Quince Therapeutics : to Acquire EryDel Presentation

Quince Therapeutics to Acquire EryDel

July 24, 2023

Forward-looking statements

Statements in this presentation contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. All statements, other than statements of historical facts, may

be forward-looking statements. Forward-looking statements contained in this news release may be identified by the use of words such as

"believe," "may," "should," "expect," "anticipate," "plan," "believe," "estimated," "potential," "intend," "will," "can," "seek," or other similar words. Examples of forward-looking statements include, among others, statements relating to Quince's acquisition of EryDel; the timing of the closing of the transaction; the expected benefits of the transaction, including the continued current and future clinical development and potential expansion of EryDel assets, related platform, and related timing and costs; the strategic development path for EryDex; planned FDA and EMA submissions and clinical trials and timeline, prospects, and milestone expectations; the timing and success of the

clinical trials and related data, including plans and the ability to initiate, fund, conduct and/or complete current and additional studies; the

potential therapeutic benefits, safety, and efficacy of EryDex; statements about its ability to obtain, and the timing relating to, further development of EryDex, regulatory submissions and interactions with regulators; therapeutic and commercial potential; the integration of EryDel's business, operations, and employees into Quince; Quince's future development plans and related timing; its cash position and projected cash runway; the company's focus, objectives, plans, and strategies; and the ability to execute on any strategic transactions. Forward-looking statements are based on Quince's current expectations and are subject to inherent uncertainties, risks, and assumptions

that are difficult to predict and could cause actual results to differ materially from what the company expects. Further, certain forward-

looking statements are based on assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ include, but are not limited to, the risks and uncertainties described in the section titled "Risk Factors" in the company's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 15, 2023, and other reports as filed with the SEC. Forward-looking statements contained in this news release are made as of this date, and Quince undertakes no duty to update such information except as required under applicable law.

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Transformative acquisition with value-creating clinical milestones

Phase 3 lead asset EryDex targets Ataxia-Telangiectasia(A-T) with no currently approved treatments and estimated $1+ billion peak sales opportunity

EryDex designed for controlled, slow release of dexamethasone over several weeks without long-term toxicity typically associated with chronic steroid administration

Plan to enroll first patient in global Phase 3 trial of EryDex in second quarter of 2024 with NDA submission targeted by end of 2025, assuming positive study results

Well-capitalized into 2026 with ability to fully fund EryDex expected through Phase 3 trial and to NDA submission, assuming positive study results

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EryDel significant achievements

20+ years of work on autologous intracellular drug encapsulation (AIDE) technology platform

$100+ million invested since founding out of University of Urbino, Italy

EryDex designated as orphan drug for A-T treatment from FDA and EMA

Special protocol assessment (SPA) in place with FDA for single Phase 3 clinical

trial of EryDex - sufficient for NDA submission, assuming positive study results

EryDex efficacy and safety profile demonstrated in prior Phase 3 clinical

trial of A-T patients

Open label extension (OLE) and compassionate use data demonstrates up to 10+ years of chronic steroid administration without typical safety issues

Headquarters

• Bresso, Italy

Manufacturing

• Medolla, Italy

Leadership

• Luca Benatti: CEO
• Guenter Janhofer: CMO
• Giovanni Mambrini: COO
• Thomas Sabia: CCO

Employees

• 21

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EryDel acquisition transaction details

Stock-for-stock upfront exchange of Quince stock and potential downstream milestone cash payments of up to $485 million

• Up to $5 million in development milestones
• $25 million at NDA acceptance
• $60 million in approval milestones
• $395 million in market and sales milestones
• No royalties paid to EryDel stockholders

Overview

Unanimously approved by both companies' Board of Directors

EryDel stockholders to own maximum of approximately 16.7% of combined company - subject to downward adjustment

Governance & Leadership

David Lamond remains Chairperson of Quince Board of Directors

Dirk Thye remains Quince Chief Executive Officer and Director

Quince Board of Directors expanded with addition of EryDel representative Luca Benatti

Structure

EryDel to operate as wholly owned subsidiary of Quince with ongoing presence in Italy

Retain EryDel team and keep organization intact

Assumption of $13 million (€10 million principal) EIB loan with scheduled payments beginning in the second half of 2026

Approvals & Closing

Subject to certain regulatory approvals and other closing conditions

Expected to close in third quarter 2023

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