$QTTB
Q32 Bio Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056273 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.508M $5.002M $7.901M
YoY Change -44.94% -39.92% -3.02%
% of Gross Profit
Research & Development $13.41M $9.841M $1.513M
YoY Change -41.65% -50.77% -94.43%
% of Gross Profit
Depreciation & Amortization $121.0K $123.0K -$2.000K
YoY Change -39.5% -38.5% -100.68%
% of Gross Profit
Operating Expenses $17.92M $14.84M $9.414M
YoY Change -42.51% -47.58% -73.33%
Operating Profit -$17.92M -$14.84M
YoY Change -41.85% -46.05%
Interest Expense $1.179M
YoY Change -18.97%
% of Operating Profit
Other Income/Expense, Net $2.390M $16.05M
YoY Change 58.17% 992.44%
Pretax Income -$15.53M $1.205M -$2.155M
YoY Change -47.01% -104.63% -93.48%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$16.98M $1.000M -$16.12M
YoY Change -51.55% -103.47% -53.0%
Net Earnings / Revenue
Basic Earnings Per Share -$1.42 $1.03
Diluted Earnings Per Share -$1.42 -$6.33 -$0.28
COMMON SHARES
Basic Shares Outstanding 11.94M 58.13M 57.93M
Diluted Shares Outstanding 11.96M 2.334M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.6M $135.3M $82.65M
YoY Change -15.29% -9.81% -52.78%
Cash & Equivalents $97.66M $115.5M $39.27M
Short-Term Investments $9.986M $19.80M $43.39M
Other Short-Term Assets $51.00K $67.00K $1.261M
YoY Change -98.8% -98.12% -78.94%
Inventory
Prepaid Expenses $982.0K $529.0K $427.0K
Receivables
Other Receivables
Total Short-Term Assets $111.6M $138.0M $83.91M
YoY Change -15.01% -10.12% -53.64%
LONG-TERM ASSETS
Property, Plant & Equipment $1.553M $1.659M $0.00
YoY Change 83.79% 56.21% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.275M $4.724M $0.00
YoY Change -81.07% -79.46% -100.0%
Other Assets $1.096M $1.101M $4.611M
YoY Change
Total Long-Term Assets $12.59M $14.29M $650.0K
YoY Change -66.88% -67.74% -98.63%
TOTAL ASSETS
Total Short-Term Assets $111.6M $138.0M $83.91M
Total Long-Term Assets $12.59M $14.29M $650.0K
Total Assets $124.2M $152.3M $84.56M
YoY Change -26.65% -23.02% -62.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.484M $4.960M $3.234M
YoY Change -26.79% 36.45% 182.69%
Accrued Expenses $11.02M $19.83M $8.339M
YoY Change -43.62% 36.55% -58.87%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.088M
YoY Change
Total Short-Term Liabilities $17.19M $32.95M $11.57M
YoY Change -25.04% 78.06% -48.74%
LONG-TERM LIABILITIES
Long-Term Debt $12.55M $9.400M $0.00
YoY Change
Other Long-Term Liabilities $55.00M $55.11M $0.00
YoY Change 103.53% 100.59% -100.0%
Total Long-Term Liabilities $55.00M $55.11M $0.00
YoY Change 103.53% 100.59% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.19M $32.95M $11.57M
Total Long-Term Liabilities $55.00M $55.11M $0.00
Total Liabilities $90.70M $103.6M $11.57M
YoY Change 81.53% 125.23% -77.08%
SHAREHOLDERS EQUITY
Retained Earnings -$203.0M -$186.1M -$542.1M
YoY Change -58.82% -59.37% 26.33%
Common Stock $2.000K $2.000K $615.1M
YoY Change -66.67% -66.67% 1.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.51M $48.77M $72.99M
YoY Change
Total Liabilities & Shareholders Equity $124.2M $152.3M $84.56M
YoY Change -26.65% -23.02% -62.99%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$16.98M $1.000M -$16.12M
YoY Change -51.55% -103.47% -53.0%
Depreciation, Depletion And Amortization $121.0K $123.0K -$2.000K
YoY Change -39.5% -38.5% -100.68%
Cash From Operating Activities -$22.21M -$14.55M -$21.58M
YoY Change -6.11% -44.15% -20.68%
INVESTING ACTIVITIES
Capital Expenditures $15.00K $0.00 -$2.000K
YoY Change -100.0% -122.22%
Acquisitions
YoY Change
Other Investing Activities $9.903M $97.00K $31.72M
YoY Change -83.77% -99.69% 76.2%
Cash From Investing Activities $9.888M $97.00K $31.72M
YoY Change -83.79% -99.69% 76.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.522M 99.35M 14.00K
YoY Change -276200.0% 66130.67% -56.25%
NET CHANGE
Cash From Operating Activities -22.21M -14.55M -21.58M
Cash From Investing Activities 9.888M 97.00K 31.72M
Cash From Financing Activities -5.522M 99.35M 14.00K
Net Change In Cash -17.85M 84.89M 10.15M
YoY Change -147.79% 1452.52% -210.67%
FREE CASH FLOW
Cash From Operating Activities -$22.21M -$14.55M -$21.58M
Capital Expenditures $15.00K $0.00 -$2.000K
Free Cash Flow -$22.23M -$14.55M -$21.57M
YoY Change -6.05% -44.64% -20.71%

Facts In Submission

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CY2023Q1 us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
0
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
97000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5000
CY2024Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
7000000
CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
0
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
42000000
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2024Q1 qttb Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
53158000
CY2023Q1 qttb Proceeds From Reverse Recapitalization
ProceedsFromReverseRecapitalization
0
CY2024Q1 qttb Payment Of Reverse Recapitalization Transaction Costs
PaymentOfReverseRecapitalizationTransactionCosts
-2812000
CY2023Q1 qttb Payment Of Reverse Recapitalization Transaction Costs
PaymentOfReverseRecapitalizationTransactionCosts
0
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
15000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
99346000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
84892000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-12486000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31264000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49540000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116156000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37054000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
115000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
119000
CY2024Q1 qttb Short Term Investments Acquired In Reverse Recapitalization
ShortTermInvestmentsAcquiredInReverseRecapitalization
19905000
CY2023Q1 qttb Short Term Investments Acquired In Reverse Recapitalization
ShortTermInvestmentsAcquiredInReverseRecapitalization
0
CY2024Q1 qttb Issuance Of Cvr At Fair Value
IssuanceOfCvrAtFairValue
180000
CY2023Q1 qttb Issuance Of Cvr At Fair Value
IssuanceOfCvrAtFairValue
0
CY2024Q1 qttb Transaction Costs Of Reverse Recapitalization In Accounts Payable And Accrued Expenses
TransactionCostsOfReverseRecapitalizationInAccountsPayableAndAccruedExpenses
7201000
CY2023Q1 qttb Transaction Costs Of Reverse Recapitalization In Accounts Payable And Accrued Expenses
TransactionCostsOfReverseRecapitalizationInAccountsPayableAndAccruedExpenses
