JPM 2028 Note: 122% Upside, 25% Buffer on EURO STOXX 50庐

Q: What is the upside participation rate on the JPMorgan EURO STOXX 50庐 Market-Linked Securities?

The notes credit 122% of any positive index return at maturity.

Q: How much downside protection does the 2028 security provide?

There is a 25% buffer; losses begin only if the index falls more than 25% from the 5,325.64 starting level.

Q: Why is the estimated value ($963.60) lower than the $1,000 offering price?

The gap reflects selling commissions, hedging costs and JPMorgan鈥檚 internal funding spread embedded in the issue price.

Q: Will the securities pay interest or dividends before maturity?

No. The notes pay no periodic interest and do not pass through index dividends.

Q: Can the notes be sold before June 30 2028?

They are not exchange-listed; any sale depends on dealer bids and may be at a significant discount.

Q: Who bears the credit risk for payments on these securities?

Payments rely on JPMorgan Chase Financial Company LLC as issuer and are fully guaranteed by JPMorgan Chase &amp; Co.

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JPMorgan Chase Financial Company LLC, fully guaranteed by JPMorgan Chase & Co., is offering $13.698 million of Market-Linked Securities tied to the EURO STOXX 50庐 Index (SX5E) maturing on 30 June 2028. Each $1,000 note provides:

122% leveraged upside: at maturity investors receive principal plus 1.22脳 any positive index return.
25% fixed buffer: full principal is repaid if the index falls 鈮�25% from the 5,325.64 starting level (threshold 3,994.23).
Downside exposure beyond buffer: losses match index declines below the threshold, capped at a 75% maximum loss; worst-case redemption is $250 per note.
No coupons, no dividends, no listing; the securities are designed to be held to maturity and carry JPMorgan Financial/JPMorgan Chase & Co. credit risk.

Pricing & distribution: Issue price $1,000; selling commission $28.25 (2.825%); net proceeds $971.75. Wells Fargo Securities (agent) may share concessions with dealers and receive distribution expense fees. JPMS may pay additional $2.00 per note to selected dealers.

Estimated value set on the 27 June 2025 pricing date is $963.60, reflecting JPMorgan鈥檚 internal funding rate and hedging costs; therefore the offering premium over estimated value is roughly 3.78%. Secondary market bids will likely be below issue price and could be unavailable.

Key risks disclosed: potential loss of up to 75% of principal; issuer and guarantor credit risk; illiquidity; conflicts of interest in pricing and hedging; estimated value derived from internal models; uncertain U.S. tax treatment; exposure to non-U.S. equities without FX adjustment.

Target investors are those seeking equity-linked upside with partial downside buffer who can forgo income, tolerate credit and market risk, and hold to maturity.

JPMorgan Chase Financial Company LLC, garantita integralmente da JPMorgan Chase & Co., offre 13,698 milioni di dollari in titoli collegati al mercato legati all'indice EURO STOXX 50庐 (SX5E) con scadenza il 30 giugno 2028. Ogni titolo da 1.000 dollari offre:

Rendimento potenziato del 122%: a scadenza gli investitori ricevono il capitale pi霉 1,22 volte qualsiasi rendimento positivo dell'indice.
Buffer fisso del 25%: il capitale 猫 restituito integralmente se l'indice scende fino al 25% rispetto al livello iniziale di 5.325,64 (soglia 3.994,23).
Rischio al ribasso oltre il buffer: le perdite seguono i ribassi dell'indice sotto la soglia, con una perdita massima del 75%; il rimborso minimo 猫 di 250 dollari per titolo.
Nessun coupon, nessun dividendo, nessuna quotazione; i titoli sono pensati per essere detenuti fino a scadenza e comportano il rischio di credito di JPMorgan Financial/JPMorgan Chase & Co.

