QNCX on Nasdaq
IRulya Therapeutics Inc.
We are a biotechnology company and, prior to the completion of our NEAT Phase 3 trial, described below, focused our development activities on unlocking the power of a patient’s own biology for the.3 From its latest annual report
Price unavailable
Last updated Oct 19, 2026.
Overview
- TickerQNCX on Nasdaq1
- IndustryBiological Products, (No Diagnostic Substances)1
- HeadquartersNew Haven, Connecticut1
- Incorporated inDE2
- Business address101 College Street, Suite 210, New Haven, Ct 065102
- Filer categoryNon-accelerated filer, Smaller reporting company2
- Legal formCorporation
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We are a biotechnology company and, prior to the completion of our NEAT Phase 3 trial, described below, focused our development activities on unlocking the power of a patient’s own biology for the treatment of rare diseases. Our proprietary AIDE technology platform is an innovative drug/device combination that uses an automated process designed to encapsulate a drug into the patient’s own red blood cells. Red blood cells have several characteristics that make them an excellent vehicle for drug delivery, potentially including better safety and tolerability, enhanced tissue biodistribution, reduced immunogenicity, and prolongation of circulating half-life. Our AIDE technology is designed to harness these benefits to allow for new and improved therapeutic options for patients living with high unmet medical needs. The AIDE technology platform is believed to confer several benefits over conve…3 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and development | $35.4M | $18.6M |
| General and administrative | $15.0M | $17.6M |
| Goodwill impairment charge | $0 | $17.1M |
| Fair value adjustment for contingent consideration | $7.6M | $4.0M |
| Total operating expenses | $58.1M | $57.3M |
| Loss from operations | -$58.1M | -$57.3M |
| Fair value adjustment for debt | -$2.0M | -$1.7M |
| Fair value adjustment for warrants | -$21.5M | $0 |
| Warrant issuance costs | -$914.0K | $0 |
| Interest income | $1.2M | $2.9M |
| Other income (expense), net | $486.0K | -$676.0K |
| Net loss before income tax expense | -$80.8M | -$56.7M |
| Income tax expense | -$3.2M | -$87.0K |
| Net loss | -$84.0M | -$56.8M |
| Foreign currency translation adjustments | $5.8M | -$3.2M |
| Unrealized gain (loss) on available-for-sale securities | -$64.0K | $78.0K |
| Total comprehensive loss | -$78.2M | -$59.9M |
| Net loss per share - basic (in USD per share) | -$1.68 | -$1.31 |
| Net loss per share - diluted (in USD per share) | -$1.68 | -$1.31 |
| Weighted average shares of common stock outstanding - basic (in shares) | 50.1M shares | 43.3M shares |
| Weighted average shares of common stock outstanding - diluted (in shares) | 50.1M shares | 43.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.8
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $5.8M | $6.2M | ||
| Short-term investments | $11.9M | $34.6M | ||
| Prepaid expenses and other current assets | $5.1M | $3.3M | ||
| Total current assets | $22.9M | $44.0M | ||
| Property and equipment, net | $595.0K | $315.0K | ||
| Operating lease right-of-use assets | $453.0K | $498.0K | ||
| Intangible assets | $67.8M | $60.0M | ||
| Other assets | $1.8M | $9.6M | ||
| Total assets | $93.5M | $114.5M | ||
| Accounts payable | $2.2M | $2.9M | ||
| Accrued expenses and other current liabilities | $10.6M | $4.4M | ||
| Current portion of debt | $18.0M | $0 | ||
| Short-term contingent consideration | $12.4M | $0 | ||
| Total current liabilities | $43.2M | $7.3M | ||
| Long-term debt | $0 | $14.3M | ||
| Long-term operating lease liabilities | $330.0K | $394.0K | ||
| Long-term contingent consideration | $52.0M | $56.7M | ||
| Deferred tax liabilities | $0 | $5.0M | ||
| Warrant liabilities | $32.1M | $0 | ||
| Other long-term liabilities | $1.6M | $685.0K | ||
| Total liabilities | $129.2M | $84.3M | ||
| Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of December 31, 2025 and 2024, respectively. | $0 | $0 | ||
