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.

• 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.

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.

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:

1. 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.

2. 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.

3. 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.

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.

Here are the expected drivers of future revenue growth for Q32 Bio (QTTB) over the next 2-3 years:

1. 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.
2. 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.
3. 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.

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.