QTTB · Q32 Bio Inc.

Q32 Bio Inc., a clinical-stage biotechnology company, develops novel biologics to restore healthy immune balance in patients with alopecia areata and other autoimmune and inflammatory diseases driven by pathological immune dysfunction. The company is developing Bempikibart (ADX-914), a fully human antiinterleukin-7 receptor alpha antagonist monoclonal antibody which completed Phase 2a clinical trials, designed to re-regulate adaptive immune function by blocking signaling mediated by interleukin-7 and thymic stromal lymphopoietin for the treatment of atopic dermatitis and alopecia areata. It also develops ADX-096, a C3d mAb CR1 fusion protein for use in ophthalmologic indications, as well as other C3d mAb fusions and nanobodies designed for tissue-targeted complement inhibition and a range of other indications. The company was founded in 2017 and is based in Waltham, Massachusetts.

Cap structure and valuation

Cap structure
SP	$17.08
SO	17.0M
Options	2.3M
Warrants	0.0M
FD SO	19.2M
MC	$328.6M

Cash	$50.8M
Total debt	$1.9M
EV	$279.8M

TTM Multiples
EV / Revenue	—
EV / EBITDA	12.8x
MC / Net Income	9.9x
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	112.1%
Insiders	4.2%
# Institutions	68
Analysts	4
Consensus	—
Avg target	$14.25

Short % float	8.3%
Days to cover	1.23

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-01. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-07-13 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-06-29; the float denominator can be unreliable on tiny floats.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
SG&A	4.50	4.54	4.02	4.01
R&D	3.22	3.31	3.56	5.16

Operating Income	(7.72)	45.88	(7.58)	(9.17)
Operating Income YoY %	36.8%	415.8%	59.7%	48.8%
EBITDA	(7.63)	45.97	(7.48)	(9.07)

Interest Expense	(0.19)	1.93	(0.22)	(0.28)
Other Income / (Expense)	—	13.76	—	(0.60)
Pretax Income	(7.61)	57.71	(7.39)	(9.49)
Tax Provision	0.00	0.00	0.00	0.00
Net Income	(7.61)	57.71	(7.39)	(9.49)

Diluted EPS	-$0.54	$4.71	-$0.60	-$0.78
Basic EPS	-$0.54	$4.71	-$0.60	-$0.78
Diluted Avg Shares	14.1	—	12.2	12.2
Basic Avg Shares	14.1	—	12.2	12.2

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	—	53.74	0.00	(6.65)	3.21
Revenue YoY %	—	—	100.0%	(307.3%)	—
Gross Profit	—	34.58	—	—	—
Gross Margin %	—	64.4%	—	—	—

SG&A	17.08	17.68	17.96	9.88	38.14
R&D	15.25	19.16	48.14	31.73	98.35

Operating Income	21.41	16.90	(66.10)	(48.26)	(133.28)
Operating Income YoY %	26.7%	125.6%	(37.0%)	63.8%	—
Operating Margin %	—	31.5%	—	725.5%	(4154.6%)
EBITDA	21.79	17.29	(65.61)	(47.76)	(131.99)
EBITDA Margin %	—	32.2%	—	718.0%	(4114.3%)

Interest Expense	1.23	1.05	2.83	1.50	—
Other Income / (Expense)	13.05	13.95	21.25	(62.89)	128.99
Pretax Income	33.22	29.80	(47.68)	(112.64)	(4.29)
Tax Provision	0.00	0.00	0.02	0.32	0.71
Net Income	33.22	29.80	(47.70)	(112.96)	(5.00)
Net Income to Common	33.22	29.80	(47.70)	(53.70)	(5.00)
Net Margin %	—	55.5%	—	1698.4%	(156.0%)

Diluted EPS	$2.79	$2.42	-$6.58	-$153.96	-$0.09
Basic EPS	$2.79	$2.42	-$5.12	-$153.96	-$0.09
Diluted Avg Shares	14.1	12.3	9.7	0.3	57.4
Basic Avg Shares	14.1	12.3	9.3	0.3	57.4

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	50.75	48.30	49.04	54.83
Other Current Assets	6.45	6.75	1.77	3.49
Total Current Assets	57.20	55.05	50.81	58.32

Net PPE	0.89	0.98	1.07	1.16
Operating Lease ROU	4.94	5.10	5.26	5.42
Other Assets	0.65	0.65	0.65	1.22
Total Assets	63.67	61.78	57.78	66.12

