Q32 Bio (QTTB)
Market Price (10/22/2026): $8.49 | Market Cap: $172.7 MilSector: Health Care | Industry: Biotechnology
Q32 Bio (QTTB)
Market Price (10/22/2026): $8.49Market Cap: $172.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. | Weak multi-year price returns2Y Excs Rtn is -114%, 3Y Excs Rtn is -129% | Stock price has recently run up significantly12M Rtn12 month market price return is 192% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 95% High stock price volatilityVol 12M is 172% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23% Key risksQTTB key risks include [1] the recent trial failure and high-risk repositioning of its lead drug candidate, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 19%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 15% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -57% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Biopharmaceutical R&D, and Targeted Therapies. |
| Weak multi-year price returns2Y Excs Rtn is -114%, 3Y Excs Rtn is -129% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 192% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -37%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -37% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 95% |
| High stock price volatilityVol 12M is 172% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 23% |
| Key risksQTTB key risks include [1] the recent trial failure and high-risk repositioning of its lead drug candidate, Show more. |
Qualitative Assessment
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Q32 Bio (QTTB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Stock Dilution from a $200 Million Public Offering.
Following the initial positive news regarding clinical trial results, Q32 Bio announced and completed a public offering of common stock and pre-funded warrants in July 2026, raising approximately $200 million. This offering included the issuance of 6,027,399 shares of common stock and pre-funded warrants to purchase 4,931,506 shares. While bolstering the company's financial runway, this significant increase in outstanding shares led to dilution of existing shareholder value, contributing to a decline after an initial surge.
2. Lack of New Significant Catalysts Following Initial Positive Clinical Trial Data.
Although Q32 Bio presented additional positive 36-week results from Part B of its SIGNAL-AA Phase 2a clinical trial in severe alopecia areata at the European Academy of Dermatology and Venereology (EADV) Congress on September 30, 2026, these details largely corroborated the topline results initially announced in July 2026. The absence of fresh, unexpectedly positive developments or new advancements beyond previously disclosed information meant the stock struggled to maintain the strong momentum it gained from the initial July announcement. The company's next major clinical milestone, the initiation of a registration-directed program, is not anticipated until the first half of fiscal year 2027.
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Q32 Bio (QTTB) stock has lost about 30% since 6/30/2026 because of the following key factors:
1. Stock Dilution from a $200 Million Public Offering.
Following the initial positive news regarding clinical trial results, Q32 Bio announced and completed a public offering of common stock and pre-funded warrants in July 2026, raising approximately $200 million. This offering included the issuance of 6,027,399 shares of common stock and pre-funded warrants to purchase 4,931,506 shares. While bolstering the company's financial runway, this significant increase in outstanding shares led to dilution of existing shareholder value, contributing to a decline after an initial surge.
2. Lack of New Significant Catalysts Following Initial Positive Clinical Trial Data.
Although Q32 Bio presented additional positive 36-week results from Part B of its SIGNAL-AA Phase 2a clinical trial in severe alopecia areata at the European Academy of Dermatology and Venereology (EADV) Congress on September 30, 2026, these details largely corroborated the topline results initially announced in July 2026. The absence of fresh, unexpectedly positive developments or new advancements beyond previously disclosed information meant the stock struggled to maintain the strong momentum it gained from the initial July announcement. The company's next major clinical milestone, the initiation of a registration-directed program, is not anticipated until the first half of fiscal year 2027.
3. Market Re-evaluation Amidst Unprofitability and Valuation Concerns.
As a clinical-stage biotechnology company, Q32 Bio remains unprofitable and cash-flow-negative, with its fiscal Q3 2026 earnings estimated for release on November 12, 2026. Following the initial excitement from positive clinical data and the subsequent equity offering, the market appears to have re-evaluated the company's valuation. Q32 Bio's price-to-sales (P/S) ratio stood at 2.19x, which is notably above its historical median of 1.65x. This suggests that the stock may have been priced for substantial future growth despite its early stage and current lack of profitability, leading to a correction as investors factored in the inherent risks and long development timelines.
