Q32 Bio Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Third-party market data · may be delayed
Under review: every model's value for Q32 Bio Inc. is far from the share price, which usually points to a data problem (a merger, a share-count change, a one-off) rather than a bargain or a bubble.
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Q32 Bio Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Q32 Bio has little or no product revenue yet; it used $20m of cash in the twelve months to June 2026. The diluted share count is up 21.7% on a year earlier, which dilutes existing holders. It passes 2 of our 2 financial-health checks.
Our model value for Q32 Bio is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Revenue growth decelerating: TTM revenue growth slowed to -100.0% (-36.0pp vs the prior quarter), the 2nd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Q32 Bio Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$1.6 ~$1.2–$3.5 | Left out: out of range vs price (0.18x) |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.3 ~$0.1–$0.6 | Left out: out of range vs price (0.03x) |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Q32 Bio Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Share price | $402.48 | $372.60 | $203.22 | $65.52 | $22.68 | $10.94 | $3.44 | $3.32 |
| Market value | $11.5bn | $15.7bn | $9.3bn | $3.6bn | $1.3bn | $4m | $33m | $41m |
| + Net debt (− = net cash) | −$38m | −$54m | −$217m | −$108m | −$34m | $14m | −$65m | −$39m |
| Enterprise value | $11.5bn | $15.6bn | $9.1bn | $3.5bn | $1.3bn | $18m | −$32m | $2m |
| Multiples | ||||||||
| Price / sales | n/m | n/m | n/m | 106.6x | n/m | 3.3x | — | 0.8x |
| Price / earnings | — | — | — | — | — | — | — | 1.4x |
| Price / free cash flow | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | 0.1x |
Weak moat
How hard Q32 Bio's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -34.6% of total assets over 9 years.
Operating margin has been a median -2386.8%; its worst year was -15817.9%.
Free cash flow was positive in 1 of 6 years, at a median -2046.6% of revenue.
The diluted share count fell 70.4% over five years; stock-based pay has been a median 251.6% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (27 before it).
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.50 | −162% | $333330 | −99% |
| Next | −$2.27 | −51% | $833330 | +150% |
The consensus EPS forecast for the current fiscal year is −13.7% on 90 days ago. In the last 30 days, 2 analysts raised Q32 Bio Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$1.74 | −$1.97 |
| 60 days ago | −$1.50 | −$1.76 |
| 30 days ago | −$1.51 | −$1.94 |
| 7 days ago | −$1.50 | −$2.27 |
| Now | −$1.50 | −$2.27 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.54 | −$0.44 | +18.8% |
| Mar 2026 | −$0.68 | −$0.54 | +20.6% |
| Dec 2025 | −$0.86 | $4.58 | +632.6% |
| Sept 2025 | −$1.19 | −$0.60 | +49.6% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| QTTB | −68% | −65% | −52% | −69% | −4% | +162% |
| Industry peers (median) | −35% | −56% | −17% | −28% | −5% | −27% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| QTTB | 33% | 42% | 33% | 67% | 42% | 64% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| QTTB | −75% | −74% | −69% | −94% | −65% | −65% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since March 28, 2018: 100% from April 5, 2019 to July 7, 2025. Getting back needed a 40056% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +0.3% | −0.4% | −4.9% | −20.8% |
