Q32 Bio Inc.
QTTBHealthcare|Biotechnology|US
$9.25
+0.40 (+4.52%)
DCF Value
$9.30
Tangible Book / Share
$12.55
Graham Number
$26.68
Cash / Share
$12.64
Financials
Financial Snapshot
Market Cap
$275.4M
Enterprise Value
-$9.1M
Revenue (TTM)
$53.7M
Net Income (TTM)
$57.7M
Cash & Investments
$289.6M
Net Cash
$284.5M
Free Cash Flow (TTM)
-$20.1M
Operating CF (TTM)
-$20.0M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$289.6M
Quarterly Burn
$5.0M
Monthly Burn
$1.7M
Est. Runway
~57.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $11.4M | $129.7M | $214.7M | $262.4M | $217.4M | $155.9M | $175.0M | $25.6M | $78.0M | $48.3M | $289.6M | |
| Operating Cash Flow | -$8.5M | $6.5M | -$42.6M | -$91.4M | -$94.3M | -$109.8M | -$11.0M | -$18.7M | -$67.7M | -$33.5M | -$20.0M | |
| Free Cash Flow | -$10.5M | $4.5M | -$67.5M | -$113.2M | -$98.1M | -$112.1M | -$13.4M | -$18.7M | -$67.8M | -$33.5M | -$20.1M | |
| Capital Expenditure | -$2.0M | -$2.0M | -$24.9M | -$21.8M | -$3.7M | -$2.4M | -$2.5M | -$5.0K | -$75.0K | $0.00 | -$52.0K | |
| Financing Cash Flow | $378.3K | $115.2M | $151.0M | $158.2M | $53.1M | $52.2M | $30.1M | $406.0K | $95.1M | -$3.1M | $253.6M |
R&D Spending
R&D (TTM)
$15.9M
R&D Intensity
29.7%
R&D Growth vs Prior
-16.8%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $5.3M | $1.7M | $2.7M | $0.00 | $6.7M | -$6.7M | $0.00 | $53.7M | $53.7M | |
| R&D Expense | $5.7M | $21.4M | $47.9M | $89.4M | $100.4M | $29.9M | $35.8M | $31.7M | $48.1M | $19.2M | $15.9M | |
| R&D % of Revenue | — | — | 900.9% | 5366.0% | 3715.5% | — | 538.5% | -477.1% | — | 35.6% | 29.7% | |
| SG&A | $4.1M | $7.6M | $16.0M | $15.9M | $23.7M | $6.8M | $10.1M | $9.9M | $18.0M | $17.7M | $19.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $5.3M | $1.7M | $2.7M | $0.00 | $6.7M | -$6.7M | $0.00 | $53.7M | $53.7M | |
| Cost of Revenue | $239.8K | $684.2K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $170.0K | |
| Gross Profit | -$239.8K | -$684.2K | $5.3M | $1.7M | $0.00 | $0.00 | $6.7M | -$6.7M | $0.00 | $53.7M | $53.7M | |
| R&D | $5.7M | $21.4M | $47.9M | $89.4M | $100.4M | $29.9M | $35.8M | $31.7M | $48.1M | $19.2M | $15.9M | |
| SG&A | $4.1M | $7.6M | $16.0M | $15.9M | $23.7M | $6.8M | $10.1M | $9.9M | $18.0M | $17.7M | $19.4M | |
| Operating Income | -$10.0M | -$29.7M | -$59.9M | -$109.9M | -$130.3M | -$36.7M | -$39.2M | -$48.3M | -$66.1M | $16.9M | $18.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.1M | $1.1M | $1.0M | |
| Pretax Income | -$8.0M | -$30.0M | -$55.6M | -$103.9M | -$128.7M | -$37.0M | -$42.7M | -$53.4M | -$47.7M | $29.8M | $32.3M | |
| Net Income | -$8.0M | -$30.0M | -$55.6M | -$103.9M | -$128.7M | -$37.6M | -$42.8M | -$53.7M | -$47.7M | $29.8M | $57.7M | |
| EPS (Diluted) | -3.87 | -14.42 | -35.04 | -44.41 | -50.46 | -3.15 | -3.59 | -4.51 | -6.58 | 2.42 | 3.13 | |
| EBITDA | -$7.8M | -$29.3M | -$58.6M | -$97.6M | -$121.4M | -$27.1M | -$38.9M | -$47.8M | -$44.5M | $31.3M | $31.0M | |
| Shares Out. (M) | 2.08 | 2.08 | 1.59 | 2.34 | 2.55 | 11.93 | 11.93 | 11.93 | 9.66 | 12.31 | 22.91 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.4M | $51.6M | $38.2M | $53.8M | $217.4M | $108.4M | $34.0M | $25.6M | $78.0M | $48.3M | $289.6M | |
