Q32 Bio Reports Fourth Quarter 2025 Financial Results and Provides Corporate Update

Rhea-AI Summary

Q32 Bio (Nasdaq: QTTB) reported Q4 2025 results and corporate updates. The company completed enrollment in Part B of SIGNAL-AA at 33 patients, expects 36-week topline data mid-2026, completed a $10.5M registered direct offering, and sold ADX-097 to Akebia with $12M near-term proceeds (including $7M received).

Cash was $48.3M at 12/31/2025; combined with RDO proceeds and ADX-097 payments, Q32 Bio expects runway into Q4 2027.

Positive

• Enrollment completed: SIGNAL-AA Part B at 33 patients
• 36-week topline data expected by mid-2026
• Completed $10.5 million registered direct offering
• ADX-097 asset sale with $12 million near-term payments

Negative

• Cash balance $48.3 million as of 12/31/2025 (pre-RDO proceeds)
• R&D expense decline may reflect reduced program breadth

News Market Reaction – QTTB

+17.45% 2.4x vol

37 alerts

+17.45% News Effect

+33.2% Peak in 25 hr 21 min

+$15M Valuation Impact

$103M Market Cap

2.4x Rel. Volume

On the day this news was published, QTTB gained 17.45%, reflecting a significant positive market reaction. Argus tracked a peak move of +33.2% during that session. Our momentum scanner triggered 37 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $15M to the company's valuation, bringing the market cap to $103M at that time. Trading volume was elevated at 2.4x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash & equivalents: $48.3M Registered direct offering: $10.5M Trial size: 33 patients +5 more

8 metrics

Cash & equivalents $48.3M As of December 31, 2025

Registered direct offering $10.5M Gross proceeds February 2026 RDO

Trial size 33 patients SIGNAL-AA Phase 2a Part B enrollment

Treatment duration 36 weeks Bempikibart dosing period in Part B

ADX-097 upfront & near-term $12M Upfront and near-term payments from Akebia

ADX-097 milestones Up to $592M Potential development, regulatory and commercial milestones

R&D expense Q4 2025 $3.3M Quarter ended December 31, 2025

Net income Q4 2025 $57.7M Quarter ended December 31, 2025

Market Reality Check

Price: $7.04 Vol: Volume 232,243 is above t...

normal vol

$7.04 Last Close

Volume Volume 232,243 is above the 20-day average of 167,160 (rel. volume 1.39x). normal

Technical Shares at $5.10 are trading above the 200-day MA of $2.66 and about 19.9% below the 52-week high.

Peers on Argus

QTTB is up 8.51% while close peers show mixed moves (e.g., AKTX -0.71%, LIXT +5....

1 Up 1 Down

QTTB is up 8.51% while close peers show mixed moves (e.g., AKTX -0.71%, LIXT +5.02%, SABS +3.5%). Momentum scanner also shows peers split between up and down, pointing to a stock-specific reaction.

Previous Earnings Reports

5 past events · Latest: Nov 13 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Q3 2025 earnings	Positive	-9.1%	Q3 2025 results, SIGNAL-AA Part B enrollment completion and cash runway into 2027.
Aug 06	Q2 2025 earnings	Positive	-1.5%	Q2 2025 results, bempikibart development updates, Fast Track status and $54.8M cash.
May 08	Q1 2025 earnings	Positive	-1.9%	Q1 2025 results, Fast Track designation, early SIGNAL-AA dosing and $65.5M cash.
Mar 11	Q4 2024 earnings	Positive	-7.8%	Q4 2024 results with encouraging Phase 2a data and $78.0M cash runway into 2H’26.
Nov 07	Q3 2024 earnings	Neutral	-1.1%	Q3 2024 results, $89.1M cash, higher R&D and upcoming Phase 2 topline results.

Pattern Detected

Earnings and financial updates have typically been followed by negative next-day moves despite operational progress and solid cash runway commentary.

Recent Company History

Across the last five earnings or financial updates from Nov 2024 through Nov 2025, Q32 Bio consistently highlighted progress for bempikibart in alopecia areata, Fast Track designation, and solid cash balances ranging from $54.8M to $89.1M. However, shares fell after each of these reports, with reactions from about -1% to -9%. Today’s Q4 2025 update adds net income driven by collaboration and asset-sale revenue plus extended runway into Q4’27, contrasting with the past pattern of post-earnings weakness.

Historical Comparison

-4.3% avg move · In the last five earnings-related releases, QTTB moved an average of -4.27% the next day. Today’s +8...

earnings

-4.3%

Average Historical Move earnings

In the last five earnings-related releases, QTTB moved an average of -4.27% the next day. Today’s +8.51% reaction to Q4 2025 results marks a sharp positive break from that pattern.