| May 5, 2026 | +8.5% | +2.2% | +15.3% | +177.8% |
| March 10, 2026 | +35.5% | −0.3% | +20.2% | −3.5% |
| November 13, 2025 | −11.1% | −1.7% | −20.6% | +25.5% |
| August 6, 2025 | −9.6% | +0.7% | −8.6% | −15.7% |
| May 8, 2025 | −1.3% | +0.6% | +10.8% | +15.9% |
| March 11, 2025 | −7.8% | −0.3% | +3.9% | −18.0% |
| November 7, 2024 | −5.6% | +1.2% | −25.8% | −52.8% |
| August 8, 2024 | −14.1% | +2.8% | −8.6% | +14.9% |
| May 9, 2024 | +3.2% | +0.7% | +18.0% | −21.5% |
| March 27, 2024 | +2.3% | +0.8% | +24.4% | +68.3% |
| November 9, 2020 | +1.2% | +1.1% | +5.4% | −6.1% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q1 | $5.5M |
| FY22 Q2 | $4.1M |
| FY22 Q3 | $3.2M |
| FY22 Q4 | $3.2M |
| FY23 Q1 | $5.4M |
| FY23 Q2 | $7.8M |
| FY23 Q3 | $8.8M |
| FY23 Q4 | $1.2M |
| FY24 Q1 | -$1.8M |
| FY24 Q2 | -$5M |
| FY24 Q3 | -$6.9M |
| FY24 Q4 | $0 |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY21 Q2 | 1430.3% |
| FY21 Q3 | 1394.5% |
| FY21 Q4 | 1157.3% |
| FY22 Q1 | -82.6% |
| FY22 Q2 | -87.6% |
| FY22 Q3 | -90.6% |
| FY22 Q4 | -90.6% |
| FY23 Q1 | -2.1% |
| FY23 Q2 | 90.0% |
| FY23 Q3 | 174.7% |
| FY23 Q4 | -64.0% |
| FY24 Q4 | -100.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY21 Q4 | -282.4% |
| FY22 Q1 | -2422.4% |
| FY22 Q2 | -3189.1% |
| FY22 Q3 | -4127.6% |
| FY22 Q4 | -4154.6% |
| FY23 Q1 | -1924.8% |
| FY23 Q2 | -1057.3% |
| FY23 Q3 | -646.1% |
| FY23 Q4 | -4174.3% |
| FY24 Q1 | 3111.4% |
| FY24 Q2 | 1328.4% |
| FY24 Q3 | 1128.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY21 Q4 | -330.1% |
| FY22 Q1 | -2072.8% |
| FY22 Q2 | -2925.1% |
| FY22 Q3 | -3694.1% |
| FY22 Q4 | -3583.1% |
| FY23 Q1 | -1786.2% |
| FY23 Q2 | -980.1% |
| FY23 Q3 | -399.1% |
| FY23 Q4 | -1616.1% |
| FY24 Q1 | 1157.6% |
| FY24 Q2 | 632.4% |
| FY24 Q3 | 978.5% |
Each dollar Q32 Bio took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
| Revenue | $53.7M | |
|---|---|---|
| Other income | $12.9M | 24.0% of revenue |
| Research and development | $19.2M | 35.6% of revenue |
| Selling, general and admin | $17.7M | 32.9% of revenue |
| Operating income | $16.9M | 31.5% of revenue |
| Net income | $29.8M | 55.5% of revenue |
| Fiscal year | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 4 | 2 | 3 | 34 | 3 | 1 | 0 | 54 |
| EBITDA | −59 | −104 | −122 | −88 | −132 | −48 | −66 | 17 |
| Operating income | −60 | −110 | −130 | −96 | −133 | −48 | −66 | 17 |
| Net income | −56 | −104 | −129 | −96 | −5 | −54 | −48 | 30 |
| Diluted EPS | −$1.95 | −$2.47 | −$2.80 | −$1.73 | −$0.09 | −$153.96 | −$6.58 | $2.42 |
| Growth (year on year) | ||||||||
| Revenue | — | −54.8% | +62.2% | +>999% | −90.6% | −64.0% | −100.0% | — |
| Margins | ||||||||
| EBITDA margin | <−999% | <−999% | <−999% | −257.9% | <−999% | <−999% | — | 32.2% |
| Operating margin | <−999% | <−999% | <−999% | −282.4% | <−999% | <−999% | — | 31.5% |
| Net margin | <−999% | <−999% | <−999% | −281.9% | −156.0% | <−999% | — | 55.5% |
| Free-cash-flow margin | <−999% | <−999% | <−999% | −330.1% | <−999% | <−999% | — | −62.4% |
| Cash flow | ||||||||
| Cash from operations | −43 | −91 | −94 | −110 | −114 | −19 | −68 | −34 |
| Capital spending | 25 | 22 | 4 | 2 | 1 | 0 | 0 | 0 |
| Free cash flow | −68 | −113 | −98 | −112 | −115 | −19 | −68 | −34 |
| Stock-based pay | 3 | 8 | 13 | 17 | 13 | 1 | 4 | 5 |
| Free cash flow after stock pay | −70 | −121 | −111 | −129 | −128 | −20 | −72 | −39 |
| Balance sheet | ||||||||
| Cash | 38 | 54 | 217 | 108 | 34 | 26 | 78 | 48 |
| Total debt | 0 | 0 | 0 | 0 | 0 | 39 | 13 | 10 |