| Common stock, $0.001 par value, 250,000,000 shares authorized, 55,725,291 and 44,001,643 issued and outstanding as of December 31, 2025 and 2024, respectively. | $55.0K | $44.0K | ||
| Additional paid in capital | $418.9M | $406.6M | ||
| Accumulated other comprehensive income (loss) | $5.8M | -$35.0K | ||
| Accumulated deficit | -$460.5M | -$376.5M | ||
| Total stockholders' (deficit) equity | -$35.7M | $30.1M | $85.1M | |
| Total liabilities and stockholders' equity (deficit) | $93.5M | $114.5M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | ||
| Number of Common Stock Issuable | 55.7M shares | 44.0M shares | ||
| Common stock, shares outstanding (in shares) | 55.7M shares | 44.0M shares |
| Period ending | 2025-12-31 | 2025-05-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $5.8M | $6.2M | ||
| Short-term investments | $11.9M | $34.6M | ||
| Prepaid expenses and other current assets | $5.1M | $3.3M | ||
| Total current assets | $22.9M | $44.0M | ||
| Property and equipment, net | $595.0K | $315.0K | ||
| Operating lease right-of-use assets | $453.0K | $498.0K | ||
| Intangible assets | $67.8M | $60.0M | ||
| Other assets | $1.8M | $9.6M | ||
| Total assets | $93.5M | $114.5M | ||
| Accounts payable | $2.2M | $2.9M | ||
| Accrued expenses and other current liabilities | $10.6M | $4.4M | ||
| Current portion of debt | $18.0M | $0 | ||
| Short-term contingent consideration | $12.4M | $0 | ||
| Total current liabilities | $43.2M | $7.3M | ||
| Long-term debt | $0 | $14.3M | ||
| Long-term operating lease liabilities | $330.0K | $394.0K | ||
| Long-term contingent consideration | $52.0M | $56.7M | ||
| Deferred tax liabilities | $0 | $5.0M | ||
| Warrant liabilities | $32.1M | $0 | ||
| Other long-term liabilities | $1.6M | $685.0K | ||
| Total liabilities | $129.2M | $84.3M | ||
| Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of December 31, 2025 and 2024, respectively. | $0 | $0 | ||
| Common stock, $0.001 par value, 250,000,000 shares authorized, 55,725,291 and 44,001,643 issued and outstanding as of December 31, 2025 and 2024, respectively. | $55.0K | $44.0K | ||
| Additional paid in capital | $418.9M | $406.6M | ||
| Accumulated other comprehensive income (loss) | $5.8M | -$35.0K | ||
| Accumulated deficit | -$460.5M | -$376.5M | ||
| Total stockholders' (deficit) equity | -$35.7M | $30.1M | $85.1M | |
| Total liabilities and stockholders' equity (deficit) | $93.5M | $114.5M | ||
| Preferred stock, par value (in USD per share) | $0.00 | $0.00 | ||
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | ||
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | ||
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | ||
| Common stock, par value (in USD per share) | $0.00 | $0.00 | $0.00 | |
| Common stock, shares authorized (in shares) | 250.0M shares | 250.0M shares | ||
| Number of Common Stock Issuable | 55.7M shares | 44.0M shares | ||
| Common stock, shares outstanding (in shares) | 55.7M shares | 44.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.8
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net Loss | -$84.0M | -$56.8M |
| Stock based compensation | $5.1M | $4.7M |
| Depreciation and amortization | $142.0K | $186.0K |
| Change in the fair value of contingent consideration liabilities | $7.6M | $4.0M |
| Change in fair value of debt, net | $1.8M | $1.7M |
| Change in fair value of warrants | $21.5M | $0 |
| Non-cash goodwill impairment charge | $0 | $17.1M |
| Reclassification of cumulative translation adjustment to net income | -$477.0K | $0 |
| Amortization of discount on available-for-sale investments | -$1.0M | -$2.3M |
| Change in deferred tax liabilities | -$5.0M | $0 |
| Prepaid expenses and other current assets | $3.0M | -$1.7M |
| Right of use assets, operating leases and operating lease liabilities | $104.0K | -$135.0K |
| Other assets | $4.2M | -$741.0K |
| Accounts payable | -$940.0K | $927.0K |
| Accrued expenses and other current liabilities | $5.8M | $1.1M |
| Other liabilities | $742.0K | $109.0K |
| Net cash used in operating activities | -$41.4M | -$31.9M |
