Q
Q32 Bio Inc.
QTTBCIK 0001661998NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31
Period
FY 2025
Revenue
$53.74M
Net Income
$29.80M
Total Assets
$61.78M
Equity
$42.01M
Shares Out
14.63M
Op. Cash Flow
$-33.54M
Business
Q32 Bio Inc. is a clinical-stage biotechnology company focused on developing novel biologics to restore immune balance in autoimmune and inflammatory diseases. Its main product candidates include bempikibart (a fully human anti–IL-7Rα antagonist antibody) and ADX-097 (a tissue-targeted anti‑C3d complement inhibitor), plus earlier-stage complement-directed assets. The company organizes around two principal programs or platforms: an IL-7Rα/TSLP adaptive-immunity program and a tissue‑targeted complement inhibitor platform. It conducts global clinical development and relies on collaborations, license arrangements and third‑party contract manufacturers for development, manufacturing and distribution.
Summary from filing dated 2025-03-11
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Collaboration arrangement revenue | 54 | 0 | −7 | — | — | |
| Research and development | 19 | 48 | 32 | 98 | 93 | |
| General and administrative | 18 | 18 | 10 | 38 | 37 | |
| Total operating expenses | 37 | 66 | 42 | 136 | 130 | |
| Income (loss) from operations | 17 | −66 | −48 | −133 | −96 | |
| Change in fair value of convertible notes | 0 | 16 | −6 | — | — | |
| Gain on sale of asset | 12 | 0 | — | — | — | |
| Other income (expense), net | 1 | 4 | 1 | 134 | 185,000 | |
| Total other income (expense), net | 13 | 20 | −5 | — | — | |
| Income (loss) before provision for income taxes and loss from equity method investment | 30 | −46 | −53 | — | — | |
| Provision for income taxes | 0 | −21,000 | −318,000 | −700,000 | 0 | |
| Loss from equity method investment | 0 | −2 | 0 | — | — | |
| Net income (loss) | 30 | −48 | −54 | −5 | −96 | |
| Net income (loss) per share- basic | 2.42 | −5.12 | −153.96 | −0.09 | −1.73 | |
| Net income (loss) per share- diluted | 2.42 | −6.58 | −153.96 | −0.09 | −1.73 | |
| Weighted-average common shares - basic | 12 | 9 | 349,060 | 57 | 55 | |
| Weighted-average common shares - diluted | 12 | 10 | 349,060 | 57 | 55 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2022 2022-02-28 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 48 | 78 | 26 | 34 | — | |
| Prepaid expenses and other current assets | 7 | 4 | 3 | 6 | — | |
| Total current assets | 55 | 82 | 29 | 181 | — | |
| Equity investment | 0 | 3 | 0 | 26 | 74 | |
| Property and equipment, net | 979,000 | 1 | 2 | 1 | — | |
| Right-of-use asset, operating leases | 5 | 6 | 6 | 21 | — | |
| Restricted cash and restricted cash equivalents | 647,000 | 647,000 | 6 | — | — | |
| Other noncurrent assets | 0 | 116,000 | 5 | — | — | |
| Total assets | 62 | 92 | 47 | 228 | — | |
| Accounts payable | 879,000 | 3 | 3 | 1 | — | |
| Accrued expenses and other current liabilities | 4 | 7 | 10 | 19 | — | |
| CVR liability | 0 | 3 | 0 | — | — | |
| Venture debt, current portion | 6 | 3 | 878,000 | — | — | |
| Total current liabilities | 11 | 16 | 14 | 23 | — | |
| Lease liability, net of current portion | 5 | 6 | 6 | 28 | — | |
| Venture debt, net of current portion | 3 | 10 | 5 | — | — | |
| Other noncurrent liabilities | 0 | 55 | 55 | — | — | |
| Total liabilities | 20 | 87 | 119 | 50 | — | |
| Commitments and contingencies (Note 11) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 10,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024 | 0 | 0 | 0 | 0 | — | |
| Common stock, $0.0001 par value; 400,000,000 shares authorized, 12,858,047 and 12,197,615 shares issued and outstanding at December 31, 2025 2024, respectively | 2,000 | 2,000 | 1,000 | 6,000 | — | |
| Additional paid-in capital | 247 | 240 | 4 | — | — | |
| Accumulated deficit | −205 | −235 | −187 | −429 | — | |
| Total stockholders' equity (deficit) | 42 | 6 | −183 | −131 | — | |
| Total liabilities and stockholders' equity (deficit) | 62 | 92 | 47 | 228 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Non-cash revenue from settlement of customer refund liability | −54 | 0 | — | — | — | |
| Amortization of debt discount and issuance costs | 180,000 | 194,000 | 87,000 | — | — | |
| Amortization of premium on short-term investments | 0 | −221,000 | 0 | −2 | −894,000 | |
| Depreciation expense | 400,000 | 500,000 | 500,000 | 1 | 8 | |
| Stock-based compensation expense | 5 | 4 | 1 | 13 | 17 | |
| Non-cash lease expense | 622,000 | 579,000 | 544,000 | — | — | |
| Loss on impairment of equity investment | 74,000 | 675,000 | 0 | — | — | |
| Change in fair value of CVR liability | −374,000 | −2 | 0 | — | — | |
| Prepaid expenses and other current assets | 2 | 276,000 | −94,000 | 840,000 | −5 | |
| Other noncurrent assets | 116,000 | 386,000 | −5 | — | — | |
| Accounts payable | −2 | −1 | 2 | −981,000 | −2 | |
| Operating lease liability | −612,000 | −2 | −471,000 | — | — | |
| Accrued expenses and other current liabilities | −3 | −8 | 199,000 | 7 | 2 | |
| Net cash used in operating activities | −34 | −68 | −19 | −114 | −110 | |
| Purchases of property and equipment | 0 | −75,000 | −5,000 | −1 | −2 | |
| Proceeds from sale of asset | 7 | 0 | — | — | — | |
| Maturities of short-term investments | 0 | 20 | 0 | — | — | |
| Net cash provided by investing activities | 7 | 20 | −5,000 | 37 | −51 | |
| Proceeds from borrowings under loan and security agreement | 0 | 7 | 6 | — | — | |
| Proceeds from issuance of common stock in pre-closing financing | 0 | 42 | 0 | 0 | 50 | |
| Cash acquired in connection with reverse recapitalization | 0 | 53 | 0 | — | — | |
| Payment of reverse recapitalization transaction costs | 0 | −9 | 0 | — | — | |
| Principal payments on venture debt | −3 | 0 | — | — | — | |
| Proceeds from exercise of common stock options | 0 | 2 | 106,000 | 1,000 | 145,000 | |
| Net cash provided by (used in) financing activities | −3 | 95 | 406,000 | 596,000 | 52 | |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | −30 | 47 | −18 | — | — | |
| Interest payments on venture debt | 961,000 | 856,000 | 422,000 | 0 | 241,000 | |
| Short Term Investments Acquired In reverse recapitalization | 0 | 20 | 0 | — | — | |
| Issuance of CVR at fair value | 0 | 180,000 | 0 | — | — |
Filings
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