| Net debt (negative = net cash) | −38 | −54 | −217 | −108 | −34 | 14 | −65 | −39 |
| Diluted shares | 29m | 42m | 46m | 55m | 57m | — | 10m | 12m |
| Quarter | 2023 Q1 Mar 2023 | 2023 Q2 Jun 2023 | 2023 Q3 Sept 2023 | 2023 Q4 Dec 2023 | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 3 | 3 | 2 | −7 | 0 | 0 | 0 | 0 |
| EBITDA | −7 | −7 | −8 | −26 | −15 | −18 | −19 | −14 |
| Operating income | −7 | −7 | −8 | −26 | −15 | −18 | −19 | −15 |
| Net income | −7 | −6 | −14 | −27 | 1 | −17 | −18 | −14 |
| Diluted EPS | −$3.97 | −$3.34 | −$8.10 | −$15.43 | −$1.27 | −$1.42 | −$1.46 | −$0.98 |
| Growth (year on year) | ||||||||
| Revenue | +267.5% | +299.6% | +131.8% | −954.7% | −100.0% | −100.0% | −100.0% | — |
| Net income | −107.4% | — | — | — | — | — | — | — |
| Diluted EPS | <−999% | — | — | — | — | — | — | — |
| Margins | ||||||||
| EBITDA margin | −245.9% | −220.7% | −414.1% | 374.7% | — | — | — | — |
| Operating margin | −250.2% | −227.0% | −419.5% | 376.5% | — | — | — | — |
| Net margin | −232.0% | −181.2% | −754.8% | 394.9% | — | — | — | — |
| Free-cash-flow margin | −424.2% | −354.6% | 855.3% | 156.3% | — | — | — | — |
| Cash flow | ||||||||
| Cash from operations | −12 | −11 | 16 | −11 | −15 | −22 | −20 | −11 |
| Capital spending | 0 | −0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −13 | −11 | 16 | −11 | −15 | −22 | −20 | −11 |
| Stock-based pay | 0 | 0 | 0 | 1 | 0 | 1 | 1 | 1 |
| Free cash flow after stock pay | −13 | −12 | 16 | −11 | −15 | −24 | −21 | −13 |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Orbimed Advisors LLC | $52.6M | 4.1M | 18.6% | ▲ 83.2% |
| Boxer Capital Management, LLC | $40.1M | 3.1M | 14.2% | New |
| Atlas Venture Life Science Advisors, LLC | $34.6M | 2.7M | 12.2% | ▲ 29.9% |
| Bvf Inc | $29.9M | 2.4M | 10.6% | New |
| RA Capital Management, L.P. | $29.7M | 2.3M | 10.5% | New |
| Point72 Asset Management, L.P. | $14.9M | 1.2M | 5.3% | New |
| Opaleye Management Inc. | $11.9M | 931K | 4.2% | ▼ 25.9% |
| Logos Global Management LP | $10.2M | 800K | 3.6% | New |
| Summittx Capital, L.P. | $9.3M | 734K | 3.3% | New |
| Vanguard Capital Management LLC | $6.6M | 519K | 2.3% | ▲ 69.3% |
| Ikarian Capital, LLC | $5.5M | 430K | 1.9% | New |
| Woodline Partners LP | $3.6M | 286K | 1.3% | New |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Q32 Bio Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Kalowski Lee CFO and President | October 6, 2026 | Sell | 1,301 | $8.32 | $10,824 |
| Violette Shelia M. Chief Scientific Officer | October 6, 2026 | Sell | 917 | $8.32 | $7,629 |
| Morrison Jodie Pope CEO | October 6, 2026 | Sell | 3,221 | $8.32 | $26,798 |
| Violette Shelia M. Chief Scientific Officer | August 25, 2026 | Sell | 2,798 | $16.56 | $46,335 |
| Kalowski Lee CFO and President | August 25, 2026 | Sell | 3,972 | $16.56 | $65,776 |
| Morrison Jodie Pope CEO | August 25, 2026 | Sell | 9,845 | $16.56 | $163,033 |
| Orbimed Capital Gp Vii Llc Director | May 28, 2026 | Buy | 1,250,000 | $8.00 | $10M |
| Orbimed Capital Gp Vii Llc Director | May 28, 2026 | Buy | 625,000 | $8.00 | $5M |
| Xu Diyong Director | May 28, 2026 | Buy | 625,000 | $8.00 | $5M |
| Xu Diyong Director | May 28, 2026 | Buy | 1,250,000 | $8.00 | $10M |
| Violette Shelia M. Chief Scientific Officer | February 25, 2026 | Sell | 2,815 | $4.51 | $12,696 |
| Morrison Jodie Pope CEO | February 25, 2026 | Sell | 9,896 | $4.51 | $44,631 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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