Accounts Payable	0.65	0.88	0.97	0.91
Current Lease Liabilities	0.71	0.69	0.67	0.65
Other Current Liabilities	9.30	9.77	9.47	9.97
Total Current Liabilities	10.67	11.35	11.11	11.53
Long-term Lease Liabilities	4.75	4.94	5.12	5.30
Other Liabilities	1.94	3.47	60.00	61.52
Total Liabilities	17.36	19.76	76.23	78.35

Retained Earnings	(212.60)	(204.99)	(262.72)	(255.33)
Total Equity	46.31	42.01	(18.45)	(12.23)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	50.75	48.30	77.97	25.62	33.99
Short-term Investments	—	—	0.00	0.00	141.04
Other Current Assets	6.45	6.75	3.91	3.10	5.99
Total Current Assets	57.20	55.05	81.88	28.72	181.01

Net PPE	0.89	0.98	1.37	1.78	1.08
Operating Lease ROU	4.94	5.10	5.72	6.30	20.56
Long-term Investments	—	—	—	0.00	25.81
Other Assets	0.65	0.65	3.36	10.26	—
Total Assets	63.67	61.78	92.33	47.06	228.47

Accounts Payable	0.65	0.88	2.99	3.47	1.14
Current Lease Liabilities	0.71	0.69	0.61	0.54	1.56
Other Current Liabilities	9.30	9.77	12.86	10.10	19.87
Total Current Liabilities	10.67	11.35	16.46	14.11	22.58
Long-term Lease Liabilities	4.75	4.94	5.64	6.25	27.92
Other Liabilities	1.94	3.47	64.56	98.18	—
Total Liabilities	17.36	19.76	86.66	118.53	50.49
Mezzanine Equity	—	—	0.00	111.44	—

Retained Earnings	(212.60)	(204.99)	(234.81)	(187.08)	(429.14)
Total Equity	46.31	42.01	5.67	(182.92)	177.98

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(7.61)	57.71	(7.39)	(9.49)
D&A	0.09	0.09	0.10	0.10
Stock-Based Comp	1.55	1.47	1.18	1.27
Δ Working Cap & Other	(0.37)	(65.45)	1.88	(2.53)
Operating Cash Flow	(6.34)	(6.18)	(4.23)	(10.65)

CapEx	—	0.00	0.00	—
Other Investing	—	7.00	—	—
Investing Cash Flow	0.00	7.00	0.00	0.00

Stock Issuance	10.36	0.00	0.00	0.00
Other Financing	(1.56)	(1.56)	(1.56)	—
Financing Cash Flow	8.80	(1.56)	(1.56)	—

Free Cash Flow	—	(6.18)	(4.23)	—

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	33.22	29.80	(47.70)	(112.96)	(5.00)
D&A	0.38	0.39	0.49	0.50	1.29
Stock-Based Comp	5.46	5.25	4.39	1.43	13.05
Δ Working Cap & Other	(66.47)	(68.99)	(24.89)	92.36	(123.00)
Operating Cash Flow	(27.40)	(33.54)	(67.72)	(18.68)	(113.66)

CapEx	—	0.00	(0.07)	(0.01)	(1.28)
Other Investing	7.00	7.00	20.00	—	38.00
Investing Cash Flow	7.00	7.00	19.93	(0.01)	36.72

Stock Issuance	10.36	0.00	42.00	0.00	0.00
Other Financing	—	(3.12)	53.14	—	0.60
Financing Cash Flow	—	(3.12)	95.14	0.41	0.60

