Q32 Bio Inc.
q32bio.comWhat Do They Do?
Develops antibody drug candidates for patients with alopecia areata and other autoimmune and inflammatory diseases.
10-K for FY2025, filed Mar 10, 2026
How Do They Make Money?
Revenue has come from partner arrangements rather than product sales: the company sold ADX-097 assets for an upfront payment and may receive milestone payments and royalties on future sales. It also recorded collaboration revenue from an amendment to its bempikibart agreement.
10-K for FY2025, filed Mar 10, 2026In addition to bempikibart, our strategy has been focused on the advancement of our proprietary tissue-targeted complement inhibitor…View ↗
In November 2025, we entered into an amendment to the Horizon Termination Agreement (the “Amgen Amendment”) with Amgen, pursuant to which…View ↗
We have incurred significant losses since inception, expect to incur significant losses for the foreseeable future and may not be able to…View ↗
We have incurred recurring operating losses since inception. During the year ended December 31, 2025, we had net income of $29.8 million as…View ↗
$53.7M
-
10-K for FY2025, filed Mar 10, 2026
$53.7M ↗
Who Are Their Customers?
Akebia acquired substantially all of the ADX-097 research, development, manufacturing and commercialization assets under an asset purchase agreement.
10-K for FY2025, filed Mar 10, 2026In addition to bempikibart, our strategy has been focused on the advancement of our proprietary tissue-targeted complement inhibitor…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 55 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$33.5M.
10-K for FY2025, filed Mar 10, 2026
$16.9MView ↗
10-K for FY2025, filed Mar 10, 2026
$29.8MView ↗
10-K for FY2025, filed Mar 10, 2026
−$33.5MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 5, 2026
−$8.9MView ↗
- ▼ −6% (Loss)
- vs −$9.5M in Q2 FY2025
Growing. Revenue grew 58% in 4 years, from $34M in FY2021 to $53.7M in FY2025, about 12% a year.
From genetic medicines to antibody drugs
The older report centered on viral-vector gene therapy and gene editing candidates for rare genetic diseases. The latest report describes antibody drug development for alopecia areata and other autoimmune and inflammatory diseases.
10-K for FY2022, filed Mar 9, 2023 10-K for FY2025, filed Mar 10, 2026We are a clinical-stage genetic medicines company dedicated to transforming the lives of patients suffering from rare genetic diseases with…View ↗
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