Earnings

IRulya's Cash Rises to $105.2 Million After Relaunch

The Tip Desk · November 13, 2026 · 3 min read

The clinical-stage biopharmaceutical company said cash, cash equivalents and investments of $105.2 million as of September 30, 2026, are expected to fund operations through the end of 2028.

IRulya Therapeutics Inc. (IRLA), a clinical-stage biopharmaceutical company developing inhaled rapamycin for pulmonary disease, said cash, cash equivalents and investments were $105.2 million as of September 30, 2026, and that the position is expected to fund operations through the end of 2028.

The cash balance compared with $17.8 million at December 31, 2025. The company said the runway is sufficient to deliver Phase 2 clinical results from multiple indications.

IRulya reported a net loss of $27.7 million, or $2.31 a share, for the three months ended September 30, 2026, compared with a net loss of $13.4 million, or $49.83 a share, a year earlier. Weighted-average shares outstanding were 12.0 million in the 2026 quarter versus 270,000 in the 2025 quarter, after reverse stock splits. Common shares outstanding were 1,017,063 as of September 30, 2026.

Research and development expense was $5.9 million in the three months ended September 30, 2026, down from $8.1 million a year earlier. The company said the decrease was primarily due to a $6.9 million drop in eDSP program costs from the wind-down of the Quince program, partly offset by a $3.8 million increase in LAM-001 costs from Phase 2b start-up in pulmonary hypertension associated with interstitial lung disease.

General and administrative expense was $9.0 million, compared with $3.3 million a year earlier. The company attributed the increase primarily to $3.0 million in post-acquisition professional fees and a $2.7 million rise in personnel-related costs from one-time severance and retention bonuses.

Effective October 9, 2026, the company changed its name from Quince Therapeutics, Inc. to IRulya Therapeutics Inc. Common stock began trading on the Nasdaq Capital Market as IRLA on October 12, 2026. Stockholders approved conversion of Series C preferred stock on October 6, 2026; the preferred converted to common stock on October 9, 2026, subject to beneficial-ownership limitations. After the conversion, outstanding common stock was 10,841,470 as of November 5, 2026.

Brigette Roberts, M.D., was appointed chief executive officer; John Militello, CPA, chief financial officer; and Keith Fandrick, Ph.D., chief operating officer. Catherine Bonuccelli, M.D., Leone Patterson, James Valentine, J.D., M.H.S., and Drayton Wise joined the board.

Chief Executive Officer Brigette Roberts said the company relaunched with a new name and sharpened focus on LAM-001, a potentially first-in-class inhaled formulation of rapamycin for serious pulmonary diseases.

LAM-001 is a once-daily dry-powder inhaled formulation of rapamycin designed to enhance pulmonary delivery and reduce systemic exposure relative to oral or systemic administration. The company is developing it in three indications.

The Phase 2 trial in bronchiolitis obliterans syndrome post lung transplant is fully enrolled, with data anticipated in the first quarter of 2027. The Phase 2b trial in PH-ILD is ongoing, with data anticipated in the first quarter of 2028. The company plans to initiate a Phase 2 study in sarcoidosis-associated pulmonary hypertension in the fourth quarter of 2026, with data anticipated in the fourth quarter of 2028.

On September 28, 2026, the company hosted a virtual key-opinion-leader event on the treatment landscape for PH-ILD and BOS.