Free Cash Flow	—	(33.54)	(67.79)	(18.68)	(114.95)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	5.36	4.85	4.57	5.06
Quick Ratio	—	—	—	—
Debt / Equity	0.37	0.47	-4.13	-6.40
EBITDA Margin %	—	—	—	—
Working Capital	46.53	43.70	39.70	46.79
Net Debt	—	—	—	—
ROE %	(16.4%)	137.4%	40.1%	77.6%
ROA %	(11.9%)	93.4%	(12.8%)	(14.4%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	5.36	4.85	4.97	2.04	8.02
Quick Ratio	—	—	—	—	—
Debt / Equity	0.37	0.47	15.27	-0.65	0.28
EBITDA Margin %	—	32.2%	—	718.0%	(4114.3%)
Working Capital	46.53	43.70	65.41	14.61	158.44
Net Debt	—	—	—	—	—
ROE %	71.7%	70.9%	(840.5%)	61.8%	(2.8%)
ROA %	52.2%	48.2%	(51.7%)	(240.1%)	(2.2%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-06-01	Xu Diyong	Director, 10% Owner	2026-05-28	P	1,250,000	$8.00	$10,000,000
2026-06-01	Xu Diyong	Director, 10% Owner	2026-05-28	P	625,000	$8.00	$5,000,000
2026-06-01	ORBIMED ADVISORS LLC	Director, 10% Owner	2026-05-28	P	1,250,000	$8.00	$10,000,000
2026-06-01	ORBIMED ADVISORS LLC	Director, 10% Owner	2026-05-28	P	625,000	$8.00	$5,000,000
2026-03-20	Violette Shelia M.	Officer (Chief Scientific Officer)	2026-02-24	A	37,500	—	$0
2026-03-20	Morrison Jodie Pope	Director, Officer (CEO)	2026-02-24	A	132,000	—	$0
2026-03-20	Kalowski Lee	Officer (CFO and President)	2026-02-24	A	53,250	—	$0
2026-02-27	Kalowski Lee	Officer (CFO and President)	2026-02-25	S	(3,995)	$4.51	-$18,035
2026-02-27	Morrison Jodie Pope	Director, Officer (CEO)	2026-02-25	S	(9,896)	$4.51	-$44,675
2026-02-27	Violette Shelia M.	Officer (Chief Scientific Officer)	2026-02-25	S	(2,815)	$4.51	-$12,708
2026-01-30	LAPORTE KATHLEEN	Director	2026-01-15	A	23,272	$2.75	$63,998
2026-01-30	GRAYZEL DAVID S.	Director	2026-01-15	A	16,363	$2.75	$44,998
2026-01-30	Lundberg Sven Ante	Director	2026-01-15	A	20,363	$2.75	$55,998
2025-12-04	Morrison Jodie Pope	Director, Officer (CEO)	2025-12-02	S	(22,506)	$3.46	-$77,871
2025-12-04	Kalowski Lee	Officer (CFO and President)	2025-12-02	S	(9,072)	$3.46	-$31,395
2025-10-27	Lundberg Sven Ante	Director	2025-10-23	A	53,521	—	$0
2025-10-27	Iwicki Mark T	Director	2025-10-23	A	53,521	—	$0
2025-10-27	Manke Isaac	Director	2025-10-23	A	53,521	—	$0
2025-10-27	Xu Diyong	Director	2025-10-23	A	53,521	—	$0
2025-10-27	Thistle Mary	Director	2025-10-23	A	53,521	—	$0
2025-10-27	GRAYZEL DAVID S.	Director	2025-10-23	A	53,521	—	$0
2025-10-27	TZIANABOS ARTHUR	Director	2025-10-23	A	53,521	—	$0
2025-10-27	LAPORTE KATHLEEN	Director	2025-10-23	A	53,521	—	$0
2025-08-28	Morrison Jodie Pope	Director, Officer (CEO)	2025-08-26	S	(10,494)	$1.80	-$18,900
2025-08-28	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-08-26	S	(2,990)	$1.80	-$5,385
2025-08-28	Kalowski Lee	Officer (CFO and President)	2025-08-26	S	(4,240)	$1.80	-$7,636
2025-02-27	Manke Isaac	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-27	Manke Isaac	Director	2025-02-24	A	12,767	—	$0
2025-02-27	Manke Isaac	Director	2025-02-24	D	(2,627)	—	$-0
2025-02-27	Manke Isaac	Director	2025-02-24	A	2,627	—	$0
2025-02-27	Manke Isaac	Director	2025-02-24	D	19,008	—	$0
2025-02-27	Manke Isaac	Director	2025-02-24	A	19,008	—	$0
2025-02-27	Kalowski Lee	Officer (CFO and President)	2025-02-24	A	53,250	—	$0
2025-02-27	Kalowski Lee	Officer (CFO and President)	2025-02-24	D	(16,901)	—	$-0
2025-02-27	Kalowski Lee	Officer (CFO and President)	2025-02-24	A	16,901	—	$0
2025-02-27	Kalowski Lee	Officer (CFO and President)	2025-02-24	D	(161,323)	—	$-0
2025-02-27	Kalowski Lee	Officer (CFO and President)	2025-02-24	A	161,323	—	$0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	D	(5,431)	—	$-0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	A	5,431	—	$0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	D	(1,947)	—	$-0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	A	1,947	—	$0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-27	LAPORTE KATHLEEN	Director	2025-02-24	A	12,767	—	$0
2025-02-27	TZIANABOS ARTHUR	Director	2025-02-24	D	(25,674)	—	$-0
2025-02-27	TZIANABOS ARTHUR	Director	2025-02-24	A	25,674	—	$0
2025-02-27	TZIANABOS ARTHUR	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-27	TZIANABOS ARTHUR	Director	2025-02-24	A	12,767	—	$0