| Purchase of investments | -$34.4M | -$89.6M |
| Proceeds from maturities of investments | $58.0M | $111.7M |
| Purchase of property and equipment | -$352.0K | -$257.0K |
| Net cash provided by investing activities | $23.2M | $21.9M |
| Payment of contingent consideration | $0 | -$5.0M |
| Proceeds from issuance of common stock, common warrants, and pre-funded warrants pursuant to private placement offering, net of issuance costs | $11.4M | $0 |
| Proceeds from issuance of common stock upon public offering, net of issuance costs | $6.3M | $0 |
| Proceeds from issuance of common stock upon exercise of stock options | $220.0K | $225.0K |
| Net cash provided by (used in) financing activities | $17.9M | -$4.8M |
| Effect of exchange rate changes on cash | -$114.0K | $231.0K |
| Net decrease in cash and cash equivalents | -$403.0K | -$14.5M |
| Interest payment on debt | $234.0K | $0 |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $0 | $216.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led IRulya Therapeutics Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
20202025
- Chief executive officerChristopher P. Lowe Mar 4, 2022 to Mar 4, 202213
- Chief executive officerDirk Thye May 23, 2022 to now14
- Chief executive officerCasey Lynch May 8, 2019 to Jan 5, 202215
- Chief financial officerChristopher P. Lowe May 8, 2019 to Mar 4, 202216
- Chief operating officerBrendan Hannah Oct 26, 2023 to now17
- Chief operating officerChristopher P. Lowe Feb 11, 2021 to Mar 4, 202218
Board members and other officers (24)
- Chief Corp. Affairs OfficerBrigette Roberts Jun 11, 2026 to now19
- Chief Scientific OfficerGuenter Janhofer Oct 24, 2023 to Oct 24, 202320
- Chief Business OfficerBrendan Hannah May 23, 2022 to Aug 9, 202321
- Chief Medical OfficerKaren L. Smith May 23, 2022 to Feb 2, 202322
- Chief Accounting OfficerTed Monohon Feb 11, 2021 to Mar 6, 202323
- VP OperationsKristen Gafric May 8, 2019 to Feb 10, 202024
- Executive Vice PresidentLeslie Holsinger May 8, 2019 to Jun 8, 202225
- Chief Medical OfficerMichael J. Detke May 8, 2019 to Mar 4, 202226
- Chief Scientific OfficerStephen S. Dominy May 8, 2019 to Jan 5, 202227
- Board memberBrigette Roberts Jun 11, 2026 to now19
- Board memberRajiv Patni Feb 15, 2024 to now28
- Board memberBenatti Luca Oct 24, 2023 to now29
- Board memberMarwan Sabbagh Mar 16, 2022 to Mar 16, 202230
- Board memberDirk Thye May 23, 2022 to now14
- Board memberPhilip S. Low May 23, 2022 to May 23, 202231
- Board memberJune Bray Jun 10, 2022 to now32
- Board memberCasey Lynch May 8, 2019 to Jan 5, 202215
- Board memberChristopher J. Senner May 8, 2019 to now33
- Board memberDavid Lamond May 8, 2019 to now34
- Board memberKevin Young May 8, 2019 to Jun 9, 202035
- Board memberMargaret McLoughlin May 8, 2019 to now36
- Board memberStephen S. Dominy May 8, 2019 to Jan 5, 202227
- Board memberUna S. Ryan May 8, 2019 to now37
- General counselCaryn Gordon McDowell May 15, 2020 to Jun 8, 202238
Named in SEC Form D filings
People the company listed in its private-offering notices.
Former names
Timeline
Filings
297 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 69 major events, 118 insider forms, 34 large holders, 3 private raises, 53 other. The latest 20:
- Oct 14, 2026SCHEDULE 13G EDGAR
- Oct 14, 2026SCHEDULE 13G EDGAR
- Oct 9, 20268-K EDGAR
- Oct 8, 2026S-8 EDGAR
- Oct 6, 20268-K EDGAR
- Oct 2, 2026DEFA14A EDGAR
- Oct 2, 20268-K EDGAR
- Sep 14, 20268-K EDGAR
- Sep 4, 20268-K EDGAR
- Aug 27, 20268-K EDGAR
- Aug 25, 2026DEF 14A EDGAR
- Aug 24, 2026EFFECT EDGAR
- Aug 17, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 202610-Q EDGAR
- Aug 14, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 5, 2026S-3/A EDGAR
The 297 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
30 open-market trades by officers, directors and large owners since October 2021: 25 buys and 5 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Dec 26, 2025 | Benatti LucaDirector | Sale | 50,000 | $3.47 | $173.5K | Form 4 |
| Aug 30, 2024 | Thye DirkCEO and CMO | Buy | 77,000 | $0.70 | $53.9K | Form 4 |
