What Q32 Bio does

Q32 Bio is a clinical-stage biotechnology company developing therapeutics for patients with severe autoimmune and inflammatory diseases, headquartered in Waltham, Massachusetts. The company's lead clinical asset is bempikibart (ADX-914), a fully human anti–interleukin-7 receptor alpha (IL-7Rα) antagonist monoclonal antibody designed to re-regulate adaptive immune function by simultaneously blocking IL-7 and thymic stromal lymphopoietin (TSLP) signaling through their shared receptor. Bempikibart is currently being evaluated in the SIGNAL-AA Phase 2a trial for severe or very severe alopecia areata and has received FDA Fast Track Designation for that indication. The company also maintains a tissue-targeted complement inhibition platform built around ADX-096 (a C3d–CR1 fusion protein) and earlier-stage C3d monoclonal antibody fusions and nanobodies, designed to localize complement inhibition to diseased tissue while preserving other complement functions. In December 2025, Q32 Bio divested its Phase 2 complement inhibitor ADX-097 to Akebia Therapeutics for $12 million upfront plus up to $592 million in potential milestones and tiered royalties, refocusing resources on bempikibart.

Q32 Bio is publicly traded on Nasdaq (ticker: QTTB) following a March 2024 reverse merger with Homology Medicines and a concurrent $42 million private placement. The company is pre-revenue, with no approved products, and funds operations entirely through equity capital markets — having raised approximately $79.5 million in 2026 across a $10.5 million registered direct offering, $14.2 million and up to $75 million ATM programs with Cantor Fitzgerald, and a $55 million private placement led by BVF Partners L.P. with participation from RA Capital Management, OrbiMed, and Atlas Venture. Q1 2026 net loss was $7.6 million (reduced from $11.0 million in the prior-year period), and cash runway has been extended into 1H 2028. The company is led by CEO Jodie Morrison (former CEO of Cadent Therapeutics), CSO/President of Research Shelia Violette (Ph.D., ex-VP Research at Biogen), and President & CFO Lee Kalowski (former CFO of Bicycle Therapeutics). Future commercialization is expected to be enabled via out-licensing and strategic partnerships with larger pharmaceutical companies, as demonstrated by the Akebia transaction.

Name

Q32 Bio

Legal name

Q32 Bio Inc.

Website

https://q32bio.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

Q32 Bio is a clinical-stage biotechnology company developing bempikibart, an anti-IL-7Rα monoclonal antibody in Phase 2a for severe alopecia areata, plus a tissue-targeted complement inhibition platform for patients with autoimmune and inflammatory diseases.

Ownership category

akta.pro rank

Product category

Biologics for Autoimmune Diseases

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Biological Products, (No Disgnostic Substances) (2836), Pharmaceutical Preparations (2834)

akta.pro primary industry

Immunology & Inflammation Pharmaceuticals (HLAIAAAD)

akta.pro secondary industry

Antibody Discovery & Engineering Platforms (display tech, bispecifics, Fc engineering) (HLAAAIAB)

Keywords

• Clinical-stage biotechnology
• Autoimmune disease therapeutics
• Monoclonal antibody development
• Complement inhibition platform
• Inflammatory disease treatments

Headquarters

HQ city

Cambridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Out-licensing and asset divestiture: Pre-revenue clinical-stage biotech monetizing non-core assets via out-licensing/divestiture. Sold Phase 2 complement inhibitor ADX-097 to Akebia Therapeutics for $12 million upfront plus near-term milestone payments, up to $592 million in potential milestone payments, and tiered royalties. No product revenue is generated as bempikibart remains in clinical development.
2. Equity / capital markets financing: Repeated capital raises via registered direct offerings, private placements, and at-the-market (ATM) equity programs to fund clinical development. 2024-2026 financings include a $42M private placement (with Homology merger), $10.5M direct offering, $14.2M ATM, and $55M private placement.

Go-to-market motion3 records

Distribution channels2 records

Marketing channels5 records

Core offering

Q32 Bio is a clinical-stage biotechnology company developing biologic therapies that rebalance the immune system in patients with severe autoimmune and inflammatory diseases. Its lead candidate, bempikibart (ADX-914), is a fully human anti–IL-7Rα monoclonal antibody currently in the SIGNAL-AA Phase 2a trial for severe or very severe alopecia areata, supported by FDA Fast Track Designation. The company also operates a tissue-targeted complement inhibition platform anchored by C3d–CR1 fusion proteins and nanobodies, with development candidate ADX-096.

Product overview

Q32 Bio is a clinical-stage biotechnology company with a focused, single-platform therapeutic portfolio rather than a software-style platform-plus-modules architecture. Its lead clinical asset, bempikibart (ADX-914), is a fully human anti-IL-7Rα monoclonal antibody that anchors the company's IL-7/TSLP program, currently in the SIGNAL-AA Phase 2a trial for severe or very severe alopecia areata. Complementing this is the Complement Inhibitor Platform — a tissue-targeted complement modulation platform built around the development candidate ADX-096 (a C3d–CR1 fusion protein) plus earlier-stage C3d mAb fusions and nanobodies, with the previously advanced ADX-097 divested to Akebia Therapeutics in 2025. Together, the IL-7/TSLP Program and the Complement Inhibitor Platform form the entirety of Q32 Bio's disclosed product offering, all aimed at restoring immune homeostasis in patients with severe inflammatory and autoimmune diseases.