Prezzi e distribuzione: prezzo di emissione 1.000 dollari; commissione di vendita 28,25 dollari (2,825%); proventi netti 971,75 dollari. Wells Fargo Securities (agente) pu貌 condividere le commissioni con i dealer e ricevere spese di distribuzione. JPMS pu貌 pagare ulteriori 2,00 dollari per titolo a dealer selezionati.

Valore stimato al 27 giugno 2025 猫 963,60 dollari, basato sul tasso interno di finanziamento e costi di copertura di JPMorgan; quindi il premio sull'offerta rispetto al valore stimato 猫 circa il 3,78%. Le offerte sul mercato secondario probabilmente saranno inferiori al prezzo d'emissione e potrebbero non essere disponibili.

Rischi principali: possibile perdita fino al 75% del capitale; rischio di credito dell'emittente e garante; illiquidit脿; conflitti di interesse nella determinazione del prezzo e copertura; valore stimato basato su modelli interni; trattamento fiscale USA incerto; esposizione a titoli azionari non USA senza aggiustamento FX.

Gli investitori target sono quelli che cercano un rendimento azionario con buffer parziale al ribasso, che possono rinunciare al reddito, tollerare rischio di credito e di mercato, e mantenere l'investimento fino a scadenza.

JPMorgan Chase Financial Company LLC, garantizada completamente por JPMorgan Chase & Co., ofrece 13,698 millones de d贸lares en Valores vinculados al mercado ligados al 铆ndice EURO STOXX 50庐 (SX5E) con vencimiento el 30 de junio de 2028. Cada bono de 1.000 d贸lares ofrece:

Subida apalancada del 122%: al vencimiento, los inversores reciben el principal m谩s 1,22 veces cualquier rendimiento positivo del 铆ndice.
Buffer fijo del 25%: se reembolsa el capital completo si el 铆ndice cae 鈮�25% desde el nivel inicial 5.325,64 (umbral 3.994,23).
Exposici贸n a la baja m谩s all谩 del buffer: las p茅rdidas corresponden a las ca铆das del 铆ndice por debajo del umbral, con una p茅rdida m谩xima del 75%; el reembolso m铆nimo es de 250 d贸lares por bono.
Sin cupones, sin dividendos, sin cotizaci贸n; los valores est谩n dise帽ados para mantenerse hasta el vencimiento y conllevan riesgo crediticio de JPMorgan Financial/JPMorgan Chase & Co.

Precio y distribuci贸n: precio de emisi贸n 1.000 d贸lares; comisi贸n de venta 28,25 d贸lares (2,825%); ingresos netos 971,75 d贸lares. Wells Fargo Securities (agente) puede compartir concesiones con distribuidores y recibir gastos de distribuci贸n. JPMS puede pagar 2,00 d贸lares adicionales por bono a distribuidores seleccionados.

Valor estimado al 27 de junio de 2025 es 963,60 d贸lares, reflejando la tasa interna de financiaci贸n y costos de cobertura de JPMorgan; por tanto, la prima sobre el valor estimado es aproximadamente del 3,78%. Las ofertas en el mercado secundario probablemente estar谩n por debajo del precio de emisi贸n y podr铆an no estar disponibles.

Riesgos clave: posible p茅rdida de hasta el 75% del principal; riesgo crediticio del emisor y garante; iliquidez; conflictos de inter茅s en precios y cobertura; valor estimado basado en modelos internos; tratamiento fiscal estadounidense incierto; exposici贸n a acciones no estadounidenses sin ajuste de divisas.

Los inversores objetivo son aquellos que buscan un rendimiento vinculado a acciones con un buffer parcial a la baja, que pueden renunciar a ingresos, tolerar riesgos crediticios y de mercado, y mantener hasta el vencimiento.

