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

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Q32 Bio (NASDAQ: QTTB) has reported its Q2 2025 financial results and provided corporate updates. The company continues to advance its bempikibart development program for alopecia areata (AA), with patient dosing ongoing in both Part A open-label extension (OLE) and Part B of the SIGNAL-AA Phase 2a clinical trial. The company has appointed Dr. Adrien Sipos as Interim Chief Medical Officer and received Fast Track designation for bempikibart.

Q32 Bio reported cash and cash equivalents of $54.8 million as of June 30, 2025, extending their runway into 2027. The company's R&D expenses decreased to $5.2 million from $13.4 million year-over-year, while G&A expenses reduced to $4.0 million. Net loss improved to $9.5 million ($0.78 per share) compared to $17.0 million in Q2 2024.

Q32 Bio (NASDAQ: QTTB) ha comunicato i risultati finanziari del secondo trimestre 2025 e fornito aggiornamenti aziendali. L'azienda continua a portare avanti il suo programma di sviluppo di bempikibart per l'alopecia areata (AA), con la somministrazione ai pazienti in corso sia nella Parte A dell'estensione open-label (OLE) sia nella Parte B dello studio clinico di fase 2a SIGNAL-AA. È stato nominato Dr. Adrien Sipos come Chief Medical Officer ad interim e il bempikibart ha ricevuto la designazione Fast Track.

Q32 Bio ha riportato liquidità e equivalenti di cassa pari a 54,8 milioni di dollari al 30 giugno 2025, estendendo la disponibilità finanziaria fino al 2027. Le spese di R&S sono diminuite a 5,2 milioni di dollari rispetto ai 13,4 milioni dell'anno precedente, mentre le spese generali e amministrative si sono ridotte a 4,0 milioni di dollari. La perdita netta è migliorata a 9,5 milioni di dollari (0,78 dollari per azione) rispetto ai 17,0 milioni del secondo trimestre 2024.

Q32 Bio (NASDAQ: QTTB) ha anunciado sus resultados financieros del segundo trimestre de 2025 y ha proporcionado actualizaciones corporativas. La compañía continúa avanzando en su programa de desarrollo de bempikibart para la alopecia areata (AA), con la dosificación de pacientes en curso tanto en la Parte A de la extensión de etiqueta abierta (OLE) como en la Parte B del ensayo clínico de fase 2a SIGNAL-AA. La empresa ha nombrado a Dr. Adrien Sipos como Director Médico Interino y ha recibido la designación Fast Track para bempikibart.

Q32 Bio reportó efectivo y equivalentes de efectivo por 54,8 millones de dólares al 30 de junio de 2025, extendiendo su liquidez hasta 2027. Los gastos en I+D disminuyeron a 5,2 millones de dólares desde 13,4 millones interanuales, mientras que los gastos generales y administrativos se redujeron a 4,0 millones de dólares. La pérdida neta mejoró a 9,5 millones de dólares (0,78 dólares por acción) en comparación con los 17,0 millones del segundo trimestre de 2024.

Q32 Bio (NASDAQ: QTTB)� 2025� 2분기 재무 결과� 발표하고 회사 현황� 업데이트했습니다. 회사� 원형 탈모�(AA) 치료제인 벰피키바� 개발 프로그램� 계속 진행 중이�, SIGNAL-AA 2a� 임상시험� Part A 오픈라벨 연장(OLE)� Part B에서 환자 투여가 진행 중입니다. 또한 Adrien Sipos 박사� 임시 최고 의료 책임�� 임명하고 벰피키바트에 대� 패스트트� 지정을 받았습니�.

Q32 Bio� 2025� 6� 30� 기준 현금 � 현금� 자산 5,480� 달러� 보고하여 자금 운용 기간� 2027년까지 연장했습니다. 연구개발 비용은 전년 동기 대� 1,340� 달러에서 520� 달러� 감소했으�, 일반관리비� 400� 달러� 줄었습니�. 순손실은 2024� 2분기 1,700� 달러에서 950� 달러(주당 0.78달러)� 개선되었습니�.

Q32 Bio (NASDAQ : QTTB) a publié ses résultats financiers du deuxième trimestre 2025 et fourni des mises à jour d'entreprise. La société poursuit le développement de son programme de bempikibart pour l'alopécie areata (AA), avec des doses administrées aux patients en cours à la fois dans la Partie A de l'extension en ouvert (OLE) et dans la Partie B de l'essai clinique de phase 2a SIGNAL-AA. Le Dr Adrien Sipos a été nommé directeur médical par intérim et le bempikibart a obtenu la désignation Fast Track.

