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Q32 Bio

QTTB Lead: Phase 2 2 Biotech Distilled articles ↓ 34 filings & releases ↓ Cash $290M (Sep 30, 2026) ↓ 2 verdicts ↓ 1 timing quote ↓
Dermatology Protein

Market cap $277M 29.9M shares (10-Q, Oct 31, 2026) × $9.25 close Nov 6, 2026

Most recent annual filing: 2026-03-10

Catalyst timeline

10 trackedQuarter catalyst calendar →
  1. Bempikibart FDA feedbackbefore the end of this yearBempikibart FDA feedback, before the end of this year, notable
  2. Q32 Bio ATM corporate updateNov 2026Q32 Bio ATM corporate update, Nov 2026, routine
  3. Q32 Bio OMB corporate update~Dec 2026Q32 Bio OMB corporate update, ~Dec 2026, routine
  4. Ebribafusp Akebia corporate updateDec 31, 2026Ebribafusp Akebia corporate update, Dec 31, 2026, routine
  5. Bempikibart Ph3 start1H 2027Bempikibart Ph3 start, 1H 2027, notable
  6. Rezpegaldesleukin Nektar Ph3 startearly 2027Rezpegaldesleukin Nektar Ph3 start, early 2027, notable
  7. Q32 Bio corporate updateJan 1, 2027Q32 Bio corporate update, Jan 1, 2027, routine
  8. Bempikibart guidance update1H 2027Bempikibart guidance update, 1H 2027, routine
  9. Rinvoq AbbVie FDA decision~Feb 2027Rinvoq AbbVie FDA decision, ~Feb 2027, material
  10. Bempikibart readout2H 2027Bempikibart readout, 2H 2027, notable

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (3 active programs)

Technology platforms

Tissue-Targeted Complement Inhibitor Platform

Proprietary platform designed to inhibit complement activation in tissue while minimizing systemic complement blockade. Generates tissue-targeted inhibitors of complement activation. Focus areas include ophthalmologic indications and a broad range of autoimmune and inflammatory diseases driven by complement dysregulation. Assets include ADX-096 and other early-stage C3d mAb fusions and nanobodies.

Targets: C3d, complement convertases, complement convertase

Discontinued (2)

Capital (as filed)

Cash
$290M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$4.4M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$285M cash per the update of Sep 30, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (2)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (2 calls)

Every verdict Biotech Distilled has published on Q32 Bio, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-09-21 Watch Q32 Bio (QTTB) - Scientific Deep Dive for Bempikibart and Pipeline Products Real biology, real cash and elite holders, but the only randomized AA evidence rests on four placebo patients and the headline is an open-label, modified-population number from the most treatable slice of the disease; revisit after EADV and the FDA's end-of-Phase 2 answer.
  2. 2026-09-30 Watch UPDATE: Q32 Bio (QTTB) - The JAK Split Arrives, the ITT Mean Doesn't EADV delivered the JAK-naive/experienced split (mechanistically coherent) but the ITT mean remains withheld and responder-counting questions go unanswered, leaving the author short of speculative-buy conviction despite the enterprise value collapsing to ~$12M.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (1 quote from 1 filing)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (34)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Sep 21, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

18 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)