Q32 Bio Inc.
QTTB · Pharmaceutical Preparations · 17.0M shares · -44%/yr ↓ buyback · EDGAR filings ↗
Reference price $8.00 · est. market cap ~$136M — last insider purchase, 2026-05-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical-stage biotech whose reported profit is one-time/merger-driven, with underlying cash burn.
Strengths
- Strong liquidity — current ratio 4.9 (57th)
Risks
- Reported profit is one-time, not operational — net margin 55% artifact, ROA 48% artifact
- Underlying cash burn — FCF -$34M
- Clinical/funding risk — per 10-K
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-33.5M)
- Buying back stockNet buyback — share count -44%/yr over 3y
- Insider buyingInsider buying — 4 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$30M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 3 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Alopecia Areata
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 4 notable fund(s): RENAISSANCE TECHNOLOGIES LLC, STATE STREET CORP, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
31.5%
Net margin
55.5%
Return on equity
71.0%
Return on assets
48.3%
Current ratio
4.9×
Free cash flow
-$34M
Tangible book value
$42M
Cash & investments
$48M
Cash runway
6q
Stock comp / revenue
9.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-28 | Xu Diyong | Buy | 1.2M | $8.00 |
| 2026-05-28 | Xu Diyong | Buy | 625K | $8.00 |
| 2026-05-28 | ORBIMED ADVISORS LLC | Buy | 1.2M | $8.00 |
| 2026-05-28 | ORBIMED ADVISORS LLC | Buy | 625K | $8.00 |
| 2026-02-25 | Violette Shelia M. | Sell | 2.8K | $4.51 |
| 2026-02-25 | Kalowski Lee | Sell | 4.0K | $4.51 |
| 2026-02-25 | Morrison Jodie Pope | Sell | 9.9K | $4.51 |
| 2026-02-24 | Kalowski Lee | Grant | 53K | — |
| 2026-02-24 | Morrison Jodie Pope | Grant | 132K | — |
| 2026-02-24 | Violette Shelia M. | Grant | 38K | — |
| 2025-12-02 | Morrison Jodie Pope | Sell | 23K | $3.46 |
| 2025-12-02 | Kalowski Lee | Sell | 9.1K | $3.46 |
| 2025-08-26 | Violette Shelia M. | Sell | 3.0K | $1.80 |
| 2025-08-26 | Morrison Jodie Pope | Sell | 10K | $1.80 |
| 2025-08-26 | Kalowski Lee | Sell | 4.2K | $1.80 |
| 2025-02-24 | Kalowski Lee | Grant | 53K | — |
| 2025-02-24 | Morrison Jodie Pope | Grant | 132K | — |
| 2025-02-24 | Campagna Jason | Grant | 38K | — |
| 2025-02-24 | Violette Shelia M. | Grant | 38K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06018428 ↗ | A Phase 2a Proof-of-Concept Trial of Bempikibart (ADX-914) for the Treatment of Severe Alopecia Areata (SIGNAL-AA) Alopecia Areata | PHASE2 | Active Not Recruiting | 2026-06-01 |
| NCT05509023 ↗ | Evaluating Safety and Efficacy of ADX-914 in Patients With Moderate to Severe Atopic Dermatitis (SIGNAL-AD) Atopic Dermatitis | PHASE2 | Active Not Recruiting | 2024-12-01 |
| NCT06419205 ↗ | A Phase 2 Study to Evaluate the Safety, PD, PK, and Clinical Activity of ADX-097 in Participants With IgAN, LN or C3G IgA Nephropathy, Lupus Nephritis (LN) | PHASE2 | Withdrawn | 2026-06-01 |
| NCT04485481 ↗ | Single and Multiple Ascending Dose Study of ADX-914 in Healthy Adult Volunteers Safety Issues | PHASE1 | Completed | 2022-01-12 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | Shareholder vote | filing ↗ |
| 2026-05-27 | Material agreement3.02OtherExhibits | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-04-24 | OtherExhibits | filing ↗ |
| 2026-03-27 | Material agreementExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
| 2026-02-17 | Material agreementOtherExhibits | filing ↗ |
| 2025-12-19 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-12 | 0001193125-26-272562 ↗ |
| 8-K | 2026-05-27 | 2026-05-26 | 0001193125-26-241846 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-205006 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-205021 ↗ |
| 8-K | 2026-04-24 | 2026-04-24 | 0001193125-26-177178 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0001193125-26-129431 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001193125-26-099339 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001193125-26-099328 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001193125-26-054711 ↗ |
| 8-K | 2025-12-19 | 2025-12-17 | 0001193125-25-326821 ↗ |
| 8-K | 2025-12-01 | 2025-11-28 | 0001193125-25-303115 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001193125-25-278812 ↗ |