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Stock Movement Drivers
Fundamental Drivers
The -31.9% change in QTTB stock from 6/30/2026 to 10/21/2026 was primarily driven by a -30.7% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.74 | 8.67 | -31.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 54 | 0.0% |
| Net Income Margin (%) | 61.9% | 62.9% | 1.6% |
| P/E Multiple | 5.4 | 5.2 | -3.4% |
| Shares Outstanding (Mil) | 14 | 20 | -30.7% |
| Cumulative Contribution | -31.9% |
Market Drivers
6/30/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| QTTB | -31.9% | |
| Market (SPY) | 3.5% | -8.6% |
| Sector (XLV) | 12.8% | 15.5% |
Fundamental Drivers
The 35.0% change in QTTB stock from 3/31/2026 to 10/21/2026 was primarily driven by a 93.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.42 | 8.67 | 35.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 54 | 54 | 0.0% |
| Net Income Margin (%) | 55.5% | 62.9% | 13.3% |
| P/E Multiple | 2.7 | 5.2 | 93.0% |
| Shares Outstanding (Mil) | 13 | 20 | -38.2% |
| Cumulative Contribution | 35.0% |
Market Drivers
3/31/2026 to 10/21/2026| Return | Correlation | |
|---|---|---|
| QTTB | 35.0% | |
| Market (SPY) | 19.2% | -5.0% |
| Sector (XLV) | 22.6% | 11.7% |
Fundamental Drivers
The 337.9% change in QTTB stock from 9/30/2025 to 10/21/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.98 | 8.67 | 337.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 54 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 3.3 | |
| Shares Outstanding (Mil) | 12 | 20 | -40.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 10/21/2026| Return | Correlation | |
|---|---|---|
| QTTB | 337.9% | |
| Market (SPY) | 17.0% | -0.4% |
| Sector (XLV) | 30.2% | 4.1% |
Fundamental Drivers
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Market Drivers
9/30/2023 to 10/21/2026| Return | Correlation | |
|---|---|---|
| QTTB | -58.8% | |
| Market (SPY) | 87.1% | 4.0% |
| Sector (XLV) | 45.6% | 0.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| QTTB Return | -68% | -65% | -52% | -69% | -3% | 160% | -96% |
| Peers Return | -7% | -7% | 8% | -16% | 25% | -21% | -22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 104% |
Monthly Win Rates [3] | |||||||
| QTTB Win Rate | 33% | 42% | 33% | 67% | 42% | 70% | |
| Peers Win Rate | 44% | 53% | 53% | 44% | 52% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| QTTB Max Drawdown | -75% | -74% | -69% | -99% | -65% | -65% | |
| Peers Max Drawdown | -36% | -40% | -38% | -36% | -54% | -53% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: REGN, AMGN, UPB, ALMS, ANNX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/21/2026 (YTD)
How Low Can It Go
| Event | QTTB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.1% | -18.8% |
| % Gain to Breakeven | 66.9% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.5% | -9.5% |
| % Gain to Breakeven | 94.0% | 10.5% |
| Time to Breakeven | 113 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.4% | -6.7% |
| % Gain to Breakeven | 73.5% | 7.1% |
| Time to Breakeven | 266 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.9% | -24.5% |
| % Gain to Breakeven | 211.2% | 32.4% |
| Time to Breakeven | 520 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.4% | -33.7% |
| % Gain to Breakeven | 50.2% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -16.3% | -19.2% |
| % Gain to Breakeven | 19.4% | 23.8% |
| Time to Breakeven | 29 days | 105 days |
In The Past
Q32 Bio's stock fell -40.1% during the 2025 US Tariff Shock. Such a loss loss requires a 66.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | QTTB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.1% | -18.8% |
| % Gain to Breakeven | 66.9% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -48.5% | -9.5% |
| % Gain to Breakeven | 94.0% | 10.5% |
| Time to Breakeven | 113 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -42.4% | -6.7% |
| % Gain to Breakeven | 73.5% | 7.1% |
| Time to Breakeven | 266 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -67.9% | -24.5% |
| % Gain to Breakeven | 211.2% | 32.4% |
| Time to Breakeven | 520 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.4% | -33.7% |
| % Gain to Breakeven | 50.2% | 50.9% |
| Time to Breakeven | 29 days | 140 days |
In The Past
Q32 Bio's stock fell -40.1% during the 2025 US Tariff Shock. Such a loss loss requires a 66.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Q32 Bio (QTTB)
Q32 Bio Inc. (QTTB) is a clinical-stage biotechnology company focused on developing novel biologic therapeutics. The company's core mission is to restore healthy immune balance in patients suffering from autoimmune and inflammatory diseases, which are often characterized by pathological immune dysfunction. Based in Waltham, Massachusetts, Q32 Bio targets medical conditions with high unmet needs, aiming to provide innovative solutions to these challenging diseases.