Q32 Bio a déclaré 54,8 millions de dollars en liquidités et équivalents de trésorerie au 30 juin 2025, prolongeant ainsi sa trésorerie jusqu'en 2027. Les dépenses de R&D ont diminué à 5,2 millions de dollars contre 13,4 millions l'année précédente, tandis que les frais généraux et administratifs sont passés à 4,0 millions de dollars. La perte nette s'est améliorée à 9,5 millions de dollars (0,78 dollar par action) contre 17,0 millions au deuxième trimestre 2024.

Q32 Bio (NASDAQ: QTTB) hat seine Finanzergebnisse für das zweite Quartal 2025 veröffentlicht und Unternehmensupdates bereitgestellt. Das Unternehmen treibt weiterhin sein Entwicklungsprogramm für Bempikibart bei Alopecia Areata (AA) voran, wobei die Patientendosierung sowohl in Teil A der offenen Verlängerung (OLE) als auch in Teil B der SIGNAL-AA Phase-2a-Studie läuft. Dr. Adrien Sipos wurde als Interim Chief Medical Officer ernannt, und Bempikibart erhielt die Fast-Track-Zulassung.

Q32 Bio meldete zum 30. Juni 2025 Barmittel und Zahlungsmitteläquivalente in Höhe von 54,8 Millionen US-Dollar, was die Finanzierungsreichweite bis 2027 verlängert. Die F&E-Ausgaben sanken von 13,4 Millionen auf 5,2 Millionen US-Dollar, während die Verwaltungs- und Gemeinkosten auf 4,0 Millionen US-Dollar reduziert wurden. Der Nettoverlust verbesserte sich auf 9,5 Millionen US-Dollar (0,78 US-Dollar pro Aktie) im Vergleich zu 17,0 Millionen im zweiten Quartal 2024.

Positive
  • Fast Track designation granted for bempikibart, potentially expediting FDA review process
  • Extended cash runway into 2027, covering key clinical milestones
  • Significant reduction in net loss to $9.5M from $17.0M year-over-year
  • Strengthened leadership with appointment of experienced CMO Dr. Adrien Sipos
Negative
  • Phase 2a SIGNAL-AA trial topline results not expected until 1H 2026
  • Discontinued ADX-097 Phase 2 clinical trial following February 2025 restructuring

Insights

Q32 Bio shows promising pipeline progress with bempikibart while extending cash runway to 2027, despite reduced R&D spending.

Q32 Bio is advancing its lead candidate bempikibart, an anti-IL-7Rα antibody targeting the treatment of alopecia areata (AA), a condition with significant unmet need. The company is executing a two-pronged clinical strategy with both the Part B portion of their Phase 2a SIGNAL-AA trial and an open-label extension (OLE) for Part A participants.

The Phase 2b trial design is particularly noteworthy, employing a loading dose regimen (200mg weekly for 4 weeks) followed by maintenance dosing (200mg every other week for 32 weeks). This approach typically aims to rapidly achieve therapeutic levels before transitioning to a less frequent maintenance schedule. The primary efficacy measurements using Severity of Alopecia Tool (SALT) scores are standard for the indication.

The FDA's grant of Fast Track designation is significant, suggesting the agency recognizes both the seriousness of AA and the potential of bempikibart to address an unmet medical need. This designation provides advantages including more frequent FDA interactions and potential eligibility for accelerated approval pathways.

The company has substantially reduced R&D expenses by 61% ($5.2 million vs $13.4 million year-over-year), primarily through the discontinuation of their ADX-097 program following a February 2025 restructuring. This strategic narrowing of focus on bempikibart has extended their cash runway into 2027, well beyond their anticipated Phase 2b readout in H1 2026.

The appointment of Dr. Sipos as interim CMO brings immunology expertise at a critical juncture as the company approaches key clinical milestones. His 25+ years of experience in I&I drug development aligns well with bempikibart's mechanism targeting immune regulation through IL-7 and TSLP signaling blockade.

Q32 Bio's improved cash runway to 2027 and reduced cash burn rate provide stability while awaiting crucial Phase 2 data.

Q32 Bio has materially strengthened its financial position by extending its cash runway into 2027, a significant improvement that provides operational flexibility beyond their critical Phase 2 data readout expected in H1 2026. With $54.8 million in cash as of June 30, this runway extension appears to be primarily driven by their February 2025 restructuring and pipeline prioritization.

The company's quarterly financial metrics reveal a substantial 61% reduction in R&D expenses ($5.2 million versus $13.4 million in Q2 2024) and a 11% decrease in G&A expenses ($4.0 million versus $4.5 million). This has reduced their quarterly net loss to $9.5 million ($0.78 per share), a significant improvement from the $17.0 million ($1.42 per share) loss in the same quarter last year.