Successive earnings reports have shown bempikibart advancing through Phase 2a, improving cash runway from 2026 into 2027, and declining R&D spend as the program refines, culminating in 2025 net income driven by collaboration and asset-sale activity.

Market Pulse Summary

The stock surged +17.4% in the session following this news. A strong positive reaction aligns with Q...

Analysis

The stock surged +17.4% in the session following this news. A strong positive reaction aligns with Q32 Bio’s shift from chronic losses to reported net income of $57.7M in Q4 2025 and extended runway into Q4’27. Historically, earnings updates saw average moves of -4.27%, so a +8.51% gain stands out. Investors must weigh this against recent dilution from the $10.5M offering and the possibility that enthusiasm for ADX-097 proceeds and bempikibart data could cool once catalysts are fully priced in.

Key Terms

phase 2a, open-label, pharmacokinetic, severity of alopecia tool (salt), +2 more

6 terms

phase 2a medical

"Completed enrollment in Part B of SIGNAL-AA Phase 2a clinical trial and increased"

Phase 2a is an early stage in testing a new medical treatment or drug, where the main goal is to assess its safety and find the right dosage. For investors, this stage indicates whether the treatment shows initial promise before moving on to larger, more definitive studies; progress here can influence expectations for future development and potential success.

open-label medical

"The Part B portion of the SIGNAL-AA Phase 2a clinical trial is an open-label clinical trial"

Open-label describes a situation where everyone involved in a study or process knows the full details, such as who is receiving a treatment or intervention. For investors, understanding whether a project or product is open-label helps gauge the level of transparency and potential biases, influencing trust and decision-making. It’s like knowing whether a test or experiment is conducted openly or behind closed doors.

pharmacokinetic medical

"We are encouraged by promising pharmacokinetic data and emerging signs of clinical activity"

Pharmacokinetic describes how a drug moves through and leaves the body — how it is absorbed, spread to tissues, broken down and excreted — like tracking a package from pickup to delivery and disposal. For investors, these properties determine effective dose, safety risks, how often a medicine must be taken, and how reliably it works, which in turn influence clinical trial success, regulatory approval chances, production complexity and a drug’s commercial value.

severity of alopecia tool (salt) medical

"Efficacy will be evaluated on the basis of mean percentage change from baseline in Severity of Alopecia Tool (SALT) scores"

A standardized scoring system that quantifies how much scalp hair a person has lost by estimating the percentage of hair missing across different parts of the head. Investors care because SALT scores are used as a clear, objective measure of whether a hair-loss treatment is effective in clinical trials; consistent improvements on the SALT can drive regulatory approval, boost trial value, and influence a therapy’s commercial prospects, much like a consistent fuel-efficiency test validates a new car model.

pre-funded warrants financial

"pre-funded warrants to purchase up to 1,025,654 shares of common stock at an offering price of $3.90 per share of common stock and $3.8999 per pre-funded warrant"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

royalties financial

"Q32 Bio is also eligible to receive tiered royalties on potential future sales of ADX-097"

Payments made to the owner of an asset or intellectual property each time that asset is used or a product is sold, often calculated as a percentage of sales or a set amount per unit. Royalties matter to investors because they create predictable, ongoing income streams and affect a company’s cash flow and valuation—like a landlord collecting rent or an author getting a steady cut whenever a book is sold.

AI-generated analysis. Not financial advice.

-- Completed enrollment in Part B of SIGNAL-AA Phase 2a clinical trial and increased trial size to 33 patients based on patient demand; 36-week topline data readout expected in mid-2026 --

-- Completed $10.5 million registered direct offering (RDO) --

-- Completed asset sale of Phase 2 complement inhibitor, ADX-097, to Akebia Therapeutics to further enable Company's strategic focus on advancing bempikibart for alopecia areata (AA) --

-- Cash and cash equivalents of $48.3 million as of December 31, 2025, combined with gross proceeds from RDO and guaranteed near-term milestone payments from ADX-097 asset sale, expected to provide financial runway into Q4'27 --

WALTHAM, Mass., March 10, 2026 /PRNewswire/ -- Q32 Bio Inc. (Nasdaq: QTTB) ("Q32 Bio"), a clinical stage biotechnology company focused on developing innovative therapies for alopecia areata (AA) and other autoimmune and inflammatory diseases, today reported financial results for the quarter ended December 31, 2025, and provided recent corporate updates.