The company's pipeline includes two primary product candidates. Its lead candidate, ADX-097, is a humanized anti-C3d monoclonal antibody fusion protein designed to restore complement regulation. ADX-097 has completed Phase I clinical trials and is being developed for a range of renal and other complement-mediated diseases such as lupus nephritis, immunoglobulin A nephropathy, complement component 3 glomerulopathy, and anti-neutrophil cytoplasmic antibody-associated vasculitis. Q32 Bio is also advancing Bempikibart (ADX-914), a fully human anti–interleukin-7 receptor alpha antagonist monoclonal antibody. Bempikibart aims to re-regulate adaptive immune function by blocking signaling mediated by interleukin-7 and thymic stromal lymphopoietin, and is currently in Phase II clinical trials for the treatment of atopic dermatitis and alopecia areata.
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An early-stage Amgen or Regeneron, specializing in developing drugs that rebalance the immune system for autoimmune and inflammatory diseases.
Like a dedicated research and development division of a major pharmaceutical company such as AbbVie or Johnson & Johnson, but as an independent biotech focused on correcting immune dysfunction.
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- ADX-097: A humanized anti-C3d monoclonal antibody fusion protein designed to restore complement regulation for treating renal and other complement-mediated diseases.
- Bempikibart (ADX-914): A fully human anti–interleukin-7 receptor alpha antagonist monoclonal antibody aimed at re-regulating adaptive immune function for treating atopic dermatitis and alopecia areata.
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Jodie P. Morrison, Chief Executive Officer
Jodie Morrison brings extensive biopharmaceutical leadership experience from private startups through commercial public biotechnology and pharmaceutical companies. She previously served as Chief Executive Officer of Cadent Therapeutics until its acquisition by Novartis in 2020. Morrison was also a Venture Partner at Atlas Venture and held interim CEO roles at Keryx Biopharmaceuticals, Inc. (which merged with Akebia Therapeutics, Inc. in 2018) and acting Chief Operating Officer at Syntimmune, Inc. (acquired by Alexion Pharmaceuticals, Inc.). She oversaw Tokai Pharmaceuticals, Inc.'s successful initial public offering (IPO) in 2014 as its President and Chief Executive Officer. Morrison founded and leads The CEO Forum and serves on the Board of Directors of Rectify Pharmaceuticals, Inc.
Lee Kalowski, M.B.A., President and Chief Financial Officer
Lee Kalowski possesses over 20 years of biopharmaceutical experience, specializing in strategy, capital raising, and financial operations. He joined Q32 Bio as interim Chief Financial Officer before being appointed President and Chief Financial Officer in April 2024. Prior to Q32 Bio, Kalowski was President and Chief Financial Officer at Bicycle Therapeutics from 2017-2023, where he played a key role in the company's transition to a public clinical-stage biotech company by leading strategic finance and operations. He has a proven track record of guiding companies through public offerings, raising capital, and managing finance and operations for multiple publicly traded entities.
