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what it is
Q32 Bio develops immune-system drugs for autoimmune and inflammatory diseases.
how it gets paid
Last year Bio made $54M in revenue. collaboration revenue was the main engine at $54M, or 100% of sales.
what just happened
Q32 Bio reported $0 in latest-quarter revenue and a $2.29 loss per share.
At a glance
C balance sheet — red flag territory — real financial stress
40/100 earnings predictability — expect surprises
-$6.58 fy2024 eps est
$32M fy2023 rev est
31.5% operating margin
xvary composite: 21/100 — weak
What they do
Q32 Bio develops immune-system drugs for autoimmune and inflammatory diseases.
You are buying 28 employees and 2 Phase 2 trials, not a drug store. That is the whole joke and the whole risk. If bempikibart or ADX-097 works, the upside comes from years of lab work, not from a sales force.
How they make money
$54M
annual revenue
collaboration revenue
$54M
bempikibart program
$0M
ADX-097 program
$0M
other revenue
$0M
The products that matter
lead drug candidate
bempikibart (ADX-914)
sole clinical asset · drives the $100M equity story
this is the core bet. there is no second commercial engine behind it, so one asset carries essentially the entire public valuation.
binary catalyst
partnership-derived revenue
Collaboration revenue
$53.7M · 100% of reported revenue
this $53.7M payment is the only reported revenue in the snapshot. it helps fund trials, but it does not mean the company has a commercial product.
one-time feeling
clinical development program
Pipeline execution
$29.8M fy2025 net loss · capital intensive by design
for now, execution is the product. the company lost $29.8M in FY2025, which tells you the cash outflow matters as much as the science.
cash burn
Key numbers
$54M
annual revenue
That is the full size of the business right now, which is small enough that one bad quarter matters.
-$6.58
FY2024 EPS
That loss per share says the company is still burning through cash while it waits on trial data.
28
employees
You are backing a tiny team, so execution has to come from science, not scale.
1.3
beta
The stock moves about 30% more than the market, so your ride is already wired to be rough.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $10M (9% of capital)
C — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for QTTB right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Q32 Bio reported $0 in latest-quarter revenue and a $2.29 loss per share.
Revenue was flat at zero in the latest quarter, while the company still posted a large loss. The annual number is carrying the story, not the quarter.
$0M
revenue
-$2.29
eps
n/a
n/a
the number that mattered
The $0 quarterly revenue number matters because it shows this is still a science story, not a sales story.
source: company earnings report, 2026
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What could go wrong
the top threat is bempikibart failing to produce convincing clinical data. with no approved products behind it, this stock has very little room for a science miss.
med
one asset carries the story
Bempikibart is the lead asset and the company has no marketed products. If the next meaningful readout disappoints, there is no second earnings engine to catch the fall.
impact: the investment case resets around a pipeline with no proven commercial output.
med
cash raises can keep coming
The company already completed a $10.5M direct offering in February 2026. That tells you external capital is not hypothetical. It is part of how this business survives.
impact: more financing can dilute existing holders before the core program proves itself.
med
100% of reported revenue comes from collaboration activity
The $53.7M top line is real, but it is not recurring product demand. If that collaboration revenue does not repeat, the top line can fall fast.
impact: revenue could compress toward zero while operating costs remain very real.
A bad readout, another financing, or the loss of collaboration revenue would matter more here than any valuation multiple debate.
source: institutional data · regulatory filings · risk analysis
Pay attention to
clinical calendar
the next bempikibart readout
This is the event that can actually reprice the stock. Everything else is mostly a bridge to that moment.
capital
losses versus fresh funding
FY2025 produced a $29.8M net loss. February 2026 added $10.5M. You want to see whether financing keeps pace with development without becoming the whole story.
revenue quality
whether collaboration revenue repeats
Right now, 100% of reported revenue comes from one collaboration line. If that fades, the business becomes even more obviously pre-commercial.
trading behavior
volatility staying in charge
A $1–$8 range in 52 weeks tells you sentiment moves quickly here. If the stock starts reacting less violently, that usually means the market thinks the path is getting clearer.
Analyst rankings
earnings predictability
40 / 100
This business produces uneven results because collaboration payments and trial spending are uneven. In human-speak, do not expect smooth quarters.
beta
1.3
Beta measures market sensitivity. When the market moves, this stock has tended to move more. That fits a small, clinical-stage biotech with binary catalysts.
source: institutional data
Institutional activity
institutional ownership data for QTTB is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
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