QTTB
Q32 Bio Inc.Healthcare·Biotechnology
$11.05
$141M market cap
Revenue
$53.7M
Free Cash Flow
$-12.5M
Rev Growth
+0.0%
FCF Margin
-23.3%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Q32 Bio Inc., a clinical-stage biotechnology company, develops biologic therapeutics to restore healthy immune balance in patients with autoimmune and inflammatory diseases driven by pathological immune dysfunction in the United States. Its lead product candidate is ADX-097, a humanized anti-C3d monoclonal antibody fusion protein to restore complement regulation, which has completed Phase I clinical trial for the treatment of renal and other complement-mediated diseases of high unmet need, inclu
2-Year Price History
$5.80-71.9%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 0.0 | -7.6 | -7.7 | -7.6 | -6.3 | -6.3 | -0.0 | 50.8 | 11.0 | 14.1 | -107.5% | -38.2x | -- |
| Act | 2025-Q4 | 53.7 | 45.9 | 45.9 | 57.7 | -6.2 | -6.2 | -0.0 | 48.3 | 11.2 | 12.6 | 739.1% | 229.4x | -- |
Valuation & Metrics
Market Stats
Price$11.05
Market Cap$141M
Enterprise Value$101M
P/S Ratio2.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-23.3%
FCF Yield-8.9%
Dividend Yield (TTM)--
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$53.7M
Net Income$50.1M
Free Cash Flow$-12.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin71.2%
Net Margin93.3%
FCF Margin-23.3%
CapEx % of Revenue0.0%
SBC % of Revenue2.9%
ROIC315.8%
WC Change % Rev-0.4%
Interest Coverage95.6x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.7M
Days to Cover1.7
Change (vs Prior)+70.7%
Need at least 2 settlement dates for chart
Employees
Headcount28
Revenue / Employee$1,919,179
Gross Profit / Employee$1,912,750
Cash Runway
48.6months
WATCH
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
79.6%(+60.2% YoY)
43 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
5.7%(+3.1% YoY)
7 filers
Vanguard, iShares, SPDR
Market makers
0.6%(+0.6% YoY)
3 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| ORBIMED ADVISORS LLC | $14.5M | $17.04 | +$0 | +$0 | -8.1% | $4.38B |
| Atlas Venture Life Science Advisors, LLC | $13.4M | $17.04 | +$0 | +$0 | +1.9% | $790M |
| Opaleye Management Inc. | $8.1M | $5.89 | +$6.7M | +$8.1M | +0.9% | $759M |
| Carlyle Group L.P. | $7.1M | $17.04 | +$0 | +$0 | -7.7% | $10.62B |
| ARCH Venture Management, LLC | $2.1M | $17.04 | +$0 | +$0 | -6.7% | $677M |
| ACORN CAPITAL ADVISORS, LLC | $2.0M | $3.44 | −$1.1M | −$3.1M | +5.5% | $352M |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $2.0M | $6.42 | +$2.0M | +$2.0M | — | $4.04T |
| MACKENZIE FINANCIAL CORP | $1.6M | $6.42 | +$1.6M | +$1.6M | -0.2% | $83.32B |
| Sanofi | $1.6M | $3.44 | +$0 | +$0 | +3.9% | $336M |
| RENAISSANCE TECHNOLOGIES LLC | $1.3M | $5.41 | +$689K | +$1.3M | +1.2% | $63.91B |
| ACADIAN ASSET MANAGEMENT LLC | $1.1M | $5.56 | +$797K | +$906K | -0.5% | $70.48B |
| MONIMUS CAPITAL MANAGEMENT, LP | $862K | $6.42 | +$862K | +$862K | -3.9% | $361M |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $759K | $16.45 | +$77K | −$124K | +2.3% | $1.61T |
| PFIZER INC | $737K | $3.44 | −$1.1M | −$1.3M | +4.3% | $239M |
| BlackRock, Inc.Passive | $553K | $37.69 | +$168K | −$2.4M | -0.2% | $5.69T |
| JANE STREET GROUP, LLCMM | $421K | $11.93 | +$258K | +$421K | -0.1% | $92.10B |
| MARSHALL WACE, LLP | $337K | $4.83 | +$228K | +$337K | +0.6% | $92.71B |