| Short-Term Investments | $0.00 | $78.1M | $176.5M | $208.6M | $0.00 | $47.5M | $141.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $12.0M | $131.6M | $221.7M | $266.6M | $219.6M | $191.9M | $182.1M | $28.7M | $81.9M | $55.0M | $291.1M | |
| Total Assets | $14.2M | $137.5M | $259.1M | $310.6M | $263.7M | $211.7M | $229.5M | $47.1M | $92.3M | $61.8M | $297.2M | |
| Total Current Liabilities | $6.4M | $8.9M | $22.5M | $12.4M | $22.7M | $17.2M | $23.6M | $14.1M | $16.5M | $11.3M | $5.2M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $43.2M | $9.6M | $3.5M | $4.4M | |
| Total Liabilities | $6.7M | $39.2M | $62.7M | $52.1M | $67.7M | $42.1M | $51.5M | $230.0M | $86.7M | $19.8M | $9.5M | |
| Stockholders' Equity | $7.5M | $98.3M | $196.4M | $258.5M | $196.0M | $169.7M | $178.0M | -$182.9M | $5.7M | $42.0M | $287.7M | |
| Retained Earnings | -$10.2M | -$40.2M | -$95.8M | -$199.7M | -$328.4M | -$424.1M | -$429.1M | -$187.1M | -$234.8M | -$205.0M | -$230.5M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.5M | $6.5M | -$42.6M | -$91.4M | -$94.3M | -$109.8M | -$11.0M | -$18.7M | -$67.7M | -$33.5M | -$20.0M | |
| Capital Expenditure | -$2.0M | -$2.0M | -$24.9M | -$21.8M | -$3.7M | -$2.4M | -$2.5M | -$5.0K | -$75.0K | $0.00 | -$52.0K | |
| Free Cash Flow | -$10.5M | $4.5M | -$67.5M | -$113.2M | -$98.1M | -$112.1M | -$13.4M | -$18.7M | -$67.8M | -$33.5M | -$20.1M | |
| Investing Cash Flow | -$2.3M | -$81.5M | -$121.8M | -$51.8M | $204.9M | -$50.8M | -$2.5M | -$5.0K | $19.9M | $7.0M | $6.9M | |
| Financing Cash Flow | $378.3K | $115.2M | $151.0M | $158.2M | $53.1M | $52.2M | $30.1M | $406.0K | $95.1M | -$3.1M | $253.6M | |
| Issuance of Stock | $378.3K | $115.2M | $151.0M | $158.2M | $53.1M | $52.2M | $69.0K | $106.0K | $42.0M | $0.00 | $265.0M | |
| Repurchase of Stock | $0.00 | -$17.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $30.0M | $300.0K | $7.0M | -$3.1M | -$11.4M | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.2M | $1.4M | $4.4M | $5.3M | $7.6M | |
| Net Change in Cash | -$10.4M | $40.2M | -$13.4M | $15.6M | $163.7M | -$109.0M | $16.6M | -$8.4M | $47.3M | -$29.7M | $240.5M |
Dilution Tracker
Shares outstanding grew 382.8% over 5 years — significant dilution
Shares Outstanding
30M
5-Year Share Growth
+382.8%
Stock Issuance (TTM)
$265.0M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2.08 | 2.08 | 1.59 | 2.34 | 2.55 | 11.93 | 11.93 | 11.93 | 9.66 | 12.31 | 22.91 | |
| Change vs Prior % | — | 0.0% | -23.7% | 47.5% | 9.0% | 367.7% | 0.0% | 0.0% | -19.0% | 27.5% | 86.1% | |
| Stock Issuance | $378.3K | $115.2M | $151.0M | $158.2M | $53.1M | $52.2M | $69.0K | $106.0K | $42.0M | $0.00 | $265.0M | |
| Stock Repurchase | $0.00 | -$17.5K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.2M | $1.4M | $4.4M | $5.3M | $7.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | 100.0% | 100.0% | 0.0% | — | 100.0% | 100.0% | — | 100.0% | 100.0% | |
| Operating Margin % | — | — | -1126.0% | -6599.2% | -4821.0% | — | -589.8% | 725.5% | — | 31.5% | 34.2% | |
| Net Margin % | — | — | -1044.3% | -6237.5% | -4762.9% | — | -643.6% | 808.0% | — | 55.5% | 107.4% | |