Dr. Shelia M. Violette, PhD, Chief Scientific Officer and President of Research
Dr. Shelia Violette is a co-founder of Q32 Bio and a recognized scientific leader in the fields of inflammation, autoimmunity, and fibrosis. With over 20 years of industry experience, she has strategically and operationally led multidisciplinary scientific teams, advancing numerous programs from early research into clinical development. Before co-founding Q32 Bio, she was an Entrepreneur in Residence at Atlas Venture. Her previous roles include leadership positions in the Immunology Research group at Biogen, where she served as Vice President of Research, spearheading the tissue injury and fibrosis therapeutic area, and directing research at Repligen and Ariad.
Dr. Adrien Sipos, M.D., Interim Chief Medical Officer
Dr. Adrien Sipos is an immunologist with over 25 years of experience in clinical development and medical affairs leadership, particularly in Immunology and Inflammation (I&I) drug development. Before joining Q32 Bio, Dr. Sipos was President and Chief Medical Officer at PRAXICO Inc., where she provided consultancy to biopharmaceutical companies on clinical development and medical affairs initiatives. Her career also includes serving as Head of Immunology, Late-Stage Clinical Development at Biogen, Inc., where she built the global clinical development organization for late-stage immunology programs.
David Appugliese, Senior Vice President, Head of People
David Appugliese brings over 20 years of experience in leading human resources functions within growing organizations. He has held strategic leadership positions in healthcare companies such as CVS Health and Boston Scientific. Prior to his role at Q32 Bio, Appugliese served as the head of human resources for Red Oak Sourcing, LLC, a joint venture between CVS Health and Cardinal Health, focused on developing innovative purchasing strategies for generic drugs.
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The key risks to Q32 Bio's business operations primarily stem from the inherent challenges of being a clinical-stage biotechnology company focused on a single lead product candidate. These risks include:
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Clinical Trial Failure and Inability to Obtain Regulatory Approval: Q32 Bio's future success is heavily dependent on the successful clinical development and regulatory approval of its lead product candidate, bempikibart (ADX-914), for alopecia areata. The company previously halted a Phase 2 trial for its other lead candidate, ADX-097, and subsequently sold the asset. While bempikibart is currently in Part B of a Phase 2a clinical trial for alopecia areata with topline data expected in mid-2026, earlier Phase 2a trial results in December 2024 for both atopic dermatitis and alopecia areata "failed to meet expectations." The company discontinued development for atopic dermatitis and acknowledged that bempikibart's efficacy for alopecia areata was "not as robust as those seen with approved JAK inhibitors," indicating the need to "enhance the drug's efficacy," which carries "high risks." The drug development process is characterized by high costs, long timelines, and a high attrition rate, with no guarantee that ongoing or future trials will yield favorable results or lead to regulatory approval.
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Need for Additional Capital and Funding Risks: As a clinical-stage company with no approved commercial products, Q32 Bio has incurred significant operating losses since its inception and expects these losses to continue. The company requires substantial additional capital to fund its ongoing and future clinical trials, research and development activities, and other operational expenses. While recent financing activities, including a registered direct offering and the sale of ADX-097, are expected to provide a financial runway into the fourth quarter of 2027, the company's long-term viability depends on its ability to secure further funding, which may not be available on favorable terms or at all, particularly if clinical trial results are not positive.
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Competition: The therapeutic area of autoimmune and inflammatory diseases, specifically alopecia areata, is highly competitive. Q32 Bio faces competition from pharmaceutical and biotechnology companies that may have more advanced product candidates, greater financial and technical resources, or established products. The prior Phase 2a results for bempikibart for alopecia areata were noted as not being as robust as existing approved JAK inhibitors, highlighting the competitive landscape. Even if bempikibart is successfully developed and approved, its market acceptance and commercial success will depend on its ability to compete effectively with existing and new treatments.
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The addressable markets for Q32 Bio's main products and services are detailed below, with market sizes primarily covering the 7 Major Markets (7MM: United States, France, Germany, Italy, Spain, United Kingdom, and Japan) or globally, as specified by the source.