JPMorgan Chase Financial Company LLC電� JPMorgan Chase & Co.臧€ 鞝勳暋氤挫頃橂┌, 13,698毵� 雼煬 攴滊鞚� 鞁滌灔鞐瓣硠歃濌秾鞚� EURO STOXX 50庐歆€靾�(SX5E)鞐� 鞐瓣硠頃橃棳 2028雲� 6鞗� 30鞚� 毵岅赴鞚茧 鞝滉车頃╇媹雼�. 臧� 1,000雼煬雲疙姼電� 雼れ潓瓿� 臧欖姷雼堧嫟:

122% 霠堧矂毽 靸侅姽: 毵岅赴鞁� 韴瀽鞛愲姅鞗愱笀瓿� 歆€靾橃潣旮嶌爼鞝� 靾橃澋毳犾潣 1.22氚半ゼ氚涭姷雼堧嫟.
25% 瓿犾爼氩勴嵓: 歆€靾橁皜鞁滌瀾靾橃 5,325.64鞐愳劀 25% 鞚错晿搿� 頃橂澖頃橂┐(鞛勱硠臧� 3,994.23) 鞗愱笀鞝勳暋鞚� 靸來櫂霅╇媹雼�.
氩勴嵓毳� 齑堦臣頃橂姅頃橂澖鞙勴棙: 鞛勱硠臧� 鞚错晿歆€靾� 頃橂澖鞐� 霐半ジ靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 75% 靻愳嫟搿� 鞝滍暅霅╇媹雼�; 斓滌晠鞚� 瓴届毎雲疙姼雼� 250雼煬臧€ 靸來櫂霅╇媹雼�.
炜犿彴鞐嗢潓, 氚半嫻旮� 鞐嗢潓, 靸侅灔鞐嗢潓; 歃濌秾鞚€ 毵岅赴旯岇 氤挫湢頃橂弰搿� 靹り硠霅橃棃鞙茧┌ JPMorgan Financial/JPMorgan Chase & Co.鞚� 鞁犾毄鞙勴棙鞚� 靾橂皹頃╇媹雼�.

臧€瓴� 氚� 氚绊彫: 氚滍枆臧€ 1,000雼煬; 韺愲Г 靾橃垬耄� 28.25雼煬(2.825%); 靾滌垬鞚� 971.75雼煬. Wells Fargo Securities(雽€毽澑)電� 霐滊煬鞕€ 靾橃垬耄岆ゼ瓿奠湢頃橁碃氚绊彫牍勳毄鞚� 氚涭潉靾� 鞛堨姷雼堧嫟. JPMS電� 靹犿儩霅� 霐滊煬鞐愱矊雲疙姼雼� 於旉皜 2.00雼煬毳� 歆€旮夗暊靾� 鞛堨姷雼堧嫟.

於旍爼臧€旃�電� 2025雲� 6鞗� 27鞚� 臧€瓴� 瓴办爼鞚� 旮办 963.60雼煬搿�, JPMorgan 雮措秬鞛愱笀臁半嫭毳犼臣項れ 牍勳毄鞚� 氚橃榿頃╇媹雼�; 霐半澕靹� 於旍爼臧€旃� 雽€牍� 鞎� 3.78%鞚� 頂勲Μ氙胳梽鞚� 鞛堨姷雼堧嫟. 2彀� 鞁滌灔毵れ垬順戈皜電� 氚滍枆臧€氤措嫟雮潉臧€電レ劚鞚� 鞛堨溂氅�, 鞚挫毄攵堦皜頃� 靾橂弰鞛堨姷雼堧嫟.

欤检殧鞙勴棙瓿奠嫓: 斓滊寑 75% 鞗愱笀靻愳嫟臧€電レ劚; 氚滍枆鞛� 氚� 氤挫鞚� 鞁犾毄鞙勴棙; 鞙犽彊靹� 攵€臁�; 臧€瓴� 毂呾爼氚� 項れ鞐愳劀鞚错暣於╇弻; 雮措秬氇嵏鞐愳劀韺岇儩霅� 於旍爼臧€旃�; 攵堩檿鞁ろ暅氙戈淡靹戈笀觳橂Μ; 頇橃湪臁办爼鞐嗠姅牍勲甑� 欤检嫕雲胳稖.