0
CY2023Q4 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
42000000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-186100000
CY2024Q1 qttb Gain From Conversion Of Convertible Notes
GainFromConversionOfConvertibleNotes
15900000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
1000000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these unaudited condensed consolidated financial statements.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. Significant estimates and assumptions reflected in these unaudited condensed consolidated financial statements include, but are not limited to, the fair value of the common stock and convertible notes prior to the effective date of the Merger, the fair value of CVR liability, and the accruals of research and development expenses. Estimates are periodically reviewed considering changes in circumstances, facts and historical experience. Actual results may differ from the Company’s estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and Significant Suppliers</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially expose the Company to credit risk primarily consist of cash, cash equivalents, restricted cash and restricted cash equivalents. The Company maintains its cash, cash equivalents, restricted cash and restricted cash equivalents balances with accredited financial institutions and, consequently, the Company does not believe it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s cash management limits investment to investment-grade securities with the objective to preserve capital and to maintain liquidity until the funds can be used in business operations. The Company maintains its cash in bank deposit accounts that are Federal Deposit Insurance Corporation (“FDIC”) insured up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">250,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. At times, the Company’s bank accounts may exceed the federal insurance limit.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on contract development and manufacturing organizations (“CDMOs”) to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients, other raw materials and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients, other raw materials and formulated drugs. The Company is also dependent on contract research organizations (“CROs”) which provide services related to the research and development activities in its programs.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
115509000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31407000
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
647000
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5647000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
116156000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
37054000
CY2024Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
10000000
CY2024Q1 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
200000
CY2022Q1 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
74100000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
19808000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
5000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
19803000
CY2023Q4 us-gaap Short Term Investments
ShortTermInvestments
0
CY2024Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2024Q1 qttb Investment Maturity Term
InvestmentMaturityTerm
less than one year
CY2022 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
30000000
CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
38600000
CY2023 us-gaap Interest Expense Debt
InterestExpenseDebt
1500000
CY2023 qttb Fair Value Of Interest Expenses
FairValueOfInterestExpenses
4700000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2731000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3099000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2748000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2748000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1089000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
966000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1659000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1782000
CY2024Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2024Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2024Q1 qttb Payroll Tax Credit
PayrollTaxCredit
563000
CY2023Q4 qttb Payroll Tax Credit
PayrollTaxCredit
755000
CY2024Q1 qttb Prepaid External Research And Development Current
PrepaidExternalResearchAndDevelopmentCurrent
1572000
CY2023Q4 qttb Prepaid External Research And Development Current
PrepaidExternalResearchAndDevelopmentCurrent
1834000
CY2024Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
529000
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
427000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
67000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
83000
CY2024Q1 us-gaap Deferred Costs
DeferredCosts
0
CY2023Q4 us-gaap Deferred Costs
DeferredCosts
3912000
CY2024Q1 qttb Prepaid External Research And Development Nonurrent
PrepaidExternalResearchAndDevelopmentNonurrent
1084000
CY2023Q4 qttb Prepaid External Research And Development Nonurrent
PrepaidExternalResearchAndDevelopmentNonurrent
676000
CY2024Q1 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
17000
CY2023Q4 us-gaap Prepaid Expense Other Noncurrent
PrepaidExpenseOtherNoncurrent
23000
CY2024Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1101000
CY2023Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
4611000
CY2024Q1 qttb Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
3592000
CY2023Q4 qttb Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
3578000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4406000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3003000
CY2024Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
316000
CY2023Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
316000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1560000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
538000
CY2024Q1 qttb Accrued Professional Fees And Other Accrued Liabilities Current
AccruedProfessionalFeesAndOtherAccruedLiabilitiesCurrent
9951000
CY2023Q4 qttb Accrued Professional Fees And Other Accrued Liabilities Current
AccruedProfessionalFeesAndOtherAccruedLiabilitiesCurrent
2328000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19825000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9763000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6160000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6301000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6160000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