ADX-097 (targeting renal and other complement-mediated diseases):
- Lupus Nephritis: The global lupus nephritis market size is projected to grow to approximately $2.98 billion by 2030. The market in the 7MM was valued at approximately USD 1.8 billion in 2024 and is expected to reach USD 5.9 billion by 2034. The United States accounted for the largest market size within the 7MM, approximately 85% in 2024. Another estimate places the 7MM market size at approximately USD 1,958 million in 2025, projected to grow to USD 4,088 million by 2034.
- Immunoglobulin A Nephropathy (IgA Nephropathy): The global market for IgA nephropathy treatments is expected to grow from $567 million in 2020 to $1.196 billion by 2025, with projections reaching several billion dollars or higher by 2030 globally. Other estimates for the 7MM vary, with one report valuing it at USD 127.0 million in 2024, expected to reach USD 536.6 million by 2035. Another estimate places the 7MM market size at approximately USD 730 million in 2024. The United States IgA Nephropathy market alone was valued at approximately USD 455 million in 2024. A broader global market size estimate suggests growth from USD 46.82 billion in 2025 to USD 99.66 billion by 2035.
- Complement Component 3 Glomerulopathy (C3G): The market size for C3G in the 7MM was approximately USD 36 million in 2024, with projections to reach USD 1 billion by 2034. The United States accounts for approximately 73% of this 7MM market. Another source estimates the 7 major C3G market at USD 9.3 billion in 2024, projected to reach USD 12.3 billion by 2035. The global market size was valued at USD 9.51 billion in 2025 and is set to exceed USD 12.53 billion by 2035.
- Anti-neutrophil Cytoplasmic Antibody-Associated Vasculitis (ANCA-associated vasculitis): The ANCA-associated vasculitis market in the 7MM was around USD 1,500 million in 2023 and is expected to grow significantly during the forecast period from 2024 to 2034. Another estimate for the 7MM market reached USD 353.3 million in 2024 and is projected to reach USD 566.7 million by 2035. The global ANCA vasculitis treatment market size was valued at USD 339.50 million in 2024 and is expected to reach USD 537.04 million by 2032. The U.S. market captured the largest revenue share of 81% within North America in 2024.
Bempikibart (ADX-914) (targeting atopic dermatitis and alopecia areata):
- Atopic Dermatitis: The global atopic dermatitis market size was valued at USD 16,816.8 million in 2023 and is expected to reach USD 37,213.7 million by 2034. Another projection indicates a global market size of USD 19.38 billion in 2025, reaching USD 33.29 billion by 2031. The United States has the largest patient pool and represents the biggest market for its treatment. North America commanded 41.30% of the atopic dermatitis market share in 2025.
- Alopecia Areata: The global alopecia areata market size is calculated at USD 3.32 billion in 2024 and is expected to be worth USD 6.92 billion by 2034. Another source estimates the global market size at USD 8.88 billion in 2024, projected to reach USD 20.18 billion by 2035. A different report indicates the global alopecia market size (which includes alopecia areata) was valued at USD 25.27 billion in 2025 and is projected to grow to USD 49.30 billion by 2034. Within the 7MM, the market was valued at approximately USD 379 million in 2023, with the United States accounting for 35% of the cases. The market size for alopecia areata specifically is expected to grow from $3.58 billion in 2024 to $5.24 billion in 2029.
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Here are the expected drivers of future revenue growth for Q32 Bio (QTTB) over the next 2-3 years:
- Milestone Payments and Royalties from ADX-097 Sale: Q32 Bio's sale of its Phase 2 complement inhibitor, ADX-097, to Akebia Therapeutics in December 2025 included upfront and near-term payments, and makes Q32 Bio eligible for up to an additional $592 million in development, regulatory, and commercial milestone payments, along with tiered royalties up to a mid-teen percentage of annual net sales if ADX-097 succeeds commercially. These future milestone payments and royalties represent a significant potential revenue stream for the company.
- Successful Clinical Development and Commercialization of Bempikibart (ADX-914) for Alopecia Areata (AA): Q32 Bio has strategically refocused its efforts on advancing bempikibart for the treatment of alopecia areata. The company anticipates reporting 36-week topline data from Part B of its SIGNAL-AA Phase 2a clinical trial in mid-2026. Positive results from this trial are crucial for advancing bempikibart into pivotal trials and eventually towards market approval, which would be the primary driver of product-based revenue.