The decisive pipeline prioritization, focusing resources entirely on bempikibart while discontinuing the ADX-097 program, demonstrates management's commitment to capital efficiency. This strategic narrowing allows Q32 to concentrate investments on their most promising asset while weathering the challenging biotech funding environment.

The Fast Track designation for bempikibart provides not only regulatory advantages but potential market value through validation of the approach and indication. For small biotechs, such designations can increase partnership opportunities and improve market perception.

With the current burn rate of approximately $9-10 million per quarter, the company appears well-positioned to reach their critical Phase 2b readout without requiring immediate additional financing, removing a significant near-term overhang that often impacts similar-stage biotech valuations.

-- Dosing of patients in Part A open-label extension (OLE) and Part B of SIGNAL-AA ongoing; SIGNAL-AA Part B topline data readout on-track for 1H'26 --

-- Strengthened leadership team with appointment of Adrien Sipos, M.D., Ph.D., an immunologist and seasoned Immunology and Inflammation (I&I) drug developer, as Interim Chief Medical Officer --

-- Cash and cash equivalents of $54.8 million as of June 30, 2025, which is now expected to provide financial runway into 2027 --

WALTHAM, Mass., Aug. 6, 2025 /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 June 30, 2025, and provided recent corporate updates.

"This quarter, we continued to execute across our bempikibart development program with patient dosing underway and enrollment on-track in both the Part A OLE and Part B portions of the Phase 2a SIGNAL-AA trial," said Jodie Morrison, Chief Executive Officer of Q32 Bio. "We strengthened our leadership team with the addition of Adrien Sipos, M.D., Ph.D., as Interim Chief Medical Officer, whose immunology and inflammation drug development expertise will be invaluable as we advance bempikibart through key stages of development. We remain ever-focused on advancing bempikibart for patients with alopecia areata and are on track to deliver topline data from Part B in the first half of next year while extending our cash runway into 2027."

Second Quarter 2025 and Recent Business Highlights

  • Dosing of patients in Part B of the SIGNAL-AA Phase 2a clinical trial is ongoing, with topline data readout on-track for the first half of 2026. Part B 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 patients with severe or very severe AA. The ongoing trial will dose approximately 20 evaluable patients with severe or very severe AA with bempikibart for 36 weeks, with follow-up out to 52 weeks. Dosing includes an initial loading regimen of 200mg of bempikibart dosed weekly over four weeks, 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. The trial is intended to support advancement into pivotal trials upon completion, pending review of the results. Q32 Bio expects to report topline results in the first half of 2026.

  • Dosing of patients in 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 for eligible patients that completed Part A to enable longer-term follow-up of patients. Patient dosing is ongoing.

  • Adrien Sipos, M.D., Ph.D., as Interim Chief Medical Officer. Dr. Sipos is an immunologist and seasoned Immunology and Inflammation (I&I) drug developer, with over 25 years of clinical development and medical affairs leadership experience.

  • to bempikibart for the treatment of AA. Fast Track is a process designed to facilitate the development and expedite the review of new drugs to treat serious diseases and fill an unmet medical need with the purpose of getting important new drugs to patients earlier. Filling an unmet medical need is defined as providing a therapy where either none exists or providing a therapy which may be potentially better than available therapies. A drug that receives FTD may be eligible for more frequent meetings and communications with the FDA to discuss development plans and ensure the collection of appropriate data needed to support approval and for a rolling review of an application for marketing approval. Drugs receiving FTD may also be eligible for Accelerated Approval and Priority Review if relevant criteria are met.

Financial Results

  • Cash and cash equivalents were $54.8 million as of June 30, 2025. Q32 Bio believes its cash and cash equivalents are sufficient to fund operations into 2027, through the SIGNAL-AA OLE and topline results of the SIGNAL-AA Part B trial evaluating bempikibart in patients with AA expected in the first half of 2026.

  • Research and development expenses were $5.2 million for the three months ended June 30, 2025, compared to $13.4 million for the three months ended June 30, 2024. The decrease in expense of $8.2 million was primarily due to lower bempikibart development costs including clinical and manufacturing spend, as well as lower direct research and development expenses related to ADX-097 and lower personnel-related costs due to the discontinuation of the ADX-097 Phase 2 clinical trial and restructuring announced in February 2025 as compared to the prior year.

  • General and administrative expenses were $4.0 million for the three months ended June 30, 2025, compared to $4.5 million for the three months ended June 30, 2024. The decrease in expense of $0.5 million was primarily due to lower personnel-related costs as a result of reduced headcount associated with the restructuring in February 2025 as well as lower legal costs as compared to the prior year.