2025-02-27	Manke Isaac	Director	2025-01-15	A	19,008	—	$0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	A	132,000	—	$0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	D	(152,700)	—	$-0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	A	152,700	—	$0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	D	(152,700)	—	$-0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	A	152,700	—	$0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	D	(16,901)	—	$-0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	A	16,901	—	$0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	D	(394,445)	—	$-0
2025-02-26	Morrison Jodie Pope	Director, Officer (CEO)	2025-02-24	A	394,445	—	$0
2025-02-26	Xu Diyong	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-26	Xu Diyong	Director	2025-02-24	A	12,767	—	$0
2025-02-26	Iwicki Mark T	Director	2025-02-24	D	(37,222)	—	$-0
2025-02-26	Iwicki Mark T	Director	2025-02-24	A	37,222	—	$0
2025-02-26	Iwicki Mark T	Director	2025-02-24	D	(7,615)	—	$-0
2025-02-26	Iwicki Mark T	Director	2025-02-24	A	7,615	—	$0
2025-02-26	Iwicki Mark T	Director	2025-02-24	D	(25,534)	—	$-0
2025-02-26	Iwicki Mark T	Director	2025-02-24	A	25,534	—	$0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	A	37,500	—	$0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	D	(87,738)	—	$-0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	A	87,738	—	$0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	D	(17,951)	—	$-0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	A	17,951	—	$0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	D	(70,687)	—	$-0
2025-02-26	Campagna Jason	Officer (Chief Medical Officer)	2025-02-24	A	70,687	—	$0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	A	12,767	—	$0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	D	(2,569)	—	$-0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	A	2,569	—	$0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	D	(18,595)	—	$-0
2025-02-26	GRAYZEL DAVID S.	Director	2025-02-24	A	18,595	—	$0
2025-02-26	Thistle Mary	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-26	Thistle Mary	Director	2025-02-24	A	12,767	—	$0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	A	37,500	—	$0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	D	(32,891)	—	$-0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	A	32,891	—	$0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	D	(13,305)	—	$-0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	A	13,305	—	$0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	D	(17,506)	—	$-0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	A	17,506	—	$0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	D	(56,413)	—	$-0
2025-02-26	Violette Shelia M.	Officer (Chief Scientific Officer)	2025-02-24	A	56,413	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(2,013)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	A	2,013	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(6,238)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	A	6,238	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(2,880)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	A	2,880	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(12,767)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	A	12,767	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(1,316)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	D	(23,140)	—	$-0
2025-02-26	Lundberg Sven Ante	Director	2025-02-24	A	23,140	—	$0
2025-02-26	GRAYZEL DAVID S.	Director	2025-01-15	A	18,595	—	$0
2025-02-26	Lundberg Sven Ante	Director	2025-01-15	A	23,140	—	$0
2024-10-16	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-15	M	6,000	$7.29	$43,740
2024-10-16	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-15	M	(6,000)	—	$-0
2024-10-16	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-11	M	4,574	$3.12	$14,271
2024-10-16	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-11	M	(213)	—	$-0
2024-10-16	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-11	M	(4,361)	—	$-0
2024-10-10	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-08	M	13,300	$3.12	$41,496
2024-10-10	Violette Shelia M.	Officer (Chief Scientific Officer)	2024-10-08	M	(13,300)	—	$-0
2024-09-30	Manke Isaac	Director	2024-04-01	A	2,627	$13.42	$35,254
2024-09-27	Lundberg Sven Ante	Director	2024-09-25	A	1,316	—	$0
2024-08-14	GRAYZEL DAVID S.	Director	2024-04-01	A	2,569	$13.42	$34,476
2024-08-14	TZIANABOS ARTHUR	Director	2024-03-25	M	1,095	—	$0
2024-08-14	TZIANABOS ARTHUR	Director	2024-03-25	S	(265)	$24.20	-$6,413
2024-08-14	TZIANABOS ARTHUR	Director	2024-03-25	M	(1,095)	—	$-0