- New Strategic Partnerships or Monetization of Remaining Pipeline Assets: While ADX-097 was sold, Q32 Bio retains its tissue-targeted complement platform, including assets like ADX-096 and other early-stage programs. The company is evaluating strategic options for these remaining assets, which could lead to new collaboration agreements, licensing deals, or other monetization opportunities, generating additional revenue streams in the future.
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Share Issuance
- In February 2026, Q32 Bio completed a registered direct offering, issuing 1,666,679 common shares and pre-funded warrants for up to 1,025,654 additional shares, raising $10.5 million.
- Q32 Bio became publicly traded in March 2024, following a merger with Homology Medicines, which included a concurrent $42 million private placement.
- The total number of shares outstanding for Q32 Bio increased by 27.51% over the last year.
Inbound Investments
- Q32 Bio secured $12 million in upfront and near-term payments in December 2025 from the sale of its Phase 2 asset, ADX-097, to Akebia Therapeutics, with potential for up to $592 million in future milestone payments and tiered royalties.
- The company received $42 million in funding from a group of investors in March 2024 through a private placement, which coincided with its merger and public listing.
- In February 2026, Q32 Bio completed a $10.5 million registered direct offering, primarily to fund working capital and advance its bempikibart program into future clinical trials.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 16.9% | 54.7% | 100.0% | CAH 481% · MCK 402% · COR 192% |
| Health Care Services | 20 | 15.9% | 40.3% | 9.3% | HIMS 245% · RDNT 125% · DGX 81% |
| Health Care Facilities | 24 | 7.1% | 15.7% | 4.4% | THC 282% · NHC 281% · ENSG 138% |
| Managed Health Care | 8 | 36.1% | -0.9% | 2.5% | OSCR 99% · HQY 49% · ELV 9% |
| Health Care Equipment | 50 | -5.8% | 3.4% | -12.7% | UFPT 364% · GKOS 286% · TMDX 157% |
| Pharmaceuticals | 61 | -11.9% | 1.9% | -34.2% | LQDA 945% · KNSA 627% · CORT 518% |
| Health Care Supplies | 11 | 15.5% | -6.5% | -40.2% | LNTH 334% · HAE 63% · MMSI 29% |
| Life Sciences Tools & Services | 109 | -11.9% | -9.2% | -66.5% | NTRA 268% · MEDP 256% · IRTC 61% |
| Biotechnology ← | 364 | -24.5% | -24.7% | -80.9% | DNTH 1113% · ELVN 1062% · ADMA 810% |
| Health Care Technology | 22 | -28.0% | -64.5% | -82.8% | VEEV -1% · DOCS -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Q32 Bio Earnings Notes | 12/16/2025 | |
| Day 6 of Gains Streak for Q32 Bio Stock with 91% Return (vs. 15% YTD) [10/13/2025] | 10/14/2025 | |
| Day 5 of Gains Streak for Q32 Bio Stock with 72% Return (vs. 3.8% YTD) [10/10/2025] | 10/11/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 7.65 |
| Mkt Cap | 0.8 |
| Rev LTM | 31 |
| Op Inc LTM | -74 |
| FCF LTM | -78 |
| FCF 3Y Avg | -67 |
| CFO LTM | -78 |
| CFO 3Y Avg | -67 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | -4.0% |
| QoQ Delta Rev Chg LTM | 0.0% |
| Op Inc Chg LTM | 5.6% |
| Op Inc Chg 3Y Avg | -1.7% |
| Op Mgn LTM | 26.9% |
| Op Mgn 3Y Avg | 24.5% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | -36.9% |