| EBITDA Margin % | — | — | -1101.8% | -5858.2% | -4491.5% | — | -584.2% | 718.0% | — | 58.3% | 57.6% | |
| FCF Margin % | — | — | -1268.3% | -6794.2% | -3629.3% | — | -202.1% | 280.9% | — | -62.4% | -37.3% | |
| ROE % | -107.3% | -30.5% | -28.3% | -40.2% | -65.7% | -22.1% | -24.1% | 29.4% | -841.1% | 71.0% | 47.9% | |
| ROA % | -56.6% | -21.8% | -21.5% | -33.5% | -48.8% | -17.7% | -18.7% | -114.2% | -51.7% | 48.3% | 19.4% | |
| ROIC % | -127.5% | -23.0% | -25.3% | -36.9% | -53.5% | -18.8% | -18.9% | -140.4% | -83.1% | 29.5% | 6.3% | |
| R&D / Revenue % | — | — | 900.9% | 5366.0% | 3715.5% | — | 538.5% | -477.1% | — | 35.6% | 29.7% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | -68.7% | 62.2% | -100.0% | 0.0% | -200.0% | 100.0% | 0.0% | |
| Gross Profit | 0.0% | -185.3% | 877.8% | -68.7% | -100.0% | 0.0% | 0.0% | -200.0% | 100.0% | 0.0% | |
| Operating Income | 0.0% | -196.6% | -102.1% | -83.5% | -18.5% | 71.8% | -6.9% | -23.0% | -37.0% | 125.6% | |
| Net Income | 0.0% | -272.7% | -85.3% | -87.0% | -23.8% | 70.8% | -14.0% | -25.5% | 11.2% | 162.5% | |
| EPS (Diluted) | 0.0% | -272.6% | -143.0% | -26.7% | -13.6% | 93.8% | -14.0% | -25.6% | -45.9% | 136.8% | |
| Operating Cash Flow | 0.0% | 176.4% | -756.9% | -114.6% | -3.3% | -16.3% | 90.0% | -70.5% | -262.6% | 50.5% | |
| Free Cash Flow | 0.0% | 143.2% | -1593.1% | -67.7% | 13.4% | -14.4% | 88.0% | -39.0% | -262.9% | 50.5% | |
| R&D Expense | 0.0% | 275.4% | 124.3% | 86.4% | 12.3% | -70.2% | 19.7% | -11.4% | 51.7% | -60.2% | |
| SG&A Expense | 0.0% | 86.8% | 110.8% | -0.7% | 48.9% | -71.4% | 48.8% | -1.9% | 81.9% | -1.6% | |
| Total Assets | 0.0% | 867.2% | 88.4% | 19.9% | -15.1% | -19.7% | 8.4% | -79.5% | 96.2% | -33.1% | |
| Book Value / Share | 0.0% | 1210.7% | 161.8% | -10.8% | -30.4% | -81.5% | 4.9% | -202.8% | 104.0% | 461.0% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 55.0% | 25.1% | 69.8% | -62.8% | -18.8% | |
| Diluted Shares | 0.0% | 0.0% | -23.7% | 47.5% | 9.0% | 367.7% | 0.0% | 0.0% | -19.0% | 27.5% |
Valuation
P/E (TTM)2.96
P/S5.12
10Y Low / Med / High0.76 / 119.96 / 523.31
P/B0.74
10Y Low / Med / High0.97 / 3.37 / 93.12
EV/EBITDAAt Loss
EV/Revenue-0.17
10Y Low / Med / High0.15 / 112.78 / 491.03
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$9.30
Tangible Book / Share
$12.55
Net Current Assets / Share
$9.46
Graham Number
$26.68
Graham Net-Net
$12.24
Cash / Share
$12.64
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -86.79 | -23.29 | -11.49 | -8.39 | -4.03 | -20.80 | -6.32 | -2.43 | -0.67 | 1.37 | 2.96 | |
| P/S Ratio | 0.00 | 0.00 | 119.96 | 523.31 | 191.83 | 0.00 | 40.68 | -19.62 | 0.00 | 0.76 | 5.12 | |
| P/B Ratio | 93.12 | 7.10 | 3.25 | 3.37 | 2.64 | 4.61 | 1.52 | -0.71 | 5.65 | 0.97 | 0.74 | |
| EV/EBITDA | -88.01 | -22.07 | -10.24 | -8.38 | -2.61 | -25.68 | -6.86 | -3.26 | 0.61 | 0.25 | -0.29 | |
| EV/Revenue | 0.00 | 0.00 | 112.78 | 491.03 | 117.08 | 0.00 | 40.07 | -23.41 | 0.00 | 0.15 | -0.17 |
Analyst Estimates & Quality
Altman Z-Score
17.92
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $285.7K | $714.3K | $2.5M |
| Net Income | -$17.0M | -$23.2M | -$27.7M |
| EPS | $-1.36 | $-2.07 | $-2.25 |
| # Analysts (EPS) | 6 | 6 | 7 |