"In 2025, we executed on our plan to focus on the advancement of bempikibart for the treatment of AA and as we enter 2026, we are poised to deliver 36-week topline results from Part B of SIGNAL-AA by mid-year. We are encouraged by promising pharmacokinetic data and emerging signs of clinical activity," said Jodie Morrison, Chief Executive Officer of Q32 Bio. "With a strategic focus on the advancement of bempikibart for AA, we completed the asset sale of ADX-097 to Akebia in December 2025 and completed a $10.5 million registered direct offering in February 2026. There remains significant need for safer and more durable therapies in AA, and we believe bempikibart has the potential to transform the treatment paradigm. We look forward to building on the momentum established from our clinical execution throughout 2026."

Fourth Quarter 2025 and Recent Business Highlights

• Completed enrollment in Part B of the SIGNAL-AA Phase 2a clinical trial and increased the trial size to 33 patients based on patient demand, with 36-week topline data readout expected in mid-2026. The Part B portion of the SIGNAL-AA Phase 2a clinical trial is an open-label clinical trial evaluating bempikibart, a fully human anti-IL-7Rα antibody designed to re-regulate adaptive immune function by blocking IL-7 and TSLP signaling, in 33 patients with severe or very severe AA with a maximum duration of current episode of four years. Patients will be treated with bempikibart for 36 weeks, with follow-up out to 52 weeks. Dosing includes an initial loading regimen of 200mg of bempikibart dosed weekly for four doses, followed by a maintenance dose of 200mg every-other-week over a 32-week period for a total dosing period of 36 weeks. Efficacy will be evaluated on the basis of mean percentage change from baseline in Severity of Alopecia Tool (SALT) scores as well as the proportion of subjects achieving various relative and absolute SALT improvements at week 36, with follow-up through week 52. Emerging signs of clinical activity are being observed in Part B of the trial. In addition, based on preliminary pharmacokinetic data available to date in the Part B portion of SIGNAL-AA, steady state concentration of drug in patients is achieved at least nine weeks earlier as compared to Part A of the clinical trial due to the inclusion of the loading regimen, which may have the potential to induce earlier responsiveness. The trial is intended to support advancement into pivotal trials upon completion, pending review of the results. Q32 Bio expects to report 36-week topline results in mid-2026. 
  
  
• Part A OLE of the SIGNAL-AA Phase 2a clinical trial is ongoing. Based on the continued emergence of bempikibart data suggesting a remittive effect and durable responses in long-term follow-up from SIGNAL-AA Part A, as well as re-consent rates and strong patient demand for continued dosing, Q32 Bio initiated an OLE in April 2025 for eligible patients that completed Part A to enable longer-term follow-up of patients and remains ongoing.
  
  
• Completed $10.5 million registered direct offering ("RDO"). In February 2026, Q32 Bio completed an RDO of 1,666,679 shares of common stock and pre-funded warrants to purchase up to 1,025,654 shares of common stock at an offering price of $3.90 per share of common stock and $3.8999 per pre-funded warrant. The gross proceeds to Q32 Bio from this offering were approximately $10.5 million, before deducting certain offering expenses.
  
  
• Sold Phase 2 complement inhibitor, ADX-097, to Akebia Therapeutics ("Akebia"). Akebia has acquired ADX-097 and will be responsible for its future development and commercialization. Under the terms of the agreement, Q32 Bio will receive $12 million in upfront payments and a near-term milestone, which includes $7 million received at signing during the fourth quarter of 2025, $3 million at the 6-month anniversary of signing, and $2 million payable upon the earlier of the achievement of a milestone or the end of 2026. Including these payments, Q32 Bio is eligible to receive up to $592 million upon the achievement of certain development, regulatory and commercial milestones. Q32 Bio is also eligible to receive tiered royalties on potential future sales of ADX-097, ranging from low single-digit to mid-teen percentages.
  
  
• Terminated all remaining obligations to Amgen (formerly Horizon). Q32 Bio entered into an amendment to the Termination Agreement with Amgen pursuant to which Q32 Bio made a one-time equity grant to Amgen as full consideration of potential milestone payments owed under such agreement. Q32 Bio now has no remaining obligations to Amgen.

Financial Results

• Cash and cash equivalents were $48.3 million as of December 31, 2025, which excludes proceeds from the February 2026 RDO received after the end of the quarter. Q32 Bio believes its cash and cash equivalents, combined with gross proceeds from the RDO and guaranteed near-term milestone payments from the ADX-097 asset sale, will be sufficient to fund operations into the fourth quarter of 2027, through 36-week topline results of the SIGNAL-AA Part B trial evaluating bempikibart in patients with AA which are expected in mid-2026.
  