| Aug 29, 2024 | Thye DirkCEO and CMO | Buy | 77,500 | $0.69 | $53.5K | Form 4 |
| Aug 21, 2024 | Hannah BrendanCBO, COO & CCO | Buy | 30,845 | $0.63 | $19.3K | Form 4 |
| Aug 20, 2024 | Ryan Charles S.President | Buy | 48,387 | $0.65 | $31.5K | Form 4 |
| Aug 20, 2024 | Hannah BrendanCBO, COO & CCO | Buy | 5,924 | $0.60 | $3.6K | Form 4 |
| Aug 19, 2024 | Hannah BrendanCBO, COO & CCO | Buy | 2,155 | $0.58 | $1.2K | Form 4 |
| Dec 14, 2023 | Lamond DavidDirector | Buy | 22,627 | $1.04 | $23.5K | Form 4 |
| Dec 13, 2023 | Lamond DavidDirector | Buy | 22,627 | $1.00 | $22.6K | Form 4 |
| Dec 12, 2023 | Lamond DavidDirector | Buy | 22,627 | $1.02 | $23.1K | Form 4 |
| Dec 7, 2023 | Lamond DavidDirector | Buy | 19,123 | $1.01 | $19.3K | Form 4 |
| Dec 6, 2023 | Lamond DavidDirector | Buy | 19,123 | $1.02 | $19.5K | Form 4 |
| Dec 5, 2023 | Lamond DavidDirector | Buy | 19,123 | $1.01 | $19.3K | Form 4 |
| Dec 1, 2023 | Lamond DavidDirector | Buy | 14,378 | $0.94 | $13.5K | Form 4 |
| Nov 30, 2023 | Lamond DavidDirector | Buy | 14,378 | $0.90 | $12.9K | Form 4 |
| Nov 29, 2023 | Lamond DavidDirector | Buy | 14,378 | $0.98 | $14.1K | Form 4 |
| Aug 31, 2023 | Lamond DavidDirector | Buy | 41,026 | $1.32 | $54.2K | Form 4 |
| Aug 30, 2023 | Lamond DavidDirector | Buy | 41,026 | $1.31 | $53.7K | Form 4 |
| Aug 17, 2023 | Lamond DavidDirector | Buy | 24,766 | $1.29 | $31.9K | Form 4 |
| Aug 16, 2023 | Lamond DavidDirector | Buy | 117,348 | $1.29 | $151.4K | Form 4 |
All 30 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Foresite Capital Fund VI LPSCHEDULE 13G, 1 filing Oct 14, 202641
- PERCEPTIVE ADVISORS LLCSCHEDULE 13G, 1 filing Oct 14, 202642
- BALYASNY ASSET MANAGEMENT L.P.SCHEDULE 13G, 1 filing Aug 14, 202643
- Cormorant Asset Management, LPSCHEDULE 13G, 1 filing Aug 14, 202644
- Ikarian Capital, LLCSCHEDULE 13G, 1 filing Aug 14, 202645
- Nantahala Capital Management, LLCSCHEDULE 13G/A, 4 filings Aug 14, 2025 to Aug 14, 202646
- Squadron Capital Management LLCSCHEDULE 13G, 1 filing Aug 4, 202647
- INTEGRATED CORE STRATEGIES (US) LLCSCHEDULE 13G, 1 filing Jun 10, 202648
- GROUP ONE TRADING LLCSCHEDULE 13G, 1 filing Mar 5, 202649
- S.p.a. GenextraSCHEDULE 13G/A, 3 filings Dec 15, 2023 to Oct 30, 202550
- Sofinnova Partners SASSCHEDULE 13G/A, 4 filings Feb 12, 2024 to Apr 30, 202551
- TANG CAPITAL MANAGEMENT LLCSC 13G/A, 1 filing Nov 14, 202452
- David LamondSC 13D, 1 filing Nov 13, 202453
- TANG CAPITAL PARTNERS LPSC 13G/A, 2 filings Mar 31, 2023 to Feb 14, 202454
- BML Investment Partners, L.P.SC 13G/A, 2 filings Jul 17, 2023 to Feb 7, 202455
- EPQ LLC, CTYM PSSC 13G/A, 1 filing Feb 13, 202356
- Capital World InvestorsSC 13G/A, 2 filings Feb 11, 2022 to Jul 8, 202257
- PfizerSC 13G/A, 1 filing Feb 14, 202258
- Capital Research Global InvestorsSC 13G/A, 1 filing Feb 11, 202259
- Capital International InvestorsSC 13G/A, 4 filings Oct 8, 2021 to Dec 10, 202160
Money raised
Private offerings the company reported to the SEC on Form D.
- May 18, 2026Raised $114.7 million in a private offering of equity Form D: $186.4 million offered in all Form D
- May 18, 2026Filed a private offering of equity Form D: $7.4 million offered in all Form D
- Jun 18, 2025Raised $11.5 million in a private offering of equity Form D: $21.9 million offered in all Form D
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARDirk Thye, Chief executive officer
- 15SEC EDGARCasey Lynch, Chief executive officer
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- 24SEC EDGARKristen Gafric, VP Operations
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- 28SEC EDGARRajiv Patni, Board member
- 29SEC EDGARBenatti Luca, Board member
- 30SEC EDGARMarwan Sabbagh, Board member
- 31SEC EDGARPhilip S. Low, Board member
- 32SEC EDGARJune Bray, Board member
- 33SEC EDGARChristopher J. Senner, Board member
- 34SEC EDGARDavid Lamond, Board member
- 35SEC EDGARKevin Young, Board member
- 36SEC EDGARMargaret McLoughlin, Board member
- 37SEC EDGARUna S. Ryan, Board member
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