| CFO/Rev 3Y Avg | 29.3% |
| FCF/Rev LTM | -36.9% |
| FCF/Rev 3Y Avg | 23.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Focused on research, development, and discovering, developing and delivering therapies for its novel | 54 | 0 | -7 | ||
| Collaboration arrangement revenue | 7 | 0 | |||
| Total | 54 | 0 | -7 | 7 | 0 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Focused on research, development, and discovering, developing and delivering therapies for its novel | -30 | -48 | -54 |
| Total | -30 | -48 | -54 |
Price Behavior
| Market Price | $8.67 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 03/28/2018 | |
| Distance from 52W High | -59.4% | |
| 50 Days | 200 Days | |
| DMA Price | $11.39 | $9.05 |
| DMA Trend | down | up |
| Distance from DMA | -23.9% | -4.2% |
| 3M | 1YR | |
| Volatility | 65.0% | 172.0% |
| Downside Capture | 435.76 | -85.77 |
| Upside Capture | -44.69 | 25.87 |
| Correlation (S&P 500) | 24.8% | -0.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.49 | 0.95 | -2.01 | -0.94 | -0.11 | 2.60 |
| Up Beta | 3.46 | 1.05 | 2.94 | 1.25 | 2.25 | 3.65 |
| Down Beta | 0.02 | 0.43 | -6.01 | 1.99 | 1.01 | 0.47 |
| Up Capture | -241% | -96% | -215% | -81% | 2% | 27% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 5 | 13 | 23 | 55 | 119 | 349 |
| Down Capture | 582% | 427% | -98% | -567% | -618% | 104% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 17 | 28 | 40 | 69 | 123 | 376 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QTTB | |
|---|---|---|---|---|
| QTTB | 161.4% | 172.0% | 1.19 | - |
| Sector ETF (XLV) | 25.3% | 16.2% | 1.19 | 4.7% |
| Equity (SPY) | 16.2% | 12.7% | 0.90 | 0.1% |
| Gold (GLD) | -6.0% | 29.0% | -0.22 | -0.0% |
| Commodities (DBC) | 50.2% | 20.7% | 1.85 | 3.6% |
| Real Estate (VNQ) | 3.1% | 13.8% | -0.03 | 3.9% |
| Bitcoin (BTCUSD) | -25.3% | 43.4% | -0.55 | -6.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QTTB | |
|---|---|---|---|---|
| QTTB | -39.3% | 777.4% | 0.45 | - |
| Sector ETF (XLV) | 9.0% | 15.3% | 0.39 | 1.1% |
| Equity (SPY) | 13.6% | 17.1% | 0.61 | 4.5% |
| Gold (GLD) | 17.7% | 18.9% | 0.76 | 2.8% |
| Commodities (DBC) | 9.5% | 19.5% | 0.37 | 0.1% |
| Real Estate (VNQ) | 1.1% | 18.9% | -0.05 | 3.1% |
| Bitcoin (BTCUSD) | 7.6% | 51.7% | 0.33 | 9.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with QTTB | |
|---|---|---|---|---|
| QTTB | -30.2% | 596.1% | 0.34 | - |
| Sector ETF (XLV) | 11.6% | 16.7% | 0.57 | 2.4% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 5.0% |
| Gold (GLD) | 12.2% | 16.4% | 0.61 | 2.8% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 1.0% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 3.5% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 6.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.1% | -4.6% | -15.9% |
| 5/5/2026 | 2.0% | 2.8% | 141.9% |
| 3/10/2026 | 17.5% | 23.5% | 7.3% |
| 11/13/2025 | -9.1% | -12.8% | 25.5% |
| 8/6/2025 | -1.5% | -15.2% | -16.2% |
| 5/8/2025 | -1.9% | 5.1% | 21.0% |
| 3/11/2025 | -7.8% | 6.3% | -29.6% |
| 11/7/2024 | -1.1% | -17.2% | -46.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 5 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 2.1% | 5.7% | 21.0% |