  
• Research and development expenses were $3.3 million and $19.2 million for the quarter and full year ended December 31, 2025, respectively, compared to $10.5 million and $48.1 million for the quarter and full year ended December 31, 2024, respectively. The decrease in both periods was primarily due to lower bempikibart development costs including clinical and manufacturing expenses, lower ADX-097 program spend due to the discontinuation of the ADX-097 Phase 2 renal basket clinical trial, as well as lower personnel-related costs as compared to the prior year.
  
  
• General and administrative expenses were $4.5 million and $17.7 million for the quarter and full year ended December 31, 2025, respectively, compared to $4.0 million and $18.0 million for the quarter and full year ended December 31, 2024, respectively. The increase in expense for the quarter ended December 31, 2025 as compared to the prior year was primarily due to higher personnel-related costs, including stock-based compensation. The decrease in expense for the full year 2025 as compared to 2024 was primarily due to lower personnel-related costs.
  
  
• Net income was $57.7 million, or $4.60 basic and $4.58 diluted net income per share, and $29.8 million, or $2.42 basic and diluted net income per share, for the quarter and full year ended December 31, 2025, respectively, compared to net loss of ($14.2) million, or ($1.16) basic and diluted net loss per share, and ($47.7) million, or ($5.12) basic and ($6.58) diluted net loss per share for the quarter and full year ended December 31, 2024, respectively. Net income for the quarter and full year ended December 31, 2025 is primarily driven by the recognition of non-cash collaboration revenue associated with entering into the amended agreement with Amgen as well as the sale of ADX-097 to Akebia in the fourth quarter of 2025.

About Q32 Bio

Q32 Bio is a clinical stage biotechnology company whose science targets potent regulators of the adaptive immune system to re-balance immunity and is focused on developing innovative therapies for alopecia areata and other autoimmune and inflammatory diseases. About 700,000 people in the United States live with alopecia areata¹, a disease which has a life-altering impact on patients and limited current treatment options. Q32 Bio is advancing bempikibart (ADX-914), a fully human anti-IL-7Rα antibody that re-regulates adaptive immune function, for the treatment of alopecia areata in an ongoing Phase 2 program. The IL-7 and TSLP pathways have been genetically and biologically implicated in driving several T cell-mediated pathological processes in numerous autoimmune diseases.

For more information, visit www.Q32Bio.com.

¹National Alopecia Areata Foundation

Availability of Other Information About Q32 Bio

Investors and others should note that Q32 Bio communicates with its investors and the public using its website www.Q32Bio.com, including, but not limited to, Q32 Bio's disclosures, investor presentations and FAQs, Securities and Exchange Commission (the "SEC") filings, press releases, public conference call transcripts and webcast transcripts, as well as on X (formerly Twitter) and LinkedIn. The information that Q32 Bio posts on its website or on X or LinkedIn could be deemed to be material information. As a result, Q32 Bio encourages investors, the media and others interested to review the information that it posts there on a regular basis. The contents of Q32 Bio's website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. 

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, as amended, and other federal securities laws. Any statements contained herein which do not describe historical facts are forward-looking statements, including, among others, Q32 Bio's beliefs, observations, expectations and assumptions regarding the plan, purpose and timing of Part B of the SIGNAL-AA Phase 2a clinical trial and the anticipated timing of its data, the safety, tolerability, clinical activity, durability, potential efficacy and potential benefits of bempikibart including those observed to date in Part B of the SIGNAL-AA Phase 2a clinical trial, Q32 Bio's expectations and assumptions regarding the timing of the Part A OLE of the SIGNAL-AA Phase 2a clinical trial and the anticipated timing of its completion of dosing and clinical activity, Q32 Bio's beliefs, observations, expectations and assumptions regarding the sale of ADX-097 and potential for future milestone payments and royalties, the intended use of proceeds from the registered direct offering, and Q32 Bio's beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, including statements regarding the sufficiency of its cash and cash equivalents to provide financial runway through clinical milestones and into the fourth quarter of 2027; which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.

