormorant Asset Management, and LifeSci Venture Partners.
Quince said the upfront proceeds combined with existing cash are expected to fund operations through the end of 2028 and support several upcoming milestones. These include Phase 2 BOS data expected in the first quarter of 2027, a planned Phase 2b PH-ILD trial with data expected in the first quarter of 2028, and a planned Phase 2 SAPH study expected to begin in late 2026.
LAM-001 is a once-daily inhaled formulation of sirolimus, also known as rapamycin, which targets the mTOR pathway associated with pulmonary arterial smooth muscle cell proliferation and fibrosis. The company believes the therapy could offer disease-modifying potential while reducing systemic exposure through targeted pulmonary delivery.
The company highlighted recent Phase 2a data presented at the American Thoracic Society conference in May 2026, which supported advancing LAM-001 into a Phase 2b trial for PH-ILD. Quince estimates PH-ILD affects approximately 86,000 patients in the U.S. and 120,000 in Europe, while BOS affects approximately 17,000 patients in the U.S. and 11,000 in Europe.
“We believe the new LAM-001 clinical data, combined with the caliber of the Orphai management team and high quality syndicate of investors in the PIPE, all reinforce the value of this transaction and highlight our strategy to build a focused, high-impact biotechnology company,” said Dirk Thye, CEO and CMO of Quince.
“We also believe that Orphai’s differentiated LAM-001 program coupled with a newly strengthened balance sheet enhances our ability to deliver meaningful value for both patients and stockholders.”
KEY QUOTES:
“We believe the new LAM-001 clinical data, combined with the caliber of the Orphai management team and high quality syndicate of investors in the PIPE, all reinforce the value of this transaction and highlight our strategy to build a focused, high-impact biotechnology company. We also believe that Orphai’s differentiated LAM-001 program coupled with a newly strengthened balance sheet enhances our ability to deliver meaningful value for both patients and stockholders.”
Dirk Thye, CEO And CMO, Quince Therapeutics
“Despite recent advances in treatment, PH-ILD remains a progressive condition characterized by declines in lung function and exercise capacity leading to hospitalization, lung transplantation and death. We are encouraged by the enthusiasm from the KOL community for these initial data, driven by the magnitude of benefit seen and the consistency across multiple measures of patient benefit. We look forward to advancing LAM-001 into a Phase 2b trial in PH-ILD as well as to progressing the program in multiple additional pulmonary indications of major unmet medical need.”
Brigette Roberts, MD, Chief Corporate Affairs Officer, Quince Therapeutics