6301000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1560000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
538000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6099000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6248000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7659000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6786000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
257000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
250000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
11000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
18000
CY2024Q1 us-gaap Lease Cost
LeaseCost
268000
CY2023Q1 us-gaap Lease Cost
LeaseCost
268000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1776000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1060000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1092000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1124000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1158000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3687000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9897000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2238000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7659000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1560000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6099000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7659000
CY2024Q1 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5000000
CY2022Q2 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
8300000
CY2022Q3 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
5000000
CY2022Q4 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
16700000
CY2024Q1 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
15900000
CY2024Q1 qttb Disclosure In Entirety Of Temporary Equity
DisclosureInEntiretyOfTemporaryEquity
<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">12. Convertible Preferred Stock</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On March 25, 2024, immediately prior to completing the Merger, all classes of convertible preferred stock of Legacy Q32 were converted to Legacy Q32 common stock, and then exchanged in the Merger for shares of the Company’s common stock using the Exchange Ratio. The Series A convertible preferred stock converted into an aggregate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,286,873</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of Legacy Q32 common stock, the Series A-1 convertible preferred stock converted into an aggregate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">312,094</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of Legacy Q32 common stock and the Series B convertible preferred stock converted into an aggregate of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,625,896</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of Legacy Q32 common stock. The conversion of the Legacy Q32 preferred stock into shares of Legacy Q32 common stock resulted in an increase of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">11</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> thousand to common stock and an increase of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">111.4</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million to additional paid-in-capital immediately prior to completing the Merger.</span></p>
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0361
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y7D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.92
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.922
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.889
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
30000000
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2978868
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7844758
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1112275
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.5
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M13D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10712000
CY2024Q1 qttb Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Reverse Recapitalization
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInReverseRecapitalization
14214
CY2024Q1 qttb Share Based Compensation Arrangements By Share Based Payment Award Options Assumed In Reverse Recapitalization Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsAssumedInReverseRecapitalizationWeightedAverageExercisePrice
8.84
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
902331
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
19.37
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2028820
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.5
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
10620000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
2028820
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
12.5
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
10620000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
670992
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.08
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y4M6D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6707000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0424
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
417000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
296000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1029000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6838000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14771000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6838000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
995280
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
344623
CY2024Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1338900
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2334180
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
344623
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.03
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-19.84
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.33
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-19.84
CY2023Q1 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
1433410
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 qttb Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q1 qttb Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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