Forward-looking statements are based on management's current beliefs and assumptions, which are subject to risks and uncertainties and are not guarantees of future performance. Such risks and uncertainties include, among others, the risk that additional data, or the results of ongoing data analyses, may not support Q32 Bio's current beliefs and expectations for bempikibart, including with respect to the durability of clinical responses, the risk that ongoing and future clinical studies, including Part B of the SIGNAL-AA Phase 2a clinical trial, may not be completed by mid-2026 or at all, might be more costly than expected or might not yield anticipated results, that Q32 Bio may use its capital resources sooner than currently anticipated, our expectations regarding the sufficiency of our cash and cash equivalents to provide financial runway and that we may need additional funding to complete clinical studies, which may not be available on favorable terms or at all and such other risks and uncertainties identified in Q32 Bio's periodic, current and other filings with the SEC, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 and any subsequent filings with the SEC, which are available at the SEC's website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect Q32 Bio's results of operations and its cash flows, which would, in turn, have a significant and adverse impact on Q32 Bio's stock price. Q32 Bio cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Q32 Bio disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

Contacts:
Investors: Brendan Burns
Argot Partners
212.600.1902
Q32Bio@argotpartners.com

Media: David Rosen
Argot Partners
646.461.6387
david.rosen@argotpartners.com

 

Q32 BIO INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
		Three Months Ended December 31,				Year Ended December 31,
		2025		2024		2025		2024
		(unaudited)
Collaboration arrangement revenue		$                 53,737		$                         —		$                 53,737		$                         —
Operating expenses:
Research and development		3,315		10,545		19,156		48,143
General and administrative		4,543		3,981		17,679		17,959
Total operating expenses		7,858		14,526		36,835		66,102
Income (loss) from operations		45,879		(14,526)		16,902		(66,102)
Change in fair value of convertible notes		—		—		—		15,890
Gain on sale of asset		11,737		—		11,737		—
Other income (expense), net		114		358		1,182		4,125
Total other income (expense), net		11,851		358		12,919		20,015
Income (loss) before provision for income taxes and loss from equity      method investment		57,730		(14,168)		29,821		(46,087)
Provision for income taxes		—		(21)		—		(21)
Loss from equity method investment		—		—		—		(1,625)
Net income (loss)		$                 57,730		$                (14,189)		$                 29,821		$                (47,733)
Net income (loss) per share—basic		$                     4.60		$                    (1.16)		$                     2.42		$                    (5.12)
Net income (loss) per share—diluted		$                     4.58		$                    (1.16)		$                     2.42		$                    (6.58)
Weighted-average common shares—basic		12,563,144		12,180,704		12,300,568		9,320,884
Weighted-average common shares—diluted		12,592,543		12,180,704		12,314,796		9,657,696

 

Q32 BIO INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
		December 31,
		2025		2024
Assets
Cash and cash equivalents		$                    48,297		$                    77,965
Equity investment		—		2,600
Right-of-use asset, operating leases		5,100		5,722
Restricted cash and restricted cash equivalents		647		647
Other assets		7,732		5,398
Total assets		$                    61,776		$                    92,332
Liabilitie and stockholders' equity
Accounts payable, accrued expenses and other current liabilities		$                      5,111		$                    10,468
CVR liability		—		2,900
Lease liability, net of current portion		4,943		5,636
Venture debt		9,708		12,653
Other noncurrent liabilities		—		55,000
Total stockholders' equity		42,014		5,675
Total liabilities and stockholders' equity		$                    61,776		$                    92,332

 

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SOURCE Q32 Bio

FAQ

When will Q32 Bio (QTTB) report 36-week topline results for SIGNAL-AA Part B?

Q32 Bio expects to report 36-week topline results in mid-2026. According to the company, Part B enrolled 33 patients and follow-up extends to week 52 to support potential pivotal advancement.

How much did Q32 Bio (QTTB) raise in the February 2026 registered direct offering?

Q32 Bio completed a registered direct offering raising approximately $10.5 million gross. According to the company, the offering sold 1,666,679 shares and pre-funded warrants at roughly $3.90 per unit.

What are the financial terms of the ADX-097 sale announced by Q32 Bio (QTTB)?

Q32 Bio received $12 million in near-term payments as part of the ADX-097 sale to Akebia. According to the company, $7 million was received at signing, $3 million at six months, and $2 million upon an earlier milestone or year-end 2026.

How long is Q32 Bio (QTTB)'s cash runway after the Q4 2025 updates?

Q32 Bio believes cash plus RDO proceeds and ADX-097 milestone payments will fund operations into Q4 2027. According to the company, cash was $48.3 million at December 31, 2025, excluding February 2026 RDO proceeds.

What clinical progress has Q32 Bio (QTTB) reported for bempikibart in SIGNAL-AA?

Q32 Bio completed Part B enrollment and reports emerging signs of clinical activity and faster steady-state with a loading regimen. According to the company, the loading dose achieved steady-state at least nine weeks earlier versus Part A.