氇╉憸韴瀽鞛愲姅攵€攵� 頃橂澖氩勴嵓臧€ 鞛堧姅欤检嫕鞐瓣硠靸侅姽鞚� 於旉惮頃橂┌, 靾橃澋韽赴臧€電�, 鞁犾毄氚� 鞁滌灔鞙勴棙臧愲偞, 毵岅赴旯岇 氤挫湢頃� 靾� 鞛堧姅韴瀽鞛愳瀰雼堧嫟.

JPMorgan Chase Financial Company LLC, enti猫rement garantie par JPMorgan Chase & Co., propose 13,698 millions de dollars de titres li茅s au march茅 index茅s sur l'indice EURO STOXX 50庐 (SX5E) arrivant 脿茅ch茅ance le 30 juin 2028. Chaque note de 1 000 dollars offre :

Une hausse 脿 effet de levier de 122% : 脿 l'茅ch茅ance, les investisseurs re莽oivent le principal plus 1,22 fois tout rendement positif de l'indice.
Une protection fixe de 25% : le principal est int茅gralement rembours茅 si l'indice chute de 鈮�25% par rapport au niveau initial de 5 325,64 (seuil 3 994,23).
Une exposition 脿 la baisse au-del脿 de la protection : les pertes suivent les baisses de l'indice sous le seuil, limit茅es 脿 une perte maximale de 75% ; le remboursement minimum est de 250 dollars par note.
Pas de coupons, pas de dividendes, pas de cotation ; les titres sont con莽us pour 锚tre d茅tenus jusqu'脿 l'茅ch茅ance et comportent un risque de cr茅dit de JPMorgan Financial/JPMorgan Chase & Co.

Tarification et distribution : prix d'茅mission 1 000 dollars ; commission de vente 28,25 dollars (2,825%) ; produit net 971,75 dollars. Wells Fargo Securities (agent) peut partager les commissions avec les distributeurs et percevoir des frais de distribution. JPMS peut verser 2,00 dollars suppl茅mentaires par note 脿 certains distributeurs s茅lectionn茅s.

Valeur estim茅e au 27 juin 2025 est de 963,60 dollars, refl茅tant le taux de financement interne et les co没ts de couverture de JPMorgan ; la prime sur la valeur estim茅e est donc d'environ 3,78%. Les offres sur le march茅 secondaire seront probablement inf茅rieures au prix d'茅mission et pourraient ne pas 锚tre disponibles.

Principaux risques divulgu茅s : perte potentielle allant jusqu'脿 75% du principal ; risque de cr茅dit de l'茅metteur et du garant ; illiquidit茅 ; conflits d'int茅r锚ts dans la tarification et la couverture ; valeur estim茅e d茅riv茅e de mod猫les internes ; traitement fiscal am茅ricain incertain ; exposition aux actions non am茅ricaines sans ajustement de change.

Les investisseurs cibles sont ceux recherchant un potentiel de hausse li茅 aux actions avec une protection partielle 脿 la baisse, pouvant renoncer aux revenus, tol茅rer les risques de cr茅dit et de march茅, et d茅tenir jusqu'脿 l'茅ch茅ance.

JPMorgan Chase Financial Company LLC, vollst盲ndig garantiert von JPMorgan Chase & Co., bietet 13,698 Millionen US-Dollar an marktgebundenen Wertpapieren an, die an den EURO STOXX 50庐 Index (SX5E) gekoppelt sind und am 30. Juni 2028 f盲llig werden. Jede 1.000-Dollar-Note bietet:

122% gehebelte Aufw盲rtschance: Bei F盲lligkeit erhalten Anleger den Nennwert zuz眉glich 1,22-mal eine positive Indexrendite.
25% fester Puffer: Der volle Nennwert wird zur眉ckgezahlt, wenn der Index um 鈮�25% vom Startniveau 5.325,64 f盲llt (Schwelle 3.994,23).
Abw盲rtsrisiko 眉ber den Puffer hinaus: Verluste entsprechen den Indexr眉ckg盲ngen unterhalb der Schwelle, begrenzt auf einen maximalen Verlust von 75%; im schlimmsten Fall erfolgt eine R眉ckzahlung von 250 Dollar pro Note.
Keine Kupons, keine Dividenden, keine B枚rsennotierung; die Wertpapiere sind f眉r eine Haltedauer bis zur F盲lligkeit konzipiert und tragen das Kreditrisiko von JPMorgan Financial/JPMorgan Chase & Co.

Preisgestaltung & Vertrieb: Ausgabepreis 1.000 Dollar; Verkaufsprovision 28,25 Dollar (2,825%); Nettoerl枚s 971,75 Dollar. Wells Fargo Securities (Agent) kann Provisionen mit H盲ndlern teilen und Vertriebskosten erhalten. JPMS kann ausgew盲hlten H盲ndlern zus盲tzlich 2,00 Dollar pro Note zahlen.

Gesch盲tzter Wert am 27. Juni 2025 betr盲gt 963,60 Dollar, basierend auf JPMorgans internen Finanzierungskosten und Absicherungskosten; somit betr盲gt die Pr盲mie gegen眉ber dem gesch盲tzten Wert etwa 3,78%. Sekund盲rmarktgebote werden wahrscheinlich unter dem Ausgabepreis liegen und k枚nnten nicht verf眉gbar sein.

Wesentliche Risiken: potenzieller Verlust von bis zu 75% des Kapitals; Emittenten- und Garantiegeber-Kreditrisiko; Illiquidit盲t; Interessenkonflikte bei Preisgestaltung und Absicherung; gesch盲tzter Wert auf internen Modellen basierend; unsichere US-Steuerbehandlung; Exponierung gegen眉ber nicht-US-Aktien ohne W盲hrungsanpassung.

Zielinvestoren sind jene, die einen aktiengebundenen Aufw盲rtstrend mit teilweisem Abw盲rtspuffer suchen, auf Ertr盲ge verzichten k枚nnen, Kredit- und Marktrisiken tolerieren und bis zur F盲lligkeit halten k枚nnen.

Positive

122% upside participation enhances returns relative to direct index exposure.
25% fixed buffer protects capital against moderate market declines.
Guarantee by JPMorgan Chase & Co. provides investment-grade credit backing.
Short 3-year tenor limits long-term credit and market exposure.

Negative

Potential 75% principal loss if the index falls more than 25%.
No interest, dividends or voting rights; investors sacrifice income.
Illiquid鈥攏o exchange listing; resale depends on dealer willingness.
Issue price exceeds estimated value by 鈮�$36, embedding fees and hedging costs.
Credit risk of both JPMorgan Financial and JPMorgan Chase & Co.
Complex tax treatment and uncertain future IRS guidance.

Insights

TL;DR: 122% upside vs. 25% buffer offers levered equity exposure but at the cost of illiquidity, credit risk and a 3.8% issue premium.

The note delivers an attractive 1.22 participation on SX5E gains and a meaningful 25% cushion on moderate declines. However, the investor sacrifices dividends (~3鈥�4% yield on the index) and accepts open-ended downside to 鈭�75%. The internal valuation of $963.60 vs. the $1,000 purchase price embeds roughly $36 of fees/hedging costs, which must be recaptured through index appreciation of about 3%. Liquidity is dealer-driven; spreads could widen in stress. Credit exposure to JPMorgan is low-investment-grade but not negligible over three years. For sophisticated portfolios seeking tactical Eurozone equity upside with limited capital at risk, the structure can complement traditional holdings, yet it should not substitute for a core allocation.

TL;DR: Balanced payoff skew; positive convexity up to 25% drawdown, but opportunity cost and funding premium dilute appeal.

