Q32 Bio (QTTB) Q4 2025 earnings summary

Executive summary

• Completed enrollment in Part B of the SIGNAL-AA Phase 2a trial for bempikibart in alopecia areata, increasing trial size to 33 patients due to demand, with topline data expected mid-2026.

• Sold ADX-097 asset to Akebia Therapeutics, enabling strategic focus on bempikibart and securing upfront and milestone payments.

• Completed a $10.5 million registered direct offering in February 2026 to strengthen the balance sheet.

Financial highlights

• Cash and cash equivalents were $48.3 million as of December 31, 2025, excluding proceeds from the February 2026 offering.

• Net income was $57.7 million for Q4 2025 and $29.8 million for the full year, compared to net losses in the prior year.

• Research and development expenses decreased to $3.3 million for Q4 2025 and $19.2 million for the year, reflecting lower clinical and manufacturing costs.

• General and administrative expenses were $4.5 million for Q4 2025 and $17.7 million for the year.

• Net income was primarily driven by non-cash collaboration revenue from the Amgen agreement amendment and the ADX-097 sale.

Outlook and guidance

• Cash position, combined with proceeds from the offering and asset sale, is expected to fund operations into Q4 2027, covering key clinical milestones.

• 36-week topline results from the SIGNAL-AA Part B trial are anticipated in mid-2026.