| Median Negative | -4.8% | -12.8% | -18.8% |
| Max Positive | 17.5% | 23.5% | 141.9% |
| Max Negative | -10.6% | -17.2% | -46.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 2.1% | -4.6% | -15.9% |
| 5/5/2026 | 2.0% | 2.8% | 141.9% |
| 3/10/2026 | 17.5% | 23.5% | 7.3% |
| 11/13/2025 | -9.1% | -12.8% | 25.5% |
| 8/6/2025 | -1.5% | -15.2% | -16.2% |
| 5/8/2025 | -1.9% | 5.1% | 21.0% |
| 3/11/2025 | -7.8% | 6.3% | -29.6% |
| 11/7/2024 | -1.1% | -17.2% | -46.0% |
| 8/8/2024 | -10.6% | -9.4% | 6.8% |
| 5/9/2024 | 2.0% | 11.9% | -21.4% |
| 11/9/2020 | 3.9% | 4.7% | -1.7% |
| SUMMARY STATS | |||
| # Positive | 5 | 6 | 5 |
| # Negative | 6 | 5 | 6 |
| Median Positive | 2.1% | 5.7% | 21.0% |
| Median Negative | -4.8% | -12.8% | -18.8% |
| Max Positive | 17.5% | 23.5% | 141.9% |
| Max Negative | -10.6% | -17.2% | -46.0% |
Insider Activity
Updated 10/14/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morrison, Jodie Pope | CEO | Direct | Sell | 10142026 | 8.32 | 3,221 | 26,798 | 2,829,048 | Form |
| 2 | Violette, Shelia M | Chief Scientific Officer | Direct | Sell | 10142026 | 8.32 | 917 | 7,629 | 1,055,387 | Form |
| 3 | Kalowski, Lee | CFO and President | Direct | Sell | 10142026 | 8.32 | 1,301 | 10,824 | 1,141,227 | Form |
| 4 | Morrison, Jodie Pope | CEO | Direct | Sell | 8272026 | 16.56 | 9,845 | 163,033 | 5,684,369 | Form |
| 5 | Kalowski, Lee | CFO and President | Direct | Sell | 8272026 | 16.56 | 3,972 | 65,776 | 2,293,080 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Morrison, Jodie Pope | CEO | Direct | Sell | 10142026 | 8.32 | 3,221 | 26,798 | 2,829,048 | Form |
| 2 | Violette, Shelia M | Chief Scientific Officer | Direct | Sell | 10142026 | 8.32 | 917 | 7,629 | 1,055,387 | Form |
| 3 | Kalowski, Lee | CFO and President | Direct | Sell | 10142026 | 8.32 | 1,301 | 10,824 | 1,141,227 | Form |
| 4 | Morrison, Jodie Pope | CEO | Direct | Sell | 8272026 | 16.56 | 9,845 | 163,033 | 5,684,369 | Form |
| 5 | Kalowski, Lee | CFO and President | Direct | Sell | 8272026 | 16.56 | 3,972 | 65,776 | 2,293,080 | Form |
| 6 | Violette, Shelia M | Chief Scientific Officer | Direct | Sell | 8272026 | 16.56 | 2,798 | 46,335 | 2,115,888 | Form |
| 7 | Xu, Diyong | See footnotes | Buy | 6012026 | 8.00 | 1,875,000 | 15,000,000 | 28,023,896 | Form | |
| 8 | Orbimed, Advisors Llc | See footnotes | Buy | 6012026 | 8.00 | 1,875,000 | 15,000,000 | 28,023,896 | Form | |
| 9 | Kalowski, Lee | CFO and President | Direct | Sell | 2272026 | 4.51 | 3,995 | 18,035 | 162,261 | Form |
| 10 | Morrison, Jodie Pope | CEO | Direct | Sell | 2272026 | 4.51 | 9,896 | 44,675 | 402,251 | Form |
| 11 | Violette, Shelia M | Chief Scientific Officer | Direct | Sell | 2272026 | 4.51 | 2,815 | 12,708 | 250,861 | Form |
| 12 | Morrison, Jodie Pope | CEO | Direct | Sell | 12042025 | 3.46 | 22,506 | 77,871 | 342,540 | Form |
| 13 | Kalowski, Lee | CFO and President | Direct | Sell | 12042025 | 3.46 | 9,072 | 31,395 | 138,213 | Form |
Investor Activity (13F)
Updated Oct 22, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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