At portfolio level, the note behaves like a bull call spread financed by short put with 25% strike, overlaying JPM credit. Relative to owning SX5E futures plus a 75% put, investors forego dividends and pay embedded funding spreads; implied vol and funding costs make the 122% participation achievable but not extraordinary. The 3-year tenor reduces path risk, yet mark-to-market could be volatile and exit options limited. Considering the modest $13.7 million size, execution impact is minimal. I classify the risk/return profile as neutral: attractive if one already forecasts >10% Eurozone equity upside, inappropriate for income or capital-preservation mandates.

Rendimento potenziato del 122%: a scadenza gli investitori ricevono il capitale pi霉 1,22 volte qualsiasi rendimento positivo dell'indice.
Buffer fisso del 25%: il capitale 猫 restituito integralmente se l'indice scende fino al 25% rispetto al livello iniziale di 5.325,64 (soglia 3.994,23).
Rischio al ribasso oltre il buffer: le perdite seguono i ribassi dell'indice sotto la soglia, con una perdita massima del 75%; il rimborso minimo 猫 di 250 dollari per titolo.
Nessun coupon, nessun dividendo, nessuna quotazione; i titoli sono pensati per essere detenuti fino a scadenza e comportano il rischio di credito di JPMorgan Financial/JPMorgan Chase & Co.

Subida apalancada del 122%: al vencimiento, los inversores reciben el principal m谩s 1,22 veces cualquier rendimiento positivo del 铆ndice.
Buffer fijo del 25%: se reembolsa el capital completo si el 铆ndice cae 鈮�25% desde el nivel inicial 5.325,64 (umbral 3.994,23).
Exposici贸n a la baja m谩s all谩 del buffer: las p茅rdidas corresponden a las ca铆das del 铆ndice por debajo del umbral, con una p茅rdida m谩xima del 75%; el reembolso m铆nimo es de 250 d贸lares por bono.
Sin cupones, sin dividendos, sin cotizaci贸n; los valores est谩n dise帽ados para mantenerse hasta el vencimiento y conllevan riesgo crediticio de JPMorgan Financial/JPMorgan Chase & Co.

122% 霠堧矂毽 靸侅姽: 毵岅赴鞁� 韴瀽鞛愲姅鞗愱笀瓿� 歆€靾橃潣旮嶌爼鞝� 靾橃澋毳犾潣 1.22氚半ゼ氚涭姷雼堧嫟.
25% 瓿犾爼氩勴嵓: 歆€靾橁皜鞁滌瀾靾橃 5,325.64鞐愳劀 25% 鞚错晿搿� 頃橂澖頃橂┐(鞛勱硠臧� 3,994.23) 鞗愱笀鞝勳暋鞚� 靸來櫂霅╇媹雼�.
氩勴嵓毳� 齑堦臣頃橂姅頃橂澖鞙勴棙: 鞛勱硠臧� 鞚错晿歆€靾� 頃橂澖鞐� 霐半ジ靻愳嫟鞚� 氚滌儩頃橂┌ 斓滊寑 75% 靻愳嫟搿� 鞝滍暅霅╇媹雼�; 斓滌晠鞚� 瓴届毎雲疙姼雼� 250雼煬臧€ 靸來櫂霅╇媹雼�.
炜犿彴鞐嗢潓, 氚半嫻旮� 鞐嗢潓, 靸侅灔鞐嗢潓; 歃濌秾鞚€ 毵岅赴旯岇 氤挫湢頃橂弰搿� 靹り硠霅橃棃鞙茧┌ JPMorgan Financial/JPMorgan Chase & Co.鞚� 鞁犾毄鞙勴棙鞚� 靾橂皹頃╇媹雼�.

Une hausse 脿 effet de levier de 122% : 脿 l'茅ch茅ance, les investisseurs re莽oivent le principal plus 1,22 fois tout rendement positif de l'indice.
Une protection fixe de 25% : le principal est int茅gralement rembours茅 si l'indice chute de 鈮�25% par rapport au niveau initial de 5 325,64 (seuil 3 994,23).
Une exposition 脿 la baisse au-del脿 de la protection : les pertes suivent les baisses de l'indice sous le seuil, limit茅es 脿 une perte maximale de 75% ; le remboursement minimum est de 250 dollars par note.
Pas de coupons, pas de dividendes, pas de cotation ; les titres sont con莽us pour 锚tre d茅tenus jusqu'脿 l'茅ch茅ance et comportent un risque de cr茅dit de JPMorgan Financial/JPMorgan Chase & Co.

122% gehebelte Aufw盲rtschance: Bei F盲lligkeit erhalten Anleger den Nennwert zuz眉glich 1,22-mal eine positive Indexrendite.
25% fester Puffer: Der volle Nennwert wird zur眉ckgezahlt, wenn der Index um 鈮�25% vom Startniveau 5.325,64 f盲llt (Schwelle 3.994,23).
Abw盲rtsrisiko 眉ber den Puffer hinaus: Verluste entsprechen den Indexr眉ckg盲ngen unterhalb der Schwelle, begrenzt auf einen maximalen Verlust von 75%; im schlimmsten Fall erfolgt eine R眉ckzahlung von 250 Dollar pro Note.
Keine Kupons, keine Dividenden, keine B枚rsennotierung; die Wertpapiere sind f眉r eine Haltedauer bis zur F盲lligkeit konzipiert und tragen das Kreditrisiko von JPMorgan Financial/JPMorgan Chase & Co.

07/01/2025 - 02:20 PM

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

None

Entity Type

0001662774

Cortexyme, Inc.

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

Quince Therapeutics, Inc.

Jurisdiction of Incorporation/Organization

CALIFORNIA

Year of Incorporation/Organization

X	Over Five Years Ago
	Within Last Five Years (Specify Year)
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
Quince Therapeutics, Inc.
Street Address 1		Street Address 2
611 GATEWAY BLVD., SUITE 273
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
SOUTH SAN FRANCISCO	CALIFORNIA	94080	(415) 910-5717

3. Related Persons

Last Name	First Name	Middle Name
Thye	Dirk
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:	X	Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Ryan	Charles
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:	X	Executive Officer		Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Lamond	David
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
McLoughlin	Margi
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Senner	Christopher
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Benatti	Luca
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Patni	Rajiv
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Bray	June
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Ryan	Una
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:		Executive Officer	X	Director		Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Hannah	Brendan
Street Address 1	Street Address 2
611 Gateway Boulevard	Suite 273
City	State/Province/Country	ZIP/PostalCode
South San Francisco	CALIFORNIA	94080

Relationship:	X	Executive Officer		Director		Promoter

Clarification of Response (if Necessary):

4. Industry Group

Agriculture

Banking & Financial Services

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

Health Care

X	Biotechnology

Health Insurance

Hospitals & Physicians

Pharmaceuticals

Other Health Care

Manufacturing

AG真人官方 Estate

Commercial

Construction

REITS & Finance

Residential

Other AG真人官方 Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

Other

5. Issuer Size

Revenue Range
	No Revenues	No Aggregate Net Asset Value
	$1 - $1,000,000	$1 - $5,000,000
	$1,000,001 - $5,000,000	$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000	$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000	$50,000,001 - $100,000,000
	Over $100,000,000	Over $100,000,000
X	Decline to Disclose	Decline to Disclose
	Not Applicable	Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
	X	Rule 506(b)
		Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1)

Section 3(c)(9)

Section 3(c)(2)

Section 3(c)(10)

Section 3(c)(3)

Section 3(c)(11)

Section 3(c)(4)

Section 3(c)(12)

Section 3(c)(5)

Section 3(c)(13)

Section 3(c)(6)

Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2025-06-18				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year?