  • Net loss was $9.5 million, or $0.78 basic and diluted net loss per share, for the three months ended June 30, 2025, compared to net loss of $17.0 million, or $1.42 basic and diluted net loss per share, for the three months ended June 30, 2024.

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 .

1National Alopecia Areata Foundation

Availability of Other Information About Q32 Bio

Investors and others should note thatQ32 Biocommunicates with its investors and the public using its website, including, but not limited to,Q32 Bio'sdisclosures, 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 thatQ32 Bioposts on its website or on X or LinkedIn could be deemed to be material information. As a result,Q32 Bioencourages investors, the media and others interested to review the information that it posts there on a regular basis. The contents ofQ32 Bio'swebsite 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, the potential benefits conferred by FTD for bempikibart, the expectations surrounding leadership appointment, 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 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 the first half of 2026 or at all, might be more costly than expected or might not yield anticipated results, that FTD by the FDA may not actually lead to a faster development or regulatory review or approval process, that Q32 Bio may use its capital resources sooner than currently anticipated 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 March 31, 2025 and any subsequent filings with the SEC, which are available at the SEC's website at . 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
[email protected]

Media: David Rosen
Argot Partners
646.461.6387
[email protected]

Q32 BIO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)












Three Months Ended June30,


Six Months Ended June30,



2025


2024


2025


2024

Operating expenses:









Research and development


$ 5,161


$ 13,411


$ 12,286


$ 23,252

General and administrative


4,010


4,508


9,114


9,510

Total operating expenses


9,171


17,919


21,400


32,762

Loss from operations


(9,171)


(17,919)


(21,400)


(32,762)

Change in fair value of convertible notes





15,890

Other income (expense), net


(318)


2,390


880


2,548

Total other income (expense), net


(318)


2,390


880


18,438

Loss before provision for income taxes and loss from equity

method investment


(9,489)


(15,529)


(20,520)


(14,324)

Provision for income taxes





Loss from equity method investment



(1,449)



(1,625)

Net loss


$ (9,489)


$ (16,978)


$ (20,520)


$ (15,949)

Net loss per share—basic


$ (0.78)


$ (1.42)


$ (1.68)


$ (2.46)

Net loss per share—diluted


$ (0.78)


$ (1.42)


$ (1.68)


$ (4.44)

Weighted-average common shares—basic


12,197,615


11,964,224


12,197,615


6,479,752

Weighted-average common shares—diluted


12,197,615


11,964,224


12,197,615


7,149,202

Q32 BIO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)








June30,
2025


December31,
2024

Assets





Cash and cash equivalents


$ 54,832


$ 77,965

Equity investment



2,600

Right-of-use asset, operating leases


5,416


5,722

Restricted cash and restricted cash equivalents


647


647

Other assets


5,222


5,398

Total assets


$ 66,117


$ 92,332

Liabilities and stockholders' equity (deficit)





Accounts payable, accrued expenses and other current liabilities


$ 5,306


$ 10,468

CVR liability



2,900

Lease liability, net of current portion


5,296


5,636

Venture debt


12,750


12,653

Other noncurrent liabilities


55,000


55,000

Stockholders' equity (deficit)


(12,235)


5,675

Total liabilities and stockholders' equity (deficit)


$ 66,117


$ 92,332

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SOURCE Q32 Bio

FAQ

What are the key financial results for Q32 Bio (QTTB) in Q2 2025?

Q32 Bio reported cash and cash equivalents of $54.8 million, R&D expenses of $5.2 million, G&A expenses of $4.0 million, and a net loss of $9.5 million ($0.78 per share).

What is the status of Q32 Bio's SIGNAL-AA clinical trial for bempikibart?

The SIGNAL-AA Phase 2a trial is ongoing with patient dosing in both Part A open-label extension and Part B. Part B will evaluate approximately 20 patients with severe AA over 36 weeks, with topline results expected in 1H 2026.

What does the Fast Track designation mean for Q32 Bio's bempikibart?

The Fast Track designation allows for more frequent FDA communications, potential expedited review, and possible eligibility for Accelerated Approval and Priority Review if criteria are met.

How long will Q32 Bio's current cash position last?

Q32 Bio's cash position of $54.8 million is expected to provide financial runway into 2027, covering the SIGNAL-AA trial completion and topline results.

Who is Q32 Bio's new Chief Medical Officer?

Dr. Adrien Sipos was appointed as Interim Chief Medical Officer. He is an immunologist with over 25 years of clinical development and medical affairs leadership experience in Immunology and Inflammation.
Q32 BIO INC

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Biotechnology
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