| VANGUARD FIDUCIARY TRUST COPassive | $321K | $6.42 | +$321K | +$321K | — | $395.83B |
| TWO SIGMA INVESTMENTS, LP | $272K | $3.41 | −$29K | +$272K | -0.9% | $117.03B |
| STATE STREET CORPPassive | $267K | $18.58 | +$130K | −$616K | -0.2% | $2.89T |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-2.46%
avg per quarter
Holders (ex-self)
-2.37%
excl. this stock
Buyers (this Q)
+0.39%
24 buyers · $0.02B in
Sellers (this Q)
+5.73%
10 sellers · $-0.00B out
alpha coverage: 96% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-9.6%
how holders react when this stock falls
On quiet Qs
+28.8%
−10% to +10% baseline
On rallies (+10%+)
-2.9%
how they react when this stock rises
Holders' portfolio flow this Q
-4.2%
outflows — trims may be forced
Sellers' portfolio flow this Q
+66.0%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-1.6%
Holder mid (any stock)
-3.0%
Holder rally (any stock)
-5.6%
Biggest decreases this quarter
ACORN CAPITAL ADVISORS, LLC−$1.1Mα+5.5PFIZER INC−$1.1Mα+4.3MILLENNIUM MANAGEMENT LLCexited−$170KMonaco Asset Management SAMexited−$169KHRT FINANCIAL LPexited−$81KXTX Topco Ltdexited−$68KScientech Research LLCexited−$51KTWO SIGMA INVESTMENTS, LP−$29Kα-0.9BANK OF AMERICA CORP /DE/exited−$3KJPMORGAN CHASE & COexited−$1K
New buyers this quarter
Top-5 holders · 74.4%
ORBIMED ADVISORS LLC--
Atlas Venture Life Science Advisors, LLC--
Opaleye Management Inc.--
Carlyle Group L.P.--
ARCH Venture Management, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
ORBIMED ADVISORS LLC2.3MAtlas Venture Life Science Advisors, LLC2.1MCarlyle Group L.P.1.1MFMR LLC3KADAGE CAPITAL PARTNERS GP, L.L.C.—ARCH Venture Management, LLC320KTemasek Holdings (Private) Ltd—EVENTIDE ASSET MANAGEMENT, LLC—Opaleye Management Inc.1.3MHARVARD MANAGEMENT CO INC—
Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (1 analysts)$13.001760.0%
Last Year (1 analysts)$13.001760.0%
Current Price$11.05
Analyst Ratings
3
5
Buy: 3Hold: 5Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Sells ($, 12mo)
$217K
8 txns · 3 insiders · 66,008 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-02-25 | SELL | Kalowski Lee | officer: CFO and President | 3,995 | $4.51 | $18K | $162K |
| 2026-02-25 | SELL | Morrison Jodie Pope | director, officer: CEO | 9,896 | $4.51 | $45K | $402K |
| 2026-02-25 | SELL | Violette Shelia M. | officer: Chief Scientific Officer | 2,815 | $4.51 | $13K | $251K |
| 2025-12-02 | SELL | Kalowski Lee | officer: CFO and President | 9,072 | $3.46 | $31K | $138K |
| 2025-12-02 | SELL | Morrison Jodie Pope | director, officer: CEO | 22,506 | $3.46 | $78K | $343K |
| 2025-08-26 | SELL | Kalowski Lee | officer: CFO and President | 4,240 | $1.80 | $8K | $88K |
| 2025-08-26 | SELL | Morrison Jodie Pope | director, officer: CEO | 10,494 | $1.80 | $19K | $219K |
| 2025-08-26 | SELL | Violette Shelia M. | officer: Chief Scientific Officer | 2,990 | $1.80 | $5K | $105K |
Order Flow (FINRA, ~3w lag)
65.7%retail+6.3pp
8.8%dark-2.3pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Q32 Bio Inc.: Net Income Illusion via Accounting Alchemy and Dilution
Overall Risk
8/10
Fraud
4/10
Dilution
9/10
Insolvency
7/10
Earnings Overstated
10/10
Hidden Liabilities
5/10
Legal
2/10
Audit Warnings
6/10
Hidden Upside
3/10
Contextually Acceptable
3/10