Yes

9. Type(s) of Securities Offered (select all that apply)

X	Equity	Pooled Investment Fund Interests
	Debt	Tenant-in-Common Securities
X	Option, Warrant or Other Right to Acquire Another Security	Mineral Property Securities
X	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security	Other (describe)

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?

Yes

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor

USD

12. Sales Compensation

Recipient

Recipient CRD Number

None

Citizens JMP Securities, LLC

22208

(Associated) Broker or Dealer

None

(Associated) Broker or Dealer CRD Number

None

Street Address 1

Street Address 2

450 Park Avenue, Suite 600

City

State/Province/Country

ZIP/Postal Code

New York

NEW YORK

10022

State(s) of Solicitation (select all that apply)
Check "All States" or check individual States

All States

Foreign/non-US

CALIFORNIA

CONNECTICUT

FLORIDA

ILLINOIS

MARYLAND

MASSACHUSETTS

NEVADA

NEW YORK

OREGON

TENNESSEE

TEXAS

WASHINGTON

13. Offering and Sales Amounts

Total Offering Amount

$21,896,618

USD

Indefinite

Total Amount Sold

$11,488,304

USD

Total Remaining to be Sold

$10,408,314

USD

Indefinite

Clarification of Response (if Necessary):

Offering amount includes (a) gross proceeds from sale of shares of common stock, pre-funded warrants and common warrants and (b) an aggregate gross proceeds that may be received in the future upon the cash exercise in full of the warrants.

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions

$689,299

USD

Estimate

Finders' Fees

USD

Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

USD

Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
Quince Therapeutics, Inc.	/s/ Brendan Hannah	Brendan Hannah	Chief Business Officer	2025-07-01

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.

Source:

FAQ

What is the upside participation rate on the JPMorgan EURO STOXX 50庐 Market-Linked Securities?

The notes credit 122% of any positive index return at maturity.

How much downside protection does the 2028 security provide?

There is a 25% buffer; losses begin only if the index falls more than 25% from the 5,325.64 starting level.

What is the maximum loss an investor can incur?

If the index falls to zero, the redemption is $250, representing a 75% maximum loss of principal.

Why is the estimated value ($963.60) lower than the $1,000 offering price?

The gap reflects selling commissions, hedging costs and JPMorgan鈥檚 internal funding spread embedded in the issue price.

Will the securities pay interest or dividends before maturity?

No. The notes pay no periodic interest and do not pass through index dividends.

Can the notes be sold before June 30 2028?

They are not exchange-listed; any sale depends on dealer bids and may be at a significant discount.

Who bears the credit risk for payments on these securities?

Payments rely on JPMorgan Chase Financial Company LLC as issuer and are fully guaranteed by JPMorgan Chase & Co.

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[D] Quince Therapeutics, Inc. SEC Filing

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FAQ

What is the upside participation rate on the JPMorgan EURO STOXX 50庐 Market-Linked Securities?

How much downside protection does the 2028 security provide?

What is the maximum loss an investor can incur?

Why is the estimated value ($963.60) lower than the $1,000 offering price?

Will the securities pay interest or dividends before maturity?

Can the notes be sold before June 30 2028?

Who bears the credit risk for payments on these securities?

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[D] Quince Therapeutics, Inc. SEC Filing

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Structured Products Analyst neutral

Multi-Asset Portfolio Manager neutral

FAQ

What is the upside participation rate on the JPMorgan EURO STOXX 50庐 Market-Linked Securities?

How much downside protection does the 2028 security provide?

What is the maximum loss an investor can incur?

Why is the estimated value ($963.60) lower than the $1,000 offering price?

Will the securities pay interest or dividends before maturity?

Can the notes be sold before June 30 2028?

Who bears the credit risk for payments on these securities?

NASDAQ:QNCX

QNCX Rankings

QNCX Latest News

QNCX Latest SEC Filings

QNCX Stock Data