Differentiator

Problem solved

Functional benefit

Products and services

• Bempikibart (ADX-914) Bempikibart (ADX-914) is a fully human anti–interleukin-7 receptor alpha (IL-7Rα) antagonist monoclonal antibody designed to re-regulate adaptive immune function by blocking IL-7 and thymic stromal lymphopoietin (TSLP) signaling through their shared receptor. It is Q32 Bio's most advanced product candidate, currently in the SIGNAL-AA Phase 2a trial in patients with severe or very severe alopecia areata, and has received FDA Fast Track Designation for alopecia areata.
• ADX-096 ADX-096 is a C3d–CR1 fusion protein and lead asset of Q32 Bio's tissue-targeted complement inhibitor platform. It is designed to deliver complement inhibition directly to diseased tissue while leaving other complement functions largely unimpaired, addressing complement-mediated diseases across kidney, skin, blood, lung, neuromuscular junction, and brain indications.
• IL-7/TSLP Program The IL-7/TSLP program is Q32 Bio's research and clinical effort targeting dysfunctional regulation of the adaptive immune system by blocking IL-7 and TSLP signaling. Its lead clinical asset is bempikibart (ADX-914); the program is being evaluated in alopecia areata and explored for additional autoimmune and inflammatory indications where IL-7 and/or TSLP pathways drive disease.

Quantifiable outcome

• SIGNAL-AA Phase 2a Part B enrolled 33 patients, exceeding the initial target of 20 patients
• +4 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor and major.

• AmgenminorStrategic or Co-development Partner · 22 May 2026Q32 Bio amended its agreement with Amgen to eliminate $75.1 million in remaining regulatory and sales milestone obligations, removing a material contingent liability from the company's balance sheet.
• Akebia TherapeuticsmajorStrategic or Co-development Partner · 1 December 2025Q32 Bio sold its Phase 2 complement inhibitor ADX-097 to Akebia Therapeutics, receiving $12 million upfront plus additional near-term milestone payments, up to $592 million in potential milestone payments, and tiered royalties. The transaction funds Q32 Bio's operations into 2027 and allows it to focus resources on bempikibart for alopecia areata.
• Bristol Myers SquibbmajorOEM/ Whitelabel/ Licensing PartnerBristol Myers Squibb is the originator from which Q32 Bio licensed bempikibart. Q32 Bio retained global rights to develop and commercialize the asset, including the ongoing SIGNAL-AA Phase 2a program.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Concert Pharmaceuticals: Clinical-stage biotech developing treatments for alopecia areata, including deuruxolitinib (a JAK inhibitor). Highly comparable as a similarly sized, single-indication-focused biotech pursuing severe alopecia areata with a novel mechanism.
• Aclaris Therapeutics: Clinical-stage immunology-focused biotech developing therapies for alopecia areata and other inflammatory skin diseases. Directly comparable in target indication, development stage, and small-cap biotech profile.
• AnaptysBio: Clinical-stage biotech developing antibodies targeting inflammatory and autoimmune pathways, including IL-36R antagonists. Comparable in therapeutic area (autoimmune/inflammatory biologics), clinical stage, and small-cap profile.

Broad incumbents

• Horizon Therapeutics: Large immunology-focused biotech (now part of Amgen) that was previously partnered with Q32 Bio on bempikibart's Phase 2 study in atopic dermatitis. Comparable as a developer of immunology biologics with overlapping autoimmune disease focus.

Emerging players

• Akebia Therapeutics: Biotech that acquired Q32 Bio's ADX-097 complement inhibitor and is developing it for complement-mediated diseases including renal diseases. Directly comparable as a small-cap clinical-stage biotech working in the complement pathway space.
• Apogee Therapeutics: Clinical-stage biotech developing novel biologics for atopic dermatitis and other inflammatory diseases. Comparable as a recently public small-cap immunology biotech pursuing autoimmune indications with biologic modalities.
• Dice Therapeutics: Clinical-stage biotech developing oral IL-17 inhibitors for autoimmune diseases (acquired by Eli Lilly in 2024). Comparable in therapeutic area, modality innovation, and clinical-stage development focus.
• Cabaletta Bio: Clinical-stage biotech developing cell therapies for autoimmune diseases. Comparable as a small-cap clinical-stage immunology biotech with novel therapeutic modalities targeting autoimmune pathways.
• Viridian Therapeutics: Clinical-stage biotech developing monoclonal antibodies for autoimmune diseases, including FcRn inhibitors. Comparable as a small/mid-cap clinical-stage immunology biotech with similar investor base (RA Capital, BVF, Atlas Venture participated in financings).

Others

• Bristol Myers Squibb: Original licensor of bempikibart to Q32 Bio, retaining milestone/royalty rights. As a major pharma with JAK inhibitors and immunology franchises, BMS is both an asset licensor and a potential competitor/acquirer, making it a structural reference point.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Q32Bio

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds6 records